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Session 9: Banks and Financial Frictions

September 5 - 7, 2018

Organized by:

  • Juliane Begenau, Stanford Graduate School of Business
  • Monika Piazzesi, Stanford University
  • Lars Peter Hansen, University of Chicago

We want to bring together researchers who study banks and financial frictions. The questions we want to address are: What is the role of banks in competition with other financial institutions? What is the impact of concentration among the largest banks? What is the importance of banks for payments? Are banks special in their ability to screen borrowers among households and firms? Do banks take risks or do they hedge? What is their role in markets for complex assets (such as asset-backed securities or other derivatives)? How has recent regulation and ongoing initiatives to change regulations affected banks? How can households and firms get access to funding when banks are in trouble?

 

In this Session

Sep 5 |
11:30 am to 12:15 pm

Financial Cycles with Heterogeneous Intermediaries

Presented by: Helene Rey, London Business School, NBER and CEPR
Co-Author(s): Nuno Coimbra, Paris School of Economics
Sep 5 |
1:30 pm to 2:15 pm

Markets for Financial Innovation

Presented by: Kinda Hachem, University of Chicago, Booth School of Business
Co-Author(s): Ana Babus, Washington University
Sep 5 |
2:45 pm to 3:30 pm

Credit, Money, Interest and Prices

Presented by: Saki Bigio, University of California, Los Angeles
Co-Author(s): Yuliy Sannikov, Stanford Graduate School of Business
Sep 5 |
4:00 pm to 4:45 pm

Valuation Dynamics in Models with Financial Frictions

Presented by: Lars Peter Hansen, University of Chicago
Co-Author(s): Paymon Khorrami, University of Chicago; Fabrice Tourre, Copenhagen University
Sep 6 |
9:00 am to 9:45 am

A Sufficient Statistics Approach for Aggregating Firm-Level Experiments

Presented by: David Sraer, University of California, Berkeley, Haas School of Business
Co-Author(s): David Thesmar, MIT, Sloan School of Management
Sep 6 |
10:15 am to 11:00 am

Banks Adjust Slowly: Evidence and Lessons for Modeling

Presented by: Juliane Begenau, Stanford Graduate School of Business
Co-Author(s): Saki Bigio, University of California, Los Angeles; Jeremy Majerovitz, MIT
Sep 6 |
11:30 am to 12:15 pm

Judging Bank Risk by the Profits They Report

Presented by: Stefan Nagel, University of Chicago, NBER, and CEPR
Co-Author(s): Ben Meiselman, Johns Hopkins University; Amiyatosh Purnanandam, University of Michigan, Ross School of Business
Sep 6 |
1:30 pm to 2:15 pm

Bank Balance Sheets and Boom-Bust Cycles

Presented by: Bulent Guler, Indiana University, Bloomington
Co-Author(s): Yavuz Arslan, Bank for International Settlements; Burhanettin Kuruscu, University of Toronto
Sep 6 |
2:45 pm to 3:30 pm

Foreign Safe Asset Demand and the Dollar Exchange Rate

Presented by: Arvind Krishnamurthy, Stanford Graduate School of Business
Co-Author(s): Hanno Lustig, Zhengyang Jiang, Stanford Graduate School of Business
Sep 6 |
4:00 pm to 4:45 pm

Retirement in the Shadow (Banking)

Presented by: Guillermo Ordonez, University of Pennsylvania
Co-Author(s): Facundo Piguillem, EIFF
Sep 7 |
9:00 am to 9:45 am

The Fragility of Market Risk Insurance

Presented by: Motohiro Yogo, Princeton University
Co-Author(s): Ralph S. J. Koijen, University of Chicago, Booth School of Business. Find the paper at the following link: https://ssrn.com/abstract=2972295
Sep 7 |
10:15 am to 11:00 am

Dynamic Bank Capital Requirements

Presented by: Tetiana Davydiuk, Carnegie Mellon University, Tepper School of Business
Sep 7 |
11:30 am to 12:15 pm

Equity Allocation and Risk-Taking in the Financial Sector

Presented by: Alonso Villacorta, University of California, Santa Cruz
Co-Author(s): Anatoli Segura, Banca d’Italia
Sep 7 |
1:30 pm to 2:15 pm

Externalities as Arbitrage

Presented by: Ben Hébert, Stanford Graduate School of Business
Sep 7 |
2:45 pm to 3:30 pm

Identifying Price Informativeness

Presented by: Cecilia Parlatore, New York University, Stern School of Business
Co-Author(s): Eduardo Dávila, New York University, Stern School of Business
Sep 7 |
4:00 pm to 4:45 pm

The Aggregate Cost of Systematic Forecast Errors

Presented by: David Thesmar, MIT, Sloan School of Management
Co-Author(s): Yueran Ma, University of Chicago, Booth School of Business; David Sraer, University of California, Berkeley, Haas School of Business