SI 2019 Capital Markets and the Economy

Janice C. Eberly and Deborah J. Lucas, Organizers

July 15-17, 2019

University Room

Royal Sonesta Hotel, Edwin H. Land Blvd., Cambridge, MA

Monday, July 15
12:00 pm	Lunch
1:00 pm	Michael Fishman, Northwestern University Jonathan A. Parker, Massachusetts Institute of Technology and NBER Ludwig Straub, Harvard University and NBER A Dynamic Theory of Lending Standards
1:50 pm	Milton Harris, University of Chicago Christian C. Opp, University of Rochester and NBER Marcus Opp, Stockholm School of Economics The Aggregate Demand for Bank Capital
2:40 pm	Break
2:55 pm	Luca Benzoni, Federal Reserve Bank of Chicago Lorenzo Garlappi, University of British Columbia Robert Goldstein, University of Minnesota and NBER Chao Ying, University of Minnesota Optimal Debt Dynamics, Issuance Costs, and Commitment
3:45 pm	Daniel Greenwald, New York University and NBER Firm Debt Covenants and the Macroeconomy: The Interest Coverage Channel
4:35 pm	Adjourn
Tuesday, July 16
12:00 pm	Lunch
1:00 pm	Yifei Wang , University of Michigan Toni Whited, University of Michigan and NBER Yufeng Wu, Ohio State University Kairong Xiao, Columbia University and NBER Bank Market Power and Monetary Policy Transmission: Evidence from a Structural Estimation
1:50 pm	Saleem A. Bahaj, University College London Angus K. Foulis, Bank of England Gabor Pinter, Bank of England Paolo Surico, London Business School Employment and the Collateral Channel of Monetary Policy
2:40 pm	Break
2:55 pm	David Elliott, Bank of England Ralf Meisenzahl, Federal Reserve Bank of Chicago José-Luis Peydro, Universitat Pompeu Fabra Bryce C. Turner, Harvard Business School Nonbanks, Banks, and Monetary Policy: U.S. Loan-Level Evidence since the 1990s
3:45 pm	Skander Van Den Heuvel, Federal Reserve Board of Governors The Welfare Effects of Bank Liquidity and Capital Requirements
4:35 pm	Adjourn
Wednesday, July 17
12:00 pm	Lunch
1:00 pm	Yang Liu, University of Hong Kong Lukas Schmid, University of Southern California Amir Yaron, University of Pennsylvania and NBER The Risks of Safe Assets
1:50 pm	Anisha Ghosh, McGill University Christian Julliard, London School of Economics Michael Stutzer, University of Colorado The Market Cost of Business Cycle Fluctuations
2:40 pm	Break
2:55 pm	Andrew Ellul, Indiana University Chotibhak Jotikasthira, Southern Methodist University Anastasia Kartasheva, University of St. Gallen Christian Lundblad, University of North Carolina Wolf Wagner, Erasmus University Insurers as Asset Managers and Systemic Risk
3:45 pm	Ivan Alfaro, BI Norwegian Business School Nicholas Bloom, Stanford University and NBER Xiaoji Lin, University of Minnesota The Finance Uncertainty Multiplier
4:35 pm	Adjourn