SED Annual Meeting July 8‐10, 2010 Montréal, Canada SED 2010 | Society for Economic Dynamics SED 2010 | Society for Economic Dynamics Contents Page Welcoming Message from the Organizers 1 Program Committee Members 2 SED 2010 Schedule 3 Overview of Parallel Sessions 4 Complete List of All Sessions 7 Plan of the Centre Mont‐Royal 43 Local Information 45 List of Participants 49 SED 2010 | Society for Economic Dynamics Welcome to the 2010 Annual Meeting of the Society for Economic Dynamics! We have a very exciting program for this year’s meeting. There are 432 papers in 108 sessions covering all areas of macroeconomics. Our plenary speakers are Susan Athey (Harvard), Bob Hall (Stanford), and Ellen McGrattan (Federal Reserve Bank of Minneapolis). We set a new record with 1310 submissions, and because of space limitations a number of excellent papers did not make it onto the program. Under the guidance of our past presidents Tom Sargent, Ed Prescott, Dale Mortensen, Tom Cooley, Boyan Jovanovic, and David Levine, all of you have helped our meetings grow from the first one (Minneapolis, 1990) into the large and intellectually significant affair they are today. Putting together a meeting on such a large scale involves a lot of work. So, thanks go to the 41‐member program committee who selected the papers in a timely manner. A particular thanks go to our local organizers, Rui Castro and Francisco Ruge‐Murcia, who pulled this all together. Our officers, Ellen McGrattan (Treasurer) and Christian Zimmermann (Secretary) also played a key role. As you know, these meetings are costly endeavors. So, financial support from CIREQ, the University of Montreal, Tourism Montreal, and from our main sponsor, the Bank of Canada, is gratefully acknowledged. Have a good time! Enjoy the conference and Montreal. With very best wishes, Mark Aguiar, Richard Rogerson, and Michèle Tertilt ‐ 1 ‐ SED 2010 | Society for Economic Dynamics Program Committee Members Program Chairs Mark Aguiar (University of Rochester) Michèle Tertilt (Stanford University) Committee Stefania Albanesi (Columbia Univ.) Pricila Maziero (Univ. of Pennsylvania, Wharton) Manuel Amador (Stanford Univ.) Guido Menzio (Univ. of Pennsylvania) Cristina Arellano (Univ. of Minnesota) Virgiliu Midrigan (New York Univ.) Rüdiger Bachmann (Univ. of Michigan) Rachel Ngai (London School of Economics) Yan Bai (Arizona State Univ.) Giorgio Primiceri (Northwestern Univ.) Paco Buera (Univ. of California at Los Angeles) Juan Rubio‐Ramirez (Duke Univ.) Flavio Cunha (Univ. of Pennsylvania) Leena Rudanko (Boston Univ.) Ulrich Doraszelski (Harvard Univ.) Kim Ruhl (New York Univ., Stern) Doireann Fitzgerald (Stanford Univ.) Alice Schoonbroodt (Univ. of Southampton) Nicola Fuchs‐Schündeln (Goethe Univ.) Yongseok Shin (Washington Univ.) Manolis Galeniaos (Pennsylvania State Univ., Haas) Vasiliki Skreta (New York Univ. , Stern) Nicolae Garleanu (Univ. of California at Berkeley) Adam Szeidl (Univ. of California at Berkeley) Ahu Gemici (New York Univ.) Melissa Tartari (Yale Univ.) Yuriy Gorodnichenko (Univ. of California at Berkeley) Irina Telyukova (Univ. of California at San Diego) François Gourio (Boston Univ.) Stijn Van Nieuwerburgh (New York Univ., Stern) Veronica Guerrieri (Univ. of Chicago, Booth) Guillaume Vandenbroucke (Univ. of Iowa) Oleg Itskhoki (Princeton Univ.) Pierre‐Olivier Weill (Univ. of California at Los Angeles) Gueorgui Kambourov (Univ. of Toronto) Pierre Yared (Columbia Business School) Jakub Kastl (Stanford Univ.) Motohiro Yogo (Univ. of Pennsylvania, Wharton) Philipp Kircher (Univ. of Pennsylvania) Vivian Yue (New York Univ.) Hanno Lustig (Univ. of California at Los Angeles) ‐ 2 ‐ SED 2010 | Society for Economic Dynamics SED 2010 Schedule Dates July 7‐10, 2010 Conference Site Centre Mont‐Royal, Montréal Program July 7, 2010, Wednesday 17:30 – 19:30 Registration and Welcome Cocktail July 8, 2010, Thursday 09:30 – 10:00 Coffee and Tea 10:00 – 12:00 Parallel Sessions 12:00 – 13:15 Lunch 13:15 – 15:15 Parallel Sessions 15:15 – 15:45 Coffee and Tea 15:45 – 17:45 Parallel Sessions 18:00 – 19:00 Plenary Talk : Robert E. Hall (Stanford University) 19:15 – 20:30 Cocktail, Musée des beaux‐arts/The Montreal Museum of Fine Arts July 9, 2010, Friday 09:30 – 10:00 Coffee and Tea 10:00 – 12:00 Parallel Sessions 12:00 – 13:15 Lunch 13:15 – 15:15 Parallel Sessions 15:15 – 15:45 Coffee and Tea 15:45 – 17:45 Parallel Sessions 18:00 – 19:00 Plenary Talk : Susan Athey (Harvard University) 21:00 – The Band The Contractions July 10, 2010, Saturday 09:30 – 10:00 Coffee and Tea 10:00 – 12:00 Parallel Sessions 12:00 – 13:15 Lunch 13:15 – 15:15 Parallel Sessions 15:15 – 15:45 Coffee and Tea 15:45 – 17:45 Parallel Sessions 18:00 – 19:00 Plenary Talk : Ellen McGrattan (Federal Reserve Bank of Minneapolis) 