SI 2021 Asset Pricing

Ralph S. J. Koijen and Sydney C. Ludvigson, Organizers

July 15-16, 2021

on Zoom.us

Conference Code of Conduct

Thursday, July 15
First two papers joint with Macro, Money and Financial Markets
11:00 am
Huifeng Chang, University of California, Los Angeles
Adrien d'Avernas, Stockholm School of Economics
Andrea L. Eisfeldt, University of California, Los Angeles and NBER

Bonds vs. Equities: Information for Investment
Discussant: Janice C. Eberly, Northwestern University and NBER
11:50 am
Break
12:00 noon
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

Managing Public Portfolios
Discussant: Deborah J. Lucas, Massachusetts Institute of Technology and NBER
12:50 pm
Break
1:10 pm
Alyssa G. Anderson, Federal Reserve Board
Wenxin Du, University of Chicago and NBER
Bernd Schlusche, Federal Reserve Board

Arbitrage Capital of Global Banks
Discussant: Darrell Duffie, Stanford University and NBER
2:00 pm
Break
2:10 pm
Nicolae B. Gârleanu, University of California, Berkeley and NBER
Stavros Panageas, University of California, Los Angeles and NBER
Geoffery X. Zheng, NYU Shanghai

A Long Leg and a Short Leg Make For a Wobbly Equilibrium
Discussant: Itamar Drechsler, University of Pennsylvania and NBER
3:00 pm
Break
3:10 pm
Valentin Haddad, University of California, Los Angeles and NBER
Paul Huebner, University of California, Los Angeles
Erik Loualiche, University of Minnesota

How Competitive is the Stock Market? Theory, Evidence from Portfolios, and Implications for the Rise of Passive Investing
Discussant: Laura Veldkamp, Columbia University and NBER
4:00 pm
Adjourn
Friday, July 16
10:00 am
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

Bond Convenience Yields in the Eurozone Currency Union
Discussant: Hélène Rey, London Business School and NBER
10:50 am
Break
10:55 am
Markus K. Brunnermeier, Princeton University and NBER
Sebastian A. Merkel, University of Exeter
Yuliy Sannikov, Stanford University

Debt As Safe Asset (slides)
Discussant: Ricardo J. Caballero, Massachusetts Institute of Technology and NBER
11:45 am
Break
11:50 am
Andrew Atkeson, University of California, Los Angeles and NBER
Jonathan Heathcote, Federal Reserve Bank of Minneapolis
Fabrizio Perri, Federal Reserve Bank of Minneapolis

The End of Privilege (slides)
Discussant: Daniel Greenwald, Massachusetts Institute of Technology
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
Max Miller, University of Pennsylvania
James Paron, University of Pennsylvania
Jessica Wachter, University of Pennsylvania and NBER

Sovereign Default and the Decline in Interest Rates
Discussant: Ludwig Straub, Harvard University and NBER
3:00 pm
Break
3:10 pm
Ricardo J. Caballero, Massachusetts Institute of Technology and NBER
Alp Simsek, Yale University and NBER

Monetary Policy and Asset Price Overshooting: A Rationale for the Wall/Main Street Disconnect (slides)
Discussant: Jeremy C. Stein, Harvard University and NBER
4:00 pm
Adjourn