Preliminary Announcement of the ASSA Program


Chicago, IL, January 5-7, 2007


2007 Conference Papers


This version includes all changes/corrections received by November 29. We will not update the program again.


(It is important to note that all sessions will be equipped with an overhead projector, and a LCD projector for PowerPoint presentations.)






ACE—Hyatt Regency


AEA—Hyatt Regency

AEDSB—Hyatt Regency


AFA—Hyatt Regency

AFE—Hyatt Regency



AIES—Hyatt Regency

AREUEA—Hyatt Regency

ASCE—Hyatt Regency


ASGE—Hyatt Regency

CEANA—Hyatt Regency

CES—Hyatt Regency

CS—Hyatt Regency

EPS—Hyatt Regency

EHA—Hyatt Regency




HES—Hyatt Regency

IAEE—Hyatt Regency

IAFFE—Hyatt Regency

IEFS—Hyatt Regency


INEM—Hyatt Regency

IOS—Hyatt Regency

ISIR—Hyatt Regency



KAEA—Hyatt Regency

LERA—Hilton Chicago

MEEA—Hyatt Regency

NABE—Hyatt Regency

NAEE/NCEE—Hyatt Regency

NAEFA—Hyatt Regency


NEA—Hyatt Regency

NTA—Hyatt Regency

ODE—Hyatt Regency


SCE—Hyatt Regency


SGE—Hyatt Regency

SPM—Hyatt Regency

TPUG—Hyatt Regency

URPE—Hyatt Regency



Thursday, January 4, 2007


Jan. 4, 6:30 pm



Plenary Lecture


Presiding: JOHN P. TIEMSTRA, Calvin College


JOHN M. GOWDY, Rensselaer Polytechnic Institute--Behavioral Economics and Sustainability



Friday, January 5, 2007


Jan. 5, 8:00 am



Whither Jobs and People?: Rural-Suburban-Urban Differences and Modern Growth Patterns (Q1)


Presiding: JEFFREY H. DORFMAN, University of Georgia


MARK D. PARTRIDGE, Ohio State University, DAN S. RICKMAN, Oklahoma State University, KAMAR ALI, and M. ROSE OLFERT, University of Saskatchewan--Employment Growth in the American Urban Hierarchy: Long Live Distance


CAROLINE CUNNINGHAM, MOLLY ESPEY, and KATHERINE H. KING, Clemson University--The Faces of Suburbanization


MITCH RENKOW, North Carolina State University--Employment Growth and the Allocation of New Jobs: Spatial Spillovers of Economic and Fiscal Impacts


Discussant: JEFFREY H. DORFMAN, University of Georgia



Jan. 5, 8:00 am



Labor Flows, Vacancies and Wages


Presiding: JOHN HALTIWANGER, University of Maryland


      STEVE DAVIS, University of Chicago and NBER, R. JASON FABERMAN, U.S. Bureau of Labor Statistics, and JOHN HALTIWANGER, University of Maryland and NBER—The Micro Behavior of Vacancies and Hiring


      ROBERT SHIMER, University of Chicago--Wage and Employment Dynamics with Mismatch


      ERICA GROSHEN and SIMON POTTER, Federal Reserve Bank of New York—Why Don’t Temporary Layoffs Spike during Recessions Anymore?


Discussants: EVA NAGYPAL, Northwestern University

      DALE MORTENSEN, Northwestern University

      BRUCE FALLICK, Federal Reserve Board



Jan. 5, 8:00 am



The Economics of Natural Resources and the Environment (Q0)


Presiding: To be announced.


      JEFFREY LAZO, National Center for Atmospheric Research, PETER LARSEN, University of Alaska-Anchorage, DONALD WALDMAN, University of Colorado-Boulder, and MEGAN HARROD, Stratus Consulting, Inc.—Sensitivity of the U.S. Economy to Weather Variability


      BASHARAT PITAFI, Southern Illinois University, and JAMES ROUMASSET, University of Hawaii—The Resource Economics of Invasive Species


      SARAH LOWDER, United Nations—Reducing Environmental Impact: Appropriate Country Strategies Based on Levels of Development


      THOMAS A. WEBER and CLAIRE TOMKINS , Stanford University--Dynamic Allocation of Water Resources with Storage and Two-Sided Uncertainty: The Case of Southern California


Discussants: To be announced.



