Advances in Macro Finance

October 4, 2024
Pittsburgh, PA
Organized by: Lars Kuehn, Finn Kydland, Simon Mayer, Liyan Shi, and Ariel Zetlin-Jones

Conference Session 1

• The Impact of Social Insurance on Household Debt
  Gideon Bornstein (U Penn), Sasha Indarte (U Penn)
  Discussant: Carter Braxton (University of Wisconsin-Madison)
   
• Credit Card Borrowing in Heterogeneous-Agent Models:
  Reconciling Theory and Data
  Sean Chanwook Lee (Harvard), Peter Maxted (UC Berkeley)
  Discussant: Kyle Dempsey (OSU)

Conference Session 2

• Granular Treasury Demand with Arbitrageurs
  Kristy A.E. Jansen (USC), Wenhao Li (USC), Lukas Schmid (USC)
  Discussant: Moritz Lenel (Princeton)
   
• Nominal Rigidity and the Inflation Risk Premium:
  Identification from the Cross Section of Equity Returns
  Hengjie Ai (University of Wisconsin-Madison), Xinxin Hu (University of Wisconsin-Madison), Xuhui Pan (University of Oklahoma)
  Discussant: Francois Gourio (Chicago Fed)

Conference Session 3

• Technology Driven Market Concentration through Idea Allocation
  Yueyuan Ma (UC Santa Barbara), Shaoshuang Yang (Chinese University of Hong Kong)
  Discussant: Jeremy Pearce (NY Fed)
   
• Fiscal Dominance
  Fernando M. Martin (Federal Reserve Bank of St. Louis)
  Discussant: Christopher Phelan (University of Minnesota)

April 21, 2023
Pittsburgh, PA
Organized by: Tetiana Davydiuk, Lars Kuehn, Finn Kydland, Liyan Shi, and Ariel Zetlin-Jones

Conference Session 1 (April 21, 2023 a.m.)

• Payment for Order Flow And Asset Choice
  Authors: Thomas Ernst (University of Maryland) and Chester Spatt (Carnegie Mellon University)
  Discussant: Xing Huang (Washington University)
   
• The Anatomy of Financial Innovation
  Authors: Ana Babus (Washington University), Matias Marzani (Washington University), and Sara Moreira (Northwestern University)
  Discussant: Dan Li (Board of Governors)

Conference Session 2 (April 21, 2023 p.m.)

• Process Intangibles and Agency Conflicts 
  Authors: Hui Chen (MIT), Ali Kakhbod (UC Berkeley), Maziar M. Kazemi (ASU), and Hao Xing (Boston University)
  Discussant: Colin Ward (University of Minnesota)
   
• The Cost of Regulatory Compliance in the United States
  Authors: Francesco Trebbi (UC Berkeley) and Miao Ben Zhang (USC)
  Discussant: Jessie Wang (Board of Governors)

Conference Session 3 (April 21, 2023 p.m.)

• The Debt-Inflation Channel of the German Hyperinflation
  Authors: Markus Brunnermeier (Princeton University), Sergio Correia (Board of Governors)
  Stephan Luck (FRB New York), Emil Verner (MIT), and Tom Zimmermann (University of Cologne)
  Discussant: Francesco D’Acunto (Georgetown University)
   
• A Theory of Payments-Chain Crises
  Authors: Saki Bigio (UCLA)
  Discussant: Mathieu Taschereau-Dumouchel (Cornell University)

April 8-9, 2022
Santa Barbara, CA
Organized by: Tetiana Davydiuk, Deeksha Gupta, Lars Kuehn, Finn Kydland, and Ariel Zetlin-Jones

Conference Session 1 (April 8, 2022 a.m.)

• Competition, Stability, and Efficiency in the Banking Industry
  Authors: Dean Corbae (University of Wisconsin) and Ross Levine (UC Berkeley)
   
• The Geography of Bank Deposits and the Origins of Aggregate Fluctuations
  Authors: Shohini Kundu (UCLA), Seongjin Park (University of Chicago), and Nishant Vats (University of Chicago)

Conference Session 2 (April 8, 2022 a.m.)

• Waiting for Capital: Dynamic Intermediation in Illiquid Markets
  Authors: Barney Hartman-Glaser (UCLA), Simon Mayer (University of Chicago), and Konstantin Milbradt (Northwestern University)
   
• Bank Credit and Money Creation on Payment Networks: A Structural Analysis of Externalities and Key Players
  Authors: Ye Li (OSU), Yi Li (Board of Governors), and Huijun Sun (Columbia University)

Conference Session 3 (April 8, 2022 p.m.)

