Pecuniary Externalities Agenda

Pecuniary Externalities-The Back of the Invisible Hand

April 22 – 23, 2016

Sponsored by

The Laboratory for Aggregate Economics and Finance

University of California, Santa Barbara



Conference Schedule

*speakers are highlighted in author listings*

Friday, April 22


10:10-10:15     Opening Remarks

Peter Rupert (UC Santa Barbara)


10:15-11:15 Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited.                                           

Stephanie Schmitt-Grohe (Columbia University) and Martin Uribe (Columbia University)


11:15-11:30     Break


11:30-12:30     Optimal Financial Regulation and the Concentration of Aggregate Risk

Sebastian DiTella (Stanford University)


12:30-2:00       Group Photo followed by Lunch Served in Upham Courtyard


2:00-3:00         Financial Frictions in Production Networks

Jennifer La’O (Columbia University) and Saki Bigio (Columbia University)


3:00-3:15         Break


3:15-4:15         A new dilemma: capital controls and monetary policy in sudden-stop economies

Michael B. Devereux (University of British Columbia), Eric R. Young (University of Virginia) and Changhua Yu (Peking University)


4:15-4:30         Break



4:30-5:30 Fire Sale Externalities       

Anton Korinek (John Hopkins University) and Eduardo Davila (New York University)


7:45     Meet in Upham Lobby – Walk to Dinner at Opal Restaurant & Bar, 1325 State Street



Saturday, April 23


9:00-10:00       Regulation and Reputation

Kinda Hachem (University of Chicago) and Martin Kuncl (Bank of Canada)


10:00-10:15     Break


10:15-11:15     The Currency Composition of Sovereign Debt

Pablo Ottonello (University of Michigan) and Diego J. Perez (New York University)


11:15-11:30     Break


11:30-12:30Financial Regulation in a Quantitative Model of the Modern Banking System      

Juliane Begenau (Harvard University) and Tim Landvoigt (Univ Texas Austin)


12:30-2:00 Lunch Served in Upham Courtyard



2:00-3:00Estimating Macroeconomic Models of Financial Crises: An Endogenous Regime Switching Approach                                                   

Chris Otrok (University of Missouri)


3:15-3:30         Break


3:15-4:15 Constrained Efficiency in a Human Capital Model     

Yena Park (University of Rochester)


4:15-4:30         Break


4:30-5:30         Interventions in Markets with Adverse Selection: Implications for Discount                             Window Stigma

Huberto Ennis (Richmond Federal Reserve Bank)


5:30     Adjourn




Conference Organizers: Eric Young and Zachary Bethune