October 18-19, 2019
Wharton Liquidity and Financial Fragility Conference

2019 Conference

Following the success of the last seven years’ conferences, we are organizing the eighth conference on “Liquidity and Financial Fragility,” which will take place at the Wharton School of the University of Pennsylvania (Philadelphia PA) starting on the morning of Friday, October 18, 2019 and ending in the afternoon of Saturday October 19, 2019. There will also be a reception and dinner on Friday evening. The full conference program can be found below.

OCTOBER 18th 2019

8:30 – 9:30 Breakfast
9:30 – 11:10 Session 1: International Flows
Chair: Alessandro Dovis (Penn Economics)
Search for Yield in Large International Corporate Bonds: Investor Behavior and Firm Responses
Charles Calomiris (Columbia), Mauricio Larrain (U Catolica de Chile), Sergio Schmukler (World Bank) and Tomas Williams (GWU)
Discussant: Sebnem Kalemli Ozcan (Maryland)
Exchange Rates and Asset Prices in a Global Demand System
Ralph S.J. Koijen (Chicago Booth), Motohiro Yogo (Princeton)
Discussant: Charles M Engel (Wisconsin)
11:10 – 11:30 Break
11:30 – 13:10 Session 2: Financial Cycles and the Real Economy
Chair: Marc Flandreau (Penn History)
Salient Crises, Quiet Crises
Matthew Baron (Cornell Johnson), Emil Verner (MIT Sloan) and Wei Xiong (Princeton)
Discussant: Moritz Schularick (Bonn)
World Financial Cycles
Yan Bai (Rochester), Patrick Kehoe (Stanford) and Fabrizio Perri (Minneapolis Fed)
Discussant: Mark Aguiar (Princeton)
13:10 – 14:30 Lunch
14:30 – 17:20 Session 3: Information in Financial Markets
Chair: Or Shachar (New York Fed)
A Dynamic Theory of Lending Standards
Michael Fishman (Northwestern), Jonathan Parker (MIT Sloan) and Ludwig Straub (Harvard)
Discussant: Brett Green (Berkeley Haas)
Learning in Financial Markets: Implications for Debt-Equity Conflicts
Jesse Davis (North Carolina) and Naveen Gondhi (INSEAD)
Discussant: Giorgia Piacentino (Columbia)
Identifying Price Informativeness
Eduardo Davila (Yale) and Cecilia Parlatore (NYU Stern)
Discussant: Xavier Vives (IESE)
19:15 Dinner – Keynote Speaker: Robert Townsend (MIT) – “What Ifs: From Liquidity Problems to Fully Optimized Designs”

OCTOBER 19th 2019

7:30 – 8:30 Breakfast
8:30 – 10:10 Session 4: Safe Assets
Chair: David Rappoport (Fed Board)
Risk Free Interest Rates
Jules van Binsbergen (Wharton), Will Diamond (Wharton) and Marco Grotteria (Wharton)
Discussant: Wenxin Du (Chicago Booth)
How Should Governments Create Liquidity?
Timothy Jackson (Manchester Metropolitan University) and George Pennacchi (Illinois)
Discussant: Sebastian Di Tella (Stanford GSB)
10:10 – 10:30 Break
10:30 – 13:00 Session 5: Different Forms of Intermediation and Fragility
Chair: Erik Gilje (Wharton)
Collateral Runs
Sebastian Infante (Fed Board) and Alexandros Vardoulakis (Fed Board)
Discussant: : Toni Ahnert (Bank of Canada)
Swing Pricing and Fragility in Open-end Mutual Funds
Dunhong Jin (Oxford Said), Marcin Kacperczyk (Imperial), Bige Kahraman (Oxford Said) and Felix Suntheim (IMF)
Discussant: Mark Flannery (Florida)
On the Instability of Banking and Other Financial Intermediation
Chao Gu (Missouri), Cyril Monnet (Berne), Ed Nosal (Atlanta Fed) and Randy Wright (Wisconsin)
Discussant: Enrico Perotti (U of Amsterdam)
13:00 – 13:50 Lunch
13:50 – 15:30 Session 6: Booming Asset Prices
Chair: Igor Livshits (Philadelphia Fed)
Asset Price Booms and Macroeconomic Policy: a Risk-Shifting Approach
Franklin Allen (Imperial), Gadi Barlevy (Chicago Fed) and Douglas Gale (NYU)
Discussant: Alp Simsek (MIT)
Collateral Booms and Information Depletion
Vladimir Asriyan (CREI), Luc Laeven (ECB) and Alberto Martin (CREI)
Discussant: Gary Gorton (Yale)
15:30 Adjourn

Program Committee

  • Eduardo Davila (Yale)
  • Itamar Drechsler (Wharton)
  • Huberto Ennis (Richmond Fed)
  • Vincent Glode (Wharton)
  • Gary Gorton (Yale)
  • Zhiguo He (Chicago)
  • Victoria Ivashina (Harvard)
  • Jakub Kastl (Princeton)
  • Todd Keister (Rutgers)
  • Pablo Kurlat (Stanford)
  • Matteo Maggiori (Harvard)
  • Robert McDonald (Northwestern)
  • Jaromir Nosal (Boston College)
  • Martin Oehmke (LSE)
  • Christian Opp (Wharton)
  • George Pennacchi (Illinois)
  • Adriano Rampini (Duke)
  • Philipp Schnabl (NYU)
  • Luke Taylor (Wharton)
  • Venky Venkateswaran (NYU)
  • Annete Vissing-Jorgensen (Berkeley)
  • Russ Wermers (Maryland)
  • Randy Wright (Wisconsin)
  • Motohiro Yogo (Princeton)

For more information about the conference, please contact:

John Galm, Administrative Coordinator
Wharton Public Policy Initiative
Email: johngalm@wharton.upenn.edu
Phone: +1.215.898.1519