SED 2000 Meeting Program

Session I: Thursday June 29, 9:30 AM

Structural and Cyclical Impacts of Technical Change on Firm Behavior Room: Cabildo I+II

Agarwal, Rajshree, University of Central Florida & Gort, Michael. Firm and industry life cycles and determinants of firm survival

Bessen, James, Research on Innovation & Maskin, E. Sequential innovation, patents and imitation

Campbell, Jeff, University of Chicago. Organizational flexibility and employment dynamics at young and old plants

Rousseau, Peter, Vanderbilt University & Jovanovic, Boyan. The electricity revolution and the stock market

Political Economy Redistribution Room: Belén

Mateos-Planas, Xavier, University of Southampton. Politico-economic equilibrium in life-cycle economies

Klor, Esteban, New York University & Oriol Carbonell, New York University. Representative democracy and marginal rate

Forni, Lorenzo, Bank of Italy. Why should selfish young generations be willing to pay for their parents retirement income?

Moizeau, Fabien, Université de Paris I & Desdoigts, Alain, and Jaramillo, Fernando. Political equilibrium, endogenous formation of clubs, inequality and growth

International Trade Room: Juan Vásquez de Coronado G+H

Kehoe, Timothy J., University of Minnesota and Federal Reserve Bank of Minneapolis. International capital flows, real exchange rate movements, and the apertura in Mexico

de Cordoba, Gonzalo Fernandez, Universidad de Salamanca. A dynamic general equilibrium model of structural change in Spain 1985-1996

Bergoeing, Raphael, Universidad Alberto Hurtado, ILADES-Georgetown University & Kehoe, Timothy J. Trade theory and trade facts

Betts, Caroline M., University of Southern California. Contracts-in-advance and real exchange rate fluctuations

Search and Matching Room: Juan Vásquez de Coronado A+B

Albrecht, Jim, Georgetown University & Vroman, Suan. A matching model with endogenous skill requirements

Shimer, Robert, Princeton University & Smith, Lones. Matching, search and heterogeneity

Eeckhout, Jan, University of Pennsylvania. Competing norms of cooperation

Julien, Benoit, Victoria U of Wellington & King, I. Directed search, heterogeneity, and unemployment

Productivity Differentials Room: Alcázar

Coleman II, John Wilbur, Fuqua School of Business, Duke University & Caselli, Francesco. The world technology frontier

Rogerson, Richard, University of Pennsylvania & Gollin, Douglas and Parente, Stephen. Farm work, home work and international productivity differences

Ngai, Liwa, U of Pennsylvania. Barriers and the transition to modern growth

Jovanovic, Boyan, New York University & Benhabib, Jess. Optimal migration

Crime Room: Cabildo III

Lisboa, Marcos, Getulio Vargaa & Viegas, M. Age structure, economic factors and murder rates: an analysis of Brazil�s three main states from 19881 to 1997

Schlagenhauf, D, Florida State & Platania, S. An analysis of criminal justice system policies: a general equilibrium approach

Zakharova, Daria, U of Minnesota. Time consistency and up-or-out promotion

Mourmouras, Alex, IMF & Russell, S. Smuggling, inflation, and unofficial dollarization

Evolution Room: San Antonio

Lee, Susan C.S., University of Wisconsin. Assortative interactions and endogenous stratification

Ely, Jeffrey & Sandholm, Bill. Evolution with Diverse Preferences

Sarin, Rajiv, Texas A&M University & Heller, Dana. Parametric Adaptive Learning

Lagunoff, Georgetown University & Haag, Matthew. Social norms, local interaction, and neighborhood planning

Prices and Marriage Room: Juan Vásquez de Coronado C

Ventura, Gustavo, University of Western Ontario & Chade, Hector. Marriage, taxes and heterogeneity

Wright, Randall, University of Pennsylvania & Soller-Curtis, Elisabeth and Lagos, Ricardo. Price setting and price-dispersion in a monetary economy

Hess, Gregory, Oberlin College. Marriage and consumption insurance: what�s love got to do with it?

Webb, Tracy, University of Bristol. Marriage and divorce

Money and Banking Room: Juan Vásquez de Coronado F

Jones, Larry University of Wisconsin & Manuelli, Rodolfo. Volatile policy and private information: The case of monetary shocks

Sleet, Christopher University of Texas-Austin & Smith, Bruce. Deposit insurance and lender of last resort functions

Williamson, Stephen D., University of Iowa & Temzelides, Ted. Payment system design in deterministic and private information environment

Reichlin, Pietro, University of Rome La Sapienza and CEPR & Bloise, Gaetano. Moral hazard and macroeconomic dynamics in a dual financial market model

Session II, Thursday June 29, 1:15 PM

On money matching Room: Alcázar

Starr, Ross, UC San Diego. Why is there money? Convergence to a monetary equilibrium in a general equilibrium model with transaction costs

Craine, Roger, Berkeley. Dollarization

Hromcová, Jana, Universidad de Alicante & Caballé, Jordi. The role of central bank operating procedures in an economy with productive government spending

Shi, Shuyoung, Queen�s U & Wang, W, and Liu, C. Inventory, search, and the variability of the velocity of money

Labor Search Room: Cabildo I+II

Lentz, Rasmus, Northwestern & Tranaes, T. Job search, savings, and wealth effects

Eudey, Gwen, Federal reserve Board & Molico, M. Production synergies, technology adoption, unemployment, and wages

Quercioli, Elena, University of Essex & Masters, Adrian. Educational choice in search equilibrium

Smith, Eric, University of Essex & Browning, Martin, and Crossley, Thomas. Asset accumulation and short term employment

Credit Market Imperfections Room: Juan Vásquez de Coronado A+B

Terra, Cristina, Getulio Vargas. Do credit constraints influence trade pattern in Brazil?

