Sunset Village Conference Center, UCLA

June 30 – July 2

Program Committee

Local Organization

SESSION 1: Thursday, June 30, 2:00 – 3:30 pm

(The last prestenter in each subsession should serve as Chair.)

A. Savings and Asset Prices in Models With Heterogeneous Agents

• Orazio Attanasio, Stanford University
  Costas Meghir, University College London and Hoover Institution
  Household Consumption and Saving in the U.S. and the U.K.

• Wouter Den Haan, University of California-San Diego
  Aggregate Uncertainty, Heterogeneous Agents and Short-Term Interest Rates

• Christopher Carroll, Johns Hopkins University and Board of Governors of the Federal Reserve
  Buffer Stock Saving and the Life Cycle/Permanent Income Hypotheses

• John Heaton, MIT
  Deborah Lucas, Northwestern University
  Savings Behavior and Consumption Smoothing

B. Business Cycles

• Eswar S. Prasad, International Monetary Fund
  Labor Market Dynamics in an Equilibrium Business Cycle Model with Heterogeneous Labor

• Charles E. Swanson, Temple University
  Shocks Without an Apparent Cause

• Rajeev Dhawan, University of California-Los Angeles
  Firm Specific Heterogeneity, Costly Financial Intermediation and The Business Cycle

• Per Krusell, University of Pennsylvania
  Anthony A. Smith, Jr., Carnegie-Mellon University
  Aggregation in the Stochastic Growth Model: A Computational Approach

C. Growth and Convergence

• Morgan W. Kelly, Cornell University
  Anya Hageman, Cornell University
  Marshllian Externilities in Innovation and Growth

• Jo�o L. C�sar das Neves, Universidad Cat�lica Portuguesa
  World Convergence: A Multivariable Approach

D. Learning

• Bartholomew J. Moore, Rutgers University
  Huntley Schaller, Carleton University
  Learning and Mean Reversion

• Emilio Barucci, University of Florence
  Leonardo Landi, University of Florence
  Convergence of Least Mean Squares Learning Algorithm in Self Referential Linear Stochastic Models

• Jasmina Arifovic, Simon Fraser University
  The Behavior of Exchange Rates in Genetic Algorithm and Experimental Economies

• Lars Ljungqvist, University of Wisconsin
  Thomas J. Sargent, University of Chicago and Hoover Institution
  The Swedish Unemployment Experience

• James Bullard, Federal Reserve Bank of St. Louis
  John Duffy, University of Pittsburgh
  A Model of Learning and Emulation With Artificial Adaptive Agents

E. Monetary Theory

• Mark Huggett, University of Illinois
  Stefan Krasa, University of Illinois
  Fiat Money as a Mechanism in Turnpike Economies

• Juan M. Renero, University of Minnesota
  Gresham’s Law Type Equilibria in the Kiyotaki-Wright Model

• Arthur J. Rolnick, Federal Reserve Bank of Minneapolis
  Warren E. Weber, Federal Reserve Bank of Minneapoli
  Inflation and Money Growth: A Historical Perspective

• Andreas Blume, University for Iowa
  Dean Corbae, University for Iowa
  Enforcement and the Value of Money

COFFEE BREAK: 3:30 – 4:00 pm

SESSION 2: Thursday, June 30, 4:00 – 5:30 pm

(The last prestenter in each subsession should serve as Chair.)