20:00 – Banquet at Marché Bonsecours ‐ 3 ‐ SED 2010 | Society for Economic Dynamics Overview of Parallel Sessions Thursday, July 8 10:00 – 12:00 13:15 – 15:15 15:45 – 17:45 Emerging Markets, Sovereign Debt International Capital Flows Sovereign Debt and Capital Flows Cartier I Mansfield 7 Mansfield 5 Asset Pricing Implications of Asset Pricing and Portfolio Choice DSGE Models and Asset Prices Government Policies International II Mansfield 5 International II Inputs and Institutions in Gains from Trade Trade International Trade Cartier II Mansfield 3 International II Firm Heterogeneity and Aggregate Frictional Product Markets and the Macroeconomic Implications of Flucturations Customer Base Heterogeneous Producers Cartier I Cartier II Cartier I Liquidity Trap and Financial Markets Issues in Applied Monetary Policy Monetary Policy International I International I Mansfield 2 Social Networks Matching and Networks Incentives and Dynamic Games Mansfield 7 Mansfield 7 Mansfield 3 Frictional Labor Markets and Frictional Labor Markets: Theory and Democratization Aggregate Fluctuations Evidence Mansfield 6 Mansfield 2 Mansfield 8 Life‐Cycle Issues, Taxation, and Information and the Business Cycle Macroeconomics of News and Unemployment Insurance Mansfield 5 Dissemination of Information Mansfield 3 Cartier II Asymmetric Information and Labor Supply Structural Estimation Fluctuations Mansfield 6 Mansfield 10 International I Social Security, Health, and Family Macro: Fertility and Labor Topics in Empirical Labor Unemployment Insurance Supply Mansfield 9 Mansfield 8 Mansfield 9 Firm‐level Productivity: An IO Household Debt and Bankruptcy Consumer Credit Markets Perspective Mansfield 8 Mansfield 10 Mansfield 2 Patents and Innovation Productivity and Policy Productivity and Investment Mansfield 10 Mansfield 9 Mansfield 6 18:00 – 19:00 Plenary Talk : Robert Hall Auditorium ‐ 4 ‐ SED 2010 | Society for Economic Dynamics Overview of Parallel Sessions Friday, July 9 10:00 – 12:00 13:15 – 15:15 15:45 – 17:45 International Finance: Exchange Rates Issues in Applied International Financial Risk and Financial and Asset Pricing Macroeconomics and Finance Integration Cartier II Mansfield 8 Cartier I CEO Compensation and Principal‐ Corporate Finance and Valuation Financial Markets and Corporate Agent Contracting Mansfield 6 Finance Mansfield 5 Mansfield 2 Housing Booms and Mortgage Housing and the Macroeconomy Housing Defaults International II International I International II Fiscal Policy Optimal Fiscal Policy Optimal Taxation and Welfare Mansfield 3 Mansfield 5 Mansfield 10 Financial Frictions, Monetary Policy Financial Frictions and Monetary Inflation Determination and Macroeconomic Fluctuations Policy Cartier II Cartier II International I Contracts and Asymmetric Information and Mechanism Design Learning in Repeated Environments Information Mansfield 7 Mansfield 5 Mansfield 8 Labor Search with Multi‐Worker Firms Intra‐Firm and Inter‐Firm Workers' Multilateral Search International I Reallocation Mansfield 9 Mansfield 7 Financial Intermediation and the Financial Intermediation and Firms Business Cycles and Banking Macroeconomy Cartier I International II Cartier I Inequality and Labor Market Frictions Labor Markets and Income Education and Public Policy Mansfield 9 Fluctuations Mansfield 7 Mansfield 6 Macro and Microeconomic Aspects of Evolving Household Structure, Female Fertility: An Historical Perspective Insurance and Development Labor Supply and Inequality Mansfield 3 Mansfield 2 Mansfield 9 Empirical Methods in Industrial Estimation of DSGE Models: Theory Markov‐Switching DSGE Models Organization and Applications Mansfield 2 Mansfield 10 Mansfield 8 Topics on Economic Development Quantitative Analysis of the Growth and Development Mansfield 6 Transition to Growth Mansfield 10 Mansfield 3 18:00 – 19:00 Plenary Talk : Susan Athey Auditorium ‐ 5 ‐ SED 2010 | Society for Economic Dynamics Overview of Parallel Sessions Saturday, July 10 10:00 – 12:00 13:15 – 15:15 15:45 – 17:45 Export Dynamics and Macroeconomic The Collapse of Trade During Business World Trade, Financial Markets and Shocks Cycles and Crises International Transmission Mansfield 5 Cartier II Cartier I International Finance: International Liquidity Microfoundations of Money Portfolio Choice and Asset Pricing International I International II Mansfield 9 Strategic Interactions in Political Political Economy of Fiscal Policy Political Economy Economy Mansfield 2 Mansfield 2 Mansfield 5 Topics in Fiscal Policy Implications of Fiscal Policy Monetary and Fiscal Policy Mansfield 3 Mansfield 8 Mansfield 9 Micro‐Level Studies of International Sticky Prices Informational and Nominal Rigidities Prices and Quantities International I Mansfield 3 Mansfield 2 Business Cycles Applications