Ninth Macroeconomic Policy Research Workshop on
Understanding Financial Frictions
September 30- October 1, 2010
Organized by the Magyar Nemzeti Bank, in Collaboration with the Centre for Economic Policy Research
- Programme (printable, version Sept 27!)
- Registration form
- General Information
- Map
(closed)
Final Programme (version: September 27!!!)
September 30, Thursday
08:30 – 08:45 Registration
(Magyar Nemzeti Bank, Address: Szabadság tér 8-9.)
08:45 – 09:00 Welcome address
Ferenc Karvalits (Deputy Governor, Magyar Nemzeti Bank)
Session 1
Chair: László Halpern (Institute of Economics, Hungarian Academy of Sciences)
09:00 – 09:50
Felipe Iachan (MIT): A monetary model of banking (joint with Abhijit Banerjee, MIT and CEPR, and Eric Maskin, IAS Princeton
Discussant: Ákos Valentinyi (Cardiff and CEPR)
09:50 – 10:40
Filippo Taddei (Collegio Carlo Alberto): On the Inefficiencies of Cheap Credit (joint with Alberto Martin, CREI, UPF, CEPR)
Discussant: Andrea Canidio (Central European University)
10:40 – 11:00 Coffee break
11:00 – 11:50
Ralph de Haas (European Bank for Reconstruction and Development): The crisis as a wake-up call. Do banks tighten screening and monitoring during a financial crisis? (joint with Neeltje van Horen, Central Bank of the Netherlands )
Discussant: Kasper Roszbach (Sveriges Riksbank)
11:50 – 12:40
Refet S. Gürkaynak (Bilkent University and CEPR): Leverage of Financial Intermediaries and Cyclical Fluctuations (joint with Burçin Kisacikoglu, Bilkent University)
Discussant: Balázs Világi (MNB)
12:40 – 14:00 Lunch
14:00 – 15:30
Keynote Speech
Ricardo Caballero (MIT), On the Macroeconomics of an Uncertain Global Recovery
Session 2
Chair: Péter Pete (Eötvös Loránd University, Budapest)
15:30 – 16:20
Nicola Gennaioli (CREI, Universitat Pompeu Fabra and CEPR): Financial Innovation and Financial Fragility (joint with Andrei Shleifer, Harvard and Robert Vishny, University of Chicago)
Discussant: Peter Kondor (Central European University)
16:20 – 16:40 Coffee break
16:40 – 17:30
Alp Simsek (Harvard): Fire Sales in a Model of Complexity (joint with Ricardo Caballero, MIT)
Discussant: Adam Zawadowski (Boston University)
17:30 – 18:20
Katrin Rabitsch (Magyar Nemzeti Bank and Central European University):An Incomplete Markets Explanation to the UIP Puzzle
Discussant: Refet S. Gürkaynak (Bilkent University and CEPR)
20:00 Danube cruise with dinner
October 1, Friday
Session 3
Chair: Frank Smets (ECB)
9:00 – 9:50
Martin Andreasen (Bank of England): The Business Cycle Implications of Banks’ Maturity Transformation (joint with Marcelo Ferman, LSE, and Pawel Zabczyk, BoE and LSE)
Discussant: Peter Karadi (Magyar Nemzeti Bank)
9:50 – 10:40
Olivier Pierrard (Central Bank of Luxembourg and Catholic University of Louvain): Banking shock and monetary reactions in a New Keynesian model (joint with Gregory de Walque, National Bank of Belgium and University of Namur)
Discussant: Tommaso Monacelli (Universita Bocconi, IGIER, and CEPR)
10:40 – 11:00 Coffee break
Session 4
Chair: Márton Nagy (Magyar Nemzeti Bank)
11:00 – 11:50
Egon Zakrajsek (Federal Reserve Board): Uncertainty, Financial Frictions, and Investment Dynamics (joint with Simon Gilchrist, Boston University, NBER and Jae W. Sim, FRB)
Discussant: Frank Smets (ECB and CEPR)
11:50 – 12:40
Alberto Martin (CREI, Universitat Pompeu Fabra and CEPR): Theoretical notes on bubbles and the current crisis(joint with Jaume Ventura, CREI, UPF and CEPR)
Discussant: Nobuhiro Kiyotaki (Princeton and CEPR)
12:40 – 14:00 Lunch
14:00 – 15:30
Keynote Speech
Nobuhiro Kiyotaki (Princeton and CEPR): Financial Intermediation and Credit Policy in Business Cycle Analysis (joint with Mark Gertler, NYU)
15:30 – 15:40 Coffee break
Session 5
Chair: Júlia Király (Deputy Governor, Magyar Nemzeti Bank)
15:40 – 16:30
Philippe Bacchetta (University of Lausanne and CEPR): The Demand for Liquid Assets and International Capital Flows (joint with Kenza Benhima, University of Lausanne)
Discussant: Robert Kollmann (ECARES, Université Libre de Bruxelles, CEPR)
16:30 – 17:20
Javier Bianchi (University of Maryland): Overborrowing, Financial Crises and 'Macro-prudential Taxes' in an Equilibrium Model of Business Cycles and Asset Prices (joint with Enrique G. Mendoza, University of Maryland)
Discussant: Kenza Benhima (University of Lausanne)
17:30 Wine tasting
Organizing committee:
- Péter Benczúr (MNB and Central European University)
- Péter Karádi (MNB)
- Péter Kondor (Central European University)
- Frank Smets (ECB and CEPR)
The program of last year’s workshop can be found at Academic Conferences page.