• Earnings-Based Borrowing Constraints and Pecuniary Externalities 
  Authors: Thomas Drechsel (University of Maryland) and Seho Kim (University of Maryland)
   
• Risk-Taking, Capital Allocation and Monetary Policy
  Authors: Simcha Barkai (Boston College) and Stavros Panageas (UCLA)

Conference Session 4 (April 8, 2022 p.m.)

• Can Monetary Policy Create Fiscal Capacity?
  Authors: Vadim Elenev (Johns Hopkins University), Tim Landvoigt (University of Pennsylvania), Patrick Shultz (University of Pennsylvania) and Stijn Van Nieuwerburgh (Columbia University)
   
• Government Debt Management and Inflation with Real and Nominal Bonds 
  Authors: Lukas Schmid (USC), Vytautas Valaitis (EUI), and Alessandro T. Villa (FRB Chicago)

Conference Session 5 (April 9, 2022 a.m.)

• Sovereign Bond Restructering: Commitment vs. Flexibility 
  Authors: Jason Roderick Donaldson (Washington University), Lukas Kremens (Washington University) and Giorgia Piacentino (Columbia University)
   
• Fiscal Rules and Discretion with Risk of Default
  Authors: Chiara Felli (LUISS), Facundo Piguillem (LUISS), and Liyan Shi (Carnegie Mellon University)

Conference Session 6 (April 9, 2022 p.m.)

• When Do Subjective Expectations Explain Asset Prices?
  Authors: Ricardo De La O (USC) and Sean Myers (University of Pennsylvania)
   
• The Real Channel for Nominal Bond-Stock Puzzles
  Authors: Mikhail Chernov (UCLA), Lars Lochstoer (UCLA), and Dongho Song (Johns Hopkins University)

Conference Session 7 (April 9, 2022 p.m.)

• Technology-Skill Complementarity and Labor Displacement: Evidence from Linking Two Centuries of Patents with Occupations 
  Authors: Leonid Kogan (MIT), Dimitris Papanikolaou (Northwestern University), Lawrence Schmidt (MIT), Bryan Seegmiller (MIT)
   
• Value Without Employment
  Authors: 

September 20-21, 2019
Pittsburgh, PA
Organized by: Tetiana Davydiuk, Selmon Erol, Deeksha Gupta, and Finn Kydland

Conference Session 1 (September 20, 2019 a.m.)

• Late to Recessions: Stocks and the Business Cycle
  Authors: Roberto Gomez Cram (London Business School)
   
• Government Risk Premium Puzzle
  Authors: Zhengyang Jiang (NWU Kellog), Hanno Lustig (Stanford GSB), Stijn Van Nieuwerburgh (Columbia Business School), Mindy Z. Xiaolan (UT Austin McCombs)

Conference Session 2 (September 20, 2019 p.m.)

• Agency in Intangibles
  Authors: Colin Ward (University of Minnesota)
   
• Q: Risks, Rents, or Growth?
  Authors: Alexandre Corhay (University of Toronto), Howard Kung (London Business School), Lukas Schmid (Fuqua School of Business)

Conference Session 3 (September 20, 2019 p.m.)

• Risk-Sharing and Investment According to Cournot an Arrow-Debreu
  Authors: Daniel Neuhann (UT Austin McCombs), Michael Sockin (UT Austin McCombs)
   
• Interbank Trading, Collusion, and Financial Regulation
  Authors: Dean Corbae (University of Wisconsin-Madison), Michael Gofman (University of Rochester)

Conference Session 4 (September 21, 2019 a.m.)

• Unconventional Monetary Policy and Funding Liquidity Risk
  Authors: Adrien d'Avernas (Stockholm School of Economics), Quentin Vandeweyerz (European Central Bank and Sciences Po.), Matthieu Darracq Paries (European Central Bank)
   
• Prudential Monetary Policy
  Authors: Ricardo J. Caballero (MIT), Alp Simsek (MIT)

Conference Session 5 (September 21, 2019 p.m.)

