Thursday, July 15
First two papers joint with Macro, Money and Financial Markets
11:00 am

Bonds vs. Equities: Information for Investment

Huifeng Chang, University of California, Los Angeles
Adrien d'Avernas, Stockholm School of Economics
Andrea L. Eisfeldt, University of California, Los Angeles and NBER

Discussant:
Janice C. Eberly, Northwestern University and NBER
11:50 am
Break
12:00 noon

Managing Public Portfolios

Anmol Bhandari, University of Minnesota and NBER
David Evans, University of Oregon
Mikhail Golosov, University of Chicago and NBER
Thomas J. Sargent, New York University and NBER

Discussant:
Deborah J. Lucas, Massachusetts Institute of Technology and NBER
12:50 pm
Break
1:10 pm

Arbitrage Capital of Global Banks

Alyssa G. Anderson, Federal Reserve Board of Governors
Wenxin Du, Harvard University and NBER
Bernd Schlusche, Federal Reserve Board of Governors

Discussant:
Darrell Duffie, Stanford University and NBER
2:00 pm
Break
2:10 pm

A Long Leg and a Short Leg Make For a Wobbly Equilibrium

Nicolae B. Gârleanu, Washington University in St Louis and NBER
Stavros Panageas, University of California, Los Angeles and NBER
Geoffery X. Zheng, NYU Shanghai

Discussant:
Itamar Drechsler, University of Pennsylvania and NBER
3:00 pm
Break
3:10 pm

How Competitive is the Stock Market? Theory, Evidence from Portfolios, and Implications for the Rise of Passive Investing

Valentin Haddad, University of California, Los Angeles and NBER
Paul Huebner, Stockholm School of Economics
Erik Loualiche, University of Minnesota

Discussant:
Laura Veldkamp, Columbia University and NBER
4:00 pm
Adjourn
Friday, July 16
10:00 am

Bond Convenience Yields in the Eurozone Currency Union

Zhengyang Jiang, Northwestern University and NBER
Hanno Lustig, Stanford University and NBER
Stijn Van Nieuwerburgh, Columbia University and NBER
Mindy Z. Xiaolan, University of Texas at Austin

Discussant:
Hélène Rey, London Business School and NBER
10:50 am
Break
10:55 am

Debt As Safe Asset (slides)

Markus K. Brunnermeier, Princeton University and NBER
Sebastian A. Merkel, University of Bristol
Yuliy Sannikov, Stanford University

Discussant:
Ricardo J. Caballero, Massachusetts Institute of Technology and NBER
11:45 am
Break
11:50 am

The End of Privilege (slides)

Andrew Atkeson, University of California, Los Angeles and NBER
Jonathan Heathcote, Federal Reserve Bank of Minneapolis
Fabrizio Perri, Federal Reserve Bank of Minneapolis

Discussant:
Daniel Greenwald, New York University and NBER
12:40 pm
Break
1:00 pm
Panel: Trends in Market Concentration, Rents, and Investment: Implications and Insights for Asset Prices"

Chair: Luigi Zingales, University of Chicago and NBER

Participants:
Janice Eberly, Northwestern University and NBER
Jan de Loecker, Katholieke Universiteit Leuven and NBER
Thomas Philippon, New York University and NBER
2:00 pm
Break
2:10 pm

Sovereign Default and the Decline in Interest Rates

Max Miller, Harvard University
James Paron, University of Pennsylvania
Jessica Wachter, University of Pennsylvania and NBER

Discussant:
Ludwig Straub, Harvard University and NBER
3:00 pm
Break
3:10 pm

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect (slides)

Ricardo J. Caballero, Massachusetts Institute of Technology and NBER
Alp Simsek, Yale University and NBER

Discussant:
Jeremy C. Stein, Harvard University and NBER
4:00 pm
Adjourn