A. Dynamic Fiscal Policy

• Kenneth Judd, Hoover Institution
  The Optimal Tax on Capital is Negative

• Jang-Ting Guo, Universityof California-Riverside
  Kevin J. Lansing, Federal Reserve Bank of Cleveland
  Dividend Taxation and the Stability for Equilibrium in a Model of Dynamic Optimal Fiscal Policy

• German Rojas, Universitat Pompeu Fabra
  Optimal Taxation in a Stochastic Grwoth Model with Public Capital: Crowding-In Effects and Stabilization Policy

• Eric M. Leeper, Federal Reserve Bank of Atlanta
  Christopher A. Sims, Yale University
  Toward a Modern Macroeconomic Model Usable for Policy Analysis

• Dean Croushore, Federal Reserve Bank of Philadelphia
  Ricardian Equivalence With Wage-Rate Uncertainty

B. Lifecycle Models

• Siu Fai Leung, University of Rochester
  Uncertain Lifetime, Time Preference and Saving

• Mark Huggett, University of Illinois
  Wealth Distribution in Life Cycle Economies: A Quantitative Theoretical Investigation

C. International Finance

• Carl Chiarella, University for Technology, Sidney
  A Nonlinear Stochastic Model of Exchange Rate Dynamics

• Guglielmo Maria Caporale, London Business School
  Nikitas Pittis, University of Cyprus
  The Statistical Behavior of Deutschemark Excess Returns Vis-a-Vis EMS and Non-EMS Currencies

• Patrick K. Asea, UCLA
  Enrique G. Mendoza, International Monetary Fund
  The Balassa-Samuelson Model: A General Equilibrium Appraisal

• Irasema Alonso, U. Pompeu Fabra
  Persistent Nonfundametal Exchange Rate Fluctuations With and Without an Active Government

D. Growth and the Role of Public Capital

• Rafael Flores de Frutos, Universidad Complutense
  Alfredo M. Pereira, University of California-San Diego
  Public Capital and Aggregate Growth in the United States: Is Public Capital Productive?

• Kenneth R. Beauchemin, University of Iowa
  Wither the Stock of Public Capital?

• Michael Kaganovich, Indiana University
  Sustained Endogenous Growth in Convex vs. Linear Models With Heterogeneous Capital: What Is The Difference?

• Zvi Eckstein, Tel Aviv University
  Costas Foulides, Athens University
  Tryphon Kollintzas, Athens University
  Are U.S. Growth Rate Fluctuations Consistent With Log-Linear Growth Models?

E. New Approaches to Macroeconomic Modeling

• Nicolaas J. Vriend, Santa Fe Institute
  Self-Organized Markets in a Decentralized Economy

• Masanao Aoki, University of California-Los Angeles
  Ugyeong Jeong, Kwandong University
  Modeling Non-Local Interaction Among Agents: Mean Field Approximations Analysis of Business Cycles

• J. Michael Orszag, University of Michigan
  On a Field Theoretic Approach to Statistical Macroeconomics

• Masanao Aoki, University of California-Los Angeles
  Yoshio Miyahara, Nagoya City University
  Stochastic Aggregation and Dynamic Field Effects

COCKTAIL HOUR (No Host): 5:30 – 7:30 pm, Tree Patio

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BREAKFAST: 7:00 – 9:00 am

SESSION 3: Friday, July 1, 9:00 – 10:30 am

(The last prestenter in each subsession should serve as Chair.)

A. Income and Wealth Distribution Dynamics

• Per Krusell, University of Pennsylvania
  Politico-Economic Equilibrium and Economic Growth

• B. Ravikumar, University of Virginia
  Gerhard Glomm, Michigan State University
  Increasing Returns, Stages of Growth and the Kuznets Hypothesis

• Satyajit Chatterjee, Federal Reserve Bank of Philadelphia
  Schooling, Investment and Economic Development: Implications for the Distribution of Earnings, Income and Wealth

B. Issues in Open Economy Macroeconomics

• Enrique Mendoza, International Monetary Fund
  Guillermo Calvo, University of Maryland
  Trade Reforms of Uncertain Duration and Real Uncertainty: A First Approximation

• Lee Ohanian, University of Pennsylvania
  Alan Stockman, Universityof Rochester
  Short-Run Independence of Monetary Policy Under Pegged Exchange Rates and the Effects of Money on Exchange Rates and Interest Rates

