SED 2012 - Society for Economic Dynamics
SED 2012 - Society for Economic Dynamics
SED 2012 - Society for Economic Dynamics
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<strong>SED</strong> Annual Meeting <strong>2012</strong>is hosted byProgram ChairsFrancisco Buera - Ferderal Reserve Bank of Minneapolis/UCLANicola Fuchs-Schündeln - Goethe University FrankfurtLocal OrganizersSofronis Clerides - University of CyprusAndros Kourtellos - University of CyprusAlexander Michaelides - University of CyprusAndreas Milidonis - University of CyprusGeorge Nishiotis - University of CyprusChristopher Pissarides - University of Cyprusand London School of <strong>Economic</strong>sMarios Zachariadis - University of CyprusLocal Handling AgentTel.: +357 22713713 - Fax: +357 22713714E-mail: cyprus@topkinisis.comAddress: 2 Leonidou & Acropoleos Ave., 2007 StrovolosNicosia - Cypruswww.taxidiamprosta.com<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>ContentsMessage from the Organizers 4Program Committee Members 5<strong>SED</strong> <strong>2012</strong> Schedule 6Overview of Sessions by Day 7 - 9Complete List of Sessions 10 - 36Local In<strong>for</strong>mation 37Social Events 38Map of Conference Sites 39 - 40City Map: Conference Venues & Hotels 41Restaurant and Club suggestions 42 - 45Index / List of Participants 46 - 543
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Welcome to the <strong>2012</strong> Annual Meeting of the <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>!We have an exciting program <strong>for</strong> this year’s meeting. The current global economic situationwith a slow recovery from the great recession and a restructuring of the financial sector is addressedin many sessions. Issues of sovereign debt, international default, and financial contagionnaturally play an important role in the conference, especially given that the conferencetakes place <strong>for</strong> the second time in a row in Europe and the European debt crisis remains acentral policy issue. Yet, also beyond these topics significant contributions in all areas of macroeconomicsand related fields are presented.We had the opportunity to select 435 papers <strong>for</strong> this program covering all areas of economics,as well as to invite plenary addresses from Andrew Atkeson (UCLA), Monika Piazzesi (Stan<strong>for</strong>d),and Christopher Udry (Yale). We had close to 1,200 submissions, and space limitations un<strong>for</strong>tunatelymeant that a number of fine papers did not make it onto the program.Your continuing enthusiasm has been crucial <strong>for</strong> the success of this conference! And so has theguidance by the <strong>SED</strong>’s past presidents: Tom Sargent, Ed Prescott, Dale Mortensen, Tom Cooley,Boyan Jovanovic, and David Levine.Putting together such a large program is only possible with the support of a strong group, andwe thank the 41 member committee <strong>for</strong> selecting papers timely and conscientiously.A particular thanks goes to the local organizers Sofronis Clerides, Andros Kourtellos, AlexanderMichaelides, Andreas Milidonis, George Nishiotis, Christopher Pissarides, and Marios Zachariadis,who made all of this possible. Our officers Ellen McGrattan (Treasurer) and Christian Zimmermann(Secretary) also played a significant role.The costs of setting up such a meeting become obvious from its scale, and we gratefully acknowledgethe support of our sponsors.Have a good and intellectually stimulating time! Enjoy the conference and Cyprus!With very best wishes,Francisco Buera, Nicola Fuchs-Schündeln, and Richard Rogerson4
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Program Committee Members• Program ChairsBuera Francisco - Ferderal Reserve Bank of Minneapolis/UCLAFuchs-Schündeln Nicola - Goethe University Frankfurt• Committee:Schoonbroodt Alice (University of Iowa)Giacomini Raffaela (University College London)Simsek Alp (Harvard University)Lopes de Melo Rafael (University of Chicago)Guimaraes Bernardo (Sao Paulo School of <strong>Economic</strong>s, FGV/SP) Bachmann Rüdiger (RWTH Aachen)Xu Daniel (Duke University)Scheuer Florian (Stan<strong>for</strong>d University)Cunha Flavio (University of Pennsylvania)Hassan Tarek (University of Chicago (Booth)Primiceri Giorgio (Northwestern University)Schoellman Todd (Arizona State University)Kambourov Gueorgui (University of Toronto)Guerrieri Veronica (University of Chicago (Booth)Menzio Guido (University of Pennsylvania)Midrigan Virgiliu (Federal Reserve Bank of Minneapolis/NYU)Ordoñez Guillermo (Yale University)Schulhofer-Wohl Sam (Federal Reserve Bank of Minneapolis)Nosal Jaromir (Columbia University)Bai Yan (University of Rochester)Kaboski Joe (University of Notre Dame)Shin Yongseok (Washington University at St. Louis)Wiederholt Mirko (Northwestern University)Yue Vivian (Federal Reserve Board of Governors)Nakajima Makoto (Federal Reserve Bank of Philadelphia) Kaplan Greg (University of Pennsylvania)Manovski Iourii (University of Pennsylvania)Jin Keyu (London School of <strong>Economic</strong>s)Azzimonti Marina (Federal Reserve Bank of Philadelphia) Lewis Greg (Harvard University)Maziero Pricila (University of Pennsylvania (Wharton)Kurlat Pablo (Stan<strong>for</strong>d University)Mertens Thomas (New York University (Stern)Ramondo Natalia (Arizona State University)Yogo Motohiro (Federal Reserve Bank of Minneapolis)Waugh Mike (New York University (Stern)Giuliano Paola (University of Cali<strong>for</strong>nia at Los Angeles (Anderson) Itskhoki Oleg (Princeton University)Yared Pierre (Columbia University)Lester Benjamin (Federal Reserve Bank of Philadelphia)Colacito Riccardo (University of North Carolina, Chapel Hill)5
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong><strong>SED</strong> <strong>2012</strong> ScheduleDay/Time Thursday June 21 Friday June 22 Saturday June 23 Sunday June 2409:30 - 10:00 Coffee Coffee Coffee10:00 - 12:00Parallel Sessions -GrandResort HotelSt. Raphael HotelElias HotelParallel Sessions -GrandResort HotelSt. Raphael HotelElias HotelParallel Sessions -GrandResort HotelSt. Raphael HotelElias Hotel12:00 - 13:30Lunch -GrandResort HotelLunch -GrandResort HotelLunch -GrandResort Hotel13:30 - 15:30Parallel Sessions -GrandResort HotelSt. Raphael HotelElias HotelParallel Sessions -GrandResort HotelSt. Raphael HotelElias HotelParallel Sessions -GrandResort HotelSt. Raphael HotelElias Hotel15:30 - 16:00 Coffee Break Coffee Break Coffee Break16:00 - 18:0018:00 - 18:30Registration-GrandResort Hotel(16:00 - 20:00)Parallel Sessions -GrandResort HotelSt. Raphael HotelElias HotelWalk toGrandResort HotelPlenary TalkParallel Sessions -GrandResort HotelSt. Raphael HotelElias HotelWalk toGrandResort HotelPlenary TalkParallel Sessions -GrandResort HotelSt. Raphael HotelElias HotelWalk toGrandResort HotelPlenary Talk18:30 - 19:45ANDREW ATKESONCHRISTOPHER UDRYMONIKA PIAZZESIGrandResort Hotel(HALL A)GrandResort Hotel(HALL A)GrandResort Hotel(HALL A)20:00 - 21:00Registration andWelcome CocktailReception -Pool area of GrandResort Hotel21:00 - 00:00FreeFor restaurant in<strong>for</strong>mationplease refer to p. 42Conference GalaDinner -Grand Resort HotelBeach Party -Sunset Pier & BlueParadise of EliasBeach Hotel6
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Overview of Parallel Sessions Friday, June 2210:00 - 12:00 13:30 - 15:30 16:00 - 18:00Housing and the MacroeconomyLocation: Hall B, GrandResort HotelTopics in International <strong>Economic</strong>sLocation: Hall C, GrandResort HotelTopics in MacroeconomicsLocation: Onisillos, GrandResort HotelAsset PricingLocation: Tefkros, GrandResort HotelInternational Transmission ofMonetary and Fiscal ShocksLocation: Evagoras, GrandResort HotelMonetary <strong>Economic</strong>sLocation: Europa A, Elias Beach HotelCoordination and theMacroeconomyLocation: Europa B, Elias Beach HotelHuman Capital and the Labor MarketLocation: Megaron B, St. RaphaelHotelTopics in Taxation and the Labor MarketLocation: Megaron C, St. RaphaelHotelFertility, Health, and MortalityLocation: Atrium A, St. Raphael HotelAdvances in NDPFLocation: Atrium B, St. Raphael HotelSearch in the Labor MarketLocation: Atrium C, St. Raphael HotelBusiness Cycle TheoryLocation: Hall B, GrandResort HotelIndivisibilities and Aggregate FluctuationsLocation: Hall C, GrandResort HotelGeneral Equilibrium with CollateralConstraintsLocation: Onisillos, GrandResort HotelFinancial Frictions and theMacroeconomyLocation: Tefkros, GrandResort HotelLiquidity in Financial MarketsLocation: Evagoras, GrandResortHotelFirm <strong>Dynamics</strong>Location: Europa A, Elias Beach HotelAdvances in International FinanceLocation: Europa B, Elias Beach HotelLabor SupplyLocation: Megaron B, St. RaphaelHotelHuman CapitalLocation: Megaron C, St. RaphaelHotelSearch and Matching: Labor MarketLocation: Atrium A, St. Raphael HotelCulture, Beliefs, and <strong>Economic</strong>sLocation: Atrium B, St. Raphael HotelHuman Capital: Education, Skills, andHealthLocation: Atrium C, St. Raphael HotelSovereign Debt and CrisesLocation: Location: Hall B,GrandResort HotelMacro/LaborLocation: Hall C, GrandResort HotelEmpirical LaborLocation: Onisillos, GrandResort HotelFinancial Frictions, In<strong>for</strong>mation Frictions,and Monetary PolicyLocation: Tefkros, GrandResort HotelCollege Major Choice andOccupational ChoiceLocation: Evagoras, GrandResort HotelPricing and Gains from TradeLocation: Europa A, Elias Beach HotelInternational Financial MarketsLocation: Europa B, Elias Beach HotelEquilibrium Effects of AsymmetricIn<strong>for</strong>mation in Decentralized MarketsLocation: Megaron B, St. Raphael HotelSectoral Dimensions of AggregateFluctuationsLocation: Megaron C, St. Raphael HotelIndustry Structure and EquilibriumLocation: Atrium A, St. Raphael HotelAsset Prices with HeterogeneousAgentsLocation: Atrium B, St. Raphael HotelLimited Participation in Asset MarketsLocation: Atrium C, St. Raphael Hotel18:30 - 19:45 Plenary Talk: ANDREW ATKESON - HALL A, GrandResort Hotel7
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Overview of Parallel Sessions Saturday, June 2310:00 - 12:00 13:30 - 15:30 16:00 - 18:00Financial CrisesLocation: Hall B, GrandResort HotelUnderstanding Financial CrisesLocation: Hall B, GrandResort HotelLiquidity and In<strong>for</strong>mationLocation: Hall B, GrandResort HotelInternational Business CycleLocation: Hall C, GrandResort HotelGovernment DebtLocation: Hall C, GrandResort HotelMatching and SortingLocation: Hall C, GrandResort HotelInternational Macroeconomics andFinanceLocation: Onisillos, GrandResort HotelAuction MarketsLocation: Tefkros, GrandResort Hotel<strong>Economic</strong> Development across Timeand SpaceLocation: Evagoras, GrandResort HotelHousingLocation: Europa A, Elias Beach HotelExchange Rates and PricesLocation: Onisillos, GrandResort HotelWages and Worker AssignmentLocation: Tefkros, GrandResort HotelFemale Labor SupplyLocation: Evagoras, GrandResort HotelIndustry <strong>Dynamics</strong>Location: Europa A, Elias Beach HotelMonetary <strong>Economic</strong>s IILocation: Onisillos, GrandResort HotelFinancial Crises and Defaults in OpenEconomiesLocation: Tefkros, GrandResort HotelThe Effectiveness of Fiscal PolicyLocation: Evagoras, GrandResortHotelOrganizations and Global ProductionLocation: Europa A, Elias Beach HotelMonetary Policy in a Financial CrisisLocation: Europa B, Elias Beach HotelOptimal TaxationLocation: Megaron B, St. RaphaelHotelImperfect In<strong>for</strong>mation, Learning, andthe Labor MarketLocation: Megaron C, St. Raphael HotelSubjective ExpectationsLocation: Atrium A, St. Raphael HotelTrade and Labor MarketLocation: Atrium B, St. Raphael HotelRisk and Entrepreneurial ChoiceLocation: Atrium C, St. Raphael HotelMicroeconomic TheoryLocation: Europa B, Elias Beach HotelComplementarities and Multiplicity inMacroeconomicsLocation: Megaron B, St. Raphael HotelTax PolicyLocation: Megaron C, St. RaphaelHotelCorporate SavingsLocation: Atrium A, St. Raphael HotelSectors, Structural Change, andDevelopmentLocation: Atrium B, St. Raphael HotelMacroeconometrics ILocation: Atrium C, St. Raphael HotelInnovation and ProductivityLocation: Europa B, Elias Beach HotelEmpirical Analysis of Life-CycleModelsLocation: Megaron B, St. Raphael HotelCredit Constraints and Households DebtLocation: Megaron C, St. Raphael HotelTopics in International TradeLocation: Atrium A, St. Raphael HotelDevelopment <strong>Economic</strong>s: Evidencefrom the Field and <strong>Economic</strong> HistoryLocation: Atrium B, St. Raphael HotelMacroeconometrics IILocation: Atrium C, St. Raphael Hotel18:30 - 19:45 Plenary Talk: CHRISTOPHER UDRY - HALL A, GrandResort Hotel8
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Overview of Parallel Sessions Sunday, June 2410:00 - 12:00 13:30 - 15:30 16:00 - 18:00Productivity and the Labor MarketLocation: Hall B, GrandResort HotelAdvances in the Study of LaborMarkets with Fictions, HeterogeneousWorkers, and FrmsLocation: Hall C, GrandResort HotelSocial SecurityLocation: Onisillos, GrandResort HotelTaxation, Labor Supply, andComputational <strong>Economic</strong>sLocation: Tefkros, GrandResort HotelThe Family across Space and TimeLocation: Evagoras, GrandResortHotelFDI: New Theories and EvidenceLocation: Europa A, Elias Beach HotelStructural Evidence on Trade andWagesLocation: Europa B, Elias Beach HotelPublic Policy under Political UncertaintyLocation: Megaron B, St. Raphael HotelFinancial Constraints: Theory andEvidenceLocation: Megaron C, St. RaphaelHotelMacroeconomic Implications of SocialNetworks and Social CapitalLocation: Atrium A, St. Raphael HotelInternational Asset PricingLocation: Atrium B, St. Raphael HotelEmpirics of Asset PricesLocation: Atrium C, St. Raphael HotelUncertainty and the MacroeconomyLocation: Hall B, GrandResort HotelPolitical Economy ILocation: Hall C, GrandResort HotelAsset PricesLocation: Onisillos, GrandResort HotelFirm Structure, Firm Size, and DevelopmentLocation: Tefkros, GrandResort HotelFrictional Labor MarketsLocation: Evagoras, GrandResortHotelDomestic Interaction and theEconomyLocation: Europa A, Elias Beach HotelHeterogeneous Agents and IncompleteMarketsLocation: Europa B, Elias Beach HotelExcessive Financial DevelopmentLocation: Megaron B, St. RaphaelHotelThe Great RecessionLocation: Megaron C, St. RaphaelHotelCredit Frictions and the Zero LowerBoundLocation: Atrium A, St. Raphael HotelTopics on Sovereign DebtLocation: Atrium B, St. Raphael HotelPolicy and Insurance in <strong>Economic</strong>UnionsLocation: Atrium C, St. Raphael HotelTrade, Growth, and DevelopmentLocation: Hall B, GrandResort HotelPolitical Economy IILocation: Hall C, GrandResort HotelTechnological Progress: Theory andEvidenceLocation: Onisillos, GrandResort HotelBarriers to <strong>Economic</strong> DevelopmentLocation: Tefkros, GrandResort HotelThe <strong>Economic</strong>s of Real EstateLocation: Evagoras, GrandResortHotelModels of Consumer DefaultLocation: Europa A, Elias Beach HotelIncome and Consumption InequalityLocation: Europa B, Elias Beach HotelBailoutLocation: Megaron B, St. RaphaelHotelIn<strong>for</strong>mation in Financial MarketsLocation: Megaron C, St. RaphaelHotelUnderstanding Monetary PolicyLocation: Atrium A, St. Raphael HotelSovereign Debt and DefaultLocation: Atrium B, St. Raphael HotelTopics on Financial <strong>Economic</strong>sLocation: Atrium C, St. Raphael Hotel18:30 - 19:45 Plenary Talk: MONIKA PIAZZESI - HALL A, GrandResort Hotel9