House, Christopher, Boston U. Monetary policy and credit market failure

Gourinchas, Pierre-Olivier, Princeton University & Valdés, Rodrigo, and Landerretche, Oscar. Lending boom: Some stylized facts

Pfann, Gerard A., University of Maastrict & Hamermesh, Daniel ,S. Labor turnover in a dying firm

International Policy Competition Room: Juan Vásquez de Coronado G+H

Loayza, N, World Bank, Chile Central Bank & Bennett, H. Policy biases when monetary and fiscal authorities have different objectives

Zilcha, Itzhak, Tel Aviv U & Viaene, J-M. Optimal public education under capital mobility

Hercowitz, Zvi, Tel Aviv U & Strawczynski, M. Public-debt/output guidelines: the case of Israel

Kollintzas, Tryphon, Athens University of Economics and Business & Philippopoulos, Apostolis, and Vassilatos, Vanghelis. Is tax policy coordination necessary?

Dynamic portfolio choice Room: Juan Vásquez de Coronado C

Choi, Woon Gyu, Hongkong U of Science and Tech & Wen, Y. Measuring interest rates as determined by thrift and productivity

Seppala, J, U of Chicago. The term structure of real interest rates: theory and evidence from the UK index-linked bonds

Akyol, Ahmet, U of Iowa. Optimal monetary policy in an economy with incomplete markets and idiosyncratic risk

Eisfeldt, Andrea, U of Chicago. Endogenous liquidity in asset markets

Empirical Growth Room: Juan Vásquez de Coronado F

Cavalcanti Ferreira, Pedro, Getulio Vargas & Issler J, Pessoa S. On the nature of income inequality across nations

Elias, Silvina, U Nacional del Sur & Fernandez, M del R. Determinantes del crescimiento: un estudio empirico para Latinoamerica

Simhon, Avi, Hebrew U & Bar-Shira, Z and Finkelshtain, I. Assessing miracles using revealed TFP superiority

Binder, Michael, U of Michigan & Pesaran, H. Life-cycle models and cross-country analysis of saving

General equilibrium Room: Cabildo III

Nachbar, John, Washington University. General Equilibrium Comparative Statics

Schmeders, Karl, Northwestern University & Kubler, Felix. Incomplete markets, transitory shocks, and welfare

Datta, M, Arizona State & Reffett, K and Mirman, L. Existence and uniqueness of equilibrium in distorted dynamic economies with capital and labor

Sandroni, Alvaro, Northwestern University & Feddersen, Timothy. A model of duty and voting turnover

Contracts Room: Belén

Bisin, Alberto, New York University & Rampini, Adriano. Exclusive contracts and the institution of bankruptcy

Rampini, Adriano, Northwestern University. Aggregate dynamics with multiperiod contracts

Lucas, Debbie, Northwestern University & Heaton, John. Capital structure, hurdle rates, and portfolio choice: Interactions in an entrepreneurial firm

De-Blas-Pérez, Beatriz, Universitat Autònoma. Debt-limits and endogenous growth

On the Costs of Business Cycles Room: San Antonio

Jermann, Urban, Wharton School, University of Pennsylvania & Fernando, Alvarez. Using asset prices to measure the cost of business cycles

Gadi, Barlevy. Stabilization policy in a model of endogenous growth

Swanson, Charles, Temple U. Business cycle costs with skill acquisition in multiple sectors: a possible role for countervailing fiscal policy

Maury, Tristan-Pierre, MODEM, Université de Paris X & Matheron, Julien. The Welfare cost of fluctuations in AK growth models

Session III: Thursday June 29, 3:45 PM

Housing in General Equilibrium Room: Juan Vásquez de Coronado C

Wang, Yong, Chinese U of Hongkong &Leung, C. Fixed costs and real estate cycles

Platania, J & Schlagen hauf, D., Florida State. Housing, tax policy, and asset holding

Heathcote, Jonathan, Stockholm School of Economics & Davis, M. Housing and the business cycle

Peterson, Brian, U of Pennsylvania. Housing, heterogeneity, and aggregate uncertainty

Labor Market Policies Room: Alcázar

Veracierto, Marcelo, Federal Reserve Bank of Chicago. Firing costs and business cycle dynamics

Alvarez, Fernando, University of Chicago & Veracierto, Marcelo. Firing taxes and temporary contracts in an equilibrium search model

Aguirregabiria, Victor, University of Chicago. Evaluating the effect of regulated severance payments on employment, wages and productivity

Jansen, Marcel, European University Institute. Efficiency wages, search and welfare

Migration Room: Juan Vásquez de Coronado F

Gaumont, D, U de Paris II Mesnard, A Interitance, land and capital mobility linked to labor mobility