• Credit Cycles with Market-Based Household Leverage
  Authors: William Diamond (Wharton School), Tim Landvoigt (Wharton School)
   
• Interbank Networks in Shadows of the Federal Reserve Act
  Authors: Haelim Anderson (Federal Deposit Insurance Corporation), Selman Erol (Carnegie Mellon University), Guillermo Ordonez (University of Pennsylvania)

September 28-29, 2018
Santa Barbara, CA
Organized by: Tetiana Davydiuk, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 28, 2018 a.m.)

• Foreign Investment of U.S. Multinationals: The Effect of Tax Policy and Agency Conflicts
  Authors: James F. Albertus (Carnegie Mellon), Brent Glover (Carnegie Mellon) and Oliver Levine (UW–Madison)
  Discussant: Francois Gourio (FRB Chicago)
   
• Information versus Investment
  Authors: Stephen J. Terry (Boston), Toni M. Whited (Michigan) and Anastasia A. Zakolyukina (Chicago)
  Discussant: Max Croce (UNC–Chapel Hill)

Conference Session 2 (September 28, 2018 - p.m.)

• Long-Term Finance and Investment with Frictional Asset Markets
  Authors: Julian Kozlowski (FRB St. Louis)
  Discussant: Konstantin Milbradt (Northwestern)
   
• Finance in a Time of Disruptive Growth
  Authors: Nicolae Garleanu (Berkeley) and Stavros Panageas (UCLA)
  Discussant: Gian Luca Clementi (NYU)

Conference Session 3 (September 28, 2018 - p.m.)

• An Information-based Theory of Financial Intermediation
  Authors: Zachary Bethune (Virginia), Bruno Sultanum (FRB Richmond), and Nicholas Trachter (FRB Richmond)
  Discussant: Michael Choi (UC–Irvine)
   
• A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information
  Authors: Harold Cole (University of Pennsylvania), Daniel Neuhann (UT–Austin), and Guillermo Ordonez (University of Pennsylvania)
  Discussant: Philip Bond (University of Washington)

Conference Session 4 (September 29, 2018 - p.m.)

• Selection, Leverage, and Default in the Mortgage Market
  Authors: Arpit Gupta (NYU) and Christopher Hansman (Imperial College)
  Discussant: Felipe Severino (Dartmouth)
   
• Employer Credit Checks: Poverty Traps versus Matching Efficiency
  Authors: Dean Corbae (UW–Madison) and Andrew Glover (UT–Austin)
  Discussant: Igor Livshits (FRB Philadelphia)

Conference Session 5 (September 29, 2018 - p.m.)

• Too Much Skin-in-the-game? The Effect of Mortgage Market Concentration on Credit and House Prices
  Authors: Deeksha Gupta (Carnegie Mellon)
  Discussant: Daniel Greenwald (MIT)
   
• Household Debt Revaluation and the Real Economy: Evidence from a Foreign Currency Debt Crisis
  Authors: Emil Verner (MIT) and Gyozo Gyongyosi (Central European University and National Bank of Hungary)
  Discussant: Stefan Lewellen (Penn State and London Business School

September 22-23, 2017
Pittsburgh, PA
Organized by:  Jim Albertus, Laurence Ales and Finn Kydland

Conference Session 1 (September 22, 2017 - p.m.)

• Misallocation or Risk-Adjusted Capital Allocation
  Authors:  Joel David, David Zeke and Lukas Schmid
  Discussant:  Ellen McGrattan
• Cascades and Fluctuations in an Economy with an Endogenous Production Network
  Authors:  Mathieu Taschereau-Dumouchel
  Discussant:  Gill Segal

Conference Session 2 (September 22, 2017 - p.m.)

• Equilibrium Corporate Finance and Intermediation
  Authors:  Alberto Bisin, Gian Luca Clementi and Piero Gottardi
  Discussant:  Edward S. Prescott
• The Maturity Structure of Inside Money
  Authors:  Burton Hollifield and Ariel Zetlin-Jones
  Discussant:  Yasser Boualam

Conference Session 3 (September 23, 2017 - a.m.)

• “Permanent Income” Inequality
  Authors:  Brant Abbott and Giovanni Gallipoli
  Discussant:  Kartik Athreya
• Technological Innovation and the Distribution of Labor Income Growth
  Authors:  Leonid Kogan, Dimitris Papanikolaou, Lawrence Schmidt and Jae Song
  Discussant:  Serdar Ozkan

Conference Session 4 (September 23, 2017 - p.m.)

