Stanford Institute for Theoretical Economics
Summer 2013 Workshop
Segment 2: The Macroeconomics of Uncertainty and Volatility
June 24, 25 and 26, 2013.
Organized by Jesus Fernandez-Villaverde, University of Pennsylvania and Nick Bloom, Stanford University.
The session will meet in Conference Room A in Landau Economics Building.
Monday, June 24, 2013
1:00 - 2:00 Lunch
2:00 - 2:45 Volatility Shocks, Liquidity Demand, and Asset Pricing presented by David Lopez-Salido, Federal Reserve Board and co-authored with Jesus Fernandez-Villaverde, University of Pennsylvania; Christopher Gust, Federal Reserve Board, and Juan Rubio-Ramirez, Duke University.
2:45 - 3:30 Time-Varying Business Volatility, Price Setting, and the Real Effects of Monetary Policy presented by Benjamin Born, University of Mannheim and co-authored with Rüdiger Bachmann, Aachen University; Steffen Elstner and Christian Grimme, both Ifo Institute.
3:30 - 4:00 Coffee
4:00 - 4:45 Price-Level Uncertainty and Stability in the UK presented by Timothy Cogley, New York University and co-authored with Thomas J. Sargent, also New York University, and Paolo Surico, London Business School.
4:45 - 5:30 Escaping the Great Recession presented by Francesco Bianchi, Duke University and co-authored with Leonardo Melosi, Federal Reserve Bank of Chicago.
6:00 Continued discussion and dissemination of technical knowledge during dinner.
8:30 - 9:00 Breakfast
9:00 - 9:45 Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence presented by Jon Steinsson, Columbia University and co-authored with Emi Nakamura and Dmitriy Sergeyev, both also Columbia University.
9:45 - 10:30 Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty presented by Nikolai Roussanov, The Wharton School and co-authored with Hui Chen, MIT Sloan School of Management, and Michael Michaux, University of Southern California Marshall School of Business.
10:30 - 11:00 Coffee
11:00 - 11:45 Uncertainty Traps presented by Edouard Schaal, New York University and co-authored with Pablo Fajgelbaum, University of California, Los Angeles, and Mathieu Taschereau-Dumouchel, The Wharton School.
11:45 - 12:30 Trade and Uncertainty presented by Dennis Novy, University of Warwick and co-authored with Alan M. Taylor, University of Virginia.
12:30 - 1:30 Lunchtime discussion
1:30 - 2:15 How Uncertainty Affects Corporate Investment: The Asset Redeployability Channel presented by Hyunseob Kim, Cornell University and Howard Kung, University of British Columbia.
2:15 - 3:00 The Effect of Uncertainty on Investment, Hiring, and R&D: Causal Evidence from Equity Options presented by Luke C.D. Stein, Stanford University and co-authored with Elizabeth C. Stone, Analysis Group.
3:00 - 3:30 Coffee
3:30 - 4:15 Measuring Uncertainty presented by Sydney C. Ludvigson, New York University and co-authored with Kyle Jurado and Serena Ng, both Columbia University.
4:15 - 5:00 Economic Policy Uncertainty & Asset Price Volatility presented by Maxim Ulrich, Columbia Business School.
5:00 - 5:15 Coffee
5:15 - 6:00 Uncertainty Shocks Are Aggregate Demand Shocks presented by Sylvain Leduc, also Federal Reserve Bank of San Francisco and co-authored with Zheng Liu, also Federal Reserve Bank of San Francisco.
6:30 Continued discussion and dissemination of technical knowledge during dinner.
Wednesday, June 26, 2013
8:30 - 9:00 Breakfast
9:00 - 9:45 The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World presented by Roger E.A. Farmer, University of California, Los Angeles and co-authored with Carine Nourry and Alain Venditti, both GREQAM.
9:45 - 10:30 Policy Uncertainty and Corporate Investment presented by Huseyin Gulen, Krannert Graduate School of Management, Purdue University and co-authored with Mihai Ion, also Krannert Graduate School of Management, Purdue University
10:30 - 11:00 Coffee
11:00 - 11:45 Measuring Economic Policy Uncertainty presented by Scott Baker, Stanford University and co-authored with Nicholas Bloom, Stanford University, and Steven J. Davis, University of Chicago Booth School of Business.
11:45 - 12:45 Lunchtime discussion
SITE is funded by grants from the National Science Foundation and the Stanford Institute for Economic Policy Research (SIEPR). SITE receives additional financial support from the Department of Economics at Stanford University, which also houses its offices.