44 sessions, 163 papers

2009 Midwest Macroeconomics Meetings
Complete List of All Sessions

Session 1: Entry/Exit Dynamics
Session Chair: Kirk White, Economic Research Service, U.S.D.A
Session type: contributed
Date: May 15, 2009
Time: 13:00 - 14:30
Location: WY005
Entry Costs, Misallocation, and Cross-Country Income and TFP Differences
JEL codes: L16, O11, O4
By Levon Barseghyan; Cornell University Riccardo DiCecio; FRB of St. Louis
Presented by: Riccardo DiCecio, Federal Reserve Bank of St. Louis
Capital Taxes with Real and Financial Frictions
By Jason DeBacker, University of Georgia
Presented by: Jason DeBacker, University of Georgia
The Impact of Initial Financial State on Firm Duration Across Entry Cohorts
By Kim Huynh, Indiana University Robert Petrunia, Lakehead University Marcel Voia, Carleton University
Presented by: Robert Petrunia, Lakehead Universtiy
The impact of Plant-level Resource Reallocations and Technical Progress on U.S. Macroeconomic Growth
By Amil Petrin; University of Minnesota,Twin Cities and NBER Kirk White; Economic Research Service, U.S.D.A. Jerome P. Reiter; Duke University
Presented by: Kirk White, Economic Research Service, U.S.D.A

Session 2: Job Search
Session Chair: David Fuller, Carnegie Mellon University
Session type: contributed
Date: May 15, 2009
Time: 13:00 - 14:30
Location: WY015
Repeated Moral Hazard with Worker Mobility via Directed On-the-Job Search
JEL codes: D8, E24, J6
By Kunio Tsuyuhara, University of Toronto
Presented by: Kunio Tsuyuhara, University of Toronto
Labor Market Experience and Worker Flows
By Aspen Gorry, University of Chicago
Presented by: Aspen Gorry, University of Chicago
Efficient Labor Force Participation with Search and Bargaining
By Bryan Engelhardt; College of the Holy Cross David Fuller; Carnegie Mellon University
Presented by: David Fuller, Carnegie Mellon University

Session 3: Monetary-Fiscal Policy Interactions
Session Chair: Andrea Ferrero, Federal Reserve Bank of New York
Session type: contributed
Date: May 15, 2009
Time: 13:00 - 14:30
Location: WY101
The Advantage of Flexible Targeting Rules
JEL codes: E61, E63
By Andrea Ferrero - FRB New York
Presented by: Andrea Ferrero, Federal Reserve Bank of New York
Simple Monetary Rules under Fiscal Dominance
By Michael Kumhof; International Monetary Fund Ricardo Nunes; Federal Reserve Board Irina Yakadina; International Monetary Fund
Presented by: Irina Yakadina, International Monetary Fund
Central Bank Balance Sheets, Quasi-Fiscal Policies, and Inflation
By Seok Gil Park; Indiana University
Presented by: SEOK GIL PARK, INDIANA UNIVERSITY

Session 4: Credit Risk
Session Chair: Satyajit Chatterjee, Federal Reserve Bank of Philadelphia
Session type: contributed
Date: May 15, 2009
Time: 13:00 - 14:30
Location: WY115
Signaling in Credit and Insurance Markets
JEL codes: C7, D8, E5
By Shreemoy Mishra, Oberlin College
Presented by: Shreemoy Mishra, Oberlin College
Credit risk without commitment
By Juan Carlos Hatchondo, Federal Reserve Bank of Richmond Leonardo Martinez, Federal Reserve Bank of Richmond
Presented by: Leonardo Martinez, Federal Reserve Bank of Richmond
Default Risk and Collateral in the Absence of Commitment
By David C. Mills, Jr.; Federal Reserve Board Robert R. Reed; University of Alabama
Presented by: David Mills, Federal Reserve Board
An Equilibrium Model of the Timing of Personal Bankruptcy Filing
By Satyajit Chatterjee; FRB Philadelphia
Presented by: Satyajit Chatterjee, Federal Reserve Bank of Philadelphia

Session 5: Health I
Session Chair: Hui He, University of Hawaii
Session type: contributed
Date: May 15, 2009
Time: 13:00 - 14:30
Location: BH005
Macroeconomic Consequences of Alternative Reforms to the Health Insurance System in the U.S.
JEL codes: E21, E62, I10
By Zhigang Feng University of Miami
Presented by: Zhigang Feng, University of Miami
Health, Retirement and Social Security Reforms
By Shutao Cao, Bank of Canada Alexander Ueberfeldt, Bank of Canada
Presented by: Shutao Cao, Bank of Canada
The Impact of Medical and Nursing Home Expenses and Social Insurance Policies on Savings and Inequality
By Karen A. Kopecky, University of Western Ontario Tatyana Koreshkova, Concordia University and CIREQ
Presented by: Karen Kopecky, The University of Western Ontario
Health Investment over the Life-Cycle
By Tim Halliday, University of Hawaii Hui He, University of Hawaii Hao Zhang, University of Hawaii
Presented by: Hui He, University of Hawaii

Session 6: Credit Frictions in the Open Economy
Session Chair: Raoul Minetti, Michigan State University
Session type: contributed
Date: May 15, 2009
Time: 15:00 - 16:30
Location: BH005
Sovereign default and negotiation: recovery rates, interest rate spreads and credit history
[slides]
JEL codes: E43, F32
By Tamon Asonuma, Boston University
Presented by: Tamon Asonuma, Boston University
Can Uninsurable Idiosyncratic Shocks Lead to Global Imbalances?
By Vitaliy Strohush; Boston College
Presented by: Vitaliy Strohush, Boston College
Exchange Rate Crises and Fiscal Solvency
By Betty C. Daniel; University at Albany-SUNY and Board of Governors of the Federal Reserve
Presented by: Betty C. Daniel, Department of Economics
Foreign Lenders in Emerging Economies
By Matteo Iacoviello, Boston College Raoul Minetti, Michigan State University
Presented by: Raoul Minetti, Michigan State University