• The Economics of the Fed Put
  Authors:  Anna Cieslak and Annette Vissing-Jorgensen
  Discussant:  Ian Dew-Becker
• The Loan Covenant Channel: How Bank Health Transmits to the Real Economy
  Authors:  Antonio Falato and Gabriel Chodorow-Reich
  Discussant:  Arpit Gupta

September 23-24, 2016
Pittsburgh, PA
Organized by: Laurence Ales, Lars-Alexander Kuehn and Finn Kydland

Conference Session 1 (September 23, 2016 - p.m.)

• The Misallocation of Finance
  Authors: Toni Whited and Jake Zhao
  Discussant: Joel David (University of Southern California)
   
• Real Anomalies
  Authors: Jules van Binsbergen and Christian Opp
  Discussant: Dimitris Papanikolaou

Conference Session 2 (September 23, 2016 - p.m.)

• National Income Accounting When Firms Insure Managers: Understanding Firm Size and Compensation Inequality
  Authors: Barney Hartman-Glaser, Hanno Lustig and Mindy Zhang
  Discussant: Matthias Kehrig
   
• Intangible Capital and Measured Productivity
  Authors: Ellen McGrattan and FRB Minneapolis
  Discussant: Max Croce

Conference Session 3 (September 24, 2016 - a.m.)

• Horizontal and Vertical Polarization: Task-Specific Technological Change in a Multi-Sector Economy
  Authors: Sang Yoon Lee and Yongseok Shin
  Discussant: Frederico Belo
   
• Rational Inattention in Hiring Decisions
  Authors: Sushant Acharya and Shu Lin Wee
  Discussant: Ronald Wolthoff

Conference Session 4 (September 24, 2016 - p.m.)

• A Macroeconomic Model with Financially Constrained Producers and Intermediaries
  Authors: Vadim Elenev, Tim Landvoigt, and Stijn Van Nieuwerburgh
  Discussant: Aubhik Khan
   
• A Theory of Credit Scoring and the Competitive Pricing of Default Risk
  Authors: Satyajit Chatterjee, Dean Corbae, Kyle Dempsey, and Jose-Victor
  Discussant: Eric Young

September 18-19, 2015
Santa Barbara, CA
Organized by: Brent Glover, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 18, 2015 - a.m.)

• Political Economy of Sovereign Debt: Cycles of Debt Crisis and Inequality Overhang
  Authors: Alessandro Dovis, Mikhail Golosov and Ali Shourideh
  Discussant: Anastasios Karantounias
   
• A Macrofinance View of US Sovereign CDS Premiums
  Authors: Mikhail Chernov, Lukas Schmid and Andres Schneider
  Discussant: Adrien Verdelhan

Conference Session 2 (September 18, 2015 - p.m.)

• Monetary Shocks and Bank Balance Sheets
  Authors: Sebastian Di Tella and Pablo Kurlat
  Discussant: Ed Nosal
   
• Financial Frictions in Production Networks
  Authors: Saki Bigio and Jennifer La'O
  Discussant: V.V. Chari

Conference Session 3 (September 18, 2015 - p.m.)

• Firm Selection and Corporate Cash Holdings
  Authors: Juliane Begenau and Berardino Palazzo
  Discussant: Stefano Sacchetto
   
• The Market Price of Capital Misallocation
  Authors: Cedric Ehouarne, Lars Kuehn and David Schreindorfer
  Discussant: Rüdiger Bachmann

Conference Session 4 (September 19, 2015 - a.m.)

• Managing Risk Taking with Interest Rate Policy and Financial Regulation
  Authors: Simona E. Cociuba, Malik Shukayev (Bank of Canada) and Alexander Ueberfeldt
  Discussant: Ali Ozdagli
   
• Financing Intangible Capital
  Authors: Qi Sun and Mindy X. Zhang
  Discussant: Hengjie Ai
   
• The Globalization Risk Premium
  Authors: Jean-Noël Barrot, Erik Loualiche and Julien Sauvagnat
  Discussant: Nikolai Roussanov

September 26-27, 2014
Tepper School of Business
Organized by: Brent Glover, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 26, 2014 - p.m.)

• Misspecified Recovery
  Authors: Jaroslav Borovička, Lars Peter Hansen and José Scheinkman
  Discussant: Mikhail Chernov
   
• Dynamic Dispersed Information and the Credit Spread Puzzle [pdf]
  Authors: Elias Albagli, Christian Hellwig and Aleh Tsyvinski
  Discussant: Todd Walker

Conference Session 2 (September 26, 2014 - p.m.)

