SED Annual Meeting July 7-9, 2011 Ghent, Belgium SED 2011 | Society for Economic Dynamics SED Annual Meeting 2011 is hosted by Vlerick Leuven – Ghent Management School Ghent University Program Chairs Christina Arellano – Federal Reserve Bank of Minneapolis Philipp Kircher – London School of Economics Local Organizers Robert Kollmann – Université Libre de Bruxelles Gert Peersman – Ghent University Stijn Van Nieuwerburgh – New York University SED 2011 | Society for Economic Dynamics SED 2011 | Society for Economic Dynamics Contents Page Message from the Organizers 3 Program Committee Members 4 SED 2011 Schedule 5 Overview of Sessions by Day 6‐8 Complete List of Sessions 9‐46 Local Information 47‐48 Map of Conference Site 49‐50 City Map with all Conference Venues and Restaurants 51 Restaurant Suggestions 52‐53 List of Presenters 54‐63 1 SED 2011 | Society for Economic Dynamics Notes 2 SED 2011 | Society for Economic Dynamics Welcome to the 2011 Annual Meeting of the Society for Economic Dynamics! We have an exciting program for this year’s meeting. Modern economics takes on the methodological challenges posed by the recent difficulties observed in many countries, and the program clearly reflects this. New issues of financial market interaction, housing markets, and international default receive highest public attention, together with such traditional topics as monetary policy, international trade, and the business cycle consequences for consumption and employment. Among other topics, all of these are a central part of this conference. We had the opportunity to select 433 papers for this program covering all areas of economics, as well as to invite plenary addresses from Robert Barro (Harvard), Douglas Gale (NYU), and John Kennan (Wisconsin). We had a record 1416 submissions and space limitations unfortunately meant that a number of fine papers did not make it onto the program. Your continuing enthusiasm has been crucial for the success of this conference! And so has the guidance by its 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, and we thank the 40‐member committee for selecting papers timely and conscientiously. A particular thanks goes to the local organizers Robert Kollmann, Stijn Van Nieuwerburgh, and Gert Peersman 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 acknowledge the support of our sponsors. Have a good and intellectually stimulating time! Enjoy the conference and Ghent! With very best wishes, Cristina Arellano, Philipp Kircher, and Richard Rogerson 3 SED 2011 | Society for Economic Dynamics Program Committee Members Program Chairs Cristina Arellano (Federal Reserve Bank of Minneapolis) Philipp Kircher (London School of Economics) Committee Manuel Amador (Stanford Univ.) Guido Menzio (Univ. of Pennsylvania) Costas Arkolakis (Yale Univ.) Virgiliu Midrigan (New York Univ.) Marina Azzimonti (FRB of Philadelphia) Makoto Nakajima (FRB Philadelphia) Rudiger Bachmann (Univ. of Michigan) Jaromir Nosal (Columbia Univ.) Yan Bai (Arizona State Univ.) Giorgio Primiceri (Northwestern Univ.) Francisco Buera (Univ. of California, Los Angeles) Juan Rubio‐Ramirez (Duke Univ.) Flavio Cunha (Univ. of Pennsylvania) Leena Rudanko (Boston Univ.) Doireann Fitzgerald (Stanford Univ.) Kim Ruhl (New York Univ.) Nicola Fuchs‐Schündeln (Goethe Univ.) Stephen Ryan (Massachusetts Institute of Technology) Manolis Galeniaos (Pennsylvania State Univ.) Alice Schoonbroodt (Southampton Univ.) Ahu Gemici (New York Univ.) Sam Schulhofer‐Wohl (FRB Minneapolis) Francois Gourio (Boston Univ.) Adam Szeidl (Univ. of California, Berkeley) Veronica Guerrieri (Univ. of Chicago) Irina Telyukov (Univ. of California, San Diego) Bernardo Guimaraes (London School of Economics) Guillaume Vandenbroucke (Univ. of Iowa) Gueorgui Kambourov (Univ. of Toronto) Pierre‐Olivier Weill (Univ. of California, Los Angeles) Stephan Lauermann (Univ. of Michigan) Mirko Wiederholt (Northwestern Univ.) Hanno Lustig (Univ. of California, Los Angeles) Pierre Yared (Columbia Univ.) Iourii Manovski (Univ. of Pennsylvania) Motohiro Yogo (FRB Minneapolis) Gustavo Manso (Massachusetts Institute of Technology) Vivian Yue (New York Univ.) Pricila Maziero (Univ. of Pennsylvania) Jing Zhang (Univ. of Michigan) 4 SED 2011 | Society for Economic Dynamics SED 2011 Schedule Day/Time Wednesday July 6 Thursday July 7 Friday July 8 Saturday July 9 Registration (from Registration 09:30‐10:00 9:00 onwards) Coffee Coffee Coffee Parallel Sessions Parallel Sessions Parallel Sessions 10:00‐12:00 Vlerick Vlerick Vlerick 12:00‐13:15 Lunch Lunch Lunch Parallel Sessions Parallel Sessions Parallel Sessions 13:15‐15:15 Vlerick