Session 7: Monetary Policy
Session Chair: William Gavin, Federal Reserve Bank of St. louis
Session type: contributed
Date: May 15, 2009
Time: 15:00 - 16:30
Location: WY005
Discreet Commitments of Policymakers with Private Information
JEL codes: E31, E37, E47,
By Elmar Mertens, Federal Reserve Board
Presented by: Elmar Mertens, Federal Reserve Board
Home Production, Services and Monetary Policy
By Constant Lonkeng Ngouana; Université de Montréal and CIREQ
Presented by: Constant Aimé LONKENG NGOUANA, Université de Montréal
What Does the Market Think of the Taylor Rule
By Scott Borger; UCSD Jim Hamilton; UCSD Seth Pruitt; Federal Reserve Board
Presented by: Seth Pruitt, Federal Reserve Board of Governors
Taylor-Type Rules and Permanent Shifts in Productivity Growth
By William T. Gavin, Federal Reserve Bank of St. Louis Benjamin D. Keen, University of Oklahoma Michael R. Pakko, Federal Reserve Bank of St. Louis
Presented by: William Gavin, Federal Reserve Bank of St. louis

Session 8: R & D
Session Chair: Roberto Samaniego, George Washington University
Session type: contributed
Date: May 15, 2009
Time: 15:00 - 16:30
Location: WY015
Knowledge Spillovers and Firm Size Heterogeneity
[slides]
JEL codes: O33 O41 L11 L6
By Jie (April) Cai University of British Columbia
Presented by: Jie Cai, University of British Columbia
R&D and Firm Dynamics
By Orkhan Hasanaliyev North Carolina Central University
Presented by: Orkhan Hasanaliyev, North Carolina Central University
Who invests in Research and Development?: A Model of Endogenous Sectoral Choice with Costly External Finance
By Rasim Burak Uras - Washington University in St. Louis
Presented by: Rasim Uras, Washington Univesrity in St. Louis
A Multi-industry Model of Growth with Financing Constraints
By Anna O. Ilyina; International Monetary Fund Roberto M. Samaniego; George Washington University
Presented by: Roberto Samaniego, George Washington University

Session 9: Skill Composition, Inequality, and Development
Session Chair: Areendam Chanda, Louisiana State University
Session type: contributed
Date: May 15, 2009
Time: 15:00 - 16:30
Location: WY101
Knowledge Diffusion and the Japanese Growth Miracle
JEL codes: E1, O4, O53
By Atsushi Oshima; The University of Iowa
Presented by: Atsushi Oshima, University of Iowa
Technology-Skill Complementarity and International TFP Differences
By Areendam Chanda, Louisiana State University Beatrice Farkas, Louisiana State University
Presented by: Areendam Chanda, Louisiana State University
Accounting for Rising Wages in China
By Suqin Ge; Virginia Tech Dennis Tao Yang; Virginia Tech and The Chinese University of Hong Kong
Presented by: Suqin Ge, Virginia Polytechnic and State University
Taxation of Human Capital and Cross-Country Trends in Wage Inequality
By Fatih Guvenen; University of Minnesota, NBER Burhanettin Kuruscu; University of Texas at Austin Serdar Ozkan; University of Pennsylvania
Presented by: Serdar Ozkan, University of Pennsylvania

Session 10: Government Behavior
Session Chair: Jim Dolmas, Federal Reserve Bank of Dallas
Session type: contributed
Date: May 15, 2009
Time: 15:00 - 16:30
Location: WY115
Political Disagreement, Lack of Commitment and the Level of Debt
JEL codes: C61, E61, E62,
By Davide Debortoli, UC San Diego Ricardo Nunes, Federal Reserve Board
Presented by: Ricardo Nunes, Federal Reserve Board
Accounting for Cross-Country Income Differences with Public Capital
By German Cubas, University of Iowa
Presented by: GERMAN CUBAS, UNIVERSITY OF IOWA
Government's Dilemma:　Effects of public expenditure for medical research and social security on capital accumulation
By Tatsuya OMORI; Mie Chukyo University
Presented by: Tatsuya OMORI, Mie Chukyo University
What do majority-voting politics say about redistributive taxation of consumption and factor income? Not much.
By Jim Dolmas; Federal Reserve Bank of Dallas
Presented by: Jim Dolmas, Federal Reserve Bank of Dallas

Session 11: Plenary session I: K. Daron Acemoglu, MIT
Session Chair: Gerhard Glomm, Indiana University
Session type: invited
Date: May 15, 2009
Time: 17:00 - 18:00
Location: BH013

Session 12: Unemployment
Session Chair: Aysegul Sahin, Federal Reserve Bank of New York
Session type: contributed
Date: May 16, 2009
Time: 8:30 - 10:00
Location: WY005
Severance Payments: Equilibrium Welfare Effects in a Model with Heterogeneous Workers
JEL codes: E24 D52 D58 J65
By Marco Cozzi; Queen's University Giulio Fella; Queen Mary and UPENN Gianluca Violante; NYU, NBER and CEPR
Presented by: Marco Cozzi, Queen's University
Vacancy posting, Job Separation and Unemployment Fluctuations
By Regis Barnichon; Federal Reserve Board
Presented by: Regis Barnichon, Federal Reserve Board
Training or Search? Evidence and an Equilibrium Model
By Jun Nie New York University / Kansas City Fed
Presented by: Jun Nie, NYU
Unemployment Dynamics in the OECD
By Michael Elsby; University of Michigan and NBER Bart Hobijn; FRB San Francisco Aysegül Sahin; FRB New York
Presented by: Aysegul Sahin, Federal Reserve Bank of New York