• Optimal Debt and Profitability in the Tradeoff Theory
  Author: Andrew Abel
  Discussant: Toni Whited
   
• Agency Conflicts Around the World
  Authors: Erwan Morellec, Boris Nikolov and Norman Schürhoff
  Discussant: Murray Carlson

Conference Session 3 (September 27, 2014 - a.m.)

• Investor Sophistication and Capital Income Inequality
  Authors: Marcin Kacperczyk, Jaromir Nosal and Luminita Stevens
  Discussant: Stavros Panageas
   
• Financial Distress and Endogenous Uncertainty
  Author: Francois Gourio
  Discussant: João Gomes

Conference Session 4 (September 27, 2014 - p.m.)

• Taxing Atlas: Using Firm Data to Derive Optimal Income Tax Rates
  Authors: Laurence Ales, Andrés Bellofatto and Jessie Wang
  Discussant: Adriano Rampini
   
• Technological Specialization and Corporate Diversification
  Authors: Fernando Anjos and Cesare Fracassi
  Discussant: Vojislav Maksimovic

September 20-21, 2013
Tepper School of Business
Organized by: Brent Glover, Finn Kydland and Ariel Zetlin-Jones

Conference Session 1 (September 20, 2013 - p.m.)

• Efficient Sovereign Default
  Author: Alessandro Dovis
  Discussant: Vivian Yue
   
• BKK the EZ Way - An International Production Economy with Recursive Preferences
  Authors: Ric Colacito, Max Croce, Steven Ho and Phillip Howard
  Discussant: Stan Zin

Conference Session 2 (September 20, 2013 - p.m.)

• Good and Bad Uncertainty: Macroeconomic and Financial Market Implications
  Authors: Gill Segal, Ivan Shaliastovich and Amir Yaron
  Discussant: Lukas Schmid
   
• Implications of Heterogeneity in Preferences, Beliefs and Asset Trading Technologies for the Macroeconomy
  Author: YiLi Chien, Harold Cole and Hanno Lustig
  Discussant: Tony Smith

Conference Session 3 (September 21, 2013 - a.m.)

• Information, Misallocation and Aggregate Productivity
  Authors: Joel David, Hugo Hopenhayn and Venky Venkateswaran
  Discussant: Yongseok Shin
   
• Merger Activity in Industry Equilibrium
  Authors: Theodosios Dimopoulos and Stefano Sacchetto
  Discussant: Oliver Levine

Conference Session 4 (September 21, 2013 - p.m.)

• Screening as a Unified Theory of Delinquency, Renegotiation, and Bankruptcy
  Authors: Natalia Kovrijnykh and Igor Livshits
  Discussant: Alexei Tchistyi
   
• Liquidity Traps and Monetary Policy: Managing a Credit Crunch
  Authors: Francisco Buera and Juan Pablo Nicolini
  Discussant: Simon Gilchrist

September 14-15, 2012
The Garden Room at the Upham, Santa Barbara, California
Organized by: Lars-Alexander Kuehn, Finn Kydland and Nicolas Petrosky-Nadeau

Conference Session 1 (September 14, 2012 - a.m.)

• Aggregate Issuance and Savings Waves
  Author: Andrea Eisfeldt and Tyler Muir
  Discussant: Wouter den Haan
   
• External Financing and the Role of Financial Frictions over the Business Cycle: Measurement and Theory
  Authors: Ali Shourideh and Ariel Zetlin-Jones
  Discussant: François Gourio

Conference Session 2 (September 14, 2012 - p.m.)

• Uncertainty as Commitment
  Authors: Jaromir Nosal and Guillermo Ordoñez
  Discussant: Ron Giammarino
   
• Short-term Debt and Financial Crises: What we can Learn from U.S. Treasury Supply
  Author: Arvind Krishnamurthy and Annette Vissing-Jorgensen
  Discussant: Burton Hollifield

Conference Session 3 (September 14, 2012 - p.m.)

• Sovereign Debt Crises and International Financial Contagion: Estimating Effects in an Endogenous Network
  Authors: Brent Glover and Seth Richards-Shubik
  Discussant: Raoul Minetti
   
• Why Doesn’t Technology Flow from Rich to Poor Countries?
  Authors: Harold L. Cole, Jeremy Greenwood and Juan M. Sanchez
  Discussant: Harjoat Bharma

Conference Session 4 (September 15, 2012 - a.m.)