Simpson, Nicole, U of Iowa. Migration in dynamic general equilibrium: a quantitative analysis of the US-Mexico experience

Wilson, Stuart, Queen�s. A dynamic equilibrium analysis of migration, capital formation and economic growth: the case of Canada

Domingues Dos Santos, Manon, EUREQua, Université de Paris I & Postel- Vinay, Fabien. Migration as a source of growth: The perspective of a developing country

International trade Room: Juan Vásquez de Coronado A+B

Alessandria, George, U of Pennsylvania. International lending, government guarantees and economic crises

O� Neill Fisher, Eric, Ohio State & Kakkar, V. On the evolution of comparative advantage

Bajona, Claustre, U of Miami. Specific factors, learning, and the dynamics of trade

Loewy, Michael, U of South Florida & Ben-David, D. Regional and global trade liberalization in a multi-country growth model

Applications of Search Theory Room: Juan Vásquez de Coronado G+H

Okumura, Tsunao, Northwestern U. Wealth as a signal in the search model of money

Blankenau, William, U of Wisconsin-Whitewater & Camera, G. Education, costly skills, and subsidies

Temzelides, Ted, University of Iowa & Shi, Shouyong. Bureaucracy and corruption

Keister, Todd, Cornell & Ennis, H. Government policy and probabilistic equilibrium selection

Learning Room: Cabildo I+II

Williams, Noah, University of Chicago. Convergence and escape: Learning Dynamics and the time paths of inflation in a model of monetary policy

Kasa, Kenneth, San Francisco Fed. Learning, large deviations, and recurrent currency crises

Cho, In-Koo, University of Illinois & Sargent, Thomas J. Escaping Nash inflation

Sargent, Thomas & Cogley, Timothy. Evolving post world war II U.S. Inflation dynamics

Endogenous Growth Models Room: Cabildo III

Lai, Edwin, City U of Hongkong & Kwan, Y. Intellectual property rights protection and endogenous economic growth

Strulik, Holger, Universität Hamburg. Property rights and growth

Domínguez Manzano, Begoña, Universitat Autònoma de Barcelona. Time consistency of optimal fiscal policy in an endogenous growth model

Wang, Ping, Vanderbilt University & Chang, Chia-Ying, and Huang, Chien-Chieh. Clean air or sports car? A model of pollution and growth with cooperative settlement

Inequality & Development Room: Belén

Giovannetti, Giorgia, U di Firenze. From polarized to diversified trade in developing countries

Thoenig, Mathias, CREST & Verdier, Thierry. Trade induced technical change and wage inequality: A theory of defensive innovation

Benhamouche, Zoubir, CEPREMAP. Inequality, technology adoption and development

Saint-Martin, Anne, CEPREMAP and EPEE. Unskilled employment: Globalization vs technological bias

Fluctuations Room: San Antonio

Costain, James S., Universitat Pompeu Fabra & Reiter, Michael. Computing business cycles with endogenous risk

Antinolfi, Gaetano, Washington U & Huybens, E, and Keister, T. Monetary stability and liquidity crises: the role of the lender of last resort

Wen, Yi, Cornell. The business cycle effects of seasonal shocks

Maliar, Serguei, Universidad de Alicante. Idiosyncratic shocks, aggregate fluctuations and the representative consumer

Plennary Session #1, Thursday June 29, 6:00 PM.
Patrick Kehoe, Federal Reserve Bank of Minneapolis

Session IV: Friday, June 30, 9:30 AM

Female labor supply and fertility Room: Alcázar

Mahieu, Géraldine, Université Catholique de Louvain & de la Croix, David, and Rillaers, Alexandra. How should optimal policy adjust to the demographic shocks?

da-Rocha, José M., Universidade de Vigo & Fuster, Luisa. Why are fertility and female participation rates positively correlated in OECD countries?

Jones, Larry, University of Minnesota & Manuelli, Rady and McGrattan, Ellen. Why are married women working so much?

Fogli, Alessandra, University of Pennsylvania and New York University. Endogenous labor market rigidities and family ties

Exchange rate regimes Room: Juan Vásquez de Coronado C

Sopraseuth, Thepthida, EUREQua, Université de Paris. Exchange rate regimes and international business cycle

Carre, Martine, EPEE-CREST & Collard, Fabrice. Monetary union: A welfare approach

Duarte, Margarida, University of Rochester. Why don�t macroeconomic quantities respond to exchange rate variability? Comparing fixed and floating exchange rate systems

Leduc, Sylvain, Federal Reserve Bank of Philadelphia & Dedola, Luca. On the choice of monetary policy rule and the exchange rate regime in a sticky price model

Search/matching Room: Cabildo III

Delacroix, Alain, Purdue University. Bargaining vs. price posting

Laing, Derek, Pennsylvania State University. Firms and markets

Smith, Eric, Essex University. Increasing returns and short-term employment

Virrankoski, J, Helsinki School of Economics. Search intensities, returns to scale, and the uniqueness of equilibrium in the labor market

Government policy Room: Juan Vásquez de Coronado G+H

Albuquerque, Rui, University of Rochester. The composition of international capital flows: Risk sharing through foreign direct investment

Espinosa-Vega, Marco, Federal Reserve Bank of Atlanta & Smith, Bruce D, and Yip, Chong K. Barriers to international capital flows: Who should erect them and how big should they be?

