National Bureau of Economic Research: Multiple Equilibria and Financial Crises


Thursday, May 14, 2015 – Friday, May 15, 2015


Federal Reserve Bank of San Francisco
101 Market Street
San Francisco94105

Day 1 Agenda

Financial Liberalization, Debt Mismatch, Allocative Efficiency and Growth

Romain Ranciere, International Monetary Fund
Aaron Tornell, University of California at Los Angeles
Read paper
Aaron Tornell presentation
Discussed by Martin Schneider, Stanford University and NBER

Coordinating Business Cycles

Edouard Schaal, New York University
Mathieu Taschereau-Dumouchel, University of Pennsylvania
Read paper
Edouard Schaal presentation
Discussed by Christophe Chamley, Boston University

Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-Fulfilling Liquidity Crises

Ricardo Lagos, New York University and NBER
Shengxing Zhang, London School of Economics
Read paper
Ricardo Lagos presentation
Discussed by Pierre-Olivier Weill, University of California at Los Angeles and NBER

Agency Business Cycle

Mikhail Golosov, Princeton University and NBER
Guido Menzio, University of Pennsylvania and NBER
Read paper
Mikhail Golosov presentation
Discussed by Guillaume Rocheteau, University of California at Irvine

Sunspot Equilibrium

Karl Shell, Cornell University

Watch the video
Karl Shell presentation

Day 2 Agenda

Hysteresis in Unemployment and Jobless Recoveries

Dmitry Plotnikov, International Monetary Fund
Read paper
Dmitry Plotnikov presentation
Discussed by Kevin Lansing, Federal Reserve Bank of San Francisco

Global Sunspots and Asset Prices in a Monetary Economy

Roger Farmer, University of California at Los Angeles and NBER
Read paper
Roger Farmer presentation
Discussed by Alberto Bisin, New York University and NBER

Synchronization and Bias in a Simple Macroeconomic Model

Assaf Patir, Hebrew University
Read paper
Assaf Patir presentation
Discussed by Bruce McGough, University of Oregon

Stagnation Traps

Gianluca Benigno, London School of Economics
Luca Fornaro, CREI, Universitat Pompeu Fabra and Barcelona GSE
Read paper
Gianluca Benigno presentation
Discussed by Jang-Ting Guo, University of California at Riverside

Open Market Operations

Guillaume Rocheteau, University of California at Irvine
Randall Wright, University of Wisconsin at Madison and NBER
Sylvia Xiaol, University of Melbourne
Read paper
Randall Wright presentation
Discussed by Huberto Ennis, Federal Reserve Bank of Richmond

Credit Search and Credit Cycles

Feng Dong, Shanghai Jiao Tong University
Pengfei Wang, Hong Kong University of Science and Technology
Yi Wen, Federal Reserve Bank of St. Louis
Read paper
Pengfei Wang presentation
Discussed by Francois Geerolf, University of California at Los Angeles

Government Debt and Banking Fragility: The Spreading of Strategic Uncertainty

Russell Cooper, Pennsylvania State University and NBER
Kalin Nikolov, European Central Bank
Read paper
Kalin Nikolov presentation
Discussed by Andrew John, Melbourne Business School

Slow Moving Debt Crises

Guido Lorenzoni, Northwestern University and NBER
Ivan Werning, Massachusetts Institute of Technology and NBER
Read paper
Guido Lorenzoni presentation
Discussed by Fabrizio Perri, Federal Reserve Bank of Minneapolis and NBER