Vlerick Vlerick Registration 15:15‐15:45 at Vlerick Coffee break Coffee break Coffee break (14:00‐17:00) 15:45‐17:45 Parallel Sessions Parallel Sessions Parallel Sessions Vlerick Vlerick Vlerick 17:45‐18:00 Walk to Aula Walk to Aula Walk to Aula Plenary Talk in Aula Plenary Talk in Aula Plenary Talk in Aula 18:00‐19:15 John Kennan Robert Barro Douglas Gale Registration and Welcome Cocktail (18:00‐20:00) 19:15‐… Conference Dinner Belgian Beer Party (19:30‐23:30) (21:00‐00:30) 5 SED 2011 | Society for Economic Dynamics Overview of Parallel Sessions Thursday, July 7 10:00 – 12:00 13:15 – 15:15 15:45 – 17:45 Risk Sharing with Joint Investments Monetary Economics Health Insurance, Life Insurance and Location : M2.3 Location : M1.4 Household Savings Location : M2.1 Product Market Frictions and the Empirical DSGE Modeling DSGE Models Business Cycle Location : M2.2 Location : M2.3 Location : M2.2 Topics in Macro and Labor Topics in Macro Labor Sorting in the Labor Market: Theory Location : M0.1 Location : M1.2 and Evidence Location : M0.2 Advances in New Dynamic Public Monetary and Commodity Exchange Arbitrage Capital and Liquidity Finance Location : M0.5 Shortages in Bond and Stock Markets Location : M0.5 Location : M0.1 Emerging Markets and Sovereign Development and Structural Change Emerging Markets Debt Location : M0.2 Location : school 2 Location : school 2 Agriculture and Development Trade and Development International Trade Location : M1.4 Location : M0.3 Location : M1.4 Financial Frictions and Crises Financial Frictions and Aggregate Frictions in Financial Markets Location : M0.3 Fluctuations Location : school 1 Location : M2.3 Social Networks and Labor Markets Empirical Models in Labor and Urban Household Migration and Mobility Location : M1.2 Economics Location : M0.3 Location : school 1 Attention Micro Theory Dynamic Political Economy Location : M0.2 Location : school 2 Location : M0.5 Fiscal Policy Labor Unions Fiscal Challenges, Social Security and Location : M2.1 Location : M0.1 the Labor Market Location : M2.2 Innovation and Diffusion Global Capital Flows, Productivity, Housing Markets Location : M1.5 and Risk sharing Location : M1.5 Location : M1.5 Finance in the Cross‐Section Dynamics of Financial Markets International Finance Location : school 1 Location : M2.1 Location : M1.2 18:00 – 19:15 Plenary Talk : John Kennan Aula Ghent University 6 SED 2011 | Society for Economic Dynamics Overview of Parallel Sessions Friday, July 8 10:00 – 12:00 13:15 – 15:15 15:45 – 17:45 International Economics Political Economy I Information Frictions in Location : M0.2 Location : M0.1 Macroeconomics Location : M0.5 Social Security and Health Insurance Economics of the Family Household Indebtedness and Location : M0.3 Location : M0.3 Bankruptcy Location : M2.3 Macroeconomic Analysis of Labor Macro and Micro Labor Economics Labor Markets Market Policies Location : M2.1 Location : M1.2 Location : M1.2 IO: Structural Models of Firm IO: Energy and Environmental Topics Institutions and Productivity Behavior Location : M0.2 Location : M0.2 Location : M1.4 Technology Diffusion, Economic Macroeconomics and Trade Trade and Macroeconomics Development and Trade Location : M1.4 Location : M2.1 Location : M2.1 Dynamic Contracting Information in Games Computational Methods Location : M0.1 Location : school 2 Location : school 1 Solving and Estimating New Public Economics Technology, Energy, and Public Keynesian Models Location : school 1 Spending Shocks Location : school 2 Location : M1.4 Information and Learning in Markets Institutions and Lending Institutions Location : M0.5 Location : M2.3 Location : M0.1 RED Mini‐Conference on RED Mini‐Conference on RED Mini‐Conference on Misallocation and Productivity, Misallocation and Productivity, Misallocation and Productivity, Session 1 Session 2 Session 3 Location : M2.2 Location : M2.2 Location : M2.2 Asset Pricing Employment and Wage Contracts Consumer Credit and Default Location : M1.5 Location : M1.2 Location : school 2 Theory and Evidence in Labor Search Consumption and Labor Occupational Mobility Models Location : M0.5 Location : M0.3 Location : school 1 Monetary Policy Finance and Aggregate Fluctuations Monetary Economics Location : M2.3 Location : M1.5 Location : M1.5 18:00 – 19:15 Plenary Talk : Robert Barro Aula Ghent University 7 SED 2011 | Society for Economic Dynamics Overview of Parallel Sessions Saturday, July 9 10:00 – 12:00 13:15 – 15:15 15:45 – 17:45 Schooling and Human Capital Social Security and Aging Empirical Labor Location : M0.3 Location : M0.3 Location : M1.4 Multinational Production Entrepreneurship and Risk