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Papers Presented

Presentations by Federal Reserve Bank of New York economists at academic conferences, university seminars, and business and policy meetings.

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2009

Gara Afonso “Liquidity and Congestion” Centro de Estudios Monetarios y Financieros seminar, Madrid, Spain, May 12 Universidad Carlos III de Madrid seminar, Madrid, Spain, May 18 Universitat Pompeu Fabra seminar, Barcelona, Spain, May 22 “Systemic Risk and Liquidity in Payment Systems,” with Hyun Song Shin Bank of Spain seminar, Madrid, Spain, May 14 IESE Business School–Universidad de Navarra seminar, Barcelona, Spain, May 25 Financial Intermediation Research Society Conference on Banking, Corporate Finance, and Intermediation, Prague, the Czech Republic, May 28 Tenth Annual Conference of the Association for Public Economic Theory, Galway, Ireland, June 19 Bank of Korea seminar, Seoul, South Korea, July 2 Bank of Japan seminar, Tokyo, Japan, July 10

Mary Amiti “Competition and Quality Upgrading,” with Amit Khandelwal Centre for Economic Policy Research European Research, Workshop in International Trade, Madrid, Spain, June 1

Carlos Carvalho “Aggregation and the PPP Puzzle in a Sticky-Price Model,” with Fernanda Nechio Annual Meeting of the American Economic Association, San Francisco, California, January 4 Central Bank of Brazil Eleventh Annual Inflation Targeting Seminar, Rio de Janeiro, Brazil, May 15 “Estimating the Cross-Sectional Distribution of Price Stickiness from Aggregate Data,” with Niels Dam Rutgers University Department of Economics seminar, February 17 Bank of Canada seminar, Ottawa, Ontario, Canada, June 1 2009 North American Summer Meeting of the Econometric Society, Boston, Massachusetts, June 7 Society for Economic Dynamics annual meeting, Istanbul, Turkey, July 4 Joint Congress of the European Economic Association and the Econometric Society European Meeting, Barcelona, Spain, August 27 “Heterogeneous Price Setting Behavior and Aggregate Dynamics: Some General Results,” with Felipe Schwartzman Annual Meeting of the American Economic Association, San Francisco, California, January 3 “Price Setting in a Variable Macroeconomic Environment: Evidence from Brazilian CPI,” with Rebecca Barros, Marco Bonomo, and Silvia Matos NBER Summer Institute, Cambridge, Massachusetts, July 6 “Sectoral Price Facts in a Sticky-Price Model,” with Jae Won Lee Stanford University Department of Economics seminar, Stanford, California, September 21 University of California at Berkeley Department of Economics seminar, Berkeley, California, September 22

Nicola Cetorelli “Credit Market Competition and the Nature of Firms” World Bank Research Group seminar, Washington, D.C., January 27 Brown University Department of Economics seminar, Providence, Rhode Island, April 15 Federal Reserve Bank of Chicago Forty-fifth Annual Conference on Bank Structure and Competition, Chicago, Illinois, May 6

Rajashri Chakrabarti “Can State Merit Aid Programs Have Unintended Consequences? A Closer Look,” with Joydeep Roy Annual Meeting of the American Economic Association, San Francisco, California, January 4 Annual Conference of the American Education Finance Association, Nashville, Tennessee, March 19 “Effect of Constraints on Tiebout Competition: Evidence from School Finance Reforms in the United States,” with Joydeep Roy NBER Summer Institute, Cambridge, Massachusetts, July 22

Vasco Cúrdia “Conventional and Unconventional Monetary Policy,” with Michael Woodford New York University seminar, New York City, September 24 “Correlated Disturbances and U.S. Business Cycles,” with Ricardo Reis NBER Summer Institute, Cambridge, Massachusetts, July 9 “Credit Frictions and Optimal Monetary Policy,” with Michael Woodford Annual Meeting of the American Economic Association, San Francisco, California, January 3 Bank of Canada seminar, Ottawa, Ontario, Canada, April 21

Marco Del Negro “Dynamic Factor Models with Time-Varying Parameters: Measuring Changes in International Business Cycles,” with Christopher Otrok University of Southern California seminar, Los Angeles, California, March 5 University of Wisconsin–Madison seminar, Madison, Wisconsin, March 10

Stefano Eusepi “Comovement in Business Cycle Models: The Role of Nonseparable Preferences and Labor Market Participation,” with Bruce Preston Joint Congress of the European Economic Association and the Econometric Society European Meeting, Barcelona, Spain, August 25