Session 13: Pricing Behavior
Session Chair: Kevin Sheedy, London School of Economics
Session type: contributed
Date: May 16, 2009
Time: 8:30 - 10:00
Location: WY015
Reset Price Inflation and the Impact of Monetary Policy Shocks
JEL codes: E31, E32
By Mark Bils; University of Rochester and NBER Peter J. Klenow; Stanford University and NBER Benjamin A. Malin; Federal Reserve Board
Presented by: Ben Malin, Federal Reserve Board of Governors
Alternative Methods of Solving State-Dependent Pricing Models
By Edward S. Knotek II; Federal Reserve Bank of Kansas City Stephen Terry; Federal Reserve Bank of Kansas City
Presented by: Edward Knotek II, Federal Reserve Bank of Kansas City
Price-Setting in a Model with Production Chain: Evidence from Micro-data
By Maral Shamloo; FMG, London School of Economics
Presented by: Maral Shamloo, London School of Economics
Sales and Monetary Policy
By Bernardo Guimaraes, London School of Economics Kevin Sheedy, London School of Economics
Presented by: Kevin Sheedy, London School of Economics

Session 14: Asset Pricing 1
Session Chair: Marika Santoro, Congressional Budget Office
Session type: contributed
Date: May 16, 2009
Time: 8:30 - 10:00
Location: WY101
Asset Trading and Valuation with Uncertain Exposure
JEL codes: G1
By Juan Carlos Hatchondo, Federal Reserve Bank of Richmond Per Krusell, Princeton University Martin Schneider, Stanford University
Presented by: Juan Hatchondo, Federal Reserve Bank of Richmond
Why Do Older People Quit The Stock Market?
By Lei Guo; University of Minnesota Hui He; University of Hawaii Zheng Liu; Federal Reserve Bank of San Francisco
Presented by: Lei Guo, University of Minnesota
A Robust Model of Bubbles with Multidimensional Uncertainty
By Antonio Doblas-Madrid, Michigan State University
Presented by: Antonio Doblas-Madrid, Michigan State University
Taxation and Asset Pricing in a Production Economy
By Marika Santoro, Congressional Budget Office Chao Wei, George Washington University
Presented by: Marika Santoro, Congressional Budget Office

Session 15: Fiscal Policy
Session Chair: Johanna Francis, Fordham University
Session type: contributed
Date: May 16, 2009
Time: 8:30 - 10:00
Location: WY115
The cost of tax competition. Insights from a dynamic two-country model
JEL codes: E62;H21;H62;
By Eva Luthi; Universitat Pompeu Fabra
Presented by: Eva Luthi, Universitat Pompeu Fabra
Dynamic Fiscal Competition and Economic Integration
By Calin Arcalean
Presented by: Calin Arcalean, Indiana University
Tax Treatment of Owner Occupied Housing and Wealth Inequality
By Sang-Wook (Stanley) Cho; University of New South Wales Johanna Francis; Fordham University
Presented by: Johanna Francis, Fordham University

Session 16: From Luddites to Expansion of Education
Session Chair: Todd Schoellman, Clemson University
Session type: contributed
Date: May 16, 2009
Time: 8:30 - 10:00
Location: BH005
Luddites and the Demographic Transition
JEL codes: O31, O33, J13
By Kevin H. O'Rourke; Trinity College, Dublin Ahmed S. Rahman; United States Naval Academy Alan M. Taylor; University of California, Davis
Presented by: Ahmed Rahman, United States Naval Academy
The Role of Mortality in the Transmission of Knowledge
By Michael Bar; San Francisco State University Oksana Leukhina; UNC - Chapel Hill
Presented by: Oksana Leukhina, UNC - Chapel Hill
Quality and Quantity of Education in the Process of Development
By Amparo Castelló-Climent; IEI (Instituto de Economía Internacional) Ana Hidalgo; University Carlos III de Madrid
Presented by: Amparo Castello-Climent, Instituto de Economía Internacional
Student Abilities During the Expansion of U.S. Education, 1950-2000
By Lutz Hendricks; UNC-Chapel Hill Todd Schoellman; Clemson University
Presented by: Todd Schoellman, Clemson University

Session 17: Life Cycle and Uncertainty
Session Chair: Wenli Li, Federal Reserve Bank of Philadelphia
Session type: contributed
Date: May 16, 2009
Time: 10:30 - 12:00
Location: WY005
Understanding Consumption Responses with Epstein and Zin Preferences
JEL codes: C63,D52,D91,E21
By Ka Fai Li University of Minnesota
Presented by: Ka Fai LI, University of Minnesota
Price Search, Consumption Inequality and Expenditure Inequality in a Life Cycle Model
By Yavuz Arslan; Central Bank of Turkey Temel Taskin; University of Rochester
Presented by: Temel Taskin, University of Rochester
Housing Decisions under Uncertain Income
By Guozhong Zhu; Department of Economics, University of Texas at Austin
Presented by: Guozhong (John) Zhu, University of Texas at Austin
Deconstructing Life-cycle Construction with Home Production
By Mike Dotsey Federal Reserve Bank of Philadelphia Wenli Li Federal Reserve Bank of Philadelphia Fang Yang State University of New York at Albany
Presented by: Wenli Li, Federal Reserve Bank of Philadelphia