Phelan, Christoher, Federal Reserve Bank of Minneapolis. On the irrelevance of the maturity structure of government debt without commitment

Barnett, Richard, U of Arkansas. Inflation, taxes, and the coordination of monetary and fiscal policy by use of a game of chicken

Endogenous Growth Models Room: Juan Vásquez de Coronado F

Teixeira, Arilton, Catholic University, Brazil & Edwards, R. Formation and destruction of coalition groups under economic growth

Aloi, Marta, University of Nottingham & Laselle, L. Tax driven growth cycles

de Hek, Paul, Erasmus University Rotterdam. Endogenous technological change under uncertainty

Licandro, Omar, FEDEA & Boucekkine, Raouf, del Río, Fernando. The importance of the embodied question revisited

Cities Room: Cabildo I+II

Del Negro, Marco, ITAM. Metropolitan areas business cycles

De Mello Franco, Afonso, Getulio Vargas. Equilibrium population distribution and primacy among cities

Rossi-Hansberg, Esteban & Lucas, Robert E, Jr. Business location in a circular city

Lamorgese, Andrea, U Libre de Bruxelles. Income smoothing within and between states: time vs. frequency domain

Managerial Compensation Room: Juan Vásquez de Coronado A+B

Casadesus- Masanell, Ramon, Northwestern University. Trust in agency

Clementi, Gian Luca, University of Rochester & Cooley, Thomas F. CEO compensation, capital structure, and shareholder wealth in a dynamic agency model

Ueda, Masako, Universitat Pompeu Fabra. The size distribution of firms in a principal-agent economy

Wang, Cheng, Carnegie Mellon. When to terminate a long-term contract?

Operations/Economics Room: Belén

Tayur, Sridhar, GSIA, CMU & Erhun, Feryal, and Keskinocak, Pinar. Analysis of capacity reservation and spot purchase under horizontal competition

Elmaghraby, Wedad J., Georgia Institute of Technology. The effect of contract duration on the decision of parallel source

Novak, Sharon, Northwestern University. Ownership structures in the auto industry: A proper rights perspective

Adam, Klaus, European University Institute. Learning in an OLG model with imperfect competition

RBC with unions or other nonstandard features Room: San Antonio

Sorensen, Soren, U of Aarhus. Staggered wage setting and real exchange raate dynamics

Suessmuth, Bernd, University of Munich. Endogenously-timed herding and the synchronization of investment cycles

Gorostiaga, Arantza, Universidad Carlos III. Should fiscal policy be different in a non-competitive framework?

Alvarez Lois, Pedro-Pablo, Universitat Autonoma de Barcelona. Monetary policy, firm heterogeneity and endogenous capacity utilization

Session V: Friday, June 30, 1:15 PM

Search/matching Room: Juan Vásquez de Coronado C

Coles, M., Essex University. Divorce and stigma

Webb, T., Bristol University. Marriage and divorce

Smith, Lones, University of Michigan & Anderson, Axel Z.. Assortative matching and reputation

Burguet, Roberto, Institut d�Anàlisi Econòmia CSIC & Fairburn, James A. Market incentives and mobility

Productivity Dynamics Room: Juan Vásquez de Coronado G+H

Moro, Andrea, University of Minnesota & Norman, Peter. Specific human capital, trade, and the wealth of nations

Marchetti, Domenico, Bank of Italy & Nucci, F. Procyclical productivity, unobserved factor utilization and technology shocks

Franco, April, University of Iowa. Quantifying technological lock-in

Mitchell, Matthew, University of Minnesota & Holmes, Thomas. Specialization in the 1900�s

Family economics and policy Room: Juan Vásquez de Coronado F

Tjornhom, Jessica D., University of Minnesota and Federal Reserve Bank of Minneapolis & Krueger, Dirk. The effects of child labor and mandatory education legislation on economic development

Zimmermann, Christian, Université du Quebec a Montreal & Pallage, Stéphane. On child labor

Fernandez, Ana, CEMFI. Altruism with endogenous labor supply

Caucutt, Elizabeth, University of Rochester & Gollin, Douglas. The dark side of family insurance mechanisms: taxation within households as an impediment to growth

Open Economy Macro Room: Cabildo I+II

Mendoza, Enrique, Duke University. Credit market frictions, policy credibility and the business cycle of emerging markets

Lambertini, Luisa, UCLA. Volatility, persistence and sovereign default

Cooley, Thomas F., New York University and University of Rochester & Quadrini, Vincenzo. Common currencies vs monetary independence

Rioux, Laurence, INSEE & Verdier, Thierry. Human capital, local labor markets and regional integration

Depressions Room: Alcázar

Cole, H., Federal Reserve Bank of Minneapolis & Ohanian, Lee. New deal policies and the persistence of the great depression: A general equilibrium analysis

Portier, Franck, Université de Toulouse. Anatomy of a recession: France 1993 and the Maastricht hypothesis A second look

Fisher, Jonas, Federal Reserve Bank of Chicago & Hornstein, Andreas. Evidence on the great depression in Germany

Chatterjee, Satyajit & Corbae, D. The welfare gains of eliminating a depression-like state

Monetary Policy Room: San Antonio

Sill, Keith, Federal Reseve Bank of Philadelphia & Wrase, J. Exchange rates and monetary policy regimes in Canada and the US

Dedola, Luca, Bank of Italy. Time consistent monetary policy in a dynamic optimizing model

Uhlig, Harald, CentER, Tilburg University and CEPR, Stanford University. Should we be afraid of Friedman�s rule?