Andrea Ferrero “The Advantage of Flexible Targeting Rules” IMT Institute for Advanced Studies Lucca, Department of Economics seminar, Lucca, Italy, January 19 Joint Congress of the European Economic Association and the Econometric Society European Meeting, Barcelona, Spain, August 27 “The Fed’s Response to the Financial Distress,” with Marco Del Negro and Gauti Eggertsson Society for Economic Dynamics annual meeting, Istanbul, Turkey, July 2

Michael Fleming “Repo Market Effects of the Term Securities Lending Facility,” with Warren Hrung and Frank Keane Allied Social Science Associations annual meeting, San Francisco, California, January 4 Brandeis University seminar, Waltham, Massachusetts, March 19

Linda Goldberg “Banking Globalization and Monetary Transmission,” with Nicola Cetorelli Seminar cosponsored by the Centre for Economic Policy Research and the European University Institute, Florence, Italy, March 6 “The Dynamics of International Trade Invoicing,” with Cédric Tille European Central Bank–Bank of Canada seminar, Frankfurt, Germany, June 5 “Globalized Banks: Lending to Emerging Markets in the Crisis,” with Nicola Cetorelli Banco de la República–National Deposit Institute of Colombia seminar, Bogotà. Colombia, May 29

Christian Grisse “Are Expectations about Economic Activity Self-Fulfilling? An Empirical Test” Thirteenth Annual International Conference on Macroeconomic Analysis and International Finance, University of Crete, Rethymno, Crete, Greece, May 29 German Economic Association annual meeting, Magdeburg, Germany, September 9 “Higher Order Beliefs and the Comovement of Asset Prices” Annual Meeting of the American Finance Association, San Francisco, California, January 4 New York University International Economics Seminar, New York City, April 21 Joint Congress of the European Economic Association and the Econometric Society European Meeting, Barcelona, Spain, August 26 “International Financial Transmission: Emerging and Mature Markets,” with Guillermo Felices and Jing Yang Seventh INFINITI Conference on International Finance, Trinity College Dublin, Dublin, Ireland, June 9

Jan Groen “Fundamentals-Based Exchange Rate Prediction Revisited” 2009 North American Summer Meeting of the Econometric Society, Boston, Massachusetts, June 6 “Parsimonious Estimation with Many Instruments,” with George Kapetanios Joint Congress of the European Economic Association and the Econometric Society European Meeting, Barcelona, Spain, August 27 “Real-Time Inflation Forecasting in a Changing World,” with Richard Paap and Francesco Ravazzolo NBER Summer Institute, Cambridge, Massachusetts, July 8 “Revisiting Useful Approaches to Data-Rich Macroeconomic Forecasting” Econometric Institute Seminar Series, Erasmus University Rotterdam, Rotterdam, the Netherlands, September 3

Jan Groen and Paolo Pesenti “Commodity Prices, Commodity Currencies, and Global Economic Developments” NBER Twentieth Annual East Asian Seminar on Economics, Hong Kong, June 26

Todd Keister “Bailouts and Bank Runs” Cornell-Penn State Conference on Financial Fragility, University Park, Pennsylvania, September 26 “Banking Panics and Policy Responses” University of Texas at Austin Department of Economics seminar, Austin, Texas, September 21 Baylor University Department of Economics seminar, Waco, Texas, September 22

Ayşegül Şahin “Labor Supply in a Frictional Labor Market,” with Per Krusell, Toshihiko Mukoyama, and Richard Rogerson Society for Economic Dynamics annual meeting, Istanbul, Turkey, July 2 “Unemployment Dynamics in the OECD,” with Michael Elsby and Bart Hobijn 2009 Midwest Macroeconomics Meetings, Indiana University, Bloomington, Indiana, May 16 Yonsei University seminar, Seoul, Korea, June 5

Asani Sarkar “Capital Constraints, Counterparty Risk, and Deviations from Covered Interest Rate Parity,” with Niall Coffey, Warren B. Hrung, and Hoai-Luu Nguyen NBER Summer Institute, Cambridge, Massachusetts, July 10 Bank of Canada-Simon Fraser University Conference on Financial Market Stability, Vancouver, British Columbia, Canada, July 24 “Credit Default Swap Auctions,” with Jean Helwege, Samuel Maurer, and Yuan Wang World Research Group conference, New York City, April 20 “Evolution of Risk and the Federal Reserve’s Responses to the Crisis” Bank of England Seminar Series, London, United Kingdom, May 19 University of Leicester annual workshop, Leicester, United Kingdom, May 21 “Exchange Rate Risk, Transaction Costs, and the Forward-Bias Puzzle,” with Angelo Ranaldo Seventh INFINITI Conference on International Finance, Trinity College Dublin, Dublin, Ireland, June 8 “Federal Reserve Responses to Crises” TradeTech USA Equity Trading Summit 2009, New York City, March 4