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Friday June 22, 10:00 - 12:0009:30 - 10:00 COFFEE Location: GrandResort Hotel, Elias Beach Hotel, St. Raphael HotelCoordination and the macroeconomyLocation: Europa B, Elias Beach HotelSand in the Wheels: A Dynamic Global-Game ApproachLaurent Mathevet, University of Texas at Austin; Jakub Steiner; Northwestern UniversityMan-bites-dog business cyclesKristoffer Nimark; CREIIn<strong>for</strong>mation Acquisition in Rumor-Based Bank RunsZhiguo He, University of Chicago; Asaf Manela; Washington University in St. LouisThe effect of options on coordinationLuis Araujo; Michigan State University; Bernardo Guimaraes; Sao Paulo School of <strong>Economic</strong>s - FGVHuman Capital and Labor MarketLocation: Megaron B, St. Raphael HotelThe <strong>Dynamics</strong> of Immigrant EarningsRody Manuelli, Washington University in St. Louis; Ananth Seshadri; University of Wisconsin; Yongseok Shin, WashingtonUniversity in St.Higher Education Subsidies and Human Capital MobilityJohn Kennan; University of Wisconsin MadisonCredit and Insurance <strong>for</strong> Human Capital InvestmentsLance Lochner, University of Western Ontario; Alexander Monge; Penn State UniversityFinancial Frictions, Occupational Choice, and <strong>Economic</strong> InequalityLian Allub; Universidad Carlos III de Madrid, Andres Erosa; IMDEAAdvances in NDPFLocation: Atrium B, St. Raphael HotelOptimal Retirement Age and Aging PopulationFernando Perera-Tallo; Universidad de La LagunaEfficient Risk Sharing with Limited Commitment and Hidden SavingArpad Abraham, European University Institute; Sarolta Laczo; University of Cali<strong>for</strong>nia, Los AngelesOptimal Taxation in a Life-Cycle Economy with Endogenous Human Capital FormationMarek Kapicka, University of Cali<strong>for</strong>nia Santa Barbara; Julian Neira; University of Cali<strong>for</strong>nia Santa BarbaraOptimal fiscal policy with recursive preferencesAnastasios Karantounias; Federal Reserve Bank of AtlantaHousing and the MacroeconomyLocation: Hall B, GrandResort HotelHousing and the Macroeconomy: The Role of Bailout Guarantees <strong>for</strong> Government Sponsored EnterprisesDirk Krueger, University of PennsylvaniaSegmented Housing SearchMonika Piazzesi, Stan<strong>for</strong>d University; Martin Schneider, Stan<strong>for</strong>d University; Johannes Stroebel, Stan<strong>for</strong>d UniversityUnderstanding Booms and Busts in Housing MarketsCraig Burnside, Duke University; Martin Eichenbaum, Northwestern University; Sergio Rebelo, Northwestern UniversityThe Ins and Arounds of the Housing MarketRuediger Bachmann, RWTH Aachen University; Daniel Cooper, Federal Reserve Bank of Boston10
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Friday June 22, 10:00 - 12:00International transmission of monetary and fiscal shocksLocation: Evagoras, GrandResort HotelThe international taxation of capitalNicolas Coeurdacier, SciencesPo ParisGlobal Banks, Financial Shocks and International Business Cycles: Evidence from Estimated ModelsRobert Kollmann, ECARES, Université Libre de Bruxelles aFiscal Consolidation in an Open EconomyJesper Linde, Federal Reserve BoardThe Impact of U.S. Monetary and Fiscal Policy on Emerging MarketsKeyu Jin, London School of <strong>Economic</strong>sSearch in the Labor MarketLocation: Atrium C, St. Raphael HotelSearch and matching in the labor market without unemployment insuranceFrancesc Obiols HomsRepeated Moral Hazard with Worker Mobility via Directed On-the-Job SearchKunio Tsuyuhara, University of CalgaryLabor Market <strong>Dynamics</strong>: A Model of Search and Human Capital AccumulationGregory Veramendi, Northwestern UniversityOptimal Unemployment Insurance in a Directed Search ModelMartin Gervais, University of SouthamptonAsset PricingLocation: Tefkros, GrandResort HotelInvestment and the Cross-Section of Equity ReturnsGian Luca Clementi, Stern School of Business; Berardino Palazzo, Boston University, School of managementWage Rigidity: A Solution to Several Asset Pricing PuzzlesXiaoji Lin, The Ohio State University; Jack Favilukis; London School of <strong>Economic</strong>sConsumption-based Asset Pricing Loss AversionMarianne Andries, Chicago BoothLiquidity effects on asset prices, financial stability and economic resilienceJuan Francisco Martinez Sepulveda, University of Ox<strong>for</strong>d; Dimitrios Tsomocos; University of Ox<strong>for</strong>dFertility, health, and mortalityLocation: Atrium A, St. Raphael HotelAnalyzing the Effects of Insuring Away Health RisksHarold Cole, University of Pennsylvania; Soojin Kim, University of Pennsylvania;Dirk Krueger,University of PennsylvaniaLife, Death and World InequalityMarla Ripoll, University of Pittsburgh; Juan Cordoba, Iowa State UniversityDo Highly Educated Women Choose Smaller Families?Moshe Hazan, Hebrew University; Hosny Zoabi; Tel Aviv UniversityChildren and the Wealth of NationsJuan Cordoba, Iowa State University11
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Friday June 22, 10:00 - 12:00Topics in International <strong>Economic</strong>sLocation: Hall C, GrandResort HotelRisky Investments with Limited CommitmentThomas Cooley, New York University; Ramon Marimon; European University Institute & UPF - Barcelona GSE; VincenzoQuadrini, USCOn the optimal design of a Financial Stability FundArpad Abraham, European University Institute; Eva Carceles-Poveda; SUNY at Stony BrookRamon Marimon; European University Institute & UPF - Barcelona GSEBad Investments and Missed Opportunities? Capital Flows to Asia and Latin America, 1950-2004Lee Ohanian; University of Cali<strong>for</strong>nia Los AngelesReal exchange rate variability in a two country business cycle modelHakon Tretvoll, New York UniversityMonetary <strong>Economic</strong>sLocation: Europa A, Elias Beach HotelPolicy Regimes, Policy Shifts, and U.S. Business CyclesSaroj Bhattarai, Penn State University; Jae Won Lee, Rutgers University; Woong Yong Park; University of Hong KongIs Increased Price Flexibility Stabilizing? ReduxSaroj Bhattarai, Penn State University; Gauti Eggertsson, Federal Reserve Bank of New YorkRaphael Schoenle, Brandeis UniversityInflationary Sentiments and Monetary Policy CommuncationFrancesco Bianchi, Duke University; Leonardo Melosi, London Business SchoolMonetary Policy Regimes and the Term Structure of Interests Rates with Recursive UtilityTanaka Hiroatsu, Federal Reserve BoardTopics in Taxation and the Labor MarketLocation: Megaron C, St. Raphael HotelShould unemployment insurance be asset-tested?Sebastian Koehne, Stockholm University; Moritz Kuhn, University of BonnLabor Supply, Endogenous Wage <strong>Dynamics</strong> and Tax policyArpad Abraham, European University Institute; Jay Hong; University of Rochester; Ricardo Santos, Trinity UniversityUnemployment Insurance in a Life Cycle General Equilibrium Model with Human CapitalFacundo Piguillem, EIEF. Einaudi Institute <strong>for</strong> <strong>Economic</strong>s and Finance; Hernan Ruffo; UTDT; Nicholas Trachter, EIEFRetirement, Home Production and Labor Supply ElasticitiesRichard Rogerson, Princeton University; Johanna Wallenius, Stockholm School of <strong>Economic</strong>sTopics in MacroeconomicsLocation: Onisillos, GrandResort HotelProductivity or Demand? Identifying Sources of Fluctuations in Small Open EconomiesJacek Rothert; University of Texas, AustinSupply Constraints and Land Prices in Growing Cities: The Role of Agglomeration EconomiesSatyajit Chatterjee, Federal Reserve Bank of Philadelphia; Burcu Eyigungor, Phildalephia Federal Reserve BankTechnological Revolutions and Debt Hangovers: Is There a Causal Link?Dan Cao, Georgetown University; Jean-Paul L’Huillier; Einaudi Institute <strong>for</strong> <strong>Economic</strong>s and FinaOil Efficiency, Demand, and Prices: a Tale of Ups and DownsMartin Bodenstein, Asian Development Bank and Federal Reserve Board; Luca Guerrieri, Federal Reserve Board12:00 - 13:30 <strong>SED</strong> Executive Meeting Location: Tefkros, GrandResort Hotel12
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Friday June 22, 13:30 - 15:3012:00 - 13:30 LUNCH BREAK Location: GrandResort HotelLiquidity in Financial MarketsLocation: Evagoras, GrandResort HotelLiquidity HoardingDouglas Gale, New York University; Tanju Yorulmazer, Federal Reserve Bank of New YorkSubsidizing Price DiscoveryBraz Camargo, Fundação Getúlio Vargas; Kyungmin Kim, University of Iowa; Benjamin Lester, Federal Reserve Bank ofPhiladelphiaPledgability and LiquidityVaidyanathan (Venky) Venkateswaran, Penn State University; Randall Wright, U WisconsinFinancial Risk CapacitySaki Bigio, New York UniversityLabor SupplyLocation: Megaron B, St. Raphael HotelHours and Employment in the Cross-Section and Over the CycleYongsung Chang, University of Rochester / Yonsei Univ.; Sun-Bin Kim, Yonsei University; Richard Rogerson, PrincetonUniversityHours and Participation with Job Assignment FrictionsClaudio Michelacci, CEMFI; Josep Pijoan-Mas, CEMFIHouseholds and the Welfare StateGustavo Ventura; Arizona State University; Remzi Kaygusuz, Sabanci UniversityHours and OccupationsAndres Erosa, IMDEA; Luisa Fuster, IMDEA; Gueorgui Kambourov, University of TorontoHuman Capital: Education, Skills, and HealthLocation: Atrium C, St. Raphael HotelSex and the Single Girl: The Role of Culture in Contraception DemandKelly Ragan, Stockholm School of <strong>Economic</strong>sCompetition in Public School Districts: Charter School Entry, Student Sorting, and School Input DeterminationNirav Mehta, University of Western OntarioNonlinear Pricing of Food in Village EconomiesOrazio Attanasio, University College London; Elena Pastorino, Minneapolis Fed and University of MinnesotaBecker meets Ricardo: A social and cognitive skills model of human capabilitiesRobert McCann; Xianwen Shi; Aloysius Siow; Ronald Wolthoff; University of TorontoBusiness Cycle TheoryLocation: Hall B, GrandResort HotelDormant Shocks and Fiscal VirtueFrancesco Bianchi, Duke University; Leonardo Melosi, London Business SchoolRisk shocks in a business cycle model with ambiguity averse agentsCosmin Ilut, Duke University; Martin Schneider, Stan<strong>for</strong>d UniversityCorporate Debt Structure and the Financial CrisisFiorella De Fiore, European Central Bank; Harald Uhlig; University of ChicagoDispersed Inflation Expectations and the Zero Lower BoundMirko Wiederholt, Northwestern University13
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Friday June 22, 13:30 - 15:30Advances in International FinanceLocation: Europa B, Elias Beach HotelInternational Consumption Risk Is Shared After All: An Asset Return ViewKaren Lewis, University of Pennsylvania; Edith Liu, Cornell UniversityThe Share of Systematic Variation in Bilateral Exchange RatesAdrien Verdelhan. MIT SloanInterest Rates and Business Cycles in Emerging Economies.The Role of Financial FrictionsAndres Fernandez, Rutgers University; Adam Gulan, Bank of FinlandCarry Trade: Beyond the Forward Premium PuzzleTarek Hassan, The University of ChicagoSearch and Matching: Labor MarketLocation: Atrium A, St. Raphael HotelEquilibrium Labor Market Search and Health Insurance Re<strong>for</strong>mNaoki Aizawa, University of Pennsylvania; Hanming Fang; University of PennsylvaniaImmigration, Wages, and Education: a Labor Market Equilibrium Structural ModelJoan Llull, Universitat Autonoma de Barcelona, MOVE, and Barcelona G<strong>SED</strong>o In<strong>for</strong>mal Referrals Lead to Better Matches? Evidence from a Firm’s Employee Referral SystemMeta Brown; Elizabeth Setren; Giorgio Topa; Federal Reserve Bank of New YorkOptimal Labor-Market Policy in RecessionsPhilip Jung, Mannheim University; Keith Kuester, Federal Reserve Bank of PhiladelphiaCulture, beliefs, and economicsLocation: Atrium B, St. Raphael HotelFrom Shame to Game in One Hundred Years: A Macroeconomic Model of the Rise in Premarital Sex and itsDe-StigmatizationJesus Fernandez-Villaverde; Jeremy Greenwood; University of Pennsylvania; Nezih Guner, ICREA-MOVEIntergenerational Transmission of Risk Preferences, Entrepreneurship, and GrowthMatthias Doepke, Northwestern University; Fabrizio Zilibotti, University of ZurichOn the origins of Gender Roles: Women and the PloughPaola Giuliano, UCLAHuman capitalLocation: Megaron C, St. Raphael HotelHuman Capital Risk, Contract En<strong>for</strong>cement, and the MacroeconomyTom Krebs, University of Mannheim; Moritz Kuhn, University of Bonn; Mark Wright, UCLAThe Effect of Endogenous Human Capital Accumulation on Optimal TaxationWilliam Peterman, Federal Reserve Board of GovernorsThe Option Value of Human CapitalSang Yoon Lee, University of Mannheim; Yongseok Shin, Washington University in St. LouisLifetime Labor Supply and Human Capital InvestmentRody Manuelli; Yongseok Shin, Washington University in St. Louis; Ananth Seshadri, University of Wisconsin14
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Friday June 22, 16:00 - 18:00Financial Frictions, In<strong>for</strong>mation Frictions, and Monetary PolicyLocation: Tefkros, GrandResort HotelLarge Scale Asset Purchases as a Tool of Monetary PolicyMark Gertler, New York University; Peter Karadi, European Central BankDo People Understand Monetary Policy?Carlos Carvalho, Pontificia Universidade Catolica do Rio de Janeiro (PUC-Rio); Fernanda Nechio, Federal ReserveBank of San FranciscoUnconventional Optimal Repurchase AgreementsChao Gu, University of Missouri; Joseph Haslag, University of Missouri--ColumbiaCorporate investment and bank-dependent borrowers during the recent financial crisisPhilip Vermeulen, ECBSovereign Debt and CrisesLocation: Hall B, GrandResort HotelOn The Stock of External Sovereign DebtDaniel Dias, UIUC - <strong>Economic</strong>s & Cemapre; Christine Richmond, International Monetary Fund;Mark Wright, UCLALinkages across sovereign debt marketsCristina Arellano, Federal Reserve Bank of Minneapolis; Yan Bai, University of RochesterCredit Default Swaps and Sovereign Debt with Moral Hazard and Debt RenegotiationBatchimeg Sambalaibat, Carnegie Mellon UniversityGambling <strong>for</strong> Redemption and Self-Fulfilling Debt CrisesJuan Carlos Conesa, Universitat Autonoma de Barcelona; Timothy Kehoe, University of MinnesotaIndustry Structure and EquilibriumLocation: Atrium A, St. Raphael HotelThe Relationship between Market Structure and Innovation in Industry Equilibrium: A Case Study of the Global AutomobileIndustryAamir Hashmi, National University of SingaporeEntry under Subsidy: the Competitive U.S. Local Telephone IndustryYing Fan, University of Michigan; Mo Xiao, University of ArizonaThe Determinants of Geographic Concentration of Industry: A Quantitative AnalysisLuis Cabral, New York University; Zhu Wang, Federal Reserve Bank of Richmond; Daniel Yi Xu, Duke UniversityWhat drives firm growth? The role of demand and TFP shocksAndrea Pozzi, Einaudi Institute <strong>for</strong> <strong>Economic</strong>s and Fina; Fabiano Schivardi, University of CagliariInternational Financial MarketsLocation: Europa B, Elias Beach HotelForeign Ownership of U.S. Safe Assets: Good or Bad?Jack Favilukis, London School of <strong>Economic</strong>s; Sydney Ludvigson, New York University; Stijn Van Nieuwerburgh, NYUStern School of BusinessGrowth Risk of Nontraded Industries and Asset PricingNgoc-Khanh Tran, MIT SloanInternational Correlation RiskPhilippe Mueller; Andrea Vedolin; London School of <strong>Economic</strong>s; Andreas Stathopoulos, University of Southern Cali<strong>for</strong>nia;London School of <strong>Economic</strong>sFamiliarity and Surprises in International Financial Markets: Bad news travels like wildfire, good news travels slowThomas Wu, University of Cali<strong>for</strong>nia, Santa Cruz; Jordi Mondria; University of North Carolina at Chapel H16