Krueger, Dirk, Stanford University & Conesa, Juan Carlos. Optimal monetary policy in an endogenously segmented markets model without commitment

Determinacy of Equilibrium Room: Belén

Ben-Gad, Michael, U of Houston. Indeterminacy and sector-specific externalities in the endogenous growth model

De Fiore, Fiorella, European Central Bank. Indeterminacy and the short run non-neutrality of money

Herrendorf, Berthold, Universidad Carlos III de Madrid & Valentinyi, Ákos. Determinacy with heterogeneous skills and increasing returns

Russell, Steven, IUPUI. A sunspot equilibrium model of debt refinancing crises

Dynamic Contracts Room: Juan Vásquez de Coronado A+B

Hopenhayn, Hugo, University of Rochester. Dynamic incentives with self-selection

Kultti, Klaus, Helsinki School of Economics & Takalo, T. A search model of intellectual property protection

Llobet, Gerard, Universit of Rochester & Hopenhayn, Hugo, and Mitchell, Matthew. Rewarding sequential innovators: patents, prizes and buyouts

Doepke, Matthias, University of Chicago & Townsend, Robert M. The hidden-storage problem

Structural Estimation of Dynamic Models Room: Cabildo III

Jacobs, K, McGill. Estimating nonseparable preference specifications for asset markets participants

Khwaja, Ahmed, U of Pennsylvania. A Dynamic Stochastic Model of Health Insurance and Health Production: A Framework for Estimating Health Production Functions and Evaluating (Counter-factual) Health Policies?

Adda, Jérôme, University College London & Dustmann, Christian. A dynamic model of return migration

Mira, Pedro, CEMFI & Aguirregabiria, Victor. Swapping the nested fixed point algorithm: A class of estimators for discrete Markov decision models

Session VI: Friday, June 30, 3:45 PM

Empirical Labor Room: Juan Vásquez de Coronado C

Neri, Marcelo, Getulio Vargas. Dynamics of self-employment

Schivardi, F, Bank of Italy & Guiso, L. Information spillovers and factor adjustment

Vekker, Alex, U of Pennsylvania & Morris, M. Is temporary employment growing in the US?

Débrand, Thierry, U Paris II. Dynamic labor demand and gross job flows: An estimation from a French panel data set

On money matching Room: Juan Vásquez de Coronado F

Renero, Juan, ITAM. May the worst commodity standard be the best? A re-enactment of the “crimes of 1873”

Berentsen, Aleksander, Universitaet Bern. Time-consistent private supply of outside paper money

Rocheteau, Guillaume, HEC University of Lausanne & Lotz , Sébastien. How to launch a new currency? Lessons from a simple random matching model

Kennan, John, University of Wisconsin & Katzman, Brett, and Wallace, Neil. Optimal monetary impulse-response functions in a matching model

Price Adjustment Room: Cabildo III

Aguirregabiria, University of Chicago. Prices and inventories in the equilibrium of an oligopolistic retail market

Eden, Benjamin, University of Haifa. Inflation and price adjustment: An analysis of micro data

Bakhshi, Hasan, Bank of England. Inflation and relative price variability

Bar, Michael, U of Haifa. Money, prices, inventories and output: calibrating a model of sequential trade

Vintage Capital Room: Juan Vásquez de Coronado G+H

King, Ian, U of Victoria & Kennedy, P. Economic progress and skill obsolescence

Iacopetta, Maurizio, NYU. Can the general purpose technology approach explain the 70s?

Puch, Luis A., Universidad Complutense de Madrid. Analytical and numerical methods for the study of vintage capital models

de la Croix, David, IRES � Université Catholique de Louvain & Boucekkine, Raouf and Licandro, Omar. Vintage human capital, demographic trends and endogenous growth

Recursive mechanism design Room: Belén

Lustig, Hanno, Stanford University. Secure lending and asset prices

Zhao, Rui, University of Chicago. The optimal unemployment insurance contract: Why a replacement ratio?

Yeltekin, Sevin, Northwestern University & Sleet,Christopher. Dynamic labor contracts with temporary layoffs and permanent separations

Garriga, Carlos, Universitat de Barcelona. Welfare implications of redistributive taxation: An optimal taxation approach

Central Bank Policy Room: Alcázar

Haslag, Joe, Federal Reserve Bank of Dallas & Bhattacharya, J. Central bank responsibility, seignorage, and welfare

Salyer, Kevin, UC Davis & Van Gaasback, K. Liquidity models and monetary policy

Hughes -Hallet, A. & Piscitelli, Laura. Monetarists vs. economists: Will the single currency induce convergence in Europe

Bhattacharya, Joydeep, Iowa State. Inflation, real activity, and income distribution

Dynamic contracts Room: San Antonio

Labadie, Pamela, George Washington U. Intermediation with debt forgiveness in an equilibrium model with aggregate uncertainty