Session 18: Optimal Monetary Policy
Session Chair: Ioana Moldovan, University of Glasgow
Session type: contributed
Date: May 16, 2009
Time: 10:30 - 12:00
Location: WY015
The macroeconomic effects of unstable monetary policy objectives
JEL codes: E52, E58, E61
By Davide Debortoli, University of California, San Diego Ricardo Nunes, Federal Reserve Board of Governors
Presented by: Davide Debortoli, Universitat Pompeu Fabra
Oil Price Shocks and the Optimality of Monetary Policy
By Anna Kormilitsina; Southern Methodist University
Presented by: Anna Kormilitsina, Southern Methodist University
Trend inflation, nominal rigidities, and endogenous growth
By Bob Amano; Bank of Canada Tom Carter; Bank of Canada Kevin Moran; Laval University
Presented by: Thomas Carter,
Optimal Monetary Policy in a New Keynesian Model with Habits in Consumption
By Campbell Leith; University of Glasgow Ioana Moldovan; University of Glasgow Raffaele Rossi; University of Glasgow
Presented by: Ioana Moldovan, University of Glasgow

Session 19: Small Open Economies
Session Chair: Ufuk Demirel, University of Colorado at Boulder
Session type: contributed
Date: May 16, 2009
Time: 10:30 - 12:00
Location: WY101
Does financial openness lead to deeper domestic financial markets?
JEL codes: F21, F36, C23
By Cesar Calderon; World Bank Megumi Kubota; University of York
Presented by: Cesar Calderon, World Bank
Risk Matters: The Real Effects of Volatility Shocks
By Jesús Fernández-Villaverde (U Pennsylvania) Pablo A. Guerron-Quintana (North Carolina State U) Juan Rubio-Ramirez (Duke U) Martin Uribe (Columbia U)
Presented by: Pablo Guerron-Quintana, North Carolina State University
Labor Market Search in Emerging Economies
By Emine Boz, International Monetary Fund C. Bora Durdu, Federal Reserve Board Nan Li, Ohio State University
Presented by: Nan Li, Ohio State University
Macroeconomic Stabilization in Developing Economies: Are Optimal Policies Procyclical?
By Ufuk Devrim Demirel; University of Colorado
Presented by: Ufuk Demirel, University of Colorado at Boulder

Session 20: Payments and Pricing
Session Chair: Tao Zhu, Department of Economics
Session type: contributed
Date: May 16, 2009
Time: 10:30 - 12:00
Location: WY115
Money and Costly Credit
JEL codes: E41, E50
By Mei Dong Simon Fraser University
Presented by: Mei Dong, Simon Fraser University
Porduction, hidden action and the payment system
By Joe Haslag, University of Missouri Chao Gu, University of Missouri Mark Guzman, University of Reading
Presented by: Joseph Haslag, University of Missouri--Columbia
Inflation with Random Consumption and Production Timing
By Borghan N. Narajabad ; Rice University
Presented by: Borghan Nezami Narajabad, Rice University
Noncash payment methods in a cashless economy
By Tao Zhu; Cornell University Eliot Maenner; University of Copenhagen
Presented by: Tao Zhu, Department of Economics

Session 21: Attending College
Session Chair: Nicole Simpson, Colgate University
Session type: contributed
Date: May 16, 2009
Time: 10:30 - 12:00
Location: BH005
Accounting for the Gender Gap in College Attainment
JEL codes: J24, J16, I20
By Suqin Ge; Virginia Tech; Fang Yang; SUNY-Albany
Presented by: Fang Yang, SUNY-Albany
The Market for Private School Loans: The Intergenerational Transmission of Credit Scores
By Felicia Ionescu; Colgate University Nicole Simpson; Colgate University
Presented by: Nicole Simpson, Colgate University
Macroeconomic effects of higher education funding policies
By Ioana C. Schiopu; Institute for Economic Analysis
Presented by: Ioana Schiopu, Institute for Economic Analysis (CSIC)
Insuring College Failure Risk
By Satyajit Chatterjee, Federal Reserve Bank of Philadelphia Felicia Ionescu, Colgate University
Presented by: Felicia Ionescu, Colgate University

Session 22: Plenary session II: Harald Uhlig, University of Chicago
Session Chair: Gerhard Glomm, Indiana University
Session type: invited
Date: May 16, 2009
Time: 13:30 - 14:30
Location: BH013

Session 23: Labor and Aggregate Fluctuations
Session Chair: Stefano Eusepi, Fedral Reserve Bank of New York
Session type: contributed
Date: May 16, 2009
Time: 15:00 - 16:30
Location: BH005
The (Un)importance of Unemployment Fluctuations for Welfare
JEL codes: E32,E24,J64
By Philip Jung, University of Mannheim Keith Kuester, Federal Reserve Bank of Philadelphia
Presented by: Keith Kuester, Federal Reserve Bank of Philadelphia
Shimer Meets the Production Based Asset Pricing Crowd: Insider-Outsider Labour relation and Asset Returns
By Hyungseok (Eric) Kim; Columbia university
Presented by: Hyungseok Kim, Columbia university
Wages over the Business Cycle: Spot Markets?
By Marcus Hagedorn, University of Zurich Iourii Manovskii, University of Pennsylvania
Presented by: Iourii Manovskii, University of Pennsylvania
Comovement in Business Cycle Models: the Role of Nonseparable Preferences and Labor Market Participation
By Stefano Eusepi; Federal Reserve bank of New York Bruce Preston; Columbia University and NBER
Presented by: Stefano Eusepi, Fedral Reserve Bank of New York