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Friday June 22, 16:00 - 18:00College major choice and occupational choiceLocation: Evagoras, GrandResort HotelThe Specificity of General Human Capital: Evidence from College Major ChoiceJosh Kinsler; Ronni Pavan; University of RochesterLong-Lasting Effects of Socialist EducationNicola Fuchs-Schündeln; Goethe University Frankfurt /Main; Paolo Masella; Mannheim UniversitySkill Uncertainty, Skill Accumulation, and Occupational ChoiceCarl Sanders, Washington University in St. LouisCompetence, Complementarity, and Career ChoiceSimeon Alder, University of Notre Dame; Fane Naja Groes, Copenhagen Business SchoolSectoral Dimensions of Aggregate FluctuationsLocation: Megaron C, St. Raphael HotelWhy Does Employment in All Major Sectors Move Together over the Business Cycle?Yaniv Yedid-Levi, The University of BritishSectoral Interactions and Monetary Policy Under Costly Price AdjustmentsJonathan Willis, Federal Reserve Bank of Kansas City; Kevin X.D. Huang, Vanderbilt UniversityTechnology Shocks in a Two-Sector DSGE ModelSusanto Basu, Boston College; Zheng Liu; John Fernald; Federal Reserve Bank of San FranciscoA Theory of Energy UseAntonia Díaz; University Carlos III; Luis Puch; Univ. ComplutenseAsset Prices with Heterogeneous AgentsLocation: Atrium B, St. Raphael HotelLife-Cycle Portfolio Choice, the Wealth Distribution and Asset PricesFelix Kubler; IBF, University of Zurich and Swiss Finance Institute; Karl Schmedders; University of Zurich and SwissFinance InstituteWealth <strong>Dynamics</strong> in a Bond Economy with Heterogeneous BeliefsTimothy Cogley; Thomas Sargent; New York University; Viktor Tsyrennikov, CornellRational Asset Pricing Bubbles RevisitedJan Werner, University of MinnesotaTrading Volume in General Equilibrium with Complete MarketsEric Aldrich, Federal Reserve Bank of AtlantaEmpirical LaborLocation: Onisillos, Grand Resort HotelCapital Punishment and Deterrence: Understanding Disparate ResultsSteven Durlauf, University of Wisconsin; Chao Fu, University of Wisconsin-Madison; Salvador Navarro, University ofWestern OntarioEx-ante and ex-post evaluation of the 1989 French welfare re<strong>for</strong>m using a natural experiment : the 1908 social lawsin Alsace-MoselleEtienne Wasmer, Sciences-PoWages, Job Queues, and SkillsIoana Marinescu; Ronald Wolthoff; University of ChicagoHigher education dropouts, access to credit, and labor market outcomes: Evidence from ChileTomas Rau, Universidad Católica de Chile; Sergio Urzua, University of Maryland18:30 - 19:45 Plenary Talk: ANDREW ATKESON - HALL A, GrandResort Hotel18
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 10:00 - 12:0009:30 - 10:00 COFFEE Location: GrandResort Hotel, Elias Beach Hotel, St. Raphael HotelSubjective ExpectationsLocation: Atrium A, St, Raphael HotelHIV/AIDS-related Expectations and Risky Sexual Behavior in MalawiAdeline Delavande; RAND CorporationInflation Expectations and Behavior: Do Survey Respondents Act on their Beliefs?Olivier Armantier, Federal Reserve Bank of New York; Wandi Bruine de Bruin; Carnegie Mellon University; Giorgio Topa;Wilbert van der Klaauw; Basit Zafar; Federal Reserve Bank of New YorkUsing Subjective Expectations Data to Allow <strong>for</strong> Unobserved Heterogeneity in Hotz-Miller Estimation StrategiesJuan Pantano, Washington University in St. Louis; Yu Zheng, City University of Hong KongInternational Business CycleLocation: Hall C, Grand Resort HotelComparing General and Partial Equilibrium Approaches to the Study of Real Business CyclesMario Crucini; Vanderbilt UniversityCapital Controls with International Reserve Accumulation: Can this Be Optimal?Philippe Bacchetta; Kenza Benhima; University of Lausanne (HEC); Yannick Kalantzis; Banque de FranceShould macroeconomic <strong>for</strong>ecasters use daily financial data and how?Eric Ghysels; UNC, Elena Andreou, Andros Kourtellos; University of CyprusPricing To Market In Business Cycle ModelsLukasz Drozd; University of PennsilvaniaAuction MarketsLocation: Tefrkos, Grand Resort HotelDetecting Bidders Groups in Collusive AuctionsFrancesco Decarolis, University of Wisconsin MadisonMulti-Attribute Auctions with Unobserved Heterogeneity in Supplier Qualities and Buyers TastesElena Krasnokutskaya; Johns Hopkins UniversityMarkets <strong>for</strong> DataDirk Bergemann, Yale University; Alessandro Bonatti, MITBuy-it-now or Take-a-chance: A New Pricing Mechanism <strong>for</strong> Online AdvertisingElisa Celis, University of Washington; Gregory Lewis, Harvard University; Markus Mobius, Microsoft Research;Hamid Nazerzadeh, University of Southern Cali<strong>for</strong>niaInternational Macroeconomics and FinanceLocation: Onissillos, Grand Resort HotelThe Transmission of US Shocks to Emerging MarketsKolver Hernandez, University of Delaware; Asli Leblebicioglu, North Carolina State UniversityCrash Risk in Currency ReturnsMikhail Chernov, London School of <strong>Economic</strong>s; Jeremy Graveline, University of MinnesotaIrina Zviadadze, London Business SchoolSalvaging the C-CAPM: Currency Carry Trade Risk Premia and Conditioning In<strong>for</strong>mationAbhay Abhyankar; Angelica Gonzalez; University of Edinburgh, University of Edinburgh;Olga Klinkowska; University of Aberdeen Business SchoolA Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency MarketsRavi Bansal, Duke University; Ivan Shaliastovich, University of Pennsylvania19
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 10:00 - 12:00Trade and Labor MarketLocation: Atrium B, St. Raphael HotelSkill premium and trade puzzles: A solution linking production factors and demandThibault Fally; University of Colorado at BoulderThreatening to Offshore in a Search Model of the Labor MarketDavid Arseneau, Federal Reserve Board; Sylvain Leduc; Federal Reserve Bank of San FranciscoInternational Trade and Macroeconomic <strong>Dynamics</strong> with Labor Market FrictionsMatteo Cacciatore, HEC MontrealTrade, Wages, and ProfitsHartmut Egger, University of Bayreuth; Peter Egger, ETH Zurich; Udo Kreickemeier, University of TuebingenFinancial CrisesLocation: Hall B, Grand Resort HotelA theory of asset prices based on heterogeneous in<strong>for</strong>mationElias Albagli, University of Southern Cali<strong>for</strong>nia; Christian Hellwig; Toulouse School of <strong>Economic</strong>s; Aleh Tsyvinski, YaleUniversitySophisticated Intermediation and Aggregate VolatilityLuigi Iovino, MITInefficient Investment WavesPeter Kondor; Central European UniversityRisk Sharing, Risk Taking, and CrisesVeronica Guerrieri, University of Chicago; Guido Lorenzoni; MIT; Fabrizio Perri, University of MinnesotaHousingLocation: Europa A, Elias Beach HotelFlippers in Housing Market SearchChung-Yi Tse,University of Hong Kong; Charles Ka Yui Leung, City Univ. of Hong KongThe Role of Housing in Labor ReallocationMorris Davis, University of Wisconsin-Madison, School; Jonas Fisher; Marcelo Veracierto; Federal Reserve Bank ofChicagoThe New Deal, the GI Bill, and the Post-War HousingMatthew Chambers, Towson University; Carlos Garriga, Federal Reserve Bank of St. Louis;Don Schlagenhauf, Florida State UniversityHousing in Retirement: A Cross-Country AnalysisMakoto Nakajima, Federal Reserve Bank of Philadelphia; Irina Telyukova, University of Cali<strong>for</strong>nia San Diego<strong>Economic</strong> Development across Time and SpaceLocation: Evagoras, Grand Resort HotelExplaining the Decline of the U.S. Saving Rate: the Joint Role of Health Expenditure and Employer ContributionsMaurizio Mazzocco, UCLA; Bela Szemely, Duke UniversityThe Decline of the U.S. Rust Belt: A Macroeconomic AnalysisSimeon Alder, University of Notre Dame; David Lagakos, Arizona State University; Lee Ohanian, University of Cali<strong>for</strong>niaLos AngelesConvergence Across CastesViktoria Hnatkovska, University of British Columbia; Amartya Lahiri, University of British ColumbiaExperience Matters <strong>for</strong> Development AccountingBenjamin Moll, Princeton University20
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 10:00 - 12:00Optimal TaxationLocation: Megaron B, St. Raphael HotelOptimal Social Insurance with Endogenous HealthTobias Laun, Stockholm School of <strong>Economic</strong>sOptimal Capital Taxation with Idiosyncratic Investment RiskVasia Panousi, Federal Reserve Board; Catarina Reis, Universidade Catolica PortuguesaOn the Optimality of Progressive Income RedistributionOzan Bakis, Galatasaray University <strong>Economic</strong> Research Center (GIAM); Baris Kaymak; Universite de Montreal; MarkusPoschke, McGillHeterogeneity in Labor Supply Elasticity and Optimal TaxationMarios Karabarbounis, University of RochesterMonetary Policy in a Financial CrisisLocation: Europa B, Grand Resort HotelOptimal Fiscal and Monetary Policy with Occasionally Binding Zero Bound ConstraintsTaisuke Nakata; New York UniversityThe Macroeconomic Effects of Large-Scale Asset Purchase ProgramsHan Chen, University of Pennsylvania; Vasco Curdia; Andrea Ferrero; Federal Reserve Bank of New YorkEffectiveness of Unconventional Monetary Policy at the Zero Lower BoundGert Peersman, Ghent UniversityOptimal Monetary Responses to Asset Price Levels and Fluctuations: The Ramsey Problem and A Primal ApproachWei Cui; Diogo Guillen; Princeton UniversityImperfect In<strong>for</strong>mation, Learning, and the Labor MarketLocation: Megaron C, St. Raphael HotelExperience and Worker FlowsAspen Gorry, UC, Santa CruzLearning Through ReferralsManolis Galenianos, Pennsylvania State UniversityLearning and Labor Market FlowsKatarina Borovickova,University of ChicagoThe Assignment of Workers to Jobs with Endogenous In<strong>for</strong>mation SelectionAnton Cheremukhin; Antonella Tutino, Federal Reserve Bank of Dallas; Paulina Restrepo-Echavarria; The Ohio StateUniversit yRisk and entrepreneurial choiceLocation: Atrium C, St. Raphael HotelWhy Rent When You Can Buy? A Theory of Repurchase AgreementsCyril Monnet, Universitat Bern; Borghan Nezami Narajabad, Rice UniversityFinancial Amplification, Executive Compensation, and Optimal Capital StructureJoachim Jungherr, European University InstituteCoarse In<strong>for</strong>mation and Entrepreneurial Risk ChoicePierre-Yves Yanni, UQAMRisking Other People’s Money: Gambling, Limited Liability, and Optimal IncentivesAlexei Tchistyi, Haas School of Business, UC Berkeley12:00 - 13:30 RED Editorial Meeting Location: Tefkros, GrandResort Hotel21
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 13:30 - 15:3012:00 - 13:30 LUNCH BREAK Location: GrandResort HotelSectors, Structural Change, and DevelopmentLocation: Atrium B, St. Raphael HotelWhy is Measured Productivity so Low in Agriculture?Berthold Herrendorf; Todd Schoellman, Arizona State UniversityTrade, Urbanization and Capital Accumulation in a Labor Surplus EconomyEric Bond, Vanderbilt University; Raymond Riezman; University of Iowa; Ping Wang, Washington UniversityRelative Prices and Sectoral ProductivityMargarida Duarte; Diego Restuccia, University of TorontoThe Agricultural Productivity Gap in Developing CountriesDouglas Gollin, Williams CollegeTax PolicyLocation: Megaron C, St. Raphael HotelOptimal Taxation of Top Labor Incomes: A Tale of Three ElasticitiesThomas Piketty, Paris School of <strong>Economic</strong>s; Emmanuel Saez, University of Cali<strong>for</strong>nia BerkeleyStefanie Stantcheva, MITRedistributive Taxation in a Roy ModelCasey Rothschild; Wellesley College; Florian Scheuer, Stan<strong>for</strong>d UniversityEducation and Optimal Dynamic TaxationSebastian Findeisen, University of Zurich; Dominik Sachs, Universität KonstanzSelection and Incentives: Optimal Taxation with Occupational Choice and Private In<strong>for</strong>mationStefania Albanesi, Federal Reserve Bank of New YorkComplimentarities and Multiplicity in Macroeconomics Location: Megaron B, St. Raphael HotelThe Stock Market Crash of 2008 Caused the Great RecessionRoger Farmer, University of Cali<strong>for</strong>nia Los AngelesA Traffic-Jam model of RecessionsJennifer La’O, University of ChicagoWealth and VolatilityJonathan Heathcote, Federal Reserve Bank of Minneapolis; Fabrizio Perri, University of MinnesotaThe Shopping MultiplierGreg Kaplan, University of PennsylvaniaMacroeconometrics ILocation: Atrium C, St. Raphael HotelDoes Inflation Walk on Unstable Paths? Rational Sunspots and Drifting ParametersGuido Ascari, Universita degli Studi di Pavia; Paolo Bonomolo, University of PaviaHeterogeneous Consumers and Fiscal Policy ShocksBarbara Rossi; ICREA, Duke, UPF, CREI; Tatevik Sekhposyan, Bank of CanadaIncorporating theoretical restrictions into <strong>for</strong>ecasting by projection methodsRaffaella Giacomini, University College LondonNowcasting with Daily DataMarta Banbura, European Central Bank; Domenico Giannone, Université Libre de Bruxelles; Michele Modugno,ECB; Lucrezia Reichlin, London Business School22
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 13:30 - 15:30Industry <strong>Dynamics</strong>Location: Europa A, Elias Beach HotelA Quantitative Analysis of the Used Car MarketAlessandro Gavazza; Alessandro Lizzeri; Nikita Roketskiy; New York UniversityA Dynamic Model of Leap-Frogging Investments and Bertrand Price CompetitionFedor Iskhakov, University of Technology Sydney; John Rust, University of Maryland; Bertel Schjerning, University of CopenhagenSimple Markov-Perfect Industry <strong>Dynamics</strong>Jaap Abbring, Tilburg University; Jeffrey Campbell, Federal Reserve Bank of ChicagoNan Yang; Tilburg UniversityThe Aggregate Implications of Mergers and AcquisitionsJoel David, UCLAExchange Rates and PricesLocation: Onisillos, Grand Resort HotelGlobal Versus Local Shocks in Micro Price <strong>Dynamics</strong>Marios Zachariadis, University of CyprusMarket Structure and Pass-ThroughRaphael Auer, Swiss National Bank; Raphael Schoenle, Brandeis UniversityExport <strong>Dynamics</strong> in Large DevaluationsGeorge Alessandria, Federal Reserve Bank of Philadelphia; Sangeeta Pratap, Hunter College and CUNY GraduateCenter; Vivian Yue, Federal Reserve BoardFinancial Crises and Exchange Rate PolicyLuca Fornaro, London School of <strong>Economic</strong>sMicroeconomic TheoryLocation: Europa B, Elias Beach HotelOptimal Long-term Contracting with LearningZhiguo He, University of Chicago, Booth School of Business; Bin Wei, Federal Reserve Board; Jianfeng Yu, University ofMinnesotaOptimal Self-en<strong>for</strong>cing and TerminationCheng Wang, Iowa State UniversityA theory of search with recall and uncertain deadlinesNuray Akin,University of Miami; Brennan Platt, Brigham Young UniversityDeliberate Limits to ArbitrageIgor Makarov, London Business School; Guillaume Plantin, Toulouse School of <strong>Economic</strong>sFemale labor supplyLocation: Evagoras, Grand Resort HotelMath and Gender: What if Girls Do Math?Juanna Joensen, Stockholm School of <strong>Economic</strong>sThe Disappearing Gender Gap: The impact of divorce, wages, and preferences on education and women’s workRaquel Fernández, New York University; Joyce Wong, NYUMothers and Friends: Intergenerational Preference Transmission and Women’s Work ChoicesClaudia Olivetti, Boston University; Eleonora Patacchini, University of Rome, La Sapienza - EIEFFemale Employment and Structural Trans<strong>for</strong>mationRachel Ngai, London School of <strong>Economic</strong>s23