• Caroline Betts, Cornell University
  Bruce Smith, Cornell University
  Money, Banking and the Determination of Real and Nominal Exchange Rates

• Elvan Ozlu, Syracuse University
  Don Schlagenhauf, Arizona State University
  Implications of Alternative Exchange Rate Regimes in Monetary Models

C. Asset Pricing

• Wouter den Haan, University of California, San Diego
  Scott A. Spear, University of California, San Diego
  Arch in Heterogeneous Agent Models

• Tzu-Kuan Chiu, University of Pennsylvania
  Endogenous Preference Shifts and Asset Prices

• Robert Connolly, University of North Carolina
  Jennifer Conrad, University of North Carolina
  Karl Snow, University of North Carolina
  Asset Pricing Models: Estimation and Diagnostics of Discount Rate Processes

• David Chapman, University of Texas
  Habit Formation, Consumption, and State-Prices

D. Commitment and Reform

• Roberto Chang, Federal Reserve Bank of Atlanta
  Commitment, Coordination Failures, and Delayed Reform

• Jolanda E. Heemskerk, Tinbergen Institute
  Credibility for Disinflationary Policies in The Netherlands and Belgium

• Silke Fabian, George Washington University
  The Problem of Time Inconsistency in Macroeconomics Revisited

• Albert Marcet, Universitat Pompeu Fabra
  Juan Pablo Nicolini, Universitat Pompeu Fabra
  Recurrent Hyperinflations and Learning

E. Endogenous Fluctuations I

• Pierce Cartigny, GREQAM, Universit�s d’Aix-Marseille II
  Alain Venditti, GREQAM, Universit�s d’Aix-Marseille II
  Endogenous Cycles in Discrete Symmetric Multisector Optimal Growth Models

• Guiomar Martin, Universidad de Valladolid
  Maria Dolores Soto, Universidad de Valladolid
  Effects of Permanent or Temporary Fluctuations in Wages on Capital and Consumption

• Fr�d�ric Lordon, CNRS and CEPREMAP
  Periodic and Aperiodic Fluctuations in a Goodwinian Kaldorian Model of Endogenous Growth

Coffee available between sessions.

SESSION 4: Friday, July 1, 10:45 am – 12:15 pm

(The last prestenter in each subsession should serve as Chair.)

A. Money, Fluctuations, and Policy

• Paul Beaudry, Boston University
  Michael B. Devereux, University of British Columbia
  Monopolistic Competition, Price Setting and the Effects of Real and Monetary Shocks

• V.V. Chari, Northwestern University
  Lawrence Christiano, Northwestern University
  Martin Eichenbaum, Northwestern University
  TBA

• Stephen D. Williamson, University of Iowa
  Sequential Markets and the Suboptimality for the Friedman Rule

B. The Job-Worker Matching Process

• Melvyn G. Coles, University of Essex
  Eric Smith, University of Essex
  Employment Agencies and the Duration of Search

• Patricia M. Anderson, Dartmouth College
  Simon M. Burgess, Bristol University
  Job Matching and Competition Among the Employed and Unemployed: Some Disaggregate Evidence

• Shouyong Shi, Queens University
  Quan Wen, Unversity of Windsor
  Unemployment and the Dynamic Effects of Factor Taxation

• Dale T. Mortensen, Northwestern University
  Stephen Millard, Northwestern University
  The Unemployment and Welfare Effects of Labor Market Policies: A Case for a Hiring Subsidy

C. State Space Modeling and Optimal Control

• Peter Zadrozny, G.T.E. Laboratories, Inc.
  A State-Space Method for Solving Linear Rational Expectation Models with an Application to a Keynesian Style Model

• Emilio Barucci, University of Florence
  PierLuigi Zezza, University of Florence
  Necessary and Sufficient Conditions in Optimal Control and Applications to Economics

• Jacek B. Krawczyk, Victoria University of Wellington
  A Dynamic Game Model of Effluent Management

