8th Conference on General Equilibrium and its Applications, April 27-29, 2012

8th ANNUAL CONFERENCE ON GENERAL EQUILIBRIUM
AND ITS APPLICATIONS

April 27–29, 2012
Locations:
Yale SOM, Watson Center, 60 Sachem St. and SOM Horchow Hall, 55 Hillhouse Ave.

FRIDAY	12:30 - 1:50	Lunch and Registration (Watson Center, 60 Sachem St.)
	1:50 - 2:00	Opening Remarks
	SESSION 1	SENTIMENTS AND SYSTEMATIC RISK
	2:00 - 2:50	George-Marios Angeletos (MIT and NBER), "Sentiments" (with Jennifer La’O) [Slides]
	2:50 - 3:40	Zhiguo He (University of Chicago Chicago, Booth), "A Macroeconomic Framework for Quantifying Systemic Risk" (with Arvind Krishnamurthy) [Slides]
	3:40 - 4:10	Break
	SESSION 2	GE MODELS WITH HETEROGENEOUS AGENTS: EXISTENCE AND WELFARE
	4:10 - 5:00	Thomas M. Mertens (Stern NYU), "Equilibrium Existence and Approximation for Incomplete Market Models with Substantial Heterogeneity" (with Kenneth L. Judd)
	5:00 - 5:50	Wei Xiong (Princeton University), "A Welfare Criterion for Models with Distorted Beliefs" (with Markus K. Brunnermeier and Alp Simsek)
	7:30	Dinner, Union League Cafe, 1032 Chapel Street
SATURDAY	8:30	Continental Breakfast (Horchow Hall, 55 Hillhouse Ave.)
	9:30-10:20	Stephen Ross (MIT), "The Recovery Theorem" [Slides]
	10:20 - 10:40	Break
	SESSION 3	CREDIT AND THE REAL ECONOMY
	10:40 - 11:30	Tobias Adrian (Federal Reserve Bank of New York), "Which Financial Frictions? Parsing the Evidence from the Financial Crisis of 2007-9?" (with Paolo Colla and Hyun Song Shin) [Slides]
	11:30 - 12:20	Péter Kondor (Central European University), "Inefficient Investment Waves" (with Zhiguo He) [Slides]
	12:20 - 2:00	Lunch
	SESSION 4	FINANCIAL INNOVATION, BUBBLES AND LEVERAGE
	2:00 - 2:50	Javier Bianchi (Wisconsin and NYU), "Macro-prudential Policy in a Neo-Fisherian Model of Financial Innovation" (with Emine Boz and Enrique G. Mendoza) [Slides]
	2:50 - 3:40	Ana Fostel (GWU), "Tranching, CDS, and Asset Prices: How Financial Innovation Can Cause Bubbles and Crashes" (with John Geanakoplos) [Slides]
	3:40 - 4:10	Break
	4:10 - 5:00	Anton Korinek (Maryland University), "Bailouts and Financial Innovation: Market Completion Versus Rent Extraction" [Slides]
	5:00 - 5:50	Rodolfo Prieto (Boston University), "Arbitrageurs, Bubbles, and Credit Conditions" (with Julien Hugonniery) [Slides]
SUNDAY	8:00	Continential Breakfast (Horchow Hall, 55 Hillhouse Ave.)
	SESSION 5	LIQUIDITY, TRANSACTIONS COSTS AND SPEED
	9:00 - 9:50	Emiliano Pagnotta (NYU Stern), "Competing on Speed" (with Thomas Philippon) [Slides]
	9:50 - 10:40	Bernard Dumas (INSEAD, NBER and CEPR), "The Equilibrium Dynamics of Liquidity and Illiquid Asset Prices" (with Adrian Buss) [Slides]
	10:40 - 11:00	Break
	SESSION 6	GOALS OF PRODUCTION AND CONSUMPTION
	11:00 - 11:40	Martine Quinzii (University of California Davis), "A Theoretical Foundation for the Stakeholder Corporation" (with Michael Magill and Jean-Charles Rochet) [Slides]
	11:40 - 12:00	Victor Filipe Martins-da-Rocha (FGV/EPGE), "Output Contingent Securities and Efficient Investment by Firms" (with Luis H.B. Braido) [Slides]
	12:00 - 1:00	Philip H. Dybvig (Washington University in St. Louis), "High Hopes and Disappointment" (with Chris Rogers) [Slides]
	1:00 - 2:00	Lunch and Adjourn

ATTENDEES

Tobias Adrian (Federal Reserve Bank of NY)
George-Marios Angeletos (MIT & NBER)
Beth Allen (University of Minnesota)
Javier Bianchi (Wicsonsin & NYU)
Pablo Beker (University of Warwick, UK)
Gaetano Bloise (University of Rome III)
Luis Braido (Getulio Vargas Foundation)
Jonathan Burke (Pepperdine University)
Adrian Buss (Goethe University Frankfurt)
Dan Cao (Georgetown University)
Andres Carvajal (University of Warwick, UK)
Alessandro Citanna (HEC Paris)
Pablo Colla (Università Bocconi)
Sean Crockett (Baruch Univ., City Univ. of NY)
Gang Dong (Rutgers University & Columbia University)
Anastasios (Tasos) Dosis (Warwick University, UK)
Bernard Dumas (Instead Paris)
Jayant Ganguli (University of Nottingham, UK)
John Geanakoplos (Yale University)
Zhiguo He (University of Chicago, Booth)
Matthew Hoelle (European University Institute)
Nikolaos Kokonas (University of Warwick, UK)

Peter Kondor (Central European University)
Anton Korinek (University of Maryland)
Mordecai Kurz (Stanford University)
Victor Filipe Martins Da Rocha (Getulio Vargas Foundation)
Michael Magill (University of So. California)
Thomas Mertens (New York University)
Emiliano Pagnotta (NYU Stern)
Udara Peiris (University of Warwick, UK)
Herakles Polemarchakis (University of Warwick, UK)
Rodolfo Priesto (Boston University)
Stephen Ross (MIT)
Martine Quinzii (University of California - Davis)
Catherine Rouzaud (Univ. Paris)
Paolo Siconolfi (Columbia University)
Alp Simsek (Harvard University)
Stephen Spear (Carnegie-Mellon University)
Mario Tirelli (Universita degli Studi Roma Tre)
Aleh Tsyvinski (Yale University)
Alexandros Vardoulakis (Banque de France)
Marek Weretka (University of Wisconsin, Madison)
Jan Werner (University of Minnesota)
Wei Xiong (Princeton University)