Financial Innovations and the Real Economy


Thursday, November 16, 2006 – Friday, November 17, 2006

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Thursday, November 16
12:00 p.m. Informal Lunch
1:00 p.m. Welcoming Remarks
Janet Yellen, President, Federal Reserve Bank of San Francisco
Afternoon Session: Financial Innovation and the Consumer
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
Friday, November 17
8:00 a.m. Breakfast
Morning Session: Financial Innovations, Risk Sharing and Systemic Risk
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
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
Afternoon Session: Financial Innovations, Borrowers and Lenders
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
2:15 p.m. Break
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