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 13:30 - 15:30Government debtLocation: Hall C, Grand Resort HotelCredit Markets, Limited Commitment, and Government DebtStephen Williamson, Washington University in St. LouisIs Debt Overhang a Problem <strong>for</strong> Monetray Policy?Costas Azariadis, Dept of <strong>Economic</strong>s; James Bullard, Federal Reserve Bank of St. Louis; Aarti Singh, University ofSydney; Jacek Suda, Banque de France - Paris School of <strong>Economic</strong>sDebt, Inflation and Central Bank IndependenceFernando Martin, Federal Reserve Bank of St. LouisDebt FinancingBernardino Adao, Banco de Portugal; Andre Silva,Universidade Nova de LisboaCorporate SavingsLocation: Atrium A, St. Raphael HotelThe Macroeconomics of Firms’ SavingsRoc Armenter, Federal Reserve Bank of Philadelphia; Viktoria Hnatkovska, University of British ColumbiaThe Joint <strong>Dynamics</strong> of Internal and External FinanceAndrea Eisfeldt, UCLA Anderson School of Management; Tyler Muir, Northwestern UniversityIntangible Capital and Corporate Cash Holdings: Theory and EvidenceJae Sim; Antonio Falato; Federal Reserve Board; Dalida Kadyrzhanova, University of MarylandCredit Lines as Monitored Liquidity Insurance: Theory and EvidenceViral Acharya, New York University; Heitor Almeida, University of Illinois; Filippo Ippolito, Universitat Pompeu Fabra;Ander Perez, Universitat Pompeu FabraUnderstanding Financial CrisesLocation: Hall B, Grand Resort HotelMoral hazard credit cycles with risk-averse agentsRoger Myerson, University of ChicagoStrategic Complementarity, Fragility, and RegulationXavier Vives, Iese Business SchoolReview Of Theories of Financial CrisesItay Goldstein, University of Pennsylvania; Assaf Razin; Tel Aviv UniversityBubbles or Fundamentals? Understanding Boom and Bust Episodes in the Housing MarketCarlos Garriga; Adrian Peralta-Alva; Federal Reserve Bank of St. Louis; Rodolfo Manuelli, Washington University in St.Louis; Federal Reserve Bank of St. LouisWages and Worker AssignmentLocation: Tefkros, Grand Resort HotelInterviews and the Assignment of Workers to JobsBenjamin Lester, Federal Reserve Bank of Philadelphia; Ronald Wolthoff, University of TorontoThe Evolution of U.S. Wages: Skill Prices versus Human CapitalLutz Hendricks, UNC Chapel HillWage Determination and Labor Market Volatility under MismatchWilliam Hawkins, University of RochesterAccounting <strong>for</strong> idiosyncratic wage risk over the business cycleAlisdair McKay,Boston University; Tamas Papp, Institute <strong>for</strong> Advanced Studies15:30 - 16:00 COFFEE BREAK Location: GrandResort Hotel, Elias Beach Hotel, St. Raphael24
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 16:00 - 18:00Empirical Analysis of Life-Cycle ModelsLocation: Megaron B, St. Raphael HotelThe long-term effects of in-work benefits in a life-cycle model <strong>for</strong> policy evaluationRichard Blundell, UCL; Monica Costa Dias, IFS, Costas Meghir, Yale; Jonathan Shaw, Institute <strong>for</strong> Fiscal StudiesThe Age-Time-Cohort Problem and the Identification of Structural Parameters in Life-Cycle ModelsSam Schulhofer-Wohl, Federal Reserve Bank of MinneapolisWage and Earnings Profiles at Older AgesMaria Casanova, UCLAModeling Earnings <strong>Dynamics</strong>Joseph Altonji, Yale UniversityFinancial Crises and Defaults in Open EconomiesLocation: Tefkros, GrandResort HotelPegs and PainStephanie Schmitt-Grohe; Martin Uribe; Columbia UniversityFiscal Discoveries, Stops, and DefaultsLuis Catao, IMF; Ana Fostel; George Washington University; Romain Ranciere, Paris School of <strong>Economic</strong>sSovereign Risk and Financial RiskVivian Yue, Federal Reserve BoardOrganizations and Global ProductionLocation: Europa A, Grand Resort HotelThe Anatomy of French Production HierarchiesLorenzo Caliendo, Yale University; Ferdinando Monte, Johns Hopkins University, Carey Business School; Esteban Rossi-Hansberg, Princeton UniversityOffshoring and Directed Technical ChangeDaron Acemoglu, Massachusetts Institute of Technology; Gino Gancia, CREI and UPF; Fabrizio Zilibotti, University ofZurichEntrepreneurship and Occupational Choice in the Global EconomyAli Ozdagli; Federico Diez;; Federal Reserve Bank of BostonBack to Basics: Basic Research Spillovers, Innovation Policy and GrowthUfuk Akcigit; Douglas Hanley; University of Pennsylvania; Nicolas Serrano-Velarde, Ox<strong>for</strong>d UniversityTopics in International TradeLocation: Atrium B, St. Raphael HotelA Model of Trade with Endogenous Transportation CostsJose Asturias; Scott Petty; University of MinnesotaDifferent Trade Models, Different Trade Elasticities?Ina Simonovska, University of Cali<strong>for</strong>nia, Davis; Michael Waugh, New York UniversityDiversification through TradeFrancesco Caselli, London School of <strong>Economic</strong>s ; Miklos Koren, Central European UniversitySilvana Tenreyro, London School of <strong>Economic</strong>sImported Inputs and the Gains from TradeAnanth Ramanarayanan, University of Western Ontario25
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 16:00 - 18:00Matching and SortingLocation: Hall C, Grand Resort HotelMatching In<strong>for</strong>mationJan Eeckhout, University College London and GSE-UPFThe Macrodynamics of Sorting between Workers and FirmsJean-Marc Robin, Sciences-Po; Jeremy Lise; University College LondonDance with the One that Brought You? Matching and Sorting in a Global EconomyGene Grossman, Princeton University; Elhanan Helpman, Harvard UniversityPhilipp Kircher, LSEIdentifying Sorting - In DataIourii Manovskii, University of PennsylvaniaMacroeconometrics IILocation: Atrium C, St. Raphael HotelEstimating Nonlinear <strong>Economic</strong> Models Using Surrogate TransitionsMatthew Smith, Federal Reserve BoardMeasuring the Dynamic Effects of Monetary Policy Shocks: A Bayesian favar approach with sign restrictionPooyan Amir Ahmadi, Goethe University; Harald Uhlig, University of ChicagoThe <strong>Economic</strong>s of Options-Implied Inflation Probability Density FunctionsYuriy Kitsul, Federal Reserve Board; Jonathan Wright, Johns Hopkins UniversityThe Low-Frequency Impact of Daily Monetary Policy ShockNeville Francis, University of North Carolina, Chapel HilCredit Constraints and Households DebtLocation: Megaron Gamma, St. Raphael HotelLand-Price <strong>Dynamics</strong> and Macroeconomic FluctuationsZheng Liu, Federal Reserve Bank of San Francisco; Pengfei Wang, Hong Kong University of Science and Technology;Tao Zha, Federal Reserve Bank of AtlantaCollateral Constraints and Macroeconomic AsymmetriesMatteo Iacoviello; Luca Guerrieri; Federal Reserve BoardLiquidity Constraints of the Middle ClassZvi Hercowitz, Tel Aviv University; Jeffrey Campbell, Federal Reserve Bank of ChicagoDeleveraging of the household sectorGiorgio Primiceri, Northwestern UniversityInnovation and ProductivityLocation: Europa B, Elias Beach HotelA Structural Model of Dmand, Cost, and Export Market Selection <strong>for</strong> Chinese Footwear ProducersMark Roberts, Penn State University; Daniel Yi Xu; Duke UniversityInnovation, Reallocation and GrowthDaron Acemoglu, Massachusetts Institute of Technology; Ufuk Akcigit, University of Pennsylvania; Nicholas Bloom,Stan<strong>for</strong>d University; William Kerr, Harvard UniversityTrade Costs, Innovation, and the Gains from TradeJeff Thurk, University of Notre DameOn the Identification of Production Functions: How Heterogeneous is Productivity?Amit Gandhi, University of Wisconsin; Salvador Navarro; David Rivers; University of Western Ontario26
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Saturday June 23, 16:00 - 18:00Liquidity and In<strong>for</strong>mationLocation: Hall B, Grand Resort HotelTime-varying fund manager skillLaura Veldkamp, NYU SternThe I Theory of MoneyMarkus Brunnermeier; Yuliy Sannikov; Princeton UniversityLiquidity and Fragility in OTC Credit Derivatives MarketsAndrew Atkeson, University of Cali<strong>for</strong>nia; Andrea Eisfeldt, UCLA Anderson School of Management; Pierre-Olivier Weill,UCLAThe predictability of returns with regime shifts in consumption and dividend growthGeorge Constantinides; University of ChicagoDevelopment economics: evidence from the fieldand economic historyLocation: Atrium B, St. Raphael HotelIncentives & Nutrition <strong>for</strong> Rotten Kids: The Quantity & Quality of Food Allocated within Philippine HouseholdsPierre Dubois, Toulouse School of <strong>Economic</strong>s; Ethan Ligon, University of Cali<strong>for</strong>nia, BerkeleyTargeting the Poor: A Macroeconomic Analysis of Cash Transfer ProgramsTiago Berriel, EPGE-FGV; Eduardo Zilberman, PUC-RioAgricultural Productivity and Industrial Growth. Evidence from BrazilPaula Bustos; Bruno Caprettini, Universitat Pompeu Fabra; Jacopo Ponticelli, UPFFailure to Launch? The Role of Land Inequality in Transition DelaysAndros Kourtellos; Ioanna Stylianou, University of Cyprus; Chih Ming Tan, Clark UniversityThe effectiveness of fiscal policyLocation: Evagoras, Grand Resort HotelThe Dynamic Effects of Personal and Corporate Income Tax Changes in the United StatesKarel Mertens, Cornell University; Morten Ravn, University College LondonEstimating the Effects of Standard Fiscal and Bank Rescue MeasuresJan in ‘t Veld, European Commission; Robert Kollmann, ECARES, Université Libre de Bruxelles a; Marco Ratto; WernerRoeger; European CommissionEuropean CommissionWhat is the role of the automatic stabilizers in the U.S. business cycle?Alisdair McKay, Boston University; Ricardo Reis, Columbia UniversityRoads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure InvestmentSylvain Leduc; Daniel Wilson; Federal Reserve Bank of San FranciscoMonetary <strong>Economic</strong>s IILocation: Onisillos, Grand Resort HotelA Long-run, Short-run, and Politico-<strong>Economic</strong> Analysis of the Welfare Costs of InflationScott Dressler, Villanova UniversitySelection and Monetary Non-Neutrality in Time-Dependent Pricing ModelsCarlos Carvalho, Pontificia Universidade Catolica do Rio de Janeiro (PUC-Rio); Felipe Schwartzman, FRB - RichmondFirst Impressions Matter: Signalling as a Source of Policy <strong>Dynamics</strong>Stephen Hansen, Pompeu Fabra; Michael McMahon, University of WarwickRational Inattention, Multi-Product Firms and the Neutrality of MoneyErnesto Pasten; Banco Central de Chile and Toulouse School of <strong>Economic</strong>s18:30 - 19:45 Plenary Talk: CHRISTOPHER UDRY - HALL A, GrandResort Hotel27
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 10:00 - 12:0009:30 - 10:00 COFFEE Location: GrandResort Hotel, Elias Beach Hotel, St. Raphael HotelThe Family across Space and TimeLocation: Evagoras, Grand Resort HotelThe <strong>Economic</strong>s and Politics of Women’s RightsMatthias Doepke, Northwestern UniversityEarly and Late Human Capital Investments, Borrowing Constraints, and the FamilyElizabeth Caucutt; Lance Lochner; University of Western OntarioTechnlogy and the changing family: A unified model of marriage, divorce, educational attainment and marriedfemale labor-<strong>for</strong>ce participationJeremy Greenwood, University of Pennsylvania; Nezih Guner, ICREA-MOVE; Georgi Kocharkov, Universidad CarlosIII de Madrid; Cezar Santos, University of PennsylvaniaIntergenerational Transfers, Living Arrangements and DevelopmentAlice Schoonbroodt, The University of IowaFinancial Constraints: Theory and EvidenceLocation: Megaron C, St. Raphael HotelFinancially constrained arbitrage and cross-market contagionDenis Gromb, INSEAD; Dimitri Vayanos; London School of <strong>Economic</strong>sEndogenous liquidity and defaultable bondsZhiguo He, University of Chicago; Konstantin Milbradt, MITA Macroeconomic Model with a Financial SectorMarkus Brunnermeier; Yuliy Sannikov, Princeton UniversityInsurance Regulation and Policy FiresalesRalph Koijen, University of Chicago; Motohiro Yogo, Federal Reserve Bank of MinneapolisProductivity and the Labor MarketLocation: Hall B, Grand Resort HotelCountercyclical Restructuring and Jobless RecoveriesDavid Berger, Yale UniversityThe Labor Productivity PuzzleEllen McGrattan; Edward Prescott, Federal Reserve Bank of MinneapolisLabor Share and Technology <strong>Dynamics</strong>Sekyu Choi, Universitat Autonoma de Barcelona; Jose-Victor Rios-Rull, University of MinnesotaUnemployment Benefits Caused Jobless Recoveries!?Kurt Mitman; Stanislav Rabinovich; University of PennsylvaniaUniversity of PennsylvaniaFDI: New Theories and EvidenceLocation: Europa A, Elias Beach HotelA Linder Hypothesis <strong>for</strong> FDIPablo Fajgelbaum, UCLA; Gene Grossman, Princeton University; Elhanan Helpman, Harvard UniversityThe Perfect Match: Assortative Matching in International Acquisitions and the Source of Multinational AdvantageMaria Guadalupe; Catherine Thomas, Columbia Business School; Veronica Rappoport, Columbia UniversityMultinational BanksJose Fillat, Federal Reserve Bank of Boston; Stefania Garetto, Boston University; Martin Goetz, Federal Reserve Bankof BostonKnowledge Spillovers and The Optimal Taxation of Multinational FirmsAlexander Monge-Naranjo, Penn State University28
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 10:00 - 12:00International Asset PricingLocation: Atrium B, St. Raphael HotelPortfolio Home Bias and External Habit FormationAndreas Stathopoulos, University of Southern Cali<strong>for</strong>niaCurrency Risk and Pricing Kernel VolatilityFederico Gavazzoni; Batchimeg Sambalaibat; Christopher Telmer; Carnegie Mellon UniversityCommodity Trade and the Carry Trade: a Tale of Two CountriesRobert Ready, University of Rochester; Nikolai Roussanov, Wharton School, U. of PennInternational Asset Pricing with Recursive PreferencesRiccardo Colacito; Mariano Croce, University of North Carolina, Chapel HillUniversity of North Carolina at Chapel HPublic policy under political uncertaintyLocation: Megaron B, St. Raphael HotelGovernment Policy with Time Inconsistent VotersAlberto Bisin; Alessandro Lizzeri, New York University; Leeat Yariv, Cali<strong>for</strong>nia Institute of TechnologyGovernment Saving with Limited CommitmentDan Cao, Georgetown University; Ivan Werning, Massachusetts Institute of TechnologyReelection through DivisionMassimo Morelli, Columbia University; Richard Van Weelden, University of ChicagoThe dynamics of public investment under persistent electoral advantagMarina Azzimonti, FRB of PhiladelphiaStructural Evidence on Trade and WagesLocation: Europa B, Elias Beach HotelWages, Employment, and TradeJonathan Eaton, Pennsylvania State UniversityInternational trade, technology, and the skill premiumAriel Burstein, UCLA; Jonathan Vogel, ColumbiaTrade, competition and quality-upgrading: A theory with evidence from ColombiaMarcela Eslava, Universidad de Los Andes; Ana Cecilia Fieler, University of Pennsylvania; Daniel Yi Xu, Duke UniversityTrade and Inequality: From Theory to EstimationElhanan Helpman, Harvard University; Stephen Redding; Oleg Itskhoki, Princeton University; Marc-Andreas Muendler,University of Cali<strong>for</strong>nia, San DiegoAdvances in the Study of Labor Markets with Frictionsand Heterogeneous Workers, and FirmsLocation: Hall C, Grand Resort HotelSorting and the output loss due to search frictionsPieter Gautier, VU University Amsterdam; Coen N. Teulings, CPB Netherlands Bureau <strong>for</strong> <strong>Economic</strong> Policy AnalysisEstimation of a Roy/Search/Compensating Differential Model of the Labor MarketChristopher Taber, University of WisconsinAn Empirical Model of Wage Dispersion with SortingRasmus Lentz, University of Wisconsin-MadisonLarge Firms, Sorting and Wage Inequality: an Application to the Brazilian Labor MarketRafael Lopes de Melo, University of Chicago29
