SI 2021 Capital Markets and the Economy

Janice C. Eberly and Deborah J. Lucas, Organizers

July 12-14, 2021

on Zoom.us

Conference Code of Conduct

Monday, July 12
 FORMAT: Authors 20 minutes, Discussants 15 minutes, Open discussion 15 minutes
1:00 pm
Viral V. Acharya, New York University and NBER
Ryan Banerjee, Bank for International Settlements
Matteo Crosignani, Federal Reserve Bank of New York
Tim Eisert, Nova School of Business and Economics
Renee Maria Spigt, Erasmus University Rotterdam

Exorbitant Privilege? The Bond Market Subsidy of Prospective Fallen Angels
Discussant: Francis A. Longstaff, University of California, Los Angeles and NBER
1:50 pm
Niels Joachim Gormsen, University of Chicago and NBER

Equity Factors and Firms' Perceived Cost of Capital
Discussant: Campbell R. Harvey, Duke University and NBER
2:40 pm
Break
2:50 pm
Ben Charoenwong, INSEAD
Meng Miao, Renmin University of China
Tianyue Ruan, National University of Singapore

Hidden Non-Performing Loans in China
Discussant: Zheng Michael Song, Chinese University of Hong Kong
3:40 pm
Zhe Geng, School of Management, Fudan University
Jun Pan, Shanghai Jiao Tong University

The SOE Premium and Government Support in China’s Credit Market
Discussant: Chang-Tai Hsieh, University of Chicago and NBER
4:30 pm
Adjourn
Tuesday, July 13
 FORMAT: Authors 20 minutes, Discussants 15 minutes, Open discussion 15 minutes
1:00 pm
Carlo Altavilla, European Central Bank
Luc Laeven, European Central Bank
Jose-Luis Peydro, Universitat Pompeu Fabra

Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers
Discussant: David Thesmar, Massachusetts Institute of Technology and NBER
1:50 pm
Franco Fiordelisi, University of Essex
Giulia Fusi, University of Nottingham
Angela Maddaloni, European Central Bank
David Marques Ibanez, European Central Bank

Pandemic Lending: The Unintended Effects of Model-based Regulation (slides)
Discussant: Philip Strahan, Boston College and NBER
2:40 pm
Break
2:50 pm
Nina Boyarchenko, Federal Reserve Bank of New York
Anna Kovner, Federal Reserve Bank of Richmond
Or Shachar, Federal Reserve Bank of New York

It's What You Say and What You Buy: A Holistic Evaluation of the Corporate Credit Facilities
Discussant: Annette Vissing-Jorgensen, Federal Reserve Board of Governors and NBER
3:40 pm
Antonio Falato, Federal Reserve Board of Governors
Itay Goldstein, University of Pennsylvania and NBER
Ali Hortaçsu, University of Chicago and NBER

Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets
Discussant: Anil K Kashyap, University of Chicago and NBER
4:30 pm
Adjourn
Wednesday, July 14
 FORMAT: Authors 20 minutes, Discussants 15 minutes, Open discussion 15 minutes
1:00 pm
Valentin Haddad, University of California, Los Angeles and NBER
Paul Ho, Federal Reserve Bank of Richmond
Erik Loualiche, University of Minnesota

Bubbles and the Value of Innovation
Discussant: Lawrence D.W. Schmidt, Massachusetts Institute of Technology
1:50 pm
Ian Dew-Becker, Federal Reserve Bank of Chicago

Real-Time Forward-Looking Skewness over the Business Cycle
Discussant: James D. Hamilton, University of California, San Diego and NBER
2:40 pm
Break
2:50 pm
Andres Blanco, Federal Reserve Bank of Atlanta
Isaac Baley, Universitat Pompeu Fabra

The Macroeconomic Effects of Corporate Tax Reforms
Discussant: Thomas Winberry, University of Pennsylvania and NBER
3:40 pm
Dmitriy Sergeyev, Bocconi University
Neil Mehrotra, Federal Reserve Bank of Minneapolis

Debt Sustainability in a Low Interest Rate World
Discussant: John H. Cochrane, Stanford University and NBER
4:30 pm
Adjourn