• Sudhakar Achath, University of Texas
  Hans M. Amman, University of Amsterdam
  David A. Kendrick, University of Texas
  Solving Stochastic Macromodels with Forward Variables

D. Growth and Learning

• Graziella Bertocchi, University of Modena
  Leonard J. Mirman, University of Virginia
  Michael Spagat, Brown University
  Growth Under Uncertainty with Experimentation

• Baoline Chen, Indiana University
  Threshold Learning and Endogenous Economic Growth

• Tor Einarsson, University of Iceland
  Milton H. Marquis, Federal Reserve Board
  An RBC Model With Growth: The Role of Human Capital

• Boyan Jovanovic, New York University
  Yaw Nyarko, New York University
  The Bayesian Foundations of Learning by Doing

E. Nonlinear Models of Interest Rates: An Application of a Sample Selectivity Model

• Woon Gyu Choi, University of California, Los Angeles
  The Discount Rate Policy Reaction Function of the Monetary Authority

• Gerard A. Pfann, University of Limburg
  Peter C. Schotman, University of Limburg
  Rolf Tschernig, University of Munich
  Nonlinear Interest Rate Dynamics and Implications for the Term Structure

• Woon Gyu Choi, University of California, Los Angeles
  Simon Potter, University of California, Los Angeles
  The Nonlinear Effects of Money and Interest Rates Over the Business Cycle

LUNCH: 12:15 – 1:30 pm

SESSION 5: Friday, July 1, 1:30 – 3:00 pm

(The last prestenter in each subsession should serve as Chair.)

A. Banking and Financial Intermediation

• Pamela Labadie, Federal Reserve Board of Governors
  Regulation and the Cost of Capital in a General Equilibrium Banking Model

• Valerie R. Bencivenga, Cornell University
  Bruce D. Smith, Cornell University
  Ross M. Starr, University of California-San Diego
  Liquidity for Secondary Capital Markets, Capital Accumulation, and the Term Structure of Asset Yields

• Roger Craine, University of California-Berkeley
  Deposit Insurance

B. Trade Policy and Growth

• Paulo Brito, Bank of Portugal
  Growth, External Debt and Real Exchange Rates With Locally Increasing Returns and Sovereign Risk

• Steve Ambler, UQAM
  Emanuela Cardia, Universite de Montreal
  Jeannine M. Farazli, University of Calgary
  Endogenous Growth and Export-Promoting Policies
• Thomas Osang, University of California-San Diego
  Alfredo Pereira, University of California-San Diego
  Import Tariffs and Growth in a Small Open Economy

• Thomas Holmes, Federal Reserve Bank of Minneapolis
  James Schmitz, Federal Reserve Bank of Minneapolis
  Free Trade and Resistance to Change: Increasing the Number of Battlefronts to Win the War

• Dan Ben-David, University of Houston
  Michael B. Loewy, University of Houston
  Some Growth Implications of Trade Liberalization

C. Computation in Economic Models

• Albert Marcet, Universidad Pompeu Fabra
  David Marshall, Northwestern University
  On the Convergence of Parameterized Expectations

• Beth Ingram, University of Iowa
  Narayana Kocherlakota, University of Iowa
  Gene Savin, University of Iowa
  Home Production and Female Labor Market Choices: Learning from the Macroeconomic Data

• Lawrence J. Christiano, Northwestern University
  Jonas D. M. Fisher, University of Western Ontario
  Algorithms for Solving Dynamic Models with Occasionally Binding Constraints

• Christopher A. Sims, Yale University
  Numerical Techniques for Fitting Dynamic Equilibrium Models: Some New Approaches

• Jerry L. Bona, Pennsylvania State University
  Manuel Santos, Universidad Carlos III
  On the Role of Computation in Economic Theory

D. Money, Prices and Inflation

• Kenneth J. Matheny, Purdue University
  Is There Any Room for Price Rigidity in Cash-in-Advance Models?