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 10:00 - 12:00Macroeconomic implications of socialnetworks and social capitalLocation: Atrium A, St. Raphael HotelStructure and Change in Production Networks: Evidence from US Firm level dataVasco Carvalho, CREI and Universitad Pompeu Fabra; Michael Gofman, University Wisconsin-MadisonFrom Polygamy to Serial Monogamy: a Unified Theory of Marriage InstitutionsDavid de la Croix, Univ cath LouvainSocial Capital, Government Expenditures, and GrowthGiacomo Ponzetto, CREI and Universitat Pompeu Fabra; Ugo Troiano, Harvard UniversityGerms, Social Networks, and GrowthAlessandra Fogli; University of Minnesota; Laura Veldkamp, NYU SternSocial SecurityLocation: Onisillos, Grand Resort HotelHome Production and Social Security Re<strong>for</strong>mMichael Dotsey; Wenli Li; Federal Reserve Bank of Philadelphia; Fang Yang; SUNY albanyThe Joint Impact of Social Security and Medicaid on Incentives and WelfareKaren Kopecky, Federal Reserve Bank of Atlanta; Tatyana Koreshkova, Concordia UniversityIncome Redistribution Through Social Security: The Timing MattersRoozbeh Hosseini; Arizona State UniversityA Life-Cycle Consumption Model with Ambiguous Survival BeliefsMax Groneck, University of Cologne; Alexander Ludwig, CMR, University of Cologne; Alexander Zimper, Universityof PretoriaEmpirics of Asset PricesLocation: Atrium C, St. Raphael HotelUnderstanding bond risk premiaAnna Cieslak, Northwestern University; Pavol Povala, University of LuganoCore and `Crust’: Consumer Prices and the Term Structure of Interest RatesAndrea Ajello, Board of Governors of the Federal Reserve System; Luca Benzoni; Olena Chyruk, Federal ReserveBank of ChicagoAccounting <strong>for</strong> ValueFrederico Belo; Chen Xue; University of Minnesota; Lu Zhang, The Ohio State UniversityFiscal policy in contemporary DSGE modelsFerre De Graeve; Virginia Queijo von Heideken; Sveriges RiksbankTaxation, labor supply, and computational economicsLocation: Tefkros, Grand Resort HotelThe laffer curve in an incomplete-markets economyPatrick Fève, Toulouse School of <strong>Economic</strong>sLabor and Profit Taxation, and the Supply of Public CapitalDavide Debortoli, University of Cali<strong>for</strong>nia, San Diego; Pedro Gomes, Universidad Carlos IIIA generalized endogenous grid method <strong>for</strong> discrete-continuous choiceFedor Iskhakov, University of Technology Sydney; John Rust, University of Maryland; Bertel Schjerning, University ofCopenhagenThe Method of Moderation <strong>for</strong> Solving Dynamic Stochastic Optimization ProblemsChristopher Carroll; Weifeng Wu; The Johns Hopkins University12:00 - 13:30 LUNCH BREAK Location: GrandResort Hotel30
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 13:30 - 15:30Domestic Interaction and the EconomyLocation: Europa A, Elias Beach HotelHousehold Interaction and the Labor Supply of Married WomenZvi Eckstein, Tel Aviv UniversityEmancipation Through EducationFatih Guvenen, University of Minnesota; Michelle Rendall, University of ZurichThe value of remarriageSekyu Choi, Universitat Autonoma de Barcelona; Clement Joubert, University of North Carolina at Chapel HillDomestic Violence over the Business CycleMichele Tertilt; Gerard van den Berg; University of MannheimFirm Structure, Firm Size, and DevelopmentLocation: Tefkros, Grand Resort Hotel<strong>Economic</strong> Development and the Organization of ProductionNicolas Roys, University of Wisconsin Madison; Ananth Seshadri, University of WisconsinLand Re<strong>for</strong>m and Productivity: A Quantitative Analysis with Micro DataTasso Adamopoulos, York University; Diego Restuccia, University of TorontoWhy Do Inefficient Firms Survive? Management and <strong>Economic</strong> DevelopmentMichael Peters, MITFinancing Constraints, Firm <strong>Dynamics</strong>, and International TradeStephane Verani; Federal Reserve Board, Till Gross; Carleton UniversityPolitical Economy ILocation: Hall C, Grand Resort HotelPolicy Discretion under Persistent ShocksPierre Yared, Columbia UniversityVoters, Donors and Accurate Polls: The Irrelevance of the Median VoterTimothy Feddersen, Northwestern UniversityThe Geography of Inter-State Resource WarsFrancesco Caselli, London School of <strong>Economic</strong>sElections and Government Accountability: Evidence from the U.S. State CourtsClaire Lim, Cornell University; James Snyder, Harvard UniversityExcessive Financial DevelopmentLocation: Megaron B, St. Raphael HotelA Model of Shadow BankingNicola Gennaioli, CREI-UPF, BarcelonaHave Financial Markets Become More In<strong>for</strong>mative?Jennie Bai, Federal Reserve Bank of New YorkFinancial Intermediation, International Risk Sharing, and Reserve CurrenciesMatteo Maggiori, UC BerkeleySpeculation and Risk Sharing with New Financial AssetsAlp Simsek, Harvard University31
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 13:30 - 15:30Heterogeneous Agents and Incomplete MarketsLocation: Europa B, Elias Beach HotelIncome Risk in RecessionsFatih Guvenen, University of Minnesota; Serdar Ozkan, Federal Reserve Board; Jae Song, Social Security AdministrationInteraction between demand <strong>for</strong> labor and consumption over the business cycleWouter Den Haan, London School of <strong>Economic</strong>sRedistributive Taxation in a Partial Insurance EconomyJonathan Heathcote, Federal Reserve Bank of Minneapolis; Kjetil Storesletten, FRB Minneapolis; Gianluca Violante,NYUSolving General Incomplete Market Models with Substantial HeterogeneityThomas Mertens, New York UniversityTopics on Sovereign DebtLocation: Atrium B, St. Raphael HotelSovereign defaults and optimal reserves managementJavier Bianchi, NYU and Wisconsin; Juan Hatchondo, Federal Reserve Bank of Richmond; Leonardo Martinez, InternationalMonetary FundFiscal Union Consensus Design Under the threat of autarkyJosé Tavares, NOVA School of Business and <strong>Economic</strong>sDebt and the U.S. EconomyKaiji Chen, Emory University; Ayse Imrohoroglu, USCForeign Debt and the Ricardian EquivalenceEric Mengus, Toulouse School of <strong>Economic</strong>sCredit frictions and the zero lower boundLocation: Atrium A, St. Raphael HotelThe Optimal Inflation Rate in New Keynesian Models: Should Central Banks Raise Their Inflation Targets in Light ofthe Zero Lower Bound?Olivier Coibion, College of William and Mary; Yuriy Gorodnichenko, UC Berkeley; Johannes Wieland, University ofCali<strong>for</strong>nia, BerkeleySupply-Side Policies and the Zero Lower BoundJesus Fernandez-Villaverde, University of Pennsylvania; Pablo Guerron-Quintana, Federal Reserve Bank of Philadelphia;Juan Rubio-Ramirez, Duke UniversityExternal Financing and the Role of Financial Frictions over the Business Cycle: Measurement and TheoryAli Shourideh, University of Pennsylavnia; Ariel Zetlin-JonesOn the Effect of Monetary Policy During a Credit CrunchFrancisco Buera, University of Cali<strong>for</strong>nia at Los AngelesThe Great RecessionLocation: Megaron C, St. Raphael HotelConsumption <strong>Dynamics</strong> During the Great RecessionDavid Berger; Joseph Vavra; Yale UniversityReconstructing the Great RecessionMichele Boldrin, Washington University in St Louis; Adrian Peralta-Alva, Federal Reserve Bank of St. LouisFiscal Sentiment and the Weak Recovery from the Great Recession: A Quantitative ExplorationFinn Kydland, University of Cali<strong>for</strong>nia, Santa Barbara; Carlos Zarazaga, Federal Reserve Bank of DallasRare Shocks, Great RecessionsVasco Curdia; Marco Del Negro, Federal Reserve Bank of New York32
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 13:30 - 15:30Asset PricesLocation: Onisillos, Grand Resort HotelSpeculative Attacks with Multiple TargetsJunichi Fujimoto, University of TokyoFiscal Policies and Asset PricesMariano Croce, University of North Carolina at Chapel H; Howard Kung, Duke University;Thien Nguyen, Wharton, UPenn; Lukas Schmid, Duke UniversityMeasuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest RatesEric Swanson; John Williams; Federal Reserve Bank of San FranciscoAsking Prices and Inspection GoodsBenjamin Lester, Federal Reserve Bank of Philadelphia; Lodewijk Visschers, Universidad Carlos III; Ronald Wolthoff,University of TorontoUncertainty and the MacroeconomyLocation: Hall B, Grand Resort HotelUncertainty Shocks in an Economy with Collateral ConstraintsAubhik Khan; Julia Thomas; Ohio State UniversityLiquidity Scarcity, Project Selection, and VolatilityFelipe Iachan,MITTime-Varying Oil Price Volatility and Macroeconomic AggregatesMichael Plante, Research Department; Nora Traum, North Carolina State UniversityLabor supply, aggregation and the labor wedgeJose Lopez; HEC PARISPolicy and Insurance in <strong>Economic</strong> UnionsLocation: Atrium C, St. Raphael HotelSmoothing shocks and balancing budgets in a currency unionJames Costain, Bank of Spain; Beatriz de Blas, Universidad Autonoma de MadridInvestment and Insurance in an <strong>Economic</strong> UnionEmilio Espino, Universidad Torcuato Di TellaMarket Deregulation and Optimal Monetary Policy in a Monetary UnionMatteo Cacciatore, HEC Montreal; Giuseppe Fiori, University of Sao Paulo; Fabio Ghironi, Boston CollegeEfficiency in International UnionsJenny Simon; Justin Valasek; European University InstituteFrictional labor marketsLocation: Evagoras, Grand Resort HotelA Unified Production and Matching Function: Implications <strong>for</strong> Factor SharesSephorah Mangin, Becker-Friedman Institute; University of ChicagoUnemployment and Endogenous Reallocation over the Business CycleCarlos Carrillo-Tudela, EssexFinancial Frictions and Occupational MobilityWilliam Hawkins, University of Rochester; Jose Mustre-del-Rio, Federal Reserve Bank of Kansas CityKnowledge spillovers in competitive search equilibriumEspen Moen, Norwegian Business School-BI15:30 - 16:00 COFFEE BREAK Location: GrandResort Hotel, Elias Beach Hotel, St. Raphael33
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 16:00 - 18:00BailoutLocation: Megaron B, St. Raphael HotelEfficient Bailouts?Javier Bianchi, NYU and WisconsinOptimal banking contracts and financial fragilityHuberto Ennis,Richmond Fed; Todd Keister, Federal Reserve Bank of New YorkBailouts, Contagion, and Bank Risk-TakingGiovanni Dell’Ariccia; Lev Ratnovski, International Monetary FundConfusion as CommitmentJaromir Nosal, Columbia University; Guillermo Ordonez, Yale UniversityIn<strong>for</strong>mation in Financial MarketsLocation: Megaron C, St. Raphael HotelIn<strong>for</strong>mation Diversity and Market Efficiency SpiralsItay Goldstein, University of Pennsylvania; Liyan Yang, Joseph L. Rotman School of Management,Trading and liquidity with limited cognitionBruno Biais, Toulouse School of <strong>Economic</strong>s; Johan Hombert, HEC Paris; Pierre-Olivier Weill, UCLAGovernment intervention and in<strong>for</strong>mation aggregation by pricesPhilip Bond, University of Minnesota; Itay Goldstein,University of PennsylvaniaSecret Keeping IntermediariesTri Vi Dang, University of Mannheim; Gary Gorton, Yale School of Management; Guillermo Ordonez, Yale UniversityTrade, Growth, and DevelopmentLocation: Hall B, Grand Resort HotelIn<strong>for</strong>mation Frictions in TradeTreb Allen, Yale UniversityIncreasing Returns and <strong>Economic</strong>s Prosperity: How Can Size not Matter?Natalia Ramondo, Arizona State UniversityInternal Trade and Aggregate ProductivityTrevor Tombe, Wilfrid Laurier University; Jennifer Winter, Labour Program, HRSDCEndogenous Growth and International Technology DiffusionMichael Waugh, New York UniversityPolitical Economy IILocation: Hall C, Grand Resort HotelThe Political Cost of Re<strong>for</strong>msAlessandra Bonfiglioli, Institute <strong>for</strong> <strong>Economic</strong> Analysis; Gino Gancia, CREI and UPFThe Grand Experiment of Communism: Discovering the Trade-off between Equality and EfficiencyEtienne Farvaque, Universitè du Havre; Alexander Mihailov, University of Reading; Alireza Naghavi, University ofBolognaKnowing the right person in the right place: political connections and resistance to changeGiorgio Bellettini; Carlotta Berti Ceroni; Giovanni Prarolo, Universtiy of BolognaWar Financing and the Transition from Absolutism to Rule by ParliamentLeandro de Magalhaes; Francesco Giovannoni, University of Bristol34
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 16:00 - 18:00Income and consumption inequalityLocation: Europa B, Elias Beach HotelInequality in Consumption EquivalenceChristian Zimmermann, University of Connecticut, Federal Reserve Bank of St. LouisA Life Cycle Approach to the Mechanism Connecting Health Inequality and Earnings InequalityMaria Prados, Columbia UniversityUnderstanding Permanent Black/White Earnings InequalityAlejandro Badel, St. Louis FedInequality in Unemployment Risk and in WagesClaudio Michelacci; Josep Pijoan-Mas; CEMFI; Hernan Ruffo, UTDTSovereign debt and defaultLocation: Atrium B, St. Raphael HotelSovereign Debt Rating Changes and the Stock MarketAlex Michaelides; Andreas Milidonis;George Nishiotis; Panayiotis Papakyriacou, University of CyprusSovereign Default Risk and Uncertainty PremiaDemian Pouzo,UC at Berkeley; Ignacio Presno, Federal Reserve Bank of BostonOptimal Sovereign Debt DefaultKlaus Adam, Mannheim University; Michael Grill, Deutsche BundesbankDebt dilution and sovereign default riskJuan Hatchondo, Federal Reserve Bank of Richmond; Leonardo Martinez, International Monetary Fund; Cesar SosaPadilla, University of MarylandBarriers to <strong>Economic</strong> DevelopmentLocation: Tefkros, Grand Resort HotelProperty Rights, Extortion and the Misallocation of TalentAshantha Ranasinghe, University of TorontoWhy Doesn’t Technology Flow from Rich to Poor Countries?Harold Cole; Jeremy Greenwood, University of Pennsylvania; Juan Sanchez, Federal Reserve Bank of St. LouisWealth Inequality and the Losses from Financial FrictionsJoaquin Blaum, MITConstrained Optimality and the Welfare Effects of MisallocationRoberto Fattal Jaef, IMFUnderstanding Monetary PolicyLocation: Atrium A, St. Raphael HotelRuns on Interest Rate PegsMarco Bassetto, Federal Reserve Bank of Chicago; Christopher Phelan, University of MinnesotaMonetary Shocks with Observation and Menu CostsFernando Alvarez, University of Chicago; Francesco Lippi, University of Sassari; Luigi Paciello, Einaudi Institute (EIEF)Short and Long Interest Rate TargetsBernardino Adao; Isabel Correia, Banco de Portugal; Pedro Teles, Banco de Portugal, Universidade CatolicaInflation and Interest Rates with Endogenous Market SegmentationAubhik Khan; Julia Thomas; Ohio State University35
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Sunday June 24, 16:00 - 18:00Models of Consumer DefaultLocation: Europa A, Elias Beach HotelFormal vs. In<strong>for</strong>mal Default in Consumer CreditDavid Benjamin, SUNY Buffalo; Xavier Mateos-Planas, Queen Mary University of LondonMortgage Default during the U.S. Mortgage CrisisThomas Schelkle, London School of <strong>Economic</strong>sA Model of Credit Card DelinquencyKartik Athreya, Federal Reserve Bank of RichmondMacroeconomic Effects of Bankruptcy and Foreclosure PoliciesKurt Mitman, University of PennsylvaniaTechnological Progress: Theory and EvidenceLocation:Onisillos, Grand Resort HotelSectoral Bubbles and Endogenous GrowthJianjun Miao, Boston University; Pengfei Wang, Hong Kong University of Science and TechEndogenous Risk and GrowthChristopher Tonetti; Jesse Perla; New York UniversityThe Media is the Measure: Technical change and employment, 1909-1949Michelle Alexopoulos; Jon Cohen; University of TorontoExpansionary and Contractionary Technology ShocksAlmut Balleer, Institute <strong>for</strong> International <strong>Economic</strong> Studies Stockholm; Zeno Enders, University of HeidelbergThe <strong>Economic</strong>s of Real EstateLocation: Evagoras, Grand Resort HotelHousing and LiquidityChao He, University of Wisconsin-Madison; Randall Wright, U Wisconsin; Yu Zhu, WisconsinThe Role of Infrastructure in U.S. GrowthJennifer Bennett, BEA; Morris Davis, University of Wisconsin-Madison, School; Jonas Fisher, Federal Reserve Bank ofChicago; David Wasshausen, BEAHousing <strong>Dynamics</strong>Finn Kydland; Peter Rupert; University of Cali<strong>for</strong>nia, Santa Barbara; Roman Sustek, Bank of EnglandCollateralization, Bank Loan Rates and Monitoring: Evidence from a Natural ExperimentGeraldo Cerqueiro, Universidade Católica Portuguesa; Steven Ongena, Tilburg University; Kasper Roszbach, SverigesRiksbank and University of GroningenTopics on Financial <strong>Economic</strong>sLocation: Atrium C, St. Raphael HotelFinancial Crisis ResolutionJosef Schroth, EUIInternational Business Cycles and Financial FrictionsWen Yao, Bank of CanadaMacroeconomic Implications of U.S. Banking LiberalisationStefan Notz, University of Zurich18:30 - 19:45 Plenary Talk: MONIKA PIAZZESI - HALL A, GrandResort Hotel36
