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Financial
Innovations and the Real Economy
A Conference
Sponsored by the
Center for the Study of
Innovation and Productivity
November 16 & 17,
2006
Federal Reserve Bank of San Francisco |
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| Thursday, November 16 |
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| 12:00 p.m. |
Informal Lunch |
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| 1:00 p.m. |
Welcoming Remarks |
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Janet Yellen, President,
Federal Reserve Bank of San Francisco |
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| Afternoon
Session: Financial Innovation and the Consumer |
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| 1:10 p.m. |
"The Macroeconomic Transition to High Household Debt" |
| Presenters: |
Jeffrey Campbell, Federal Reserve Bank of Chicago
Zvi Hercowitz, Tel Aviv University |
| Discussants: |
Eric Hurst, University of Chicago
Richard Rogerson, Arizona State University |
|
| 2:25 p.m. |
"Financial Innovation and the Great Moderation: What Do Household Data Say?" |
| Presenters: |
Karen Dynan, Board of Governors
Douglas Elmendorf, Board of Governors
Daniel Sichel, Board of Governors |
| Discussants: |
Chris Carroll, Johns Hopkins
Paul Willen, Federal Reserve Bank of Boston |
|
| 3:40 p.m. |
Break |
|
| 4:10 p.m. |
"The Supply and Demand Side Impacts of Credit Market Information" |
| Presenters: |
Craig McIntosh, University of California, San Diego
Alain de Janvry, University of California, Berkeley
Elisabeth Sadoulet, University of California, Berkeley |
| Discussants: |
Steve Boucher, University of California, Davis
Atif Mian, University of Chicago |
|
| 5:30 p.m. |
Reception |
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| Friday,
November 17 |
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| 8:00 a.m. |
Breakfast |
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| Morning Session: Financial Innovations, Risk Sharing and Systemic Risk |
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| 9:00 a.m. |
"Has the Development of the Structured Credit Market Affected the Cost of Corporate Debt?" |
| Presenters: |
Adam Ashcraft, Federal Reserve Bank of New York
Joao Santos, Federal Reserve Bank of New York |
| Discussants: |
Simon Gilchrist, Boston University
Christine Parlour, University of California, Berkeley |
|
| 10:15 a.m. |
Break |
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| 10:45 a.m. |
"Financial Innovation, Macroeconomic Stability and Systemic Crises" |
| Presenters: |
Prasanna Gai, Bank of England
Sujit Kapadia, Bank of England
Stephen Millard, Bank of England
Ander Perez, LSE |
| Discussants: |
Arvind Krishnamurthy, Northwestern University
William Nelson, Board of Governors |
|
| 12:00 p.m. |
Lunch |
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| Afternoon Session: Financial Innovations, Borrowers and Lenders |
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| 1:00 p.m. |
"Financial Innovations and Macroeconomic Volatility" |
| Presenters: |
Urban Jermann, The Wharton School
Vincenzo Quadrini, University of Southern California |
| Discussants: |
Wouter den Haan, University of Amsterdam
Giorgio Primiceri, Northwestern University |
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| 2:15 p.m. |
Break |
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| 2:45 p.m. |
"Financial Innovations, Idiosyncratic Risk, and the Joint Evolution of Real and Financial Volatilities" |
| Presenter: |
Christina Wang, Federal Reserve Bank of Boston |
| Discussants: |
Brad DeLong, University of California, Berkeley
Richard Rosen, Federal Reserve Bank of Chicago |
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