SED1994_Program 2017-07-24T04:36:15+00:00

1994 Meetings of the Society for Economic Dynamics

Program

Sunset Village Conference Center, UCLA

June 30 – July 2

Program Committee

Chairman: Gary D. Hansen, UCLA Dale T. Mortensen, Northwestern University
Masanao Aoki, UCLA Lee Ohanian, University of Pennsylvania
R. Anton Braun, Fed. Reserve Bank of Minneapolis Christopher Phelan, University of Wisconsin
Satyajit Chatterjee, Fed. Reserve Bank of Philadelphia Simon Potter, UCLA
Harold Cole, Federal Reserve Bank of Minneapolis B. Ravikumar, University of Virginia
John Duffy, University of Pittsburgh Manuel Santos, Universidad Carlos III
Selahattin Imrohoroglu, U. of Southern California Don E. Schlagenhauf, Arizona State University
Albert Marcet, U. Pompeu Fabra Linda Tesar, U.C. Santa Barbara

Local Organization

Chairman: Gary D. Hansen, UCLA Rajeev Dhawan, UCLA
Rosalind Bennett, UCLA Ayse Imrohoroglu, University of Southern California

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