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Local In<strong>for</strong>mationConference Venues• Grand Resort Hotel, Amathous Avenue, Limassol , Tel. +357-25634333• Elias Beach Hotel, Amathus Avenue, Limassol, Tel: +357 25635300• St. Raphael Resort, Amathus Avenue, Limassol, Tel: +357 25634100Detailed maps of the conference venues are located on following pages.RegistrationRegistration starts on Thursday June 21st from 16:00 until 20:00 at GrandResort Hotel.On Friday June 22nd, registration opens at 09:00 and remains open until 17:00. On Saturday,registration starts at 09:30. For local in<strong>for</strong>mation, please refer to the registration desk.Name BadgeYour name badge is your security pass <strong>for</strong> entrance into the conference venues. We request allconference participants to wear their name badge at all times. Separate vouchers, receivedupon registration, are needed <strong>for</strong> admission to the social events.PresentationsAll presentations will be made by using data projectors. Please bring a USB key containing yourpresentation in PDF or PowerPoint <strong>for</strong>mat. The staff will help you with loading the presentationonto the computers.Internet AccessAt the GrandResort Hotel, you will have access to an internet café, provided by CYTA, whereyou will be able to print as well. CYTA will also be providing wireless internet to all conferencerooms at the GrandResort Hotel, Elias Beach Hotel and St. Raphael Hotel. No password is needed.Wireless internet is also available in public areas at GrandResort and Elias Beach Hotel atno charge.Lunch and coffeeLunch will only be served at the GrandResort Hotel. Coffee will be offered at all conferencevenues. All hotels provide rich breakfast.Tourist In<strong>for</strong>mationTourist in<strong>for</strong>mation is available online at http://www.visitcyprus.comYou can ask <strong>for</strong> taxis at hotels’ receptions. You may also refer to the registration desk <strong>for</strong> localin<strong>for</strong>mation and assistance.37
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Social EventsUpon registration, you will receive vouchers <strong>for</strong> the social events that you have registered <strong>for</strong>.You will be asked <strong>for</strong> these vouchers at the entrance. Please let the registration desk know ifyou no longer plan to attend an event you signed up <strong>for</strong>, or if you would like to purchase anadditional ticket.Thursday, June 21, 20:00 - 21:00Welcome Cocktail Reception - Pool area of GrandResort HotelSaturday, June 23, 21:00 - 00:00Conference Gala Dinner - Pool area of GrandResort HotelThe GrandResort is among the finest five star hotels in Cyprus set in beautifully landscaped tropicalgardens, on a superb beach side location in the exclusive Amathus area of Limassol.Sunday, June 24, 21:00 -00:00Beach Party - Elias Beach Hotel, Sunset Pier & Blue ParadiseOverlooking one of Limassol’s most exclusive beaches and enjoying the crystal blue watersof the Elias Beach Hotel’s outdoor pools swimming pools under the deep blue Mediterraneanskies and next to the blue Mediterranean itself is a great way to get away from it all.The beer, wine and water at the party is provided by Photos Photiades Group.Musical entertainment is provided by the world renowned The Contractions!38
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Map Venue 1: GrandResort HotelLevel -1Rooms: Hall AHall BHall COnisillosTefkrosEvagorasReg.Desk• Registration desk: - Registration • Gallery: - Welcome coffee- In<strong>for</strong>mation - Coffee breaks (afternoon)- Cloakroom • Pool Area: - LunchTowardsOnisilosTefkrosEvagoras39
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Map Venue 2: St. Raphael HotelLevel -1Rooms: Megaron BMegaron cAtrium AAtrium BAtrium CMap Venue 3: Elias Beach HotelMezannine FloorRooms: Europa AEuropa B40
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>City Map: Conference Venues and HotelsThis map shows the conference locations, indicated by letter, and the hotels of residence of <strong>SED</strong>participants.41
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>RestaurantsAsk anyone where the best restaurants on the island are to be found and the overwhelmingresponse will be “Limassol”. It’s quite remarkable how the restaurants scene has boomed in thetown over the past decade. In the winter months, the attractive café- restaurants around thecastle such as Dino Art Café and Chesters are great <strong>for</strong> cosy dinners and gourmet dishes atvalue-<strong>for</strong> money prices. Once the summer abound with many great seaside venues and outdoordining areas to choose from.Budget (€10-20 per person)Cypriot/GreekSkourouvinnos - Phidias & Polixeni St. (+35725720692)Open: Mon-Sat 6pm -12 midnight), Main courses: Meze €17Credit: MC, V.This hugely popular place serves a Cypriot meze made from fresh produce straight from the village.Owner Yiannakis is always friendly and attentive. Don’t passup on the desserts made withlocal products such as anari cheese, carob syrum, grapes and walnuts. A deserving winner ofthe Time Out Reader’s Choice Eating Award two years running.Mairkon Sikaminia - 26, Eleftherias St. - (+35725365280)Open: Daily 7am-4:30pm, Fri- Sat 9pm - 1am, Main courses: €7.50- €14Credit: AmEx, DC, MC, V.This traditional eating place in the old town is where you go to enjoy typical Cypriot vegetableor grilled dishes <strong>for</strong> lunch while in the evening you only need to say the word “meze”and youwill be brought at least 15 home-made delights prepared with a great deal of care.To Mairkon tis Lysis - Corner of Franklin Roosevelt Ave. & Farsalon St (+35725560555)Open: Daily 9am- 12 midnight , Main courses: €5- €12, meze €15, Credit: AmEx, DC, MC, V.In this traditional tavern you must not miss the unbelievably tender pork chop, the afelia (porkcooked in wine and coriander) and the chicken, while <strong>for</strong> fish lovers there is tasty squid andoctopus. If you’re really bold, you might like to try lamb’s head, a traditional Cypriot delicacyO Tsolias - 2, Sysyphus St (+35725337521)Open: Wed-Mon 12noon - 1am , Main courses: €7- €16, meze €17, Credit: AmEx, DC, MC, V.No matter how late you are, the chef will be waiting <strong>for</strong> you to try his Cypriot meze or dishessuch as rabbit and fillet steak, preceded by fresh starters to whet your appetite in the best possibleway.OtherChesters -194 Amathous Ave. (opposite Elias Beach Hotel) –International (+357 25 635155)Open: Daily 10am - 12am (kitchen until 12 midnight), Main courses: €7.60 - €31, Credit: AmEx,DC, MC, V. The menu here is international and a la carte, specializing in smoked spare ribs anda platter with a variety of Lebanese flavours. It also functions as a bar with both Greek and<strong>for</strong>eign music.Drifters - 18 Amathus Ave., International (+35725324243)Open: Daily 10am - 2am. Main Courses: €8.60 - €9.50, Credit: AmEx, DC, MC, V.You ‘ll find just about anything you can think of on the menu, from a varied breakfast to alunchtimeor evening platter of finger food, beef, fajitas or baby back ribs with onion rigns andpotatoes. If you ‘re really hungry, try one of the huge beefburgers and wash it down with a localdraught beer.Dino Art Café - 62-66 Eirinis St. International (+357 25762030)Open Mon-Sat 10.30 am -12 midnight, Sun 4pm-12 midnight.Main courses: €5.90 - €18.50, Credit: AmEx, DC, MC, V. A veritable artist in the kitchen, the cleverand sociable chef Dino is not only brilliant at savoury items but a star at creating extraordinarydesserts.42
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>House Bar & Restaurant - Corner of Ayiou Andreou St, and Christodoulou Sozou 21 International(+357 25364040),Main courses: Around €45 per person <strong>for</strong> three courses and wineRelatively new to the Limassol scene, House is bound to make a splash. The starters are fishbased,and what should be tried, are the poppodoms with a variety of sauces and dips. Thereis also a variety of platters to choose from. The restaurant even offers a bruchetta platter. Youshould also make sure you don’t skip dessert.Chopsticks - Archbishop Makarios III Ave. - Chinese (+35 777777728)Open: Daily 12pm-3pm. , 6.30pm- midnight, Main Courses: €7.90- €12.20Credit: AmEx, DC, MC, V.Traditional Chinese dishes, exactly as you would expect, including delicious crispy spring rollsPeking duck an sweet and sour pork.Intermediate (€20-30 per person)Cypriot/GreekAnotera - 5 Gladstonos St. - (+357 25 354 033)Open Tue-Sun 12 noon - 3.30pm. & 7.30pm-11pm, Sat closed lunchtime.Main courses: Meat meze €19, fish meze €23, mixed meze €23.Credit: AmEx, DC, MC, V.Lovely, atmospheric taverna in the center of town, complete with gardens. Thanks to its reputation<strong>for</strong> excellent food, the locals flock to this one.Istorikon - Agiou Neophytou St. & Kyprianou St. - (+357 25377700)Open Mon-Sat 7pm - 11pm.Main courses: Meze €19.50 or €24 (Fr&Sat), fish meze €23, mixed meze €23.Credit: AmEx, DC, MC, V.Very romantic restaurant serving an extensive Greek meze. Reservations essential at weekends.Kyprion Gevsis - 126 B Archbishop Makarios III Ave - (+357 77778877)Open: Daily 12 noon-3pm & 6pm-late, Main Courses: Meze €20, Credit: AmEx, DC, MC, V.An extensive 30-plate meze makes this restaurant stand out from the rest. Live music at weekends.Disabled facilities and takeaway services.Pasalimani - Amathus Ave., next to Amathus Beach Hotel - Fish (+35725321494)Open: Daily 11am-11pm, Main Courses: €11- €22, Fish Meze: €24, Credit: AmEx, DC, MC, VChoose the fish you want from the display or put your trust in the classic fish meze. You certainlywon’t leave feeling anything less than satisfied.Kyrenia Nautical Club - 1, Amathus Ave. - Fish (+357 25322414)Open: Daily 11am - 12 midnight, Main Courses: €8 - €14.95, Fish Meze,Credit: AmEx, DC, MC, VFor a classic, top quality fish meze or the day’s fresh catch grilled or fried, this is the place to be.Excellent starters and fresh salads too.OtherAliada - 117, Eirinis St. - International (+357 25340758)Open: Mon - Sat 8pm -11pm, Main Courses: Set Menu: €26, Credit: AmEx, DC, MC, VLocated in a lovely old house, complete with a tranquil garden, this restaurant serves up suchan extravaganza of food (set 4-course menu) that you are unlikely to find room <strong>for</strong> it all. A pianisttickles the ivories in the backgroundAl Pesto - 126, Amathus Ave. - Italian ( +35725328782)Open: Daily 5pm - 12 midnight, Sun 12 noon - 12 midnight, Main Courses: €10,90 - €30.50Credit: AmEx, DC, MC, VThis restaurant on the eastern outskirts of Lemesos has been a great well-kept secret until now.Low prices, helpful staff, huge portions and a really relaxed atmosphere, verging on the romanticif you are in the mood.43
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Akakiko - Louis Apollonia Beach Hotel, Amathus Ave. - Japanese (+357 25323351)Open: Daily 12.30pm-3pm & 7pm-11pm, Main Courses: €9.33- €16.51Credit: AmEx, DC, MC, VSushi isn’t something you want to scrimp on, and when it’s this cheap in a classy restaurant, it’shard to resist. Other great dishes include sashimi, tempura and teppan-style platters.Kyoshi - Grand Hotel & Resort, Amathus Ave. - Japanese (+357 256634333)Open: Wed-Mon 7.30pm - 10.30pm, Main Courses: €13.50-€23.50Credit: AmEx, DC, MC, VLuxurious surroundings add to the pleasure at this restaurant which specializes in flavorsomesushi.El Pueblo - 2, Viotoias St. Yermasoyia - Mexican (+35725828272)Open: Daily 12 noon - 11pm, Main Courses: €10 - €28.30Credit: AmEx, DC, MC, VPart of an island- wide chain of Mexican restaurants, El Pueblo prides itself on its good qualityand value <strong>for</strong> money. Atmospheric music, large sombreros and margaritas by the jug all addto the enjoyment.Upscale (Approximately €30 plus per person)Cypriot / GreekThe Old Neighbourhood - 14, Angkyras Str.- Fish (+357 25376082)Open: Mon - Sat 6pm - 12 midnight, Main Courses: €40-75/Kg, Credit: DC, MC, V.Though a little more expensive than its rivals, Cypriots really like this restaurant as the chefs serveonly the fresh catch of the day and use fresh locals ingredients. EATING AWARDS 2010OtherLa Maison Fleurie - 18, Christaki Kranou St. - French (+357 25320680)Open: Mon - Sat 12 noon - 3pm & 7pm - 12 midnight, Main courses: €10- €29Credit: AmEx, DC, MC, VFor the second consecutive year, this exclusive restaurant has won a 5-star Diamond awardfrom the American Academy of Hospitality Sciences of New York. Oysters and foie gras remainfirm house favourites. Best to make a reservation especially at weekends.Beige - 238, Saint Andrew - International (+357 25818860)Open: Mon - Sat 6pm -12 midnight, Main Courses: €25 - €45, Credit: AmEx, DC, MC, VAs you enter this 1844 mansion, notice the five Time Out Eating Awards that this restaurant haswon, a clear indication of its high standard of cuisine and service. We suggest you start with halfa dozen Gillardeau oysters, wash them down with a chilled Ruinart rose, continue with sushi,mussels in white wine sauce or home-made foie gras terrine with Asian style king prawns. Andwhatever you do, don’t miss the lobster pasta.Asiachi - Amathus Beach Hotel, Amathus Ave.- Asian (+357 25832000)Open: Tue - Sun 8pm -11pm. Main courses: €17.80 - €36, Credit: AmEx, DC, MC, VThis oriental restaurant specializing in Asian cuisine was originally set up in the Paphos AmathusBeach Hotel but due to its success the Lemesos hotel now boast’s it’s own Asiachi. There’s aphenomenal temperature-controlled all-glass wine cellar on display as you enter. Deliciousfood.Vivaldi - Four Seasons Hotel, Amathus Ave. - Italian (+357 25858000)Open: Four days a week (call to check) 7.30-10.30, Main courses: €44 <strong>for</strong> two course menuUndoubtedly one of the best restaurants in Cyprus and deservedly a Time Out Eating Awardwinner <strong>for</strong> two years in a row. The extremely talented chef prepares a wonderful cold tomatosoup with basil sorbet while his ravioli with porcini mushrooms and some absolutely divine dessertswill have you wanting to return again and again.44
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Night LifeImportant note: Reservations are essential.Breeze Club - 90 Georgiou A Avenue, Yermasogeia (+35725321294)This club is located right on the beach-front of Limassol offering a pleasant view and a widerange of cocktails to enjoy. It plays the very best chilled out music during the week, but generallypumps up the beat on the weekends.Dolce Club - Amathus Avenue 138 (+35725314900)Dolce Club in Amathounta Area is much more than a night club; it’s a total cosmopolitanexperience. The club itself is decorated in luxury and cutting-edge style and is lured by an elegantatmosphere with an unparallel service standards. Dolce Club is one of a kind.Sesto Senso Club - 45 Promachon Eleftherias (+357 25 879080)This is one of the more up - market clubs in Limassol, popular amongst people in their twentiesand above. All types of music is played here, attracting not only the locals but many tourists aswell. As it is one of the most stylish clubs in the city one must dress to impress, and also on Fridaysand Saturdays it is a good idea to make a reservation as the club gets absolutely packed.7 Seas - Columbia Plaza 223 St. Andrews Street (+35725 278000)By night 7 Seas, inside and out, trans<strong>for</strong>ms into a remarkable spectacle of light set against thesilhouetted Cypriot backdrop. With deep purples and blues being a lighting theme complimentingthe chrome and signature wood paneled building front. Guests can sit com<strong>for</strong>tablysocializing in this soft ambiance with such an atmosphere that can only be set off by live music.The night typically begins with an easy listening first set from the band then warming up readyto dance the night away with hits from the 60s, 70s, right through to today’s charts!Plus Sea Beach Bar - Amathus Avenue 5, Limassol (+35725 634995)Away from the buzz of Limassol’s old town and tourist area lies a different kind of bar, secludedand peaceful, detached from the hustle and bustle of stressful daily life. For those in search oftranquility and beauty, Plus Sea Lifestyle Bar is the place to be.Draught Microbrewery Bar - Lanitis ‘Carob Mill’ Complex, Vasilissis Street, LemesosDraught Microbrewery, the only microbrewery restaurant - bar in Cyprus, is the perfect place toenjoy good food and great music. Located at Lanitis Carobmill complex next to the MedievalCastle of Limassol, Draughts’ multidimensional atmosphere attracts a wide array of clientele.Enjoy its house brew of beer or various other brand beers along with dishes influenced fromMexico, Germany, the U.S and Greece.45
