Center for the Advanced Study in Economic Efficiency

Financial Intermediation and Payments:  Is Instability Inevitable?

Friday, February 11, 2011

1:00 - 1:15 Welcome
1:15 - 2:15 Rob Townsend (MIT), "Monetary Theory and Electronic Money: Reflections on the Kenyan Experience"
2:15 - 3:15 Ed Green(Penn State),"Bailouts"
3:15 - 3:45 Break, refreshments
3:45 - 4:45 Warren Weber (FRB Mpls), "Bank Liability Insurance Schemes in the U.S. Before 1865"
4:45 - 5:45 Lee Ohanian (UCLA), "Banking Crises and Depression"

Saturday, February 12, 2011

10:00- 11:00 Todd Keister (NYU), TBD
11:00 - 12:00 Veronica Guerrieri (Chicago), "Credit Crises, Precautionary Savings and the Liquidity Trap"
12:00 - 1:00 Lunch
1:00 - 2:00 Gary Gorton (Yale),  "Collateral Crises"
2:00 - 3:00 Steve Williamson (Washington University at St. Louis), "Liquidity, Financial Intermediations, and Monetary Policy in a New Monetarist Model"
3:00 - 3:30 Break
3:30 - 4:30 Bob Lucas (University of Chicago), "Models of Bank Runs"
Below is background readings for Lucas' lecture:
Andrew Atkeson, NBER Macroeconomics Annual, Vol. 15 (2000) pp. 162-717
Stephen Morris and Hyun Song Shin, NBER Macroeconomics Annual, Vol. 15 (2000) pp.139-161