Roberds, William, Federal Reserve Bank of Atlanta & Kahn, C, and McAndrews, J. Settlement risk under gross and net settlement

Marcet, Albert, Universitat Pompeu Fabra & Marimon, Ramon. Recursive contracts with private information

Lehnert, Andreas, Board of Governors & Maki, D. The great American debtor: a model of household consumption, portfolio choice, and bankruptcy

Income distribution theory Room: Juan Vásquez de Coronado A+B

Zimmermann, Frederick, U of Washington & Carter, M. Asset smoothing, consumption smoothing and the reproduction of inequality under risk and subsistence constraints

Vannini, Marco, DEIS & Deidda, Luca. Availability of credit and capital accumulation

Morand, Olivier, U of Connecticut. Uncertain lifetimes, education, and inequality

Floden, Martin, Stockholm School of Economics. The effectiveness of government debt and transfers as insurance

Business Cycles Room: Cabildo I+II

McGrattan, Ellen, Federal Reserve Bank of Minneapolis. A case against sticky prices

Hansen, Gary D., UCLA & Prescott, Edward C. Capacity constraints, asymmetries, and the business cycle

Fernández-Villaverde, Jesús, Universityof Minnesota & Rubio-Ramirez, Juan. Bayesian methods for dynamic equilibrium models

Boileau, Martin, U of Colorado at Boulder & Normandin, M. Capacity utilization and the dynamics of business cycle fluctuations

Plennary Session #2: Friday June 30, 6:00 PM.
Guillermo Calvo, University of Maryland

Session VII: Saturday, July 1, 9:30 AM

Decentralized trade and currency substitution Room: Juan Vásquez de Coronado G+H

Li, Yiting, National Tsing Hua University, Taiwan. Private money and government regulations

Zhou, Ruilin, Federal Reserve Bank of Chicago & Green, Edward J. Money and the law of one price: the case without discounting

Camera, Gabriele, Purdue University & Winkler, Johannes. Stores, prices and currency substitution

Masters, Adrian, University of Essex & Muthoo, Abhinay. Price posting and renegotiation in a dynamic decentralized market

Estimation of Models with Heterogeneity Room: Juan Vasquez de Coronado D-E

Christensen, B, Aarhus U & Mortensen, D, Neumann, G, and Werwatz, A. A structural model of job separations

Nagypal, Eva, Stanford. Learning-by-doing vs. selection: can we tell them apart?

Seitz, Shannon, Western Ontario. Employment and the sex ratio in a two-sided model of marriage

Postel-Vinay, Fabien, INRA-LEA & Robin, Jean-Marc. Expertise or Experience: What rises pay?

Family economics Room: Alcázar

Caucutt, Elizabeth, University of Rochester & Guner, Nezih, and Knowles, John. Timing in births: A marriage market analysis

Greenwood, Jeremy, University of Rochester & Seshadri, Ananth

Rupert, Peter, Federal Reserve Bank of Cleveland & Greenwood, Jeremy

Olivetti, C University of Pennsylvania. Changes in women�s labor force participation: The effect of changing returns to experience

Monetary Policy Room: Juan Vásquez de Coronado C

Moran, Kevin, Bank of Canada & Hendry, S. Inside money creation and the transmission mechanism of monetary policy

Harrison, Richard, Bank of England & Batini, Nicoletta, Millard, Stephen. Monetary Policy Rules for an Open Economy

Pappa, Evi, Universitat Pompeu Fabra. Should the ECB and the FED coordinate their policies?

Teles, Pedro Banco de Portugal & Adão, Bernardino, Correia, Isabel. The monetary transmission: is it relevant for policy?

Search/matching Room: Juan Vásquez de Coronado F

Wong, Linda, SUNY at Binghamton. Structural estimation of matching models

Nielsen, Michael, Aarhus University. Wages, training and job turnover in a search-matching model

Crossley, Tom, McMaster University. Shocks, stocks and socks: Consumption smoothing and replacement of durables during an unemployment spell

van Vuuren, Aco, Free University, Amsterdam & van den Berg, Gerard. The effect of labor market frictions on wages

Consumption and Inequality Room: Cabildo III

Crossley, Tom, Australian National U & Browning, M. Household internal capital markets: simulation evidence

Benitez-Silva, Hugo, Yale. A joint model of labor supply and consumption decisions in a changing policy environment

Prasad, Eswar, IMF & Keane, M. Inequality and social safety nets in Poland during the economic transition

Perri, Fabrizio, New York University & Krueger, Dirk. Does income inequality lead to inequality in consumption? Empirical findings and a theoretical explanation

Firm Investment Room: Belén

Caggese, Andrea, London School of Economics. Investment irreversibility with financing constraints: Firms� heterogeneity and aggregate implications

Cuñat, Vicente, London School of Economics. Inter firm credit and industrial links

Jamet, Stephanie, Université de Paris I. Why does idiosyncratic uncertainty matter for economic growth?

Thomas, Julia, Carnegie Mellon University & Khan, Aubhik. Nonconvex factor adjustments and the business cycle: do nonlinearities matter?