• Sean Holly, University of Sheffield
  Marianne Senslier, University of Sheffield
  Are Price Adjustments Asymmetric?

• Isabel H. Correia, Universidade Catolica Portuguesa
  Pedro Teles, Universidade Catolica Portuguesa
  Money as an Intermediate Good and the Welfare Cost of Inflation

• Jorge E. Roldos, International Monetary Fund
  Supply-Side Effects of Disinflation Programs

E. Equilibrium Models of Association and Organization

• Roger Lagunoff, University of Pennsylvania
  On the Dynamic Selection of Mechanisms as Clubs

• Kenneth Burdett, Essex University
  Shouyong Shi, Queens University
  Randy Wright, University of Pennsylvania
  Pricing Games With Stockout Constraints

• Cristina Echevarria, University of Saskatchewan
  Antonio Merlo, University of Minnesota
  Gender Differences in Education in a Two-Sex Overlapping Generations Bargaining Model

• Harold Cole, Federal Reserve Bank of Minneapolis
  Edward Prescott, University of Minnesota
  Valuation Equilibria With Clubs

COFFEE BREAK: 3:00 – 3:30 pm

SESSION 6: Friday, July 1, 3:30 – 5:00 pm

• Plenary Session 1
  Chair: Thomas J. Sargent, University for Chicago and Hoover Institution

• David K. Levine, UCLA
  Learning and Equilibrium in Games

COCKTAIL HOUR (No Host): 5:00 – 7:00 pm, Grand Horizon Terrace

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BREAKFAST: 7:00 – 9:00 am

SESSION 7: Saturday, July 2, 9:00 – 10:30 am

(The last prestenter in each subsession should serve as Chair.)

A. Incomplete Asset Markets

• Alejandro Hernandez, ITAM
  Manuel Santos, Universidad Carlos III
  Competitive Equilibria in Infinte Horizon Economies with Incomplete Markets

• Heraklis Polemarchakis, CORE
  Asset Markets and Investment Decisions

• David Cass, University of Pennsylvania
  Alessandro Citanna, University of Pennsylvania
  Pareto Improving Financial Innovation in Incomplete Markets

• Jerome Detemple, McGill University
  Shashidar Murthy, Rutgers University
  Asset Prices with Heterogeneous Beliefs, Borrowing and Investment Constraints

• Pablo Andres Neumeyer, University of Southern California
  The Efficiency of Financial Markets with High Inflation

B. Time Series Econometrics

• Kazume Nishiyama, City University of New York
  Application of the Kalman Filter to a Markov Switching Model

• Jo�o Victor Issler, Getulio Vargas Foundation, Rio de Janeiro
  Farshid Vahid, Texas A&M University
  Common Cycles in Macroeconomic Aggregates

• Kenneth A. Foster, Purdue University
  Arthur M. Havenner, University of California, Davis
  Allan M. Walburger, Purdue University
  System Theoretic Time Series Forecasts of Weekly Live Cattle Prices

• Stefan C. Norrbin, Florida State University
  Kevin L. Reffett, Florida State University
  Trade Credit in a Monetary Economy

• Christian Bordes, University of Bordeaux I
  Eric Girardin, University of Bordeaux I
  Velayoudom Marimoutou, University of Bordeaux I
  Has the EMS Beome Asymmetric?