Session 24: Monetary Policy & Fiscal Policy
Session Chair: Hafedh Bouakez, HEC Montreal
Session type: contributed
Date: May 16, 2009
Time: 15:00 - 16:30
Location: WY115
Default Risk and Fiscal Policy Regime Change
JEL codes: E60, H30, H63
By Huixin Bi, Indiana University
Presented by: Huixin Bi, Indiana University
Tax Smoothing in Frictional Labor Markets
By David M. Arseneau, Board of Governors Sanjay K. Chugh, University of Maryland
Presented by: David Arseneau, Federal Reserve Board
A Theory of Financial Innovation and Monetary Substitution with an Application to a Century of Data on the M1-Income Ratio
By Drew Saunders; Purdue University
Presented by: Drew Saunders, Krannert School of Mgmt, Purdue Univ.
Sectoral Price Rigidity and Aggregate Dynamics
By Hafedh Bouakez (HEC Montreal) Emanuela Cardia (U. de Montreal) Francisco Ruge-Murcia (U. de Montreal)
Presented by: Hafedh Bouakez, HEC Montreal

Session 25: Uncertainty in Macro
Session Chair: Hammad Qureshi, The Ohio State University
Session type: contributed
Date: May 16, 2009
Time: 15:00 - 16:30
Location: WY101
Macroeconomic Uncertainty and Asset Prices: A Stochastic Volatility Model
JEL codes: C13, C32
By Hagen Kim, Texas A&M Joon Y. Park, Texas A&M Hyong Lee, Korea Ministry of Finance and Strategy Hyosung Yoe, Texas A&M
Presented by: Hwagyun Kim, Texas A&M University
Stochastic Volatility and Long-Run Risk in Endowment and Production Economies
By Aytek Malkhozov;London School of Economics
Presented by: Aytek Malkhozov, London School of Economics
Household Income Uncertainties Over Three Decades: We Do Not See A Great Moderation Here
By James Feigenbaum, University of Pittsburgh Geng Li, Federal Reserve Board
Presented by: Geng Li, The Federal Reserve Board
Explosive Roots in Level Vector Autoregressive Models
By Hammad Qureshi Ohio State University
Presented by: Hammad Qureshi, The Ohio State University

Session 26: Credit Frictions and Firms
Session Chair: Yaz Terajima, Bank of Canada
Session type: contributed
Date: May 16, 2009
Time: 15:00 - 16:30
Location: WY015
Financial Structure, Informality and Development
JEL codes: D24,
By Pablo D'Erasmo, University of Maryland Hernan Moscoso Boedo, University of Virginia
Presented by: Pablo D'Erasmo, University of Maryland, College Park
Collateral constraints, capital specificity and the distribution of production: the role of real and financial frictions in aggregate fluctuations
By Aubhik Khan; Ohio State University Julia K. Thomas; Ohio State University
Presented by: Julia Thomas, The Ohio State University
Monetary Policy, Production, and Distribution
By Dr. Alok Kumar, University of Victoria
Presented by: Alok Kumar, University of Victoria
Real Effects of Price Stability with Endogenous Nominal Indexation
By Cesaire Meh; Bank of Canada Vincenzo Quadrini; University of Southern California Yaz Terajima; Bank of Canada
Presented by: Yaz Terajima, Bank of Canada

Session 27: Trade and Technological Change
Session Chair: Bulent Unel, Louisiana State University
Session type: contributed
Date: May 16, 2009
Time: 15:00 - 16:30
Location: WY005
Accounting for Development Through Investment Prices
JEL codes: O1
By Roc Armenter, FRB Philadelphia Amartya Lahri, UBC
Presented by: Amartya Lahiri, University of British Columbia
Growth and Inequality: Dependence on the Time Path of Productivity Increases (and other Structural Changes)
By Manoj Atolia; Florida State University Santanu Chatterjee; University of Georgia Stephen J. Turnovsky; University of Washington
Presented by: Manoj Atolia, Florida State University
Gains From Openness Through Multinational Enterprises and Technology Diffusion
By Tommy T. Wu; Queen's University Department of Economics
Presented by: Tommy Wu, Queen's University
Quality Heterogeneity and Global Economic Growth
By Elias Dinopoulos; University of Florida Bulent Unel; Louisiana State University
Presented by: Bulent Unel, Louisiana State University

Session 28: Life cycle and intergenerational issues
Session Chair: Ahmet Akyol, York University
Session type: contributed
Date: May 16, 2009
Time: 15:00 - 16:30
Location: BH105
Social Security Reform and Temptation
JEL codes: E6, H55
By Cagri Seda Kumru, University of New South Wales Athanasios C. Thanopoulos, University of Pittsburgh
Presented by: Athanasios Thanopoulos, University of Pittsburgh
Optimal Taxation over the Life Cycle
By Aspen Gorry, University of Chicago Ezra Oberfield, University of Chicago
Presented by: Ezra Oberfield, University of Chicago
Beggar-thy-parents? A Lifecycle Model of Intergenerational Altruism
[slides]
By Sang-Wook (Stanley) Cho, University of New South Wales, Sydney, Australia
Presented by: Sang-Wook (Stanley) Cho, University of New South Wales
Consumption and Credit in a Life-Cycle Model with Limited Commitment
By Ahmet Akyol, York University Kartik Athreya, Federal Reserve Bank of Richmond
Presented by: Ahmet Akyol, York University