Jan. 5, 8:00 am





Presiding: MARC-ANDREAS MUENDLER, University of California-San Diego and CESifo


      MARC-ANDREAS MUENDLER, University of California-San Diego and CESifo—The Action Value of Information and the Natural Transparency Limit


      STERGIOS SKAPERDAS, University of California-Irvine, and SAMARTH VAIDYA, Deakin University—Persuasion as a Contest


      MAKSYMILIAN KWIEK, University of Southampton—Mass Media: Constrained Information and Heterogenous Public



Jan. 5, 8:00 am



Model Validation and Model Comparison (C5)


Presiding: MICHAEL KEANE, Yale University


      KENNETH WOLPIN, University of Pennsylvania—Ex Ante Policy Evaluation, Structural Estimation and Model Selection


      HANMING FANG, MICHAEL KEANE, Yale University, AHMED KHWAJA, MARTIN SALM, Duke University, and DAN SILBERMAN, University of Michigan—Using Data on Expectations to Validate a Structural Model of Investment in Health


      JOHN GEWEKE, University of Iowa—Bayesian Model Comparison


Discussant: CHRIS SIMS, Princeton University



Jan. 5, 8:00 am



Monetary Aggregates and Monetary Policy (E5)


Presiding: SAMUEL REYNARD, Swiss National Bank


      EDWARD NELSON, Federal Reserve Bank of St. Louis, JAVIER ANDRES, Universidad de Valencia, and DAVID LOPEZ-SALIDO, Bank of Spain—Money and the Natural Rate of Interest: Structural Estimates for the U.K., the U.S., and the Euro Area


      SAMUEL REYNARD, Swiss National Bank—Money and the Great Disinflation


      HUW PILL, BJOERN FISCHER, MICHELE LENZA, and LUCREZIA REICHLIN, European Central Bank—A Monetary History of the Euro Area 1999-2006


      ANDREW FILARDO, Bank for International Settlements, and MICHAEL BORDO, Rutgers University and NBER—Money Still Makes the World Go Round: The Zonal View


Discussants: ATHANASIOS ORPHANIDES, Federal Reserve Board

      EDWARD NELSON, Federal Reserve Bank of St. Louis

      SAMUEL REYNARD, Swiss National Bank

      CARL E. WALSH, University of California-Santa Cruz



Jan. 5, 8:00 am



The Market and Pre-Market for Graduate Students in Economics


Presiding: ALAN KRUEGER, Princeton University


      PAUL OYER, Stanford University—Initial Positions, Long-Term Outcomes, and Organizational Structure in the Market for Economists


      WAYNE A. GROVE, LeMoyne College, and STEPHEN WU, Hamilton College—The Search for Talent: Doctoral Completion and Research Productivity of Economists


      SUSAN ATHEY, Stanford University, LAWRENCE KATZ, Harvard University, ALAN KRUEGER, Princeton University, STEVEN LEVITT, University of Chicago, and JAMES POTERBA, Massachusetts Institute of Technology—What Does Performance in Graduate School Predict? Graduate Economics Education and Outcomes of Graduate Students


Discussants: MICHAEL K. SALEMI, University of North Carolina-Chapel Hill

      DAVID C. COLANDER, Middlebury College

      WENDY A. STOCK, Montana State University



Jan. 5, 8:00 am



Macroeconomic Implications of Price Stickiness (E3)


Presiding: JOHN LEAHY, New York University


      MICHAEL DOTSEY, Federal Reserve Bank of Philadelphia, ROBERT G. KING, Boston University, and ALEXANDER L. WOLMAN, Federal Reserve Bank of Richmond—Aggregate Dynamics of Inflation and Real Activity with Firm-Level Productivity Shocks


      VIRGILIU MIDRIGAN, New York University—Menu Costs, Multi-Product Firms and Aggregate Fluctuations


      PETER KLENOW, Stanford University, and JONATHAN WILLIS, Federal Reserve Bank of Kansas City—Empirical Evidence on Models of Rational Inattention



Jan. 5, 8:00 am



Recent Macroeconomic Stabilization (E3)


Presiding: JEFFREY CAMPBELL, Federal Reserve Bank of Chicago


      ZVI HERCOWITZ, Tel Aviv University, and JEFFREY CAMPBELL, Federal Reserve Bank of Chicago—The Role of Collateralized Household Debt in Macroeconomic Stabilization


      GIORGIO PRIMICERI, Northwestern University, and ALEJANDRO JUSTINIANO, Federal Reserve Board--The Time Varying Volatility of Macroeconomic Fluctuations


      SYLVAIN LEDUC, Federal Reserve Board, and KEITH SILL, Federal Reserve Bank of Philadelphia—Monetary Policy, Oil Shocks, and TFP: Accounting for the Decline in U.S. Volatility