• Subsidizing Price Discovery
  Authors: Braz Carmago, Kyungmin Kim and Benjamin Lester
  Discussant: Philip Bond
   
• Competing on Speed
  Authors: Emiliano Pagnotta and Thomas Philippon
  Discussant: Pierre Olivier-Weill

Conference Session 5 (September 15, 2012 - p.m.)

• Can Investment-Specific Technology Shocks Explain the Cross-Section of Stock Returns?
  Authors: Lorenzo Garlappi and Zhongzhi Song
  Discussant: Lu Zhang
   
• The Nature of Countercyclical Income Risk
  Authors: Fatih Guvenen, Serdar Ozcan and Jae Song
  Discussant: Yi Li Chien

September 16 - 17, 2011
Tepper School of Business
Organized by: Lars-Alexander Kuehn, Finn Kydland and Nicolas Petrosky-Nadeau

Conference Session 1 (September 16, 2011 - p.m.)

• Maturity Rationing
  Author: Konstantin Milbradt and Martin Oehmke
  Discussant: Barney Hartman-Glaser
   
• A Production-Based Model for the Term Structure
  Authors: Urban J. Jermann
  Discussant: David Chapman

Conference Session 2 (September 16, 2011 - p.m.)

• Ambiguous Business Cycles
  Authors: Cosmin Ilut and Martin Schneider
  Discussant: Bryan Routledge
   
• An Equilibrium Asset Pricing Model with Labor Market Search
  Author: Lars-A. Kuehn, Nicolas Petrosky-Nadeau and Lu Zhang
  Discussant: Michele Boldrin

Conference Session 3 (September 17, 2011 - a.m.)

• Too-Systemic-to-Fail: What Option Markets Imply About Sector-wide Government Guarantees
  Authors: Brian Kelly, Hanno Lustig and Stijn Van Nieuwerbergh
  Discussant: Robert McDonald
   
• Overborrowing, Financial Crises and ’Macro-Prudential' Policy
  Authors: Janvier Bianchi and Enrique Mendoza
  Discussant: Lukas Schmid

Conference Session 4 (September 17, 2011 - p.m.)

• Collateral Crises
  Authors: Gary Gorton and Guillermo Ordonez
  Discussant: Vincenzo Quadrini
   
• Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty
  Authors: Hui Chen, Michael Michaux and Nikolai Roussanov
  Discussant: Kjetil Storesletten

October 22-23, 2010
Tepper School of Business
Organized by: Lars-Alexander Kuehn, Finn Kydland and Nicolas Petrosky-Nadeau

Conference Session 1 (October 22, 2010 - p.m.)

• Long-Term Volatility, Growth and Asset Pricing
  Author: Howard Kung and Lukas Schmid
  Discussant: Thomas Tallarini
   
• Growth Opportunities, Technology Shocks and Asset Prices
  Authors: Dimitris Papanikolaou
  Discussant: Jesus Fernandez-Villaverde

Conference Session 2 (October 22, 2010 - p.m.)

• Credit Shocks and Aggregate Fluctuations in an Economy with Production Heterogeneity
  Authors: Aubhik Khan and Julia Thomas
  Discussant: Gian Luca Clementi
   
• Credit Spreads and Business Cycle Fluctuations
  Author: Simon Gilchrist and Egon Zakraysek
  Discussant: Lu Zhang

Conference Session 3 (October 23, 2010 - a.m.)

• Liquidity and Asset Price Dynamics
  Authors: Guillaume Rocheteau and Randall Wright
  Discussant: Ben Lester
   
• Bubbly Liquidity
  Authors: Emmanuel Fahri and Jean Tirole
  Discussant: Adriano Rampini

Conference Session 4 (October 23, 2010 - p.m.)

• The Term-Structure of Sharpe-Ratios
  Authors: Jules van Binsbergen and Ralph Koijen
  Discussant: Adlai Fisher

Conference Session 5 (October 23, 2010 - p.m.)

• Rare Disasters and Risk Sharing with Heterogeneous Beliefs
  Authors: Hui Chen, Scott Joslin and Ngoc-Khanh Tran
  Discussant: Rajnish Mehra
   
• International Risk Cycles
  Authors: Francois Gourio, Adrien Verdelhan and Michael Siemer
  Discussant: Stan Zin