Session 29: Trade 1
Session Chair: Ricardo Lopez, Indiana University
Session type: contributed
Date: May 16, 2009
Time: 16:45 - 18:15
Location: BH005
International Trade Dynamics with Intermediate Inputs
By Ananth Ramanarayanan; Federal Reserve Bank of Dallas
Presented by: Ananth Ramanarayanan, Federal Reserve Bank of Dallas
Innovation in Product Space and Trade
By Scott French; University of Texas - Austin
Presented by: Scott French, University of Texas at Austin
New Products in Export Markets: Learning from Experience and Learning from Others
By Roberto Álvarez; Central Bank of Chile Hasan Faruq; Xavier University Ricardo A. López; Indiana University
Presented by: Ricardo Lopez, Indiana University

Session 30: Housing
Session Chair: Brian Peterson, Indiana University
Session type: contributed
Date: May 16, 2009
Time: 16:45 - 18:15
Location: BH105
Mortgage defaults and welfare
JEL codes: D53, E21, E44
By Juan Carlos Hatchondo; Federal Reserve Bank of Richmond Leonardo Martinez; Federal Reserve Bank of Richmond Juan M. Sanchez; Federal Reserve Bank of Richmond
Presented by: Juan Sanchez, Federal Reserve bank of Richmond
The Dynamics of User Costs and Rents
By María José Luengo-Prado; Northeastern University Paul Sullivan; Bureau of Labor Statistics Kamila Sommer; Georgetown University Randal Verbrugge; Bureau of Labor Statistics
Presented by: Randal Verbrugge, Bureau of Labor Statistics
Endogenous Market Segmentation and the Volatility of House Prices
By Aubhik Khan; Ohio State University Julia K. THomas; Ohio State University
Presented by: Aubhik Khan, Ohio State University
Fooled by Search: Housing Prices, Turnover and Bubbles
By Brian Peterson; Indiana University
Presented by: Brian Peterson, Indiana University

Session 31: Dynamic Open Economies
Session Chair: Viktoria Hnatkovska, University of British Columbia
Session type: contributed
Date: May 16, 2009
Time: 16:45 - 18:15
Location: WY115
What Happened to the Good Old Days? the Role of Expenditure Switching in the Global Imbalance Adjustment
JEL codes: F3,F4
By Wei Dong Bank of Canada
Presented by: Wei Dong, Bank of Canada
Investment and Trade Patterns in a Sticky-Price, Open-Economy Model
By Enrique Martinez-Garcia; Federal Reserve Bank of Dallas Jens Sondergaard; Bank of England
Presented by: Enrique Martinez-Garcia, Federal Reserve Bank of Dallas
A Two-Sector International Real Business Cycles Model with Investment-Specific Technology Shocks
By Sharif F. Khan; Queen's University, Canada
Presented by: Sharif Khan, Queen's University
International and Intra-national Real Exchange Rates: Theory and Evidence
By Viktoria Hnatkovska, UBC Michael Devereux, UBC
Presented by: Viktoria Hnatkovska, University of British Columbia

Session 32: Growth Accounting
Session Chair: Robert Tamura, Clemson University
Session type: contributed
Date: May 16, 2009
Time: 16:45 - 18:15
Location: WY005
A Quantitative Exploration of the Golden Age of European Growth
JEL codes: : O40, N14, C68
By Francisco Alvarez-Cuadrado;McGill University Mihaela I. Pintea; Florida International University
Presented by: Mihaela Pintea, Florida International University
The Kids Keep Getting Smarter: Can education explain the rapid, sustained productivity growth in the Czech Republic
[slides]
By David Geoffrey Wiczer; University of Illinois, Urbana-Champaign
Presented by: David Wiczer, Univeristy of Illinois
Specialization, Economic Development and Aggregate Productivity Differences
By Michael Waugh, Federal Reserve Bank of Minneapolis, NYU David Lagakos, Federal Reserve Bank of Minneapolis, ASU
Presented by: Michael Waugh, Federal Reserve Bank of Minneapolis
Economic Growth in the Long Run
By Robert Tamura; Clemson University John Devereux; Queens College of City University Gerald P. Dwyer; Atlanta FRB Scott Baier; Clemson University
Presented by: Robert Tamura, Clemson University

Session 33: Health II
Session Chair: Christian Zimmermann, University of Connecticut
Session type: contributed
Date: May 16, 2009
Time: 16:45 - 18:15
Location: WY015
The Origins of Middle-Class Married Female Labor Force Parcipation: A role for the Mortality Transition
JEL codes: D13, o11, O12
By Matthias Cinyabuguma; UMBC Bill Lord; UMBC Christelle Viauroux; UMBC
Presented by: Matthias Cinyabuguma, University of Maryland-BC
Household Responses to Individual Shocks: Disability and Labor Supply
By Giovanni Gallipoli; UBC Laura Turner; UBC
Presented by: Giovanni Gallipoli, University of British Columbia
Fragility: A Quantitative Analysis of the US Health Insurance System
By Bjoern Bruegemann; Yale University Iourii Manovskii; University of Pennsylvania
Presented by: Bjorn Brugemann, Yale University
Malaria: Disease Impacts and Long-Run Income Differences
By Douglas Gollin; Williams College Christian Zimmermann; University of Connecticut
Presented by: Christian Zimmermann, University of Connecticut