Discussants: GARY HANSEN, University of California-Los Angeles

      KEVIN SALYER, University of California-Davis

      JONAS FISHER, Federal Reserve Bank of Chicago



Jan. 5, 8:00 am



Heterogeneity in the Labor Market and Macroeconomic Fluctuations (E2)


Presiding: FRANÇOIS GOURIO, Boston University


      FRANÇOIS GOURIO, Boston University, and PIERRE-ALEXANDRE NOUAL, University of Chicago—The Marginal Worker and the Aggregate Elasticity of Labor Supply


      RONNI PAVAN, University of Rochester, and ALESSANDRO BARBARINO, University of Chicago and Duke University—Measuring Unemployment Composition over the Business Cycle


      YONGSUNG CHANG, Seoul National University, MARK BILS, University of Rochester, and SUN-BIN KIM, Korea University—Cyclicality in Unemployment and Wages


      CHRISTIAN HAEFKE and MICHAEL REITER, University of Pompeu Fabra—Labor Market Participation and the Business Cycle


Discussants: YONGSUNG CHANG, Seoul National University

      RONNI PAVAN, University of Rochester

      FRANÇOIS GOURIO, Boston University



Jan. 5, 8:00 am



Long-Run Growth


Presiding: DAVID WEIL, Brown University


      JENNY MINIER, University of Kentucky—Nonlinearities and Robustness in Growth Regressions


      ANTONIA J. SWANN, York University—Competition and Growth: The Key Role of R&D Duplication behind the Inverted U Relationship


      FALI HUANG, Singapore Management University—The Coevolution of Economic and Political Development


      NICOLE B. SIMPSON, Colgate University, WILLIAM BLANKENAU, Kansas State University, and MARC TOMLJANOVICH, Colgate University—Public Education Expenditures, Taxation and Growth: Linking Data to Theory


Discussants: PETER HOWITT, Brown University

      NILS-PETTER LAGERLOEF, York University

      ANN OWEN, Hamilton College

      DAVID WEIL, Brown University



Jan. 5, 8:00 am



Multinational Firms and Development (F2, O3)


Presiding: ALEXANDER MONGE-NARANJO, Northwestern University


      ALEXANDER MONGE-NARANJO, Northwestern University—Multinational Firms, International Diffusion of Skills and Development


      PAUL BEAUDRY and PATRICK FRANCOIS, University of British Columbia—Firms as Schools: On the Job Learning as a Means of Technology Diffusion


      ESTEBAN ROSSI-HANSBERG and GENE GROSSMAN, Princeton University—Trading Tasks: A Simple Theory of Offshoring


      NATALIA RAMONDO, University of Chicago—Size, Geography, and Multinational Production



Jan. 5, 8:00 am



Capital Accumulation and the Cost of Capital


Presiding: SIMON GILCHRIST, Boston University


      GIAN LUCA CLEMENTI, New York University, RUI CASTRO, University of Montreal, and GLENN MACDONALD, Washington University-St. Louis—Legal Institutions, Sectoral Heterogeneity, and Economic Development


      FABIO NATALUCCI, Federal Reserve Board, SIMON GILCHRIST, Boston University, and EGON ZAKRAJSEK, Federal Reserve Board—Interest Rates and Investment Redux


      NIHAL BAYRAKTAR, Pennsylvania State University-Harrisburg and World Bank, and PLUTARCHOS SAKELLARIS, Athens University of Economics and Business and IMOP—Firm Market Value and Investment: The Role of Firm Market Power and Different Types of Adjustment


      MARCEL-CRISTIAN VOIA and HUNTLEY SCHALLER, Carleton University—Panel Cointegration Estimates of the Effect of Interest Rates, Capital Goods Prices, and Taxes on the Capital Stock



Jan. 5, 8:00 am



Constitutional Approaches to Explaining Trade Policy (F1)


Presiding: GERALD WILLMANN, University of Kiel


      MATTIAS POLBORN, University of Illinois-Urbana-Champaign, and GERALD WILLMANN, University of Kiel—Referendum Timing


      MIRABELLE MUULS and DIMITRA PETROPOULOU, London School of Economics—Oranges and Steel – A Swing State Theory of Trade Protection in the Electoral College


      HEIN ROELFSEMA, University of Utrecht—Political Institutions and Trade Protection


      GERALD WILLMANN, University of Kiel—Why Legislators Are Protectionists: The Role of Majoritarian Voting in Setting Tariffs


