Society for Economic Dynamics SED Annual Meeting is co-hosted by Yonsei University (Global Research Team) Ministry of Strategy and Finance SED Annual Meeting The Bank of Korea June 27-29, 2013 Korea Development Institute Seoul, Korea Society for Economic Dynamics gratefully acknowledges additional sponsorship of © National Museum of Korea SED Annual Meeting 2013 is hosted by SED 2013 | Society for Economic Dynamics http://www.economicdynamics.org/sed2013.htm Program Chairs Virgiliu Midrigan - NYU Josep Pijoan-Mas - CEMFI Local Organizers Yongsung Chang - University of Rochester & Yonsei University Jang-Ok Cho - Sogang University Sun-Bin Kim - Yonsei University Hyun Song Shin - Princeton University Kwanho Shin - Korea University Tack Yun - Seoul National University SED 2013 | Society for Economic Dynamics SED 2013 | Society for Economic Dynamics Contents Message from the President 3 Program Committee Members 4 SED 2013 Schedule 5 Overview of Sessions by Day 6 Complete List of Sessions 9 Local Information 49 Transportation 51 Map of Conference Site 53 Restaurants Suggestions 55 City Map 60 List of Presenters 62 1 SED 2013 | Society for Economic Dynamics Message from the President Dear participants in our 2013 Annual Meeting, Welcome to the first SED meeting in Asia! It’s a pleasure for me to welcome all of you to Seoul. For many of you it has been a long trip, for others at last a short one. But in any case, the SED meeting is home to all of us. Thanks to the excellent work of the program chairs, Virgiliu Midrigan and Josep Pijoan-Mas, and their collaborators, we have an exciting program and in our exchange of ideas, distances blur. As in previous years, many papers presented here will later appear in RED and other leading economic journals; I am sure they will benefit from discussions in and out of our sessions; so, there is much to thank the program organizers for. Great papers, sessions and discussions are the landmark of our meetings, but the place, logistics and social events also define their success. On this score we should thank Yonsei University for hosting us, as well as thanking those who have provided financial support (Korean Ministry of Strategy and Finances, Bank of Korea, Korea Development Institute, and Samsung Corporation) and especially the local organizers who, behind the scenes, have collaborated through their efforts: Yongsung Chang, Jang-Ok Cho, Sun-Bin Kim, Hyun Song Shin, Kwanho Shin and Tack Yun. I am sure this year’s meeting is going to be fun too! What is new for us – having a meeting in Asia – is only a reflection of something that is certainly not new in Economic Dynamics: the increasing number of Asian scholars contributing to our research, meetings, and journals. For many of you this meeting in Seoul may be a discovery of a vibrant city, while for the Society it is no more than an overdue recognition that excellent economic research is also spreading East. Enjoy the meeting! Ramon Marimon President of the Society for Economic Dynamics 3 SED 2013 | Society for Economic Dynamics Program Committee Members Program Chairs Virgiliu Midrigan New York Univ. Josep Pijoan-Mas CEMFI Committee Azzimonti, Marina FRB of Philadelphia Moll, Benjamin Princeton Univ. Bai, Yan Univ. of Rochester Nakajima, Makoto FRB of Philadelphia Bianchi, Francesco Duke Univ. Nosal, Jaromir Duke Univ. Carvalho, Vasco CREI Ordonez, Guillermo Univ. of Pennsylvania Casanova, Maria Univ. of California, Los Angeles Ramondo, Natalia Arizona State Univ. Chien, Yili FRB of St. Louis Rendhal, Pontus Cambridge Univ. Colacito, Riccardo Univ. of North Carolina Rudanko, Leena Boston Univ. Cunha, Flavio Univ. of Pennsylvania Schaal, Edouard New York Univ. Fajgelbaum, Pablo Univ. of California, Los Angeles Scheuer, Florian Stanford Univ. Hassan, Tarek Univ. of Chicago (Booth) Schoellman, Todd Arizona State Univ. Hong, Jay Univ. of Rochester Schoonbroodt, Alice Univ. of Iowa Ilut, Cosmin Duke Univ. Schulhofer-Wohl, Sam FRB of Minneapolis Itskhoki, Oleg Princeton Univ. Shin, Yongseok Washington Univ. in St. Louis Kaboski, Joe Univ. of Notre Dame Shourideh, Ali Univ. of Pennsylvania (Wharton) Kaplan, Greg Princeton Univ. Simsek, Alp MIT Koehne, Sebastian IIES Song, Zheng Michael Univ. of Chicago (Booth) Kredler, Matthias Universidad Carlos III Waugh, Mike New York Univ. (Stern) Kurlat, Pablo Stanford Univ. Wiederholt, Mirko Goethe Univ. La'o, Jennifer Univ. of Chicago (Booth) Xu, Daniel Duke Univ. Lagakos, David Arizona State Univ. Yared, Pierre Columbia Univ. Lise, Jeremy Univ. College London Yogo, Motohiro FRB of Minneapolis Maziero, Pricila Univ. of Pennsylvania (Wharton) Yue, Vivian Federal Reserve Board Mertens, Thomas New York Univ. 4 SED 2013 | Society for Economic Dynamics SED 2013 Schedule Day Wednsday Thursday Friday