C. Monetary and Fiscal Policy in Heterogeneous Agent Economies

• Selo Imrohoroglu, University of Southern California
  A Quantitative Analysis of the Optimal Tax Structure Under Incomplete Markets

• James Bullard, Federal Reserve Bank of St. Louis
  Steve Russell, IUPU at Indianapolis
  Monetary Steady States in a Low Real Interest Rate Economy

• Fernando Alvarez, University of Minnesota and Federal Reserve Bank of Minneapolis
  Social Mobility: The Barro-Becker Children Meet the Laitner-Loury Dynasties

D. International Business Cycles

• Kei-Mu Yi, Rice University and University of Iowa
  Sylvestre Gaudin, Rice University
  The Role of Real Interest Rates in Explaining Trade Balance Movements

• Patricia A. Reynolds, University of Southern California
  International Co-movements in Aggregate Productivity

• Enrique G. Mendoza, International Monetary Fund
  Linda L. Tesar, University of California-Santa Barbara
  Welfare Implications of Fiscal Policies in an Integrated World Economy

E. Risk Sharing, Incentives, and Commitment

• Narayana R. Kocherlakota, University of Iowa
  Efficient Bilateral Risk Sharing Without Commitment

• Ethan Ligon, University of Chicago
  Risk Sharing Under Varying Information Regimes

• Albert Marcet, Universitat Pompeu Fabra and Federal Reserve Bank of Minneapolis
  Ramon Marimon, Universitat Pompeu Fabra and Cambridge University
  Recursive Contracts

• Christopher Phelan, Northwestern University
  Repeated Moral Hazard and One-Sided Commitment

Coffee available between sessions.

SESSION 8: Saturday, July 2, 10:45 – 12:15 pm

(The last prestenter in each subsession should serve as Chair.)

A. Endogenous Fluctuations II

• Alain Venditti, GREQAM, Universite d’Aix-Marseille II
  Endogenous Cycles with Small Discounting in Multisector Optimal Growth Models: The Continuous Time Case

• Teresa Lloyd Braga, Universidade Catolica Portuguesa
  Real Wages, Employment and Endogenous Fluctuations

• A. Abhyankar, University of Stirling
  L. Copeland, University of Stirling
  W. Wong, University of Stirling
  Nonlinear Dynamics in Real-Time Equity Market Indices: Evidence from the U.K.

B. Heterogeneity in Production

• R. Anton Braun, Federal Reserve Bank of Minneapolis
  Mark Doms, Center for Economic Studies
  Andreas Hornstein, University of Western Ontario
  James A. Schmitz, Jr., Federal Reserve Bank of Minneapolis
  What Fraction of the Movement in U.S. Manufacturing Location Was Due to Changes in Transportation Infrastructure?

• Thomas F. Cooley, University of Rochester
  Jermey Greenwood, University of Rochester
  Mehmet Yorukoglu, University of Rochester
  The Importance of the Embodied Question: Vintage Capital Revisited

• Gerard H. Kuper, University of Groningen
  The Dynamics of Investment: An Application to Manufacturing Industies

• Andreas Hornstein, University of Western Ontario
  Jack Praschnik, The WEFA Group
  The Real Business Cycle: Intermediate Inputs and Sectoral Co-movement

C. Public Expenditures on Education and Income Convergence

• Roland Benabou, Massachusetts Institute of Technology
  Education, Income Distribution, and Growth: The Local Connection

• Raquel Fernandez, Boston University
  Richard Rogerson, University of Minnesota-Minneapolis
  Public Education and the Dynamics of Income Distribution: A Quantitative Evaluation of Education Finance Reform

• Robert Tamura, Hoover Institution and University of Iowa
  Market Work, Home Production, Teaching, and Growth

• Gerhard Glomm, Michigan State University
  B. Ravikumar, University of Virginia
  Vouchers, Public and Private Education, and Income Convergence

D. Growth: Empirical Evidence

• Ronald Ratcliffe, University of Pennsylvania
  Why Doesn’t Capital Flow From Rich to Poor Countries? An Evaluation of Lucas’s Evidence

• Narayana Kocherlakota, University of Iowa
  Kei-Mu Yi, Rice University
  Is Long Run Growth Exogenous or Endogenous? A Structural Time Series Test

• Andrew Bernard, Massachusetts Institute of Technology
  Charles I. Jones, Stanford University
  Comparing Apples to Oranges: Productivity Convergence and Measurement Across Industries and Countries