Discussants: EMILY BLANCHARD, University of Virginia

      GIOVANNI FACCHINI, University of Illinois

      DEVASHISH MITRA, Syracuse University

      KISHORE GAWANDE, Texas A&M University



Jan. 5, 8:00 am



Markets, Information, and Strategic Behavior


Presiding: BRUCE MIZRACH, Rutgers University


      JOSEPH ENGELBERG and JARED WILLIAMS, Northwestern University—Ebay’s Proxy System: A License to Shill


      JIE LU and BRUCE MIZRACH, Rutgers University—Is Talk Cheap Online? Strategic Interaction in a Stock Trading Chat Room


      JEFFREY ELY, Northwestern University, and TANJIM HOSSAIN, Hong Kong University of Science & Technology—Sniping and Squatting in Auction Markets


Discussants: To be announced.



Jan. 5, 8:00 am



Organizational Form (L2, H5, G3)


Presiding: JULIE WULF, University of Pennsylvania


      PATRICK HERBST and JENS PRUFER, Goethe University-Frankfurt—Firms, Nonprofits, and Cooperatives: The Role of Organizational Form in the Provision of Quality


      JEAN-MICHEL OUDOT, Centre ATOM, University Paris I Pantheon, Sorbonne—Cost Plus or Price Cap? The Choice in the French Defense Procurement Sector


      JULIE WULF, University of Pennsylvania, AUGUSTIN LANDIER, New York University, and VINAY NAIR, University of Pennsylvania—Geographic Dispersion and Corporate Decision-Making


      KRISHNAMURTHY SUBRAMANIAN, Emory University—Firm Boundaries in the New Economy: Theory and Evidence



Jan. 5, 8:00 am



Income Redistribution: Causes and Consequences (D3)


Presiding: FELIX OBERHOLZER-GEE, Harvard University


      CHRISTINA FONG, Carnegie Mellon University, and FELIX OBERHOLZER-GEE, Harvard University—Justice and Redistribution


      CLAUDIA SENIK, Université Paris-IV Sorbonne, and KARIN VAN DER STRAETEN, CNRS and Ecole Polytechnique Paris—The Anatomy of the Demand for Redistribution in Europe: An Investigation of the European Social Survey


      ESTEBAN F. KLOR and MOSES SHAYO, Hebrew University of Jerusalem—Redistribution and Social Identity in the Labor


Discussants: ALOIS STUTZER, University of Zurich

      IRIS BOHNET, Harvard University

      JAMES FOWLER, University of California-Irvine



Jan. 5, 8:00 am



Natural Field Experiments in Development Economics (O1)


Presiding: ROHINI PANDE, Yale University


      EDWARD MIGUEL, SARAH BAIRD, University of California-Berkeley, and MICHAEL KREMER, Harvard University—Experimental Evidence on Long-Run Impacts of Child Health in Kenya


      DEAN KARLAN, Yale University, and JONATHAN ZINMAN, Dartmouth University—Derationing: Using Randomized Credit Supply Decisions to Measure Microfinance Impacts


      BENJAMIN OLKEN, Harvard University—Monitoring Corruption: Evidence from a Field Experiment in Indonesia


Discussants: SEEMA JAYACHANDRAN, University of California-Los Angeles

      ABHIJIT BANERJEE, Massachusetts Institute of Technology

      CHRISTOPHER UDRY, Yale University



Jan. 5, 8:00 am



Determinants of Default Swap Spreads


Presiding: PIERRE COLLIN-DUFRESNE, University of California-Berkeley


      PHILIPPE JORION and GAIYAN ZHANG, University of California-Irvine—Intra-Industry Credit Contagion: Evidence from the Credit Default Swap and Stock Markets


      DRAGON YONGJUN TANG, Kennesaw State University, and HONG YAN, University of Texas-Austin—Liquidity, Liquidity Spillover, and Credit Default Swap Spreads


      ANTJE BERNDT, Cornell University, AZIZ A. LOOKMAN, and JULIAN OBREJA, Carnegie Mellon University—Default Risk Premia and Asset Returns


Discussants: KENNETH SINGLETON, Stanford University

      VIRAL ACHARYA, London Business School

      KENT DANIEL, Northwestern University



Jan. 5, 8:00 am



Understanding Risks and Expected Returns


Presiding: JOSEPH CHEN, University of Southern California


      ZHI DA and PENGJIE GAO, Northwestern University—Clientele Change, Liquidity Shock, and the Return on Financially Distressed Stocks