Asani Sarkar and Zhenyu Wang “The Effect of the Term Auction Facility on the London Inter-Bank Offered Rate,” with James McAndrews Annual Meeting of the American Economic Association, San Francisco, California, January 4

Argia Sbordone “Effect of Competition on Inflation” Workshop on the Dynamics of Prices and Wages, Central Bank of Chile, Santiago, Chile, August 20

David Skeie “Bank Liquidity, Interbank Markets, and Monetary Policy” with Xavier Freixas and Antoine Martin Universitat Pompeu Fabra seminar, Barcelona, Spain, June 3 2009 Western Finance Association Annual Meetings, San Diego, California, June 19

Charles Steindel “Implications of the Financial Crisis for Potential Growth: Past, Present, and Future” An Ocean Apart? Comparing Transatlantic Responses to the Financial Crisis, a conference sponsored by the Bank of Italy and the Peterson Institute for International Economics, Rome, Italy, September 10

Andrea Tambalotti “CONDI: A Cost-of-Nominal-Distortions Index,” with Stefano Eusepi and Bart Hobijn Graduate Institute of International and Development Studies seminar, Geneva, Switzerland, March 17 Universita’ Statale seminar, Milan, Italy, March 25 University of Pavia seminar, Pavia, Italy, April 7 Goethe University seminar, Frankfurt, Germany, April 21 European Central Bank seminar, Frankfurt, Germany, April 22 Bocconi University seminar, Milan, Italy, April 30 Einaudi Institute for Economics and Finance seminar, Rome, Italy, May 4 Bank of Italy seminar, Rome, Italy, May 6 LUISS (Libera Università Internazionale degli Studi Sociali) Guido Carli seminar, Rome, Italy, May 7 Bilkent University seminar, Ankara, Turkey, May 15 Sveriges Riksbank seminar, Stockholm, Sweden, May 27 “Investment Shocks and Business Cycles,” with Alejandro Justiniano and Giorgio Primiceri Annual Meeting of the American Economic Association, San Francisco, California, January 5 “Investment Shocks and the Relative Price of Investment,” with Alejandro Justiniano and Giorgio Primiceri Society for Economic Dynamics annual meeting, Istanbul, Turkey, July 3

Wilbert van der Klaauw “Rethinking the Measurement of Household Inflation Expectations: Preliminary Findings,” with Wändi Bruine de Bruin, Michael Bryan, Simon Potter, and Giorgio Topa Laval University seminar, Québec City, Québec, Canada, April 25 Reserve Bank of India seminar, Mumbai, India, July 2 “What Determines Family Structure?” with David Blau City University of New York Graduate Center seminar, New York City, March 17

James Vickery “Incentives and the Rating of Mortgage-Backed Securities,” with Adam Ashcraft and Paul Goldsmith-Pinkham DePaul University Department of Finance seminar, Chicago, Illinois, January  27 “MBS Ratings and the Mortgage Credit Boom,” with Adam Ashcraft and Paul Goldsmith-Pinkham Fifth MTS Conference on Financial Markets, London, United Kingdom, July  3 NBER Summer Institute Meetings on Market Institutions and Financial Market Risk, Cambridge, Massachusetts, July 8 American Real Estate and Urban Economics Association/Asian Real Estate Society International Conference, University of California at Los Angeles, Los Angeles, California, July 12 Centre for Economic Policy Research/Studienzentrum Gerzensee European Summer Symposium in Financial Markets, Gerzensee, Switzerland, July 22 U.S. Securities and Exchange Commission seminar, Washington, D.C., August 20 Bocconi University/Centre for Applied Research in Finance conference Business Models in Banking: Is There a Best Practice? Milan, Italy, September 21

Tanju Yorulmazer “Rollover Risk and Market Freezes,” with Viral Acharya and Douglas Gale Financial Intermediation Research Society Conference on Banking, Corporate Finance, and Intermediation, Prague, the Czech Republic, May 28 2009 Western Finance Association Annual Meetings, San Diego, California, June 18

Basit Zafar “College Major Choice and the Gender Gap” Fourteenth Annual Meetings of the Society of Labor Economists, Boston, Massachusetts, May 9 “How Do College Students Form Expectations?” CIRPÉE (Centre Interuniversitaire sur le Risque, les Politiques Économiques, et l’ Emploi) Workshop on Subjective Beliefs in Econometric Models, Laval University, Québec City, Québec, Canada, April 25 2009 North American Summer Meeting of the Econometric Society, Boston, Massachusetts, June 7