Saturday Time June 26 June 27 June 28 June 29 09:00-09:45 Registration Registration Registration 09:45-11:45 Parallel Sessions Parallel Sessions Parallel Sessions 11:45-13:00 Lunch Lunch Lunch 13:00-15:00 Parallel Sessions Parallel Sessions Parallel Sessions 15:00-15:30 Coffee Break Coffee Break Coffee Break 15:30-17:30 Parallel Sessions Parallel Sessions Parallel Sessions 17:30-17:45 Coffee Break Coffee Break Coffee Break Plenary Session Plenary Session Plenary Session 17:45-18:45 Mark Watson Hal Cole Gianluca Violante B130 B130 B130 Welcome Reception Lotte Hotel Sapphire Room BBQ and Beer (18:30 - 20:30) Conference Dinner Party Lotte Hotel Yonsei University Crystal Room President’s House (20:00-22:00) (19:00-21:00) 5 SED 2013 | Society for Economic Dynamics Overview of Parallel Sessions Thursday, June 27 Time 09:45 - 11:45 13:00 - 15:00 15:30 - 17:30 Room Productivity and Firm Dynamics and Fiscal Policy, Public Debt B106 Economic Growth Aggregate Productivity and Risk Sharing Monetary and Labor Markets and B109 China Macroprudential Policy Unemployment Uncertainty and Networks and B112 Sovereign Debt and Default the Macroeconomy Supply Chains Housing, Leverage, Inflation and B120 Development and Growth Demand and the Recession Currency Risk Fluctuations in Labor Supply Imports, Productivity B121 Macro and Finance and Insurance and Trade Reform Dynamic Models of Topics in Credit Booms. 101 Old-Age Risks International Trade I Early Warnings? Housing and 102 Trade and Inequality Political Economy Inventory Dynamics Culture, Social Learning 110 Topics in IO Open Economy Macro and Human Development Economic Growth and Earnings and 112 Financial Regulation Structural Change Labor Supply Dynamics Labor and Technology Adoption, 113 Bankruptcy and Repayment Capital Market Frictions Innovation and Diffusion Marriage, Divorce, Housing and Firm Dynamics 115 and Fertility Portfolio Choice and Financial Frictions Information in 201 Macro Labor Advances in NDPF Finacial Markets 6 SED 2013 | Society for Economic Dynamics Overview of Parallel Sessions Friday, June 28 Time 09:45 - 11:45 13:00 - 15:00 15:30 - 17:30 Room Exchange Rates and Empirical Industrial B106 Inflation Dynamics Capital Controls Organization Unemployment in B109 Wage Inequality I Expectations the Great Recession Topics in Demand Effects and Labour Macroeconomics across B112 International Trade II Market Interactions Time and Space Structural Transformation, Labor Market Search: Search and B120 Development, and Heterogeneity and Information Frictions Urbanization Aggregate Uncertainty Macroeconomic Tax Policy in B121 Externalities with Financial International Capital Flows a Diverse World Frictions Exchange Rates Firm Dynamics, Growth, 101 Productivity and Growth and Prices Trade, and Productivity Default, Crises, and 102 Pricing Frictions International Macro Financial Intermediation The Big Recession: Perspectives on 110 Aggregate Demand or Household Risk Sharing the Arab Spring Frictions to Reallocation? Labor Supply and 112 Corporate Finance Macro Finance Aggregate Fluctuations Robustness and Advances in 113 Asset Pricing Heterogeneous Beliefs Public Finance Migration and Geography, Risk Sharing, 115 Labor Market Shocks Labor Markets and Income Inequality Public Finance Financial Intermediation Policy Making and 201 in Aging Societies and the Macroeconomy the Great Recession 7 SED 2013 | Society for Economic Dynamics Overview of Parallel Sessions Saturday, June 29 Time 09:45 - 11:45 13:00 - 15:00 15:30 - 17:30 Room Bubbles and Identification Family, Demography, and Parameter Instability in B106 in DSGE Models the Macroeconomy DSGE Models Monetary Policy Entry Costs, Firm Sizes, Tax Distortions and Political B109 and the Zero Bound and Development Economy on Interest Rates Dynamic Taxation and Information Frictions: Unemployment, Product B112 Insurance Theory and Evidence Markets and Search Human Capital and Search in the Housing Uncertainty, Expectations B120 Development Market and Business Cycles International B121 Government Spending Barriers to Reallocation Macro-Finance Uncertainty and Sovereign Default, Savings 101 Global Production Fluctuations and Capital Flows Output, Inflation, Longevity, Fertility, and 102 and International Solution Methods Health Macroeconomic Dynamics Monetary Policy and Human Capital and 110 Search Theory Welfare Technical Change Household Insurance and Global and Repeated 112 Risk and Portfolio Choice Credit Games Inequality and 113 Labor and Finance Wage Inequality II Intergenerational Mobility Financial Frictions Money, Liquidity, and The Service Sector across 115 and Field Experiments Trading in OTC Markets Time and Countries in General Equilibrium Networks in 201 Sovereign Debt Trade and Development Macroeconomics 8 SED 2013