Papers Presented - FEDERAL RESERVE BANK of NEW YORK

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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, May18 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, May14 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



Morten Bech “The Mechanics of a Graceful Exit: Interest on Reserves and Segmentation in the Federal Funds Market,” with Elizabeth Klee European Central Bank Workshop on Challenges to Monetary Policy Implementation beyond the Financial Market Turbulence, Frankfurt, Germany, December1



Carlos Carvalho “Aggregation and the PPP Puzzle in a Sticky-Price Model,” with FernandaNechio Annual Meeting of the American Economic Association, SanFrancisco, California, January4 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, February17 Bank of Canada seminar, Ottawa, Ontario, Canada, June1 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 Understanding Price Dynamics: Recent Advances, a conference cosponsored by Banque de France and DGCCRF (General Directorate for Competition, Consumer Affairs, and Fraud Control), Paris, France, October 15 “Heterogeneous Price Setting Behavior and Aggregate Dynamics: Some General Results,” with FelipeSchwartzman Annual Meeting of the American Economic Association, SanFrancisco, California, January3 “Price Setting in a Variable Macroeconomic Environment: Evidence from Brazilian CPI,” with Rebecca Barros, Marco Bonomo, and Silvia Matos NBER Summer Institute, Cambridge, Massachusetts, July6 Danmarks Nationalbank seminar, Copenhagen, Denmark, October1 “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, September22 Sveriges Riksbank seminar, Stockholm, Sweden, October6 Norges Bank seminar, Oslo, Norway, October 19 CREI (Centre de Recerca en Economia Internacional) seminar, Barcelona, Spain, October29



Nicola Cetorelli “Credit Market Competition and the Nature of Firms” World Bank Research Group seminar, Washington, D.C., January27 Brown University Department of Economics seminar, Providence, Rhode Island, April15 Federal Reserve Bank of Chicago Forty-fifth Annual Conference on Bank Structure and Competition, Chicago,Illinois, May6



Rajashri Chakrabarti “Can State Merit Aid Programs Have Unintended Consequences? A Closer Look,” with Joydeep Roy Annual Meeting of the American Economic Association, SanFrancisco, California, January 4 Annual Conference of the American Education Finance Association, Nashville, Tennessee, March19 “Do Charter Schools Crowd Out Private Enrollment? Evidence from Michigan,” with Joydeep Roy Association for Public Policy Analysis and Management seminar, Washington, D.C., November5 University of Connecticut seminar, Hartford, Connecticut, December11 “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 MichaelWoodford New York University seminar, New York City, September 24 Sveriges Riksbank seminar, Stockholm, Sweden, November 7 Rutgers University seminar, New Brunswick, New Jersey, December1 “Correlated Disturbances and U.S. Business Cycles,” with Ricardo Reis NBER Summer Institute, Cambridge, Massachusetts, July 9 “Credit Frictions and Optimal Monetary Policy,” with MichaelWoodford Annual Meeting of the American Economic Association, SanFrancisco, California, January 3 Bank of Canada seminar, Ottawa, Ontario, Canada, April21



Richard Deitz “Do Colleges and Universities Increase Their Region’s Human Capital?” with Jaison Abel Fifty-sixth North American Meetings of the Regional Science Association International, San Francisco, California, November 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, March5 University of Wisconsin–Madison seminar, Madison, Wisconsin, March 10



Erkko Etula “Broker-Dealer Risk Appetite and Commodity Returns” Universidad Carlos III seminar, Madrid, Spain, November 16



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, SanFrancisco, California, January 4 Brandeis University seminar, Waltham, Massachusetts, March 19 Sir John Cass Business School seminar, London, England, October 5 Central Bank and Financial Services Authority of Ireland, Dublin, Ireland, October 6



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, March6 “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 NicolaCetorelli 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, SanFrancisco, 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 GuillermoFelices 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, August27 “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



Sagiri Kitao “Social Security, Benefit Claiming, and Labor Force Participation: A Quantitative General Equilibrium Approach,” with Selahattin İmrohoroğlu Stony Brook University Economics Department seminar, Stony Brook, New York, October 20



James McAndrews and David Skeie “Precautionary Reserves and the Interbank Market,” with AdamAshcraft European Central Bank Workshop on Challenges to Monetary Policy Implementation, Frankfurt, Germany, December 1



Hamid Mehran “Compensation and Leverage” Federal Deposit Insurance Corporation workshop, Washington, D.C., December16 “Compensation in the Banking Industry” Bank of Italy seminar, Rome, Italy, September 30 “What Can We Learn from Privately Held Firms about Executive Compensation?” with Rebel Cole Fourth Bank of Italy–CEPR Conference on Money, Banking, and Finance, Rome, Italy, October 1




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, July2 “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 “Are Comovements Excessive?” with Maria Kasch Rotterdam School of Management seminar, Rotterdam, the Netherlands, December 8 “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 University of Tilburg seminar, Tilburg, the Netherlands, December7 “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, UnitedKingdom, 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 Liquidity Tools” World Research Group Quant Trading Forum, New York City, October 22 “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 JamesMcAndrews Annual Meeting of the American Economic Association, SanFrancisco, 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 XavierFreixas and Antoine Martin Universitat Pompeu Fabra seminar, Barcelona, Spain, June 3 2009 Western Finance Association Annual Meetings, San Diego, California, June 19 Latin American Meeting of the Econometric Society, Buenos Aires, Argentina, October 1



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 BartHobijn 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 l7 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, May4 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 AlejandroJustiniano and Giorgio Primiceri Annual Meeting of the American Economic Association, SanFrancisco, 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



Giorgio Topa “The Empirical Content of Models with Multiple Equilibria in Economies with Social Interactions,” with AlbertoBisin and Andrea Moro CIRANO–CIREQ Conference on the Econometrics of Interactions, Montreal, Quebec, Canada, October 22



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, April25 Reserve Bank of India seminar, Mumbai, India, July 2 “What Determines Family Structure?” with David Blau City University of New York Graduate Center seminar, NewYorkCity, March 17



James Vickery “Incentives and the Rating of Mortgage-Backed Securities,” with Adam Ashcraft and PaulGoldsmith-Pinkham DePaul University Department of Finance seminar, Chicago, Illinois, January 27 “MBS Ratings and the Mortgage Credit Boom,” with AdamAshcraft and PaulGoldsmith-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, September21 Fifth New York Fed–NYU Stern Conference on Financial Intermediation, New York City, November 13



Tanju Yorulmazer “Rollover Risk and Market Freezes,” with ViralAcharya and DouglasGale Financial Intermediation Research Society Conference on Banking, Corporate Finance, and Intermediation, Prague, the Czech Republic, May 28 2009 Western Finance Association Annual Meetings, SanDiego, 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 New York University seminar, New York City, November 30

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