Nemmers Prize Conference

"Liquidity, Bubbles and Crises"

Thursday and Friday, April 30-May 1, 2015
James L. Allen Center
McCormick Auditorium

Thursday, April 30, 2015
Time Title

Bengt Holmström (Massachusetts Institute of Technology): Banks as Secret Keepers (joint with Tri Vi Dang – Columbia University, Gary Gorton – Yale University and Guillermo L. Ordoñez – University of Pennsylvania)
Supplemental Reading: Understanding the Role of Debt in the Financial System by Bengt Holmstrom, Bank for International Settlements Working Paper 479.

Douglas Diamond (University of Chicago) - discussant

10:05 Break

Emmanuel Fahri (Harvard University): Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops (joint with Jean Tirole – Toulouse School of Economics)

Manuel Amador (Federal Reserve Bank of Minneapolis ) - discussant


John Hardman Moore (University of Edinburgh): Leverage Stacks and the Financial System

Darrell Duffie (Stanford University) – discussant

12:45 Lunch

Panel Discussion: Banking and Macroprudential Regulation
Moderated by Philippe Aghion (Harvard University)
Mathias Dewatripont (National Bank of Belgium)
Atif Mian (Princeton University)
Jeremy Stein (Harvard University)

3:30 Break

Thomas Philippon (New York University): Runs versus Lemons: Fiscal Capacity and Financial Stability (joint with Miguel de Faria e Castro and Joseba Martinez – both New York University)

Alp Simsek (Massachusetts Institute of Technology) – discussant


Nobuhiro Kiyotaki (Princeton University): Wholesale Banking and Bank Runs in Macroeconomic Modelling of Financial Crises (joint with Mark Gertler – New York University and Andrea Prespitino - Board of Governors of the Federal Reserve System)

Ivan Werning (Massachusetts Institute of Technology) – discussant

6:00 Adjournment
Friday, May 1, 2015
Time Title

Alberto Martin (Universitat Pompeu Fabra): Managing Credit Bubbles (joint with Jaume Ventura - Universitat Pompeu Fabra)

François Geerolf (University of California, Los Angeles) - discussant

10:05 Break

Arvind Krishnamurthy (Stanford University): A Model of the Reserve Asset (joint with Zhiguo He – University of Chicago, and Konstantin Milbradt – Northwestern University)

Christian Hellwig (Toulouse School of Economics) – discussant


Xavier Gabaix (New York University): International Liquidity and Exchange Rate Dynamic (joint with Matteo Maggiori – Harvard University)

Pierre-Olivier Gourinchas (University of California, Berkeley) – discussant

12:45 Lunch
2:00 Panel Discussion: The European Crisis and Sovereign Debt
Moderated by Jean Tirole (Toulouse School of Economics)
Olivier Blanchard (International Monetary Fund)
Stanley Fischer (Board of Governors of the Federal Reserve System)
Monnet's Error? Luigi Zingales (University of Chicago)
3:30 Break

Andrei Shleifer (Harvard University): Banks as Patient Fixed-Income Investors (joint with Samuel Hanson – Harvard University, Jeremy Stein – Harvard University and Robert W. Vishny – University of Chicago)

Gary Gorton (Yale University) – discussant

5:00 Adjournment


Directions to campus

Printable local map with travel information 
(make sure your browser correctly displays this map, it should include red and yellow boxes highlighting the venues). Please note that visitor parking on campus is very limited on weekdays.

Information for non-Northwestern participants on guest wireless access on campus

Read more about the Nemmers Prize and the current and past winners