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Index/List of ParticipantsNames Institution E-mail PagesAbraham Arpad European University Institute arpad.abraham@eui.eu 10, 12Acedanski Jan University of <strong>Economic</strong>s in Katowice jan.acedanski@ue.katowice.plAdamopoulos Tasso York University tasso@econ.yorku.ca 31Adao Bernardino Banco de Portugal badao@bportugal.pt 24, 35Aizawa Naoki University of Pennsylvania naizawa@sas.upenn.edu 14Ajello Andrea Federal Reserve Board andrea.ajello@frb.gov 30Akcigit Ufuk University of Pennsylvania uakcigit@econ.upenn.edu 23, 25, 26Akin Serife University of Miami s.nuray.akin@gmail.comAlbanesi Stefania Federal Reserve Bank of New York stefania.albanesi@gmail.com 22Alder Simeon University of Notre Dame simeon.alder.1@nd.edu 20Aldrich Eric FRB Atlanta ealdrich@gmail.com 18Alessandria George Federal Reserve Bank of Philadelphia george.alessandria@phil.frb.org 23Alexopoulos Michelle University of Toronto malex@chass.utoronto.ca 36Allen Treb Yale University treballen@gmail.com 34Altonji Joseph Yale University joseph.altonji@yale.edu 25Amir Ahmadi Pooyan Goethe University amir@econ.uni-frankfurt.de 26Andreou Elena University of Cyprus elena.andreou@ucy.ac.cy 19Andries Marianne Chicago Booth marianne.andries@gmail.com 11Antinolfi Gaetano Board of Governors gaetano@wustl.edu 15Arseneau David Federal Reserve Board david.m.arseneau@frb.gov 20Asturias Jose University of Minnesota astur003@umn.edu 25Athreya Kartik Federal Reserve Bank of Richmond Kartik.Athreya@rich.frb.org 36Atkeson Andy UCLA andy@atkeson.net 18, 27Auer Raphael Swiss National Bank raphael.auer@snb.ch 23Azzimonti Marina Federal Reserve Bank of Philadelphia marina.azzimonti@gmail.com 29Bachmann Ruediger RWTH Aachen University ruediger.bachmann@rwth-aachen.de 10Badel Alejandro Federal Reserve Bank of St. Louis ale.badel@gmail.com 35Bai Jennie Federal Reserve Bank of New York jennie.bai@ny.frb.org 31Bai Yan University of Rochester yanbai06@gmail.com 16Balleer Almut IIES Stockholm University almut.balleer@iies.su.se 36Bassetto Marco Federal Reserve Bank of Chicago bassetto@nber.org 35Bellettini Giorgio University of Bologna giorgio.bellettini@unibo.it 34Belo Frederico University of Minnesota fbelo@umn.edu 30Benhima Kenza University of Lausanne kenza.benhima@unil.ch 19Benjamin David SUNY-Buffalo db4@buffalo.edu 36Benzoni Luca Federal Reserve Bank of Chicago lbenzoni@frbchi.org 30Berger David Yale University david.berger@yale.edu 28, 32Berriel Tiago EPGE, FGV tiago.berriel@fgv.br 27Berti Ceroni Carlotta University of Bologna carlotta.berticeroni@unibo.it 34Biais Bruno Toulouse School of <strong>Economic</strong>s bruno.biais@univ-tlse1.fr 34Bianchi Francesco Duke University fb36@duke.edu 12, 13Bianchi Javier University of Wisconsin javier.bianchi@nyu.edu 32,34Bigio Saki New York University sbigio@nyu.edu 13Blaum Joaquin MIT jblaum@gmail.com 35Bonatti Alessandro MIT bonatti@mit.edu 19Bond Philip University of Minnesota phlpbnd@gmail.com 34Bonfiglioli Alessandra Institute <strong>for</strong> <strong>Economic</strong> Analysis alessandra.bonfiglioli@gmail.com 34Bonomolo Paolo University of Pavia paolo.bonomolo@eco.unipv.it 22Borovickova Katarina University of Chicago borovickova@uchicago.edu 21Brumm Johannes University of Zurich johannes.brumm@googlemail.com 15Brunnermeier Markus Princeton University markus@princeton.edu 27, 28Buera Francisco Federal Reserve Bank of Mpls fjbuera@gmail.com 32Burnside Alexander Duke University craig.burnside@duke.edu 10Burstein Ariel UCLA arielb@econ.ucla.edu 29Bustos Paula CREI Universitat Pompeu Fabra pbustos@crei.cat 27Cacciatore Matteo HEC Montreal matteo.cacciatore@hec.ca 20, 33Caliendo Lorenzo Yale University lorenzo.caliendo@yale.edu 25Camargo Braz FGV braz.camargo@fgv.br 13Campbell Jeffrey Federal Reserve Bank of Chicago jcampbell@frbchi.org 23, 26Cao Dan Georgetown University dc448@georgetown.edu 29Caprettini Bruno Universitat Pompeu Fabra bruno.caprettini@gmail.com 27Carapella Francescacarapellaf@gmail.comCarrillo Tudela Carlos University of Essex cocarr@essex.ac.uk 3346
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Index/List of ParticipantsNames Institution E-mail PagesFernald John Federal Reserve Bank of San Francisco john.fernald@sf.frb.org 18Feve Patrick Toulouse School of <strong>Economic</strong>s patrick.feve@univ-tlse1.fr 30Fieler Cecilia University of Pennsylvania afieler@econ.upenn.edu 29Fillat Jose Federal Reserve Bank of Boston jose.fillat@bos.frb.org 28Findeisen Sebastian University of Zurich sebastian.findeisen@uzh.ch 18, 22Fiori Giuseppe Universidade Sao Paulo/North Carolina giuseppefiori@gmail.com 33State UniversityFogli Alessandra University of Minnesota afogli@umn.edu 30Fornaro Luca London School of <strong>Economic</strong>s l.<strong>for</strong>naro@lse.ac.uk 23Francis Neville Unc Chapel Hill nfrancis@unc.edu 26Fuchs-Schundeln Nicola Goethe University office.fuchs@wiwi.uni-frankfurt.deFujimoto Junichi University of Tokyo junichif@e.u-tokyo.ac.jp 33Galenianos Manolis Penn State manolis@psu.edu 21Gancia Gino CREI and UPF ggancia@crei.cat 25, 34Garetto Stefania Boston University garettos@bu.edu 28Garriga Carlos Federal Reserve Bank of St. Louis carlos.garriga@stls.frb.org 20, 24Gautier Pieter VU Amsterdam p.a.gautier@vu.nl 29Gavazza Alessandro New York University agavazza@stern.nyu.edu 23Gavazza Valentina Stockholm University valentina.gavazza@ne.su.seGavazzoni Federico Carnegie Mellon University federicogavazzoni@cmu.edu 29Gennaioli Nicola CREI UPF ngennaioli@crei.cat 31Gervais Martin Iowa mgervaisca@gmail.com 11Giacomini Raffaella UCL r.giacomini@ucl.ac.uk 22Giannone Domenico Universite’ Libre de Bruxelles dgiannon@ulb.ac.be 22Giuliano Paola UCLA paola.giuliano@anderson.ucla.edu 14Godenhielm Mats University of Helsinki mats.godenhielm@helsinki.fiGofman Michael University of Wisconsin - Madison michael.gofman@gmail.com 30Gollin Douglas Williams College dgollin@williams.edu 22Gomes Francisco London Business School fgomes@london.edu 11Gomes Pedro Universidad Carlos III de Madrid pgomes@eco.uc3m.es 30Gonzalez Angelica University of Edinburgh Angelica.Gonzalez@ed.ac.uk 19Gorry Aspen AEI/UC Santa Cruz aspen.gorry@gmail.com 21Gottardi Piero European University Institute piero.gottardi@eui.eu 15Gottlieb Charles Ox<strong>for</strong>d University charles.gottlieb@economics.ox.ac.uk 17Greenwood Jeremy University of Pennsylvania sed12@jeremygreenwood.net 14, 28, 35Grill Michael Deutsche Bundesbank michael_grill@gmx.de 15, 35Groes Fane Copenhagen Business School fg.eco@cbs.dk 18Groneck Max University of Cologne groneck@wiso.uni-koeln.de 30Gu Chao University of Missouri guc@missouri.edu 16Guadalupe Maria Columbia mg2341@columbia.edu 28Guerrieri Veronica University of Chicago veronicaguerrieri@hotmail.com 20Guerrieri Luca Federal Reserve Board luca.guerrieri@frb.gov 12, 26Guimaraes Bernardo Sao Paulo School of economics - Fgv bernardo.guimaraes@fgv.br 10Gulan Adam Bank of Finland adam.gulan@bof.fi 14Guner Nezih ICREA-MOVE nezih.guner@movebarcelona.eu 28Gunji Hiroshi Daito Bunka University hgunji@ic.daito.ac.jpHamalainen Saara University of Helsinki and HECER saara.hamalainen@helsinki.fiHaddad Valentin University of Chicago vhaddad@chicagobooth.edu 17Hazan Moshe Hebrew University of Jerusalem moshe.hazan@huji.ac.il 11Hajzler Chris University of Otago chajzler@gmail.com 17Hanley Douglas University of Pennsylvania dohan@sas.upenn.edu 25Hashmi Aamir National University of Singapore aamir@nus.edu.sg 16Hassan Tarek University of Chicago tarek.hassan@chicagobooth.edu 14Hatchondo Juan Richmond Fed juanchatchondo@gmail.com 32, 35Hawkins William University of Rochester william.hawkins@rochester.edu 24Hazan Moshe Hebrew University of Jerusalem moshe.hazan@huji.ac.ilHeathcote Jonathan Federal Reserve Bank of Mpls heathcote@minneapolisfed.org 22, 32Heggedal Tom-Reiel Norwegian Business School Tom-Reiel.Heggedal@bi.noHelene Turon University of bristol helene.turon-lacarrieu@bristol.ac.ukHellwig Christian Toulouse School of <strong>Economic</strong>s christian.hellwig@tse-fr.eu 20Hendricks Lutz hendricks.lutz@gmail.com 24Hercowitz Zvi Tel Aviv University zvih@post.tau.ac.il 26Hernandez Kolver University of Delaware kolver@udel.edu 1948
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Index/List of ParticipantsNames Institution E-mail PagesHerrendorf Berthold Arizona State University berthold.herrendorf@asu.edu 22Hnatkovska Viktoria UBC and Wharton School hnatkovs@gmail.com 20, 24Hosseini Roozbeh Arizona State University roozbeh.hosseini@asu.edu 30Iachan Felipe MIT, Getulio Vargas Foundation fiachan@mit.edu 33Iacoviello Matteo Federal Reserve Board matteo.iacoviello@frb.gov 26Ilut Cosmin Duke University cosmin.ilut@duke.edu 13Imrohoroglu Ayse University of Southern Cali<strong>for</strong>nia ayse@marshall.usc.edu 32Intveld Jan European Commission Jan.intveld@ec.europa.eu 27Inaba Masaru Kansai University imasaru@kansai-u.ac.jpInkmann Joachim University of Melbourne jinkmann@unimelb.edu.auIovino Luigi MIT liovino@mit.edu 20Iskhakov Fedor University of Technology Sydney, CenSoC fedor.iskhakov@uts.edu.au 23, 30Itskhoki Oleg Princeton itskhoki@princeton.edu 29Jin Keyu LSE k.jin@lse.ac.uk 11Jonsson Lisa Stockholm University lisa.jonsson@ne.su.seJoensen Juanna Stockholm School of <strong>Economic</strong>s Juanna.Joensen@hhs.se 23Joubert Clement UNC Chapel Hill clemjoub@gmail.com 31Jungherr Joachim European University Institute joachim.jungherr@eui.eu 21Justiniano Alejandro Federal Reserve Bank of Chicago ajustiniano@frbchi.orgJuvenal Luciana Federal Reserve Bank St. Louis luciana.juvenal@stls.frb.org 17Kaboski Joe University of Notre Dame jkaboski@nd.edu 15Kahn James Yeshiva University james.kahn@yu.edu 15Kambourov Gueorgui University of Toronto g.kambourov@utoronto.ca 13Kang Karam University of Pennsylvania karam2@econ.upenn.eduKapicka Marek UC Santa Barbara mkapicka@econ.ucsb.edu 10Kaplan Greg University of Pennsylvania gkaplan@sas.upenn.edu 22Karabarbounis Marios University of Rochester mkarampa@z.rochester.edu 21Karadi Peter European Central Bank peter.karadi@ecb.int 16Karantounias Anastasios Federal Reserve Bank of Atlanta anastasios.karantounias@atl.frb.org 10Kaygusuz Remzi Sabanci University rkaygusuz@sabanciuniv.edu 13Kehoe Timothy University of Minnesota tkehoe@umn.edu 16Kennan John University of Wisconsin jkennan@ssc.wisc.edu 10Kero Afroditi University of Cyprus kero.afroditi@ucy.ac.cyKhan Aubhik Ohio State University mail@aubhik-khan.net 15,33, 35Kim Soojin University of Pennsylvania soojink@sas.upenn.edu 11Kircher Philipp London School of <strong>Economic</strong>s p.kircher@lse.ac.uk 26Kitsul Yuriy Federa Reserve Board yuriy.kitsul@frb.gov 26Klinkowska Olga University of Aberdeen o.klinkowska@abdn.ac.uk 19Kobayashi Keiichiro Hitotsubashi University kcrkbys@ier.hit-u.ac.jpKoeniger Winfried Queen Mary, University of London w.koeniger@qmul.ac.uk 15Kollmann Robert ECARES, Universite Libre de Bruxelles robert_kollmann@yahoo.com 11, 27Kondor Peter Central European University kopeti5@hotmail.com 20Kopecky Karen Federal Reserve Bank of Atlanta karen.kopecky@atl.frb.org 30Koursaros Demetris Cyprus University of Technology dkoursa@ucy.ac.cyKourtellos Andros University of Cyprus andros@ucy.ac.cy 19, 27Krasnokutskaya Elena Johns Hopkins University ekrasno1@jhu.edu 19Krebs Tom University of Mannheim tkrebs@econ.uni-mannheim.de 14Kredler Matthias Universidad Carlos III de Madrid mkredler@gmail.com 17Krueger Dirk University of Pennsylvania dkrueger@econ.upenn.edu 10, 11Kubler Felix University of Zurich fkubler@gmail.com 15, 18Kuester Keith Federal Reserve Bank of Philadelphia keith.kuester@phil.frb.org 14Kuhn Moritz Bonn University mokuhn@uni-bonn.de 12, 14Laczo Sarolta UCLA slaczo@econ.ucla.edu 10Lagakos David Arizona State University david.lagakos@asu.edu 20Lahiri Amartya UBC amartyalahiri@gmail.com 20La’O Jennifer University of Chicago jenlao@chicagobooth.edu 22Laun Tobias Stockholm School of <strong>Economic</strong>s tobias.laun@hhs.se 21Laureys Lien Universitat Pompeu Fabra lien.laureys@upf.eduLeblebicioglu Asli North Carolina State University alebleb@ncsu.edu 19Lee Tim University of Mannheim sylee.tim@uni-mannheim.deLentz Rasmus University of Wisconsin-Madison rlentz@ssc.wisc.edu 29Lewis Gregory Harvard glewis@fas.harvard.edu 19L’Huillier Jean-Paul Einaudi Institute jplhuillier2010@gmail.com 1249
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Index/List of ParticipantsNames Institution E-mail PagesLi Wenli Federal Reserve Bank of Philadelphia wenli.li@phil.frb.org 30Ligon Ethan University of Cali<strong>for</strong>nia, Berkeley ligon@berkeley.edu 27Lim Claire Cornell University clairelim@cornell.edu 31Linde Jesper Division of International Finance jesper.l.linde@frb.gov 11Liu Zheng Federal Reserve Bank of San Francisco zliu001@gmail.com 18, 26Liu Edith Cornell University edith.liu@cornell.edu 14Lizzeri Alessandro NYU alessandro.lizzeri@nyu.edu 23, 29Llosa Luis UCLA luisllosa@ucla.edu 17Llull Joan MOVE-UAB-BGSE joanllullcabrer@gmail.com 14Lochner Lance University of Western Ontario llochner@uwo.ca 10Lopes de Melo Rafael University of Chicago rafael.melo.rj@gmail.com 29Mackowiak Bartosz ECB bartosz.mackowiak@ecb.int 17Maggiori Matteo UC Berkeley matteo_maggiori@haas.berkeley.edu 31Makarov Igor London Business School imakarov@london.edu 23Manela Asaf Washington University in St Louis amanela@wustl.edu 10Mangin Sephorah Becker-Friedman Institute, sjmangin@gmail.com 33University of ChicagoManovskii Iourii University of Pennsylvania manovski@econ.upenn.edu 26Manuelli Rody Washington University in St. Louis riomalleo@gmail.com 10, 14, 24Marimon Ramon EUI & UPF - Barcellona GSE ramon.marimon@eui.eu 12Marinescu Ioana University of Chicago ioanamarinescu@uchicago.edu 18Martin Fernando Federal Reserve Bank of St. Louis Fernando.M.Martin@stls.frb.orgMartinez Leonardo IMF leo14627@gmail.com 32, 35Martinez Juan Francisco University of Ox<strong>for</strong>d juanfrancisco.martinez@sbs.ox.ac.uk 11McGrattan Ellen Federal Reserve Bank of Mpls erm@mcgrattan.mpls.frb.fed.us 28McKay Alisdair Boston University amckay@bu.edu 24, 27McMahon Michael University of Warwick m.mcmahon@warwick.ac.uk 27Mehra Rajnish ASU mehra@mac.comMehta Nirav University of Western Ontario nirav.mehta@uwo.ca 13Melosi Leonardo London Business School lmelosi@london.edu 12, 13Mengus Eric Toulouse School of <strong>Economic</strong>s eric.mengus@polytechnique.org 32Mertens Thomas New York University mertens@stern.nyu.edu 32Mertens Karel Cornell University km426@cornell.edu 27Michaelides Alexander University of Cyprus a.michaelides@ucy.ac.cy 35Mihailov Alexander University of Reading a.mihailov@reading.ac.uk 34Milbradt Konstantin MIT milbradt@mit.edu 28Milidonis Andreas University of Cyprus andreas.milidonis@ucy.ac.cy 35Mitman Kurt University of Pennsylvania mitmanke@econ.upenn.edu 28, 36Moen Espen R. Norwegian Business School espen.r.moen@bi.no 33Moll Benjamin Princeton benjamin.moll@gmail.com 20Monge-Naranjo Alexander Federal Reserve Bank St. Louis latanya.m.johnson@stls.frb.org 10, 28Monnet Cyril University of Bern cyril.monnet@gmail.com 21Monte Ferdinando Johns Hopkins University ferdinando.monte@jhu.edu 25Moreno Galbis Eva GRANEM, IRES, GAINS-TEPP eva.morenogalbis@univ-angers.frMuir Tyler Northwestern t-muir@kellogg.northwestern.edu 24Mustre-del-Rio Jose Federal Reserve Bank of Kansas City jfmustred@gmail.com 33Myerson Roger University of Chicago myerson@uchicago.edu 24Myerson Rebecca University of Chicago rmyerson1@uchicago.eduNakata Taisuke New York University taisuke.nakata@nyu.edu 21Navarro Salvador University of Western Ontario s.navarro.lozano@gmail.com 18, 26Nechio Fernanda Federal Reserve Bank of San Francisco fnechio@gmail.com 16Newberry Peter University of Wisconsin, Madison pwnewberry@gmail.comNezami Narajabad Borghan Rice University borghan@rice.edu 21Ngai Liwa Rachel London School of <strong>Economic</strong>s l.ngai@lse.ac.uk 23Nguyen Thien Wharton School, UPenn hien@wharton.upenn.edu 33Nimark Kristoffer CREI and Universitat Pompeu Fabra knimark@crei.cat 10Nishiotis George University of Cyprus nishioti@ucy.ac.cy 35Nosal Jaromir Columbia University jnosal@columbia.edu 34Notz Stefan University of Zurich stefan.notz@econ.uzh.ch 36Nutahara Kengo Senshu University nutti@isc.senshu-u.ac.jpObiols-Homs Francesc UAB, and BGSE francesc.obiols@uab.es 11Olivetti Claudia Boston University olivetti@bu.edu 23Ordonez Guillermo Yale University guillermo.ordonez@yale.edu 3450
