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Multiple Equilibria and Financial Crises

Roger Farmer and Jess Benhabib, Organizers

May 14-15, 2015

Federal Reserve Bank of San Francisco, 101 Market St, San Francisco

Supported by NBER, NYU, San Francisco Federal Reserve Bank, the Barry Family Trust, and UCLA



Thursday, May 14

1:00 pm

Registration at the Federal Reserve Bank of San Francisco

Presentations will be 45 minutes, discussants will have 10 minutes

1:20 pm

Welcome Remarks: Glenn Rudebusch, Executive Vice President & Director of Research, Federal Reserve Bank of San Francisco

1:30 pm

Romain Ranciere, International Monetary Fund
*Aaron Tornell, University of California at Los Angeles
Financial Liberalization, Debt Mismatch, Allocative Efficiency and Growth

Discussant: Martin Schneider, Stanford University and NBER

2:30 pm

*Edouard Schaal, New York University
Mathieu Taschereau-Dumouchel, University of Pennsylvania
Coordinating Business Cycles

Discussant: Christophe Chamley, Boston University

3:30 pm

Coffee Break

4:00 pm

*Ricardo Lagos, New York University and NBER
Shengxing Zhang, London School of Economics
Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-Fulfilling Liquidity Crises

Discussant: Pierre-Olivier Weill, University of California at Los Angeles and NBER

5:00 pm

*Mikhail Golosov, Princeton University and NBER
Guido Menzio, University of Pennsylvania and NBER
Agency Business Cycles

Discussant: Guillaume Rocheteau, University of California at Irvine

6:00 pm


6:30 pm

Reception and dinner, Main Street Dining Room, 4th floor
Speaker: Karl Shell, Cornell University

Friday, May 15

7:45 am

Continental breakfast

8:30 am

*Dmitry Plotnikov, International Monetary Fund
Hysteresis in Unemployment and Jobless Recoveries

Discussant: Kevin J. Lansing, Federal Reserve Bank of San Francisco

9:30 pm

*Roger Farmer, University of California at Los Angeles and NBER
Global Sunspots and Asset Prices in a Monetary Economy

Discussant: Alberto Bisin, New York University and NBER

10:30 am

Coffee break

11:00 am

*Assaf Patir, Hebrew University
Synchronization and Bias in a Simple Macroeconomic Model

Discussant: Bruce McGough, University of Oregon

12:00 noon

*Gianluca Benigno, London School of Economics
Luca Fornaro, CREI, Universitat Pompeu Fabra and Barcelona GSE
Stagnation Traps

Discussant: Jang-Ting Guo, University of California at Riverside

1:00 pm

Lunch, 1st floor

2:00 pm

Guillaume Rocheteau, University of California at Irvine
*Randall Wright, University of Wisconsin at Madison and NBER
Sylvia Xiaol. Xiao
Open Market Operations

Discussant: Huberto Ennis, Federal Reserve Bank of Richmond

3:00 pm

Feng Dong, Shanghai Jiao Tong University
*Pengfei Wang, Hong Kong University of Science and Technology
Yi Wen, Federal Reserve Bank of St. Louis
Credit Search and Credit Cycles

Discussant: Fran
s Geerolf, University of California at Los Angeles

4:00 pm

Coffee break

4:30 pm

Russell Cooper, Pennsylvania State University and NBER
*Kalin Nikolov, European Central Bank
Government Debt and Banking Fragility: The Spreading of Strategic Uncertainty

Discussant: Andrew John, Melbourne Business School

5:30 pm

*Guido Lorenzoni, Northwestern University and NBER
Ivan Werning, Massachusetts Institute of Technology and NBER
Slow Moving Debt Crises

Discussant: Fabrizio Perri, Federal Reserve Bank of Minneapolis and NBER

6:30 pm