Session 34: News, Decline, Lending, and Driving
Session Chair: Chao Wei, George Washington University
Session type: contributed
Date: May 16, 2009
Time: 16:45 - 18:15
Location: WY101
Expectation Driven Firm Dynamics and Business Cycles
JEL codes: E32, L11, L16
By Nan Li; Department of Economics, The Ohio State University, USA. M. Saif Mehkari; Department of Economics, The Ohio State University, USA.
Presented by: Mohammad Mehkari, The Ohio State University
The Great Moderation: what drives the decline in inter-industry comovement?
By Min Ouyang; University of California Irvine
Presented by: Min Ouyang, University of California Irvine
Relationship Lending and the Transmission of Monetary Policy
By Kinda Hachem; Department of Economics, University of Toronto
Presented by: Kinda Hachem, University of Toronto
A General Equilibrium Model of Driving, Gasoline Use and Vehicle Fuel Efficiency
By Chao Wei, George Washington University
Presented by: Chao Wei, George Washington University

Session 35: Macro Labor
Session Chair: Alexander Meyer-Gohde, Technical University Berlin
Session type: contributed
Date: May 17, 2009
Time: 9:00 - 10:30
Location: BH005
On-the-job search, sticky prices, and persistence
JEL codes: E24, E31, E32
By Willem Van Zandweghe, Federal Reserve Bank of Kansas City
Presented by: Willem Van Zandweghe, Federal Reserve Bank of Kansas City
Inflation Dynamics and Labor Adjustments in Japan: A Bayesian DSGE Approach
By Hibiki Ichiue, Bank of Japan Takushi Kurozumi, Bank of Japan Takeki Sunakawa, Bank of Japan and Ohio State University
Presented by: Takeki Sunakawa, Bank of Japan
Factor Shares and Aggregate Fluctuations: Revisiting the Quantitative Contribution of Investment-Specific Technology Shocks
By Raul Santaeulalia-Llopis Washington University in St. Louis
Presented by: Raul Santaeulalia-Llopis, Washington University in St. Louis
The Natural Rate Hypothesis and Real Determinacy
By Alexander Meyer-Gohde; Technische Universit¨at Berlin
Presented by: Alexander Meyer-Gohde, Technical University Berlin

Session 36: Informational Frictions
Session Chair: James Feigenbaum, University of Pittsburgh
Session type: contributed
Date: May 17, 2009
Time: 9:00 - 10:30
Location: WY115
A Rational Inattention Theory of Macroeconomic Fluctuations
JEL codes: E32
By Jeta Menkulasi; University of Maryland at College Park
Presented by: Jeta Menkulasi, University of Maryland at College Park
Risk-sensitive Consumption and Savings under Rational Inattention
By Yulei Luo; University of Hong Kong. Eric R. Young, University of Virginia
Presented by: Yulei Luo, University of Hong Kong
Incomplete Information in Incomplete Market Economy: Examining the mechanism
By Ponpoje Porapakkarm, Economics Dept, University of Virginia
Presented by: Ponpoje Porapakkarm, University of Virginia
Optimal Irrational Behavior
By James Feigenbaum, University of Pittsburgh Frank Caliendo, Utah State University Emin Gahramanov, Deakin University
Presented by: James Feigenbaum, University of Pittsburgh

Session 37: Empirical Methods 1
Session Chair: John Keating, University of Kansas
Session type: contributed
Date: May 17, 2009
Time: 9:00 - 10:30
Location: WY101
A Forecasting Metric for Evaluating DSGE Models
JEL codes: C1,C5,E1,E5
By Abhishek Gupta; Johns Hopkins University
Presented by: Abhishek Gupta, Johns Hopkins University
Local Identification in DSGE model
By Nikolay Iskrev, Banco de Portugal
Presented by: Nikolay Iskrev, Banco de Portugal
Identifying Fiscal Policy Behavior
By Bing Li Indiana University Bloomington
Presented by: Bing Li, Indiana University
When Do Wold Orderings and Long-Run Recursive Identifying Restrictions Yield Identical Results?
By John W. Keating, University of Kansas
Presented by: John Keating, University of Kansas

Session 38: Trade and the Level of Development
Session Chair: B Ravikumar, University of Iowa
Session type: contributed
Date: May 17, 2009
Time: 9:00 - 10:30
Location: WY015
Capital Composition, International Trade and Cross-Country Income differences
JEL codes: F0; F1; F4; O4
By Piyusha Mutreja University of Iowa
Presented by: Piyusha Mutreja, University of Iowa
International Trade and the Rise and Decline of Manufacturing
By Kei-Mu Yi; Federal Reserve Bank of Philadelphia Jing Zhang; University of Michigan
Presented by: Kei-Mu Yi, Federal Reserve Bank of Philadelphia
De-industrialization of the Riches and the Rise of China
By MURAT UNGOR DEPARTMENT OF ECONOMICS UNIVERSITY OF SOUTHERN CALIFORNIA
Presented by: MURAT UNGOR, UNIVERSITY OF SOUTHERN CALIFORNIA
On the cross-country distribution of welfare gains from trade
By B. Ravikumar, University of Iowa Michael Waugh, Federal Reserve Bank of Minneapolis and New York University
Presented by: B Ravikumar, University of Iowa