Asset pricing Room: San Antonio

Johannes, Michael, University of Chicago. Jumps in interest rates: A nonparametric approach

Jeffrey, Andrew, Yale University. Nonparametric estimation of single factor Heath-Jarrow-Morton term structure models and a test for path independence

Piazzesi, Monika, Stanford University. An econometric model of the yield curve with macroeconomic jump effects

Shorish, Jamsheed, U of Aarhus & Peskir, G. Market forces and dynamic asset pricing

Learning Room: Juan Vásquez de Coronado A+B

Nyarko, Yaw, NYU & Schotter, A. An experimental study of belief learning using elicited beliefs

Bugamelli, Matteo, Bank of Italy. Entry, exit and learning

Bar-Isaac, Heski, London School of Economics. A strategic one-armed bandit: Self-confidence signals quality

Kawamura, Enrique, U de San Andres. Asset market and consumption dynamics with boundedly rational investors

Dynamics and growth Room: Cabildo I+II

Santos, Manuel & Ortigueira, Salvador. Equilibrium dynamics in a two-sector model with taxes

Quadrini, Vincenzo & Cooley, Thomas and Marimon, Ramon. Optimal financial contracts with limited enforceability and the macroeconomy

Ortigueira, Salvador, Cornell University. Equipment prices, human capital and economic growth

Deidda, Luca, University of Sassari, CRENoS and CIEE (SOAS, University of London). Stock market, financial intermediation and growth

Session VIII: Saturday July 1, 1:15 PM

Macro and idiosyncratic risk Room: Cabildo I+II

Obiols, F, ITAM. Incomplete markets, labor supply and capital accumulation

Athreya, Kartik, U of Iowa. Personal bankruptcy, consumption, and interest rates in an incomplete insurance economy

Panina, Maria, University of Iowa. The effect of liquidity constraints on savings and work decisions

Rios-Rull, José-Victor, University of Pennsylvania & Chatterjee, S. and Corbae, D. Bankruptcy and credit cards: Why people default so little

Wage Inequality Room: Juan Vásquez de Coronado C

Glâchant, Jerome, Université Evry. Technology adoption and inequality in a closed and competitive economy

Días, Antonia, Universidad de Alicante. Habit formation and needs: Implications on wealth distribution

Angeletos, George-Marios, Harvard & Calvet, L. Incomplete markets, growth and fluctuations

Domeij, David, Stockholm School of Economics. Klein, P/Accounting for Swedish wealth inequality

Policy in Open Economics Room: Juan Vásquez de Coronado F

Ljunge, Martin, Institute for International Economic Studies. Fiscal effects of changes in the efficiency of education

Artige, Lionel, Université Catholique de Louvain. Regional divergence and knowledge diffusion

Petrucci, Alberto, U del Molise & Phelps, E. Capital subsidies versus labor subsidies: a trade-off between capital and employment?

Piermartini, Roberta, University of Southampton. Trade liberalisation and growth: Market access advantage

Issues in Banking and Central Banking Room: Juan Vásquez de Coronado A+B

Chiang, Yeong-Yuh, National Chengchi University, Taiwan & Green, Edward J. Prices and intermediary coalitions in financial equilibrium

Martin, Antoine, Federal Reserve Bank of Minneapolis & Monnet, Cyril and Weber, Warren Costly banknote issuance and interest rates under the national banking system

Cetorelli, Nicola, Federal Reserve Bank of Chicago & Peretto, P. Oligopoly banking and capital accumulation

Ennis, Huberto, Cornell. Loanable funds, monitoring and banking

Business cycles in emerging economies Room: Alcázar

Perri, Fabrizio, NYU & Neumeyer, PA. Business cycles in emerging markets: the role of country risk

Eduardo Moron, U del Pacifico & Caceres, E, Saenz, P. Business cycles under alternative filters: a view from a developing economy

Robe, Michel, American U & Pallage, S. Foreign aid and the business cycle

Pallage, S, UQAM & Robe, M. On the welfare costs of business cycles in developing countries

Social security Room: Juan Vásquez de Coronado G+H

Le Garrec, Gilles, EUREQua, Université de Paris I. Social security, redistribution degree and growth

Gervais, Martin, Federal Reserve Bank of Richmond & Andolfatto, David. Social security, the payroll tax, and endogenous debt constraints

Bohn, Henning, University of California, Santa Barbara. Social security and demographic uncertainty: The risk-sharing properties of alternative policies

Galasso, Vincenzo, Universidad Carlos III de Madrid & Conde, Nacho. Early retirement

Demography Room: Cabildo III

Engineer, Merwan, U of Victoria & Welling, L Overlapping generations models of graded age-set societies: economics meets ethnography

Bütler, Monika, CentER Tilburg, DEEP-HEC Lausanne, CEPR. How much has anticipated aging contributed to the recent recession in Japan?

