NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2004

International Finance & Macroeconomics

Enrique Mendoza and Nouriel Roubini, Organizers

Jeffrey Frankel, Program Director

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

July 12-16, 2004

PROGRAM

MONDAY, JULY 12:

Joint meeting with INTER-AMERICAN SEMINAR ON ECONOMICS

Sebastian Edwards and Carmen Reinhart, Organizers

TUESDAY, JULY 13:
8:30 a.m.	Coffee and Pastries
Session 1. Sudden Stops & Sovereign Debt Restructuring
9:00 a.m.	GUILLERMO CALVO, Inter-American Development Bank and NBER
	ALEJANDRO IZQUIERDO, Inter-American Development Bank
	LUIS MEJIA, University of Chicago
	On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
	Discussant: GITA GOPINATH, University of Chicago and NBER
10:00 a.m.	Break
10:15 a.m.	PATRICK BOLTON, Princeton University and NBER
	OLIVIER JEANNE, International Monetary Fund
	Structuring and Restructuring Sovereign Debt: The Role of Seniority
	Discussant: RICHARD PORTES, Columbia University and NBER
11:15 a.m.	Break
11:30 a.m.	ANUSHA CHARI, University of Michigan
	LINDA TESAR, University of Michigan and NBER
	PAIGE OUIMET, University of Michigan
	Cross Border Mergers and Acquisitions in Emerging Markets:
	The Stock Market Valuation of Corporate Control
	Discussant: MICHAEL DOOLEY, UC, Santa Cruz and NBER
12:30 p.m.	Lunch and Adjourn
WEDNESDAY, JULY 14:
8:30 a.m.	Coffee and Pastries
Session 2. Purchasing Power Parity & Deviations from the Law of One Price
9:00 a.m.	JEFFREY FRANKEL, Harvard University and NBER
	DAVID PARSLEY, Vanderbilt University
	SHANG-JIN WEI, International Monetary Fund and NBER
	Slow Passthrough Around the World:
	A New Import for Developing Countries?
	Discussant: LINDA GOLDBERG, Federal Reserve Bank of New York and NBER
10:00 a.m.	Break
10:15 a.m.	JEAN IMBS, HAROON MUMTAZA and MORTEN RAVN, London Business School
	HELENE REY, Princeton University and NBER
	Price Convergence: What’s on TV?
	Discussant: JOHN ROGERS, Federal Reserve System
11:15 a.m.	Break
11:30 a.m.	MARIO CRUCINI and MOTOTSUGU SHINTANI, Vanderbilt University
	Persistence in Law-of-One-Price Deviations: Evidence from Micro-data
	Discussant: ANDREW ROSE, UC, Berkeley
12:30 p.m.	Lunch and Adjourn
6:00 p.m.	Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA
THURSDAY, JULY 15:
8:30 a.m.	Coffee and Pastries
Session 3. Emerging Markets: Capital Flows and Country Risk
9:00 Am	MARTIN URIBE, Duke University and NBER
	Z. VIVIAN YUE, University of Pennsylvania
	Country Spreads and Emerging Countries: Who Drives Whom?
	Discussant: ANDRES VELASCO, Harvard University and NBER
10:00 a.m.	Break
10:15 a.m.	TITO CORDELLA International Monetary Fund
	EDUARDO LEVY YEYATI, Universidad Torcuato di Tella
	Country Insurance
	Discussant: ROBERTO CHANG, Rutgers University
11:15 a.m.	Break
11:30 a.m.	CRISTINA ARELLANO, Duke University
	Default Risk, the Real Exchange Rate and
	Income Fluctuations in Emerging Economies
	Discussant: URBAN JERMANN, University of Pennsylvania and NBER
12:30 p.m.	Lunch and Adjourn
FRIDAY, JULY 16:
8:30 a.m.	Coffee and Pastries
Session 4. Open Economy Models with Nominal Rigidities
9:00 a.m.	LARS SVENSSON, Princeton University and NBER
	The Magic of the Exchange Rate:
	Optimal Escape from a Liquidity Trap in Small and Large Open Economies
	Discussant: STEPHANIE SCHMITT-GROHE, Duke University and NBER
10:00 a.m.	Break
10:15 a.m.	PAOLO PESENTI, Federal Reserve Bank of New York and NBER
	CEDRIC TILLE, Federal Reserve Bank of New York
	Stabilization, Competitiveness and Risk-sharing: A Model of Monetary Interdependence
	Discussant: ERIC VAN WIN COOP, University of Virginia and NBER
11:15 a.m.	Break
11:30 a.m.	KANDA NAKNOI, Stanford University
	Real Exchange Rate Fluctuations and Endogenous Tradability
	Discussant: PAUL BERGIN, UC, Davis and NBER
12:30 p.m.	Lunch and Adjourn
5/19/04