Session 39: Taxation
Session Chair: Richard Barnett, Villanova University
Session type: contributed
Date: May 17, 2009
Time: 9:00 - 10:30
Location: WY005
Tax Reform with Endogenous Borrowing Limits and Incomplete Asset Markets
[slides]
JEL codes: E23, E44, D52
By Arpad Abraham, University of Rochester Eva Carceles-Poveda, Stony Brook University
Presented by: Eva Carceles-Poveda, SUNY at Stony Brook
Countercyclical Taxation and Price Dispersion
By Oliver Grimm; ETH Zurich Eric Mayer, University of Wuerzburg
Presented by: Oliver Grimm, ETH Zurich
Taxing Education in Ramsey’s Tradition
By Wolfram F. Richter, TU Dortmund University, Germany
Presented by: Wolfram Richter, University of Dortmund
Deviant Generations, Ricardian Equivalence, and Growth Cycles
By Richard C. Barnett; Villanova University Joydeep Bhattacharya; Iowa State University Helle Bunzel; Iowa State University
Presented by: Richard Barnett, Villanova University

Session 40: Trade 2
Session Chair: Kanda Naknoi, Purdue University
Session type: contributed
Date: May 17, 2009
Time: 10:45 - 12:15
Location: WY115
Does Productivity Respond to Exchange Rate Appreciations? A Theoretical and Empirical Investigation
JEL codes: F3, F4
By Yao Tang; University of British Columbia
Presented by: Yao Tang, University of British Columbia
Income Differences and Prices of Tradables
By Ina Simonovska; Department of Economics; University of Minnesota
Presented by: Ina Simonovska, University of Minnesota
Productivity Upgrade, Financial Frictions and International Trade
By Faezeh Raei; University of Texas at Austin
Presented by: faezeh raei, University of Texas at Austin
Exchange Rate Pass-through in Multi-country World
By David Hummels; Purdue University and NBER Kanda Naknoi; Purdue University
Presented by: Kanda Naknoi, Purdue University

Session 41: Empirical Methods 2
Session Chair: Kyu Ho Kang, Washington University in St. Louis
Session type: contributed
Date: May 17, 2009
Time: 10:45 - 12:15
Location: BH105
Predicting output and inflation using the entire yield curve
JEL codes: C32,E37,E43,E47
By Azamat Abdymomunov Department of Economics, Washington University in St. Louis
Presented by: Azamat Abdymomunov, Washington University in St. Louis
A non-linear analysis on the sustainability of the government's intertemporal budget constraint
By Gabriella Legrenzi; Keele University, CESifo, Rimini Centre for Economic Analysis Costas Milas; Keele University, Rimini Centre for Economic Analysis
Presented by: Gabriella Legrenzi, Keele University
To Forecast or Not to Forecast: An Application to Nonlinear Models
By Walter Enders; University of Alabama Razvan Pascalau; SUNY Plattsburgh
Presented by: Razvan Pascalau, University of Alabama
Change Points in Term-Structure Models: Pricing, Estimation and Forecasting
By Siddhartha Chib; Washington University in St. Louis Kyu Ho Kang; Washington University in St. Louis
Presented by: Kyu Ho Kang, Washington University in St. Louis

Session 42: Theory
Session Chair: Gabriele Camera, University of Iowa
Session type: contributed
Date: May 17, 2009
Time: 10:45 - 12:15
Location: WY101
Permanent Separations and Optimal Compensation with History-Dependent Reservation Utilities
JEL codes: C63, D82, G30
By Stanimir Morfov; State University - Higher School of Economics
Presented by: Stanimir Morfov, State University - Higher School of Economics
Random Matching and Aggregate Uncertainty
By R. Molzon; University of Kentucky D. Puzzello; University of Illinois
Presented by: Daniela Puzzello, University of Illinois at Urbana-Champai
Multi-player Bargaining with Endogenous Capacity
By Gabriele Camera - University of Iowa Cemil Selcuk, DePaul University
Presented by: Gabriele Camera, University of Iowa

Session 43: Credit and Housing in DSGE Models
Session Chair: Suparna Chakraborty, Baruch College, CUNY
Session type: contributed
Date: May 17, 2009
Time: 10:45 - 12:15
Location: WY015
Bank Capital,Housing and Credit Constraints
JEL codes: E32
By Daniel Solomon;Universite de Montreal and CIREQ Jing Yang;Monetary Analysis, Bank of England
Presented by: daniel solomon, universite de montreal
Heterogeneous Beliefs and Housing-Market Boom-Bust Cycles
By Hajime Tomura; Bank of Canada
Presented by: Hajime Tomura, Bank of Canada
Government Spending and Consumption in the Presence of Borrowing Constraints
By Muhammad Saifur Rahman Indiana University
Presented by: Muhammad Rahman, Indiana University
Financial Accelerator in Action: Economic Fundamentals, Real Estate Dynamics and Business Cycles in Japan
By Suparna Chakraborty Dept. of Economics and Finance, Baruch College, CUNY
Presented by: Suparna Chakraborty, Baruch College, CUNY

This program was last updated on 2009-05-06 1:26:20 EDT

Session 44: Topics in Human Capital Theory
Session Chair: Maurizio Iacopetta, Georgia Institute of Technology
Session type: contributed
Date: May 17, 2009
Time: 10:45 - 12:15
Location: WY005
How Large are Learning Externalities?: Measurement by Calibration
JEL codes: J24, O41
By Seung Mo Choi; Washington State University
Presented by: Seung Mo Choi, Washington State University
Formal Education and Public Knowledge
By Maurizio Iacopetta
Presented by: Maurizio Iacopetta, Georgia Institute of Technology
Brain Drain and Brain Drain Reversal
By Yibo Zhang Washington University in St Louis
Presented by: Yibo Zhang, Washington University in St Louis
Rising Skill Premium and the Deunionization in the United States
By Omer T. Acikgoz, University of Rochester Baris Kaymak, University of Montreal
Presented by: Baris Kaymak, Universite de Montreal