Peretto, Pietro, Duke & Connolly, M. Industrial revolutions and demographic transitions

Lagerlof, Nils-Petter, U of Sydney. From Malthus to modern growth: the three regimes revisited

Political Economy of Redistribution Room: Belén

Bearse, Peter, U of North Carolina & Glomm, G, and Ravikumar, B. Majority voting and means-tested vouchers

Beauchemin, Kenneth, SUNY Albany. Endogenous cycles: fertility and growth

Giannetti, Mariassunta, Bank of Italy. Financial Development, Skill Premia and international


Bellettini, Giorgio, U di Bologna & Berti Ceroni, C. Income distribution, borrowing constraints and redistributive policies

Convergence vs Catch-up Room: San Antonio

Pigliaru, Francesco, U di Cagliari. Detecting technological catch-up in economic convergence

Desdoigts, Alain, EPEE, Université d’Evry-Val d’Essonne. Neoclassical convergence versus technological catch-up: A contribution for reaching a consensus

Easterly, William, World Bank & Levine, Ross. It�s not factor accumulation: Stylized facts and growth models

Castro, Rui, University of Rochester. Economic development and growth in the world economy

Session IX: Saturday July 1, 3:45 PM

Search/matching Room: Juan Vásquez de Coronado A+B

Burdett, Ken, Essex University. On-the-job search and trust

Chade, Hector, Arizona State University. Increasing returns in the value of information

Vroman, Susan, Georgetown University & Albrecht, James. Wage dispersion in a job search model with time-varying unemployment benefits

Porter, Nathan, U of Pennsylvania. Are the long-term unemployed stigmatized?

Asset pricing Room: Juan Vásquez de Coronado C

Luttmer, Erzo G.J., London School of Economics & Mariotti, Thomas. Subjective discount factors

Allais, Olivier, EUREQua. Local durability and long-run habit persistence: An evaluation

Brooks, Robin, IMF. What will happen to financial markets when the baby boomers retire?

Guvenen, Faith M., Carnegie Mellon University. Limitied stock market participation and the macroeconomy

International financial markets Room: Alcázar

Burstein, Ariel, Northwestern University & Neves, J, Rebelo, S. Distribution costs and real exchange rate dynamics during exchange-rate-based stabilizations

Eichenbaum, Martin, Northwestern University & Burnside, Craig and Rebelo, Sergio. On the undamentals of self fulfilling speculative attacks

Kubler, Felix, Stanford University & Geanakoplos, John. Financial security design, ex ante welfare, and dollar denominated debt

Jeske, Karsten, University of Minnesota. Adverse effects of financial market liberalization in an economy with limited enforcement

Time Series Estimation Room: Juan Vásquez de Coronado F

Issler, J V, Getulio Vargas. The importance of common-cyclical features in VAR analysis

Tambalotti, Andrea, Princeton. Estimating monetary policy regimes

Bunzel, Helle, Iowa State. Robust inference in models of cointegration

Mazzi, Gian Luigi, ESTAT & Barcellan, Roberto. A dynamic model-based approach to the estimation and forecasting of a monthly indicator of GDP

Optimal Taxation Room: Cabildo III

Kumar, Krishna, USC & Caucutt, E, and Imrohoroglu, S. Does the progressivity of taxes matter for economic growth?

Giordano, Raffaela, Bank of Italy. Optimal debt management under EMU

Reiter, Michael, Universitat Pompeu Fabra. The optimal nonlinear taxation of bequests in models with uninsurable income risk

Cassou, Steve, Kansas State University & Hamilton, Stephen F. Pollution abatement regulation, property rights and the political economy

Inequality Room: Cabildo I+II

Andolfatto, David, University of Waterloo & Ferrall, Christopher, and Gomme, Paul. Can human capital theory explain the distribution of earnings and income

Fernandez, Raquel, London School of Economics & Guner, N and and Knowles, J. Inequality, education, and marital sorting

Violante, Gianluca, University College London & Acemoglu, Daron and Aghion, Philippe. Deunionization, technical change and inequality

Lindquist, Matthew, Stockholm U. Wage compression and welfare in Sweden

Robustness in Dynamic Settings Room: Belén

Epstein, Larry, University of Rochester & Miao, J. A two-person dynamic equilibrium under ambiguity

Hansen, LP, University of Chicago & Cagetti, Marco, Sargent Thomas and Williams, Noah. Robustness and pricing when growth is hidden

Maenhout, Pascal J. , Harvard University. Robust portfolio rules and asset pricing

Urga, Giovanni, City University Business School & Lazarova, Stepana. Common stochastic trends and aggregation in heterogeneous panels

RBC & IRBC Room: San Antonio

Barinci, Jean-Paul, EUREQua, Université de Paris & Cheron, Arnaud. Business cycles in a finance constrained economy with arbitrarily small increasing returns

Pommeret, Aude, EUREQua. Stochastic growth and irreversibility

Hairault, Jean-Olivier, U de Paris I. Labor market search and international business cycles

Beier, Niels, U of Aarhus & Andersen, T. Noisy financial signals and persistent effects of nominal shocks in open economies

Optimal monetary policy Room: Juan Vásquez de Coronado G+H

Benassy, Jean-Pascal, CEPREMAP. Optimal monetary and fiscal policies in a monetary economy with wage and price rigidities

Khan, Aubhik, Federal Reserve Bank of Philadelphia & King, Bob and Wolman, Alex. Optimal monetary policy with monopolistic competition and sticky prices

Adão, Bernardino, Banco de Portugal & Correia, Isabel, Teles, Pedro. Gaps and triangles

Monacelli, Tommaso & Gali, Jordi. Optimal monetary policy and exchange rate volatility in a small open economy

Plennary Session #3: Saturday July 1, 6:00 PM.
Edward Prescott, University of Minnesota