E. Empirical Asset Pricing

• Peter Bossaerts, California Institute of Technology
  Selecting Models to Forecast Financial Returns: A New Criterion

• Geert Bekaert, Stanford University
  Robert Hodrick, Northwestern University
  David Marshall, Northwestern University
  The Implications of First Order Risk Aversion for Asset Market Risk Premiums

• Paul D. McNelis, Georgetown University
  Monetary Policy and Price Volatility in Emerging Stock Markets: The Cases of Indonesia and Korea

• Giorgio DeSantis, University of Southern California
  Selo Imrohoroglu, University of Southern California
  Liberalization of Emerging Financial Markets and Stock Return Volatility

LUNCH: 12:15 – 1:30 pm

SESSION 9: Saturday, July 2, 1:30 – 3:00 pm

(The last prestenter in each subsession should serve as Chair.)

A. Competitive Equilibrium Bubbles

• Manuel Santos, Universidad Carlos III
  Michael Woodford, University of Chicago
  Rational Asset Pricing Bubbles

• Michael Magill, University of Southern California
  Martine Quinzii, University of California, Davis
  Incomplete Markets Over an Infinite Horizon: Long-Lived Securities and Speculative Bubbles

• Christian Gilles, Federal Reserve Board
  Stephen LeRoy, University of Minnesota
  Stochastic Bubbles in Markov Economies

• Takashi Kamihigashi, University of Wisconsin
  Asset Prices in an Exchange Economy: Conditions for Uniqueness

B. Economic Growth, Taxes, and Redistribution

• Ellen McGrattan, Federal Reserve Bank of Minneapolis
  Fiscal Policy and Redistribution

• Randy Wright, University of Pennsylvania
  Taxes, Growth, and Redistribution

• Tom Cooley, University of Rochester
  Lee Ohanian, University of Pennsylvania
  Postwar British Economic Growth

C. Technical Change and Aggregate Fluctuations

• Peter J. Klenow, University of Chicago
  New Product Introductions

• Jeff Campbell, Northwestern University
  Technical Change, Diffusion and Productivity

• Boyan Jovanovic, New York University and NBER
  Saul Lach, Hebrew University of Jerusalem
  Diffusion Lags and Aggregate Fluctuations

• Lee Ohanian, University of Pennsylvania
  Aubhik Khan, University of Virginia
  Industry Dynamics in an Equilibrium Business Cycle Model

D. General Equilibrium With Labor Market Search

• Monika Merz, Northwestern University
  Heterogeneous Job-Matches and the Cyclical Behavior of Labor Turnover

• David Andolfatto, University of Waterloo
  Business Cycles and Labor Market Search

• Espen R. Moen, London School of Economics
  A Search Model With Wage Announcement

• Dale Mortensen, Northwestern University
  Christopher Pissarides, London School of Economics
  Growth, Job Creation and Job Destruction

E. Industry Behavior

• Ting-Fang Chiang, Tamkung University
  Hsiao-Yun Teng, National Central University
  Irreversible Investment and Informational Cascades: An Interpretation of the Direct Investment Waves of Taiwan’s Manufacturers in Mainland China

• Steven Brakman, University of Groningen
  Harry Garretsen, Dutch Central Bank
  Richard Gigengack, University of Groningen
  Charles van Marrewijk, Erasmus University Rotterdam
  Rien Wagenvoort, European University Institute
  The Dynamics of Congestion and Industrial Location

COFFEE BREAK: 3:00 – 3:30 pm

SESSION 10: Saturday, July 2, 3:30 – 5:00 pm

• Plenary Session 2
  Chair: Edward C. Prescott, University for Minnesota

• Boyan Jovanovic, New York University
  The Transfer of Human Capital

COCKTAILS (No Host): 6:00 – 7:00 pm, Tree Patio

CONFERENCE DINNER: 7:00 pm