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Index/List of ParticipantsNames Institution E-mail PagesOzkan Serdar Federal Reserve Board ozkan@alumni.upenn.edu 32Paciello Luigi Einaudi Institute (EIEF) luigi.paciello@eief.it 35Palazzo Berardino Yale University bpalazzo@bu.edu 11Panousi Vasia Federal Reserve Board vasia.panousi@frb.gov 21Pantano Juan Washington University in St. Louis pantano@wustl.edu 19Papakyriakou Panayiotis University of Cyprus ppapak02@ucy.ac.cy 35Papp Tamas IHS, Vienna tkpapp@gmail.com 24Park Woong Yong University of Hong Kong wypark@hku.hk 12Parlatore Siritto Cecilia New York University ceciparlatore@nyu.edu 15Pasten Ernesto Central Bank of Chile / Toulouse epasten@cict.fr 27School of <strong>Economic</strong>sPastorino Elena FRB Minneapolis and University of Minnesota elenapastorino1@gmail.com 13Patacchini Eleonora La Sapienza University eleonora.patacchini@uniroma1.it 23Pavan Ronni University of Rochester ronni.pavan@rochester.edu 18Peersman Gert Ghent University gert.peersman@ugent.be 21Peralta-Alva Adrian Federal Reserve Bank of St. Louis adrian.perlata-alva@stls.frb.org 24, 32Perera-Tallo Fernando Univ de La Laguna fperera@ull.es 10Perez Ander Universitat Pompeu Fabra ander.perez@upf.edu 24Perri Fabrizio University of Minnesota fperri@umn.edu 20, 22Peterman William Federal Reserve Board william.b.peterman@frb.gov 14Peters Michael MIT mipeters@mit.edu 31Piazzesi Monika Stan<strong>for</strong>d University piazzesi@stan<strong>for</strong>d.edu 10, 36Pieters Gina University of Minnesota gcpieters@gmail.comPiguillem Facundo EIEF facundo.piguillem@gmail.com 12, 15Pijoan-Mas Josep CEMFI pijoan@cemfi.es 13, 35Pissarides Christopher LSE & University of Cyprus c.pissarides@lse.ac.ukPlotnikov Dmitry UCLA dmitry.plotnikov@gmail.com 17Ponticelli Jacopo Universitat Pompeu Fabra jacopo.ponticelli@upf.edu 27Ponzetto Giacomo CREI and U. Pompeu Fabra gponzetto@crei.cat 30Popov Latchezar University of Virginia lpopov@virginia.edu 15Poschke Markus McGill University markus.poschke@mcgill.ca 21Postel-Vinay Fabien University of Bristol Fabien.Postel-Vinay@bristol.ac.ukPovala Pavol University of Lugano pavol.povala@gmail.com 30Pozzi Andrea Einaudi Institute <strong>for</strong> <strong>Economic</strong>s and Finance andrea.pozzi@eief.it 16Prados Maria Columbia University mp2558@columbia.edu 35Prescott Edward Arizona State University Edward.Prescott@asu.edu 28Presno Ignacio Federal Reserve Bank of Boston ignacio.presno@bos.frb.org 35Preugschat Edgar Norwegian Business School (BI) preu0030@umn.eduPrimiceri Giorgio Northwestern University g-primiceri@northwestern.edu 26Puch Luis A. Universidad Complutense luis.a.puch@gmail.com 18Queijo von Heideken Virginia Sveriges Riksbank virginia.queijo.von.heideken@riksbank.se 30Rabinovich Stanislav University of Pennsylvania srabinov@sas.upenn.edu 28Ragan Kelly Stockholm School of <strong>Economic</strong>s kelly.ragan@hhs.se 13Ready C. Robert Unviersity of Rochester 29Ramanarayanan Ananth University of Western Ontario aramanar@uwo.ca 25Ramondo Natalia Arizona State University natalia.ramondo@asu.edu 34Ranasinghe Ashantha University of Toronto a.ranasinghe@rogers.com 35Rappoport Veronica Columbia-LSE v.e.rappoport@lse.ac.uk 15, 28Ratnovski Lev International Monetary Fund lratnovski@imf.org 34Rau Tomas Universidad Catolica de Chile trau@uc.cl 18Razin Assaf Cornell University and Tel Aviv University ar256@cornell.edu 24Reiff Adam National Bank of Hungary adam.reiff@gmail.com 17Reis Catarina Catolica Lisbon creis@ucp.pt 21Reiter Michael Institute <strong>for</strong> Advanced Studies michael.reiter@ihs.ac.at 17Rendall Michelle University of Zurich michelle.rendall@econ.uzh.ch 31Restrepo-Echavarria Paulina The Ohio State University restrepo-echavarria.1@osu.edu 21Restuccia Diego University of Toronto diego.restuccia@utoronto.ca 22Ripoll Marla University of Pittsburgh ripoll@pitt.edu 11Rivers David University of Western Ontario drivers2@uwo.ca 26Roberts Mark Pennsylvania State University mroberts@psu.edu 26Robin Jean-Marc Sciences-Po jeanmarc.robin@sciences-po.fr 26Rodriguez Mora Jose V. University Of Edinburgh sevimora@gmail.com 15Rogerson Richard Princeton University rdr@princeton.edu 12, 1351
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>Index/List of ParticipantsNames Institution E-mail PagesRondeau Sebastian Columbia University sebastianrondeau@yahoo.com.arRossi Barbara ICREA, CREI, Duke barbara.rossi@upf.edu 22Roszbach Kasper Sveriges Riksbank and University of Groningen 36Rothert Jacek University of Texas at Austin jacek.rothert@gmail.com 12Roussanov Nikolai Wharton School, University of Pennsylvania nroussan@wharton.upenn.edu 29Roys Nicolas University of Wisconsin Madison nroys@ssc.wisc.edu 31Rubini Loris Carlos III lrubini@eco.uc3m.es 15Rubio-Ramirez Juan Duke University jfr23@duke.edu 32Ruffo Hernan UTDT/CEMFI hernanruffo@yahoo.com.ar 12, 35Rupert Peter UCSB rupert@econ.ucsb.edu 36Rust John Georgetown University JrusT@gemini.econ.umd.edu 23, 30Sambalaibat Batchimeg Carnegie Mellon University bsambala@andrew.cmu.edu 16, 29Sanchez Juan Federal Reserve Bank of St. Louis denise.a.cain@stls.frb.org 35Sanders Carl Washington University in St. Louis carlesanders@gmail.com 18Sannikov Yuliy Princeton sannikov@gmail.com 27, 28Santacreu Ana Maria INSEAD anamaria.santacreu@insead.edu 17Santaeulalia Raul Washington University in St Louis rauls@wustl.eduSantos Monteiro Paulo University of Warwick smont.paulo@gmail.com 17Schelkle Thomas London School of <strong>Economic</strong>s t.schelkle@lse.ac.uk 36Scheuer Florian Stan<strong>for</strong>d University scheuer@stan<strong>for</strong>d.edu 22Schjerning Bertel University of Copehagen bertel.schjerning@econ.ku.dk 23, 30Schlagenhauf Don Florida State University dschlage@fsu.edu 20Schmedders Karl University of Zurich karl.schmedders@business.uzh.ch 15, 18Schmid Lukas Duke University lukas.schmid@duke.edu 33Schmitt-Grohe Stephanie Columbia University yt2364@columbia.edu 25Schneider Martin Stan<strong>for</strong>d University schneidr@stan<strong>for</strong>d.edu 10, 13Schoellman Todd Arizona State University todd.schoellman@gmail.com 22Schoenle Raphael Brandeis University schoenle@brandeis.edu 12Schoonbroodt Alice The University of Iowa alicesch17@gmail.com 28Schroth Josef European University Institute josef.schroth@eui.eu 36Schulhofer-Wohl Sam Federal Reserve Bank of Mpls sschulh1.work@gmail.com 25Schwartzman Felipe Federal Reserve Bank of Richmond felipe.schwartzman@rich.frb.org 27Senga Tatsuro The Ohio State University senga.1@osu.eduSetty Ofer Tel Aviv University ofer.setty@gmail.comShaliastovich Ivan University of Pennsylvania ishal@wharton.upenn.edu 19Shaw Jonathan IFS j.shaw@ifs.org.uk 25Shi Zhen University of Melbourne zshi@unimelb.edu.auShimer Robert University of Chicago robert.shimer@gmail.com 17Shin Yongs Washington University in St. Louis yshin@wustl.edu 10, 14Shirai Daichi The Canon Institute <strong>for</strong> Global Studies shirai.daichi@canon-igs.orgShort Jacob University of Western Ontario jshort25@uwo.caSilva Andre Universidade Nova de Lisboa acsilva@novasbe.pt 24Sim Jae Federal Reserve Board jae.w.sim@frb.gov 24Simon Jenny European University Institute jenny.simon@eui.eu 33Simonovska Ina University of Cali<strong>for</strong>nia - Davis inasimonovska@ucdavis.edu 25Simsek Alp Harvard University asimsek@fas.harvard.edu 31Siow Aloysius University of Toronto siow@chass.utoronto.ca 13Slavik Ctirad Goethe University Frankfurt slavik@econ.uni-frankfurt.deSmith Matthew Federal Reserve Board matthew.e.smith@frb.gov 26Stacey Derek Queen’s University staceyd@econ.queensu.ca 17Stantcheva Stefanie Massachusetts Institute of Technology stefanie@mit.edu 22Stathopoulos Andreas USC astathop@marshall.usc.edu 16, 29Stefanski Radek University of Ox<strong>for</strong>d radek.stefanski@economics.ox.ac.ukSteiner Jakub Northwestern j-steiner@kellogg.northwestern.edu 10Stroebel Johannes Stan<strong>for</strong>d stroebel@stan<strong>for</strong>d.edu 10Suda Jacek Banque de France - Paris School of <strong>Economic</strong>s jacek.suda@gmail.com 24Swanson Eric Federal Reserve Bank of San Francisco eric.swanson@sf.frb.org 33Szemely Bela Boston University bszemely@bu.edu 20Taber Christopher Wisconsin-Madison ctaber@ssc.wisc.edu 29Tambalotti Andrea Federal Reserve Bank of NY andrea.tambalotti@ny.frb.orgTanaka Hiroatsu Board of Governors of the Federal hiroatsu.tanaka@frb.govReserve SystemTavares Jose’ Universidade Nova de Lisboa jtavares@fe.unl.pt 3252
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>List of PresentersNames Institution E-mail PagesTchistyi Alexei UC Berkeley tchistyi@haas.berkeley.edu 21Telmer Chris Carnegie Mellon chris.telmer@cmu.edu 29Telyukova Irina UC San Diego itelyukova@ucsd.edu 20Tenreyro Silvana LSE s.tenreyro@lse.ac.uk 25Tertilt Michele University of Mannheim mtertilt@yahoo.com 31Thomas Julia Ohio State University mail@juliathomas.net 33, 35Thurk Jeff University of Notre Dame jeff.thurk@gmail.com 26Tombe Trevor Wilfrid Laurier University ttombe@wlu.ca 34Tonetti Christopher New York University chris.tonetti@nyu.edu 36Topa Giorgio Federal Reserve Bank of New York giorgio.topa@ny.frb.org 14,17,19Tran Ngoc-Khanh MIT fizte@yahoo.com 16Traum Nora North Carolina State University nora_traum@ncsu.edu 33Tretvoll Hakon New York University hakon@nyu.edu 12Tse Chung-Yi University of Hong Kong tsechung@econ.hku.hk 20Tsuyuhara Kunio University of Calgary kunio.tsuyuhara@gmail.com 11Tsyrennikov Viktor Cornell vt68@cornell.edu 18Tutino Antonella Federal Reserve Bank of Dallas tutino.antonella@gmail.com 15, 21Udry Christopher Yale University christopher.udry@yale.edu 27Uhlig Harald University of Chicago huhlig@uchicago.edu 13Uras Burak Tilburg University r.b.uras@uvt.nl 15Uribe Martin Columbia University lg2027@columbia.edu 25Valasek Justin EUI justin.valasek@eui.eu 33Valle e Azevedo Banco de Portugal azevedojv@gmail.comVan der Klaauw Wilbert Federal Reserve Bank of New York wilbert.vanderklaauw@ny.frb.org 19Van Nieuwerburgh Stijn New York University svnieuwe@stern.nyu.edu 16Van Weelden Richard University of Chicago rvanweelden@uchicago.edu 29Vavra Joseph Yale University/Booth joseph.vavra@yale.edu 32Vayanos Dimitri London School of <strong>Economic</strong>s d.vayanos@lse.ac.uk 28Vedolin Andrea London School of <strong>Economic</strong>s a.vedolin@lse.ac.uk 16Veldkamp Laura NYU Stern lveldkam@stern.nyu.edu 27, 30Venkateswaran Vaidyanathan Penn State University vuv10@psu.edu 13Veracierto Marcelo Federal Reserve Bank of Chicago mveracie@frbchi.org 20Veramendi Gregory Aarhus University gveramendi@econ.au.dk 11Verani Stephane Federal Reserve Board stephane.h.verani@frb.gov 31Verdelhan Adrien MIT Sloan adrienv@mit.edu 14Vermeulen Philip European Central Bank philip.vermeulen@ecb.europa.eu 16Violante Gianluca New York University glv2@nyu.edu 17, 32Visschers Ludo U. Carlos III Madrid lvissche@eco.uc3m.es 33Vives Xavier IESE Busniess School xvives@iese.edu 24Wallenius Johanna Stockholm School of <strong>Economic</strong>s johanna.wallenius@hhs.se 12Wang Cheng Fudan University chewang@iastate.edu 23Wang Zhu Federal Reserve Bank of Richmond zhuwang001@gmail.com 16Wang Pengfei HKUST pfwang@ust.hk 15,26,36Wang Ping Washington University in St. Louis pingwang@wustl.edu 22WASMER Etienne Sciences Po wasmer.etienne@gmail.com 18Waugh Michael NYU mwaugh@stern.nyu.edu 25, 34Wei Bin Federal Reserve Board bin.wei@frb.gov 23Weill Pierre-Olivier UCLA poweill@gmail.com 27Weintraub Gabriel Columbia University gweintraub@columbia.edu 15Werner Jan University of Minnesota jwerner@umn.edu 18Wiederholt Mirko Northwestern University m-wiederholt@northwestern.edu 13Wieland Johannes UC Berkeley jwieland@econ.berkeley.edu 32Williamson Stephen Washington University in St. Louis swilliam@artsci.wustl.edu 24Willis Jonathan Federal Reserve Bank of Kansas City jonathan.willis@kc.frb.org 18Wilson Daniel Federal Reserve Bank of San Francisco daniel.wilson@sf.frb.org 27Wolthoff Ronald University of Toronto ronald.p.wolthoff@gmail.com 13,18,33Wong Joyce Cheng New York University cwong@nyu.edu 23Wong Tsz-Nga Washington University in St Louis purpleteeth@gmail.comWright Randall Wisconsin - Madison rwright@bus.wisc.edu 13, 36Wright Mark Federal Reserve Bank of Chicago mark.wright@chi.frb.org 14, 16Wu Thomas UC Santa Cruz thomaswu@ucsc.edu 16Xiouros Costas University of Cyprus xiouros.costas@ucy.ac.cyXU Zhiwei Hong Kong University of Science&Technology xuzhiwei09@gmail.com 1553
<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>List of PresentersNames Institution E-mail PagesYamada Tomoaki Meiji University tyamada@meiji.ac.jpYang Liyan University of Toronto liyan.yang@rotman.utoronto.ca 34Yang Fang University at Albany fyang@albany.edu 30Yanni Pierre UQAM pyanni@gmail.com 21Yao Wen Bank of Canada emailyaowen@gmail.com 36Yared Pierre Columbia University pyared@columbia.edu 31Yashiv Eran Tel Aviv University yashiv@post.tau.ac.ilYedid-Levi Yaniv University of British Columbia yaniv.yl1@gmail.com 18Yogo Motohiro Federal Reserve Bank of Mpls yogo@minneapolisfed.org 28Yorulmazer Tanju Federal Reserve Bank of New York Tanju.Yorulmazer@ny.frb.org 13Yue Vivian Board of Governors vivian.yue@frb.gov 23, 25Zachariadis Marios University of Cyprus zachariadis@ucy.ac.cy 23Zarazaga Carlos Federal Reserve Bank of Dallas carlos.zarazaga@dal.frb.org 32Zetlin-Jones Ariel University of Minnesota zetli001@umn.eduZhang Shengxing New York University sz549@nyu.eduZilibotti Fabrizio University of Zurich fabrizio.zilibotti@econ.uzh.ch 14, 25Zimmermann Christian St. Louis Fed zimmermann@stlouisfed.org 35Zviadadze Irina London Business School izviadadze.phd2008@london.edu 1954
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<strong>SED</strong> <strong>2012</strong> | <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong>The <strong>Society</strong> <strong>for</strong> <strong>Economic</strong> <strong>Dynamics</strong> gratefully acknowledges the sponsorship of
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