      EVAN W. ANDERSON, ERIC GHYSELS, University of North Carolina-Chapel Hill, and JENNIFER L. JUERGENS, Arizona State University—The Impact of Risk and Uncertainty on Expected Returns


      ANDREW ANG, ROBERT J. HODRICK, Columbia University, YUHANG XING, Rice University, and XIAOYAN ZHANG, Cornell University—High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence


Discussants: TARUN CHORDIA, Emory University

      CHRISTOPHER JONES, University of Southern California

      TIM JOHNSON, London Business School



Jan. 5, 8:00 am



International Comparisons


Presiding: RAFAEL LA PORTA, Dartmouth College


      FRANKLIN ALLEN, University of Pennsylvania, LAURA BARTILORO, Bank of Italy, and OSKAR KOWALEWSKI, Leon Kozminski Academy of Entrepreneurship and Management—Does Economic Structure Determine Financial Structure?


      HEITOR ALMEIDA, New York University, MURILLO CAMPELLO, University of Illinois-Urbana-Champaign, and CROCKER H. LIU, New York University—The Financial Accelerator: Evidence from International Housing Markets


      BERNARD YIN YEUNG, New York University, LUBOMIR P. LITOV, Washington University-St. Louis, and KOSE JOHN, New York University—Corporate Governance and Corporate Risk Taking: Theory and Evidence


Discussants:     LUIGI ZINGALES, University of Chicago

      JEREMY STEIN, Harvard University

      PETER TUFANO, Harvard Business School



Jan. 5, 8:00 am



Corporate Governance


Presiding: SIMI KEDIA, Rutgers University


      MICHAEL H. BRADLEY, ALON BRAV, Duke University, ITAY GOLDSTEIN, University of Pennsylvania, and WEI JIANG, Columbia University—Costly Communciation, Shareholder Activism, and Limits to Arbitrage


      DALIDA KADYRZHANOVA, Columbia University—Does Governance Pay, or Is Entrenchment the Way? Merger Gains and Antitakeover Provisions


      SHANE A. JOHNSON, TED MOORMAN, and SORIN M. SORESCU, Texas A&M University—Governance, Stock Returns, and Market Efficiency


Discussants: LAURA STARKS, University of Texas-Austin

      S. RAVID, Rutgers University

      KENNETH LEHN, University of Pittsburgh



Jan. 5, 8:00 am



Executive Compensation and Corporate Governance


Presiding: MILTON HARRIS, University of Chicago


      PRAVEEN KUMAR and NISAN LANGBERG, University of Houston—Overinvestment and Corporate Fraud in Efficient Capital Markets


      ULF AXELSON, Swedish Institute for Financial Research, and SANDEEP BALIGA, Northwestern University—Optimal Executive Compensation with Renegotiation: Explaining Earnings Manipulation and Vesting Schedules


      GUSTAVO MANSO, Stanford University—Motivating Innovation


Discussants: OGUZHAN OZBAS, University of Southern California

      HARESH SAPRA, University of Chicago

      MORTEN SORENSEN, University of Chicago



Jan. 5, 8:00 am



Dividends and Stock Repurchases


Presiding: KOSE JOHN, New York University


      AMY CHUN-CHIA CHANG, PRAVEEN KUMAR, and SHIVA SIVARAMAKRISHNAN, University of Houston—Dividend Changes, Cash Flow Predictability, and Signaling of Future Cash Flows


      RADHAKRISHNAN GOPALAN, University of Michigan-Ann Arbor, VIKRAM K. NANDA, Arizona State University, and AMIT SERU, University of Michigan-Ann Arbor—Do Business Groups Use Dividends to Fund Investments?


      GERARD HOBERG, and NAGPURNANAND R. PRABHALA, University of Maryland—Dividend Policy, Risk, and Catering


Discussants: DOUGLAS SKINNER, University of Chicago

      AVNER KALAY, Tel Aviv University

      MICHAEL BRENNAN, University of California-Los Angeles



Jan.5, 8:00 am



Homeownership and Housing Policy


Presiding: EDGAR O. OLSEN, University of Virginia


DONALD R. HAURIN, Ohio State University, and STUART S. ROSENTHAL, Syracuse University--Language, Agglomeration, and Hispanic Homeownership


GEORGE C. GALSTER and ANNA M. SANTIAGO, Wayne State University--No Place Like Home? Experiences of Recent, Low-Income Homebuyers


STUART S. ROSENTHAL and MICHAEL D. ERIKSEN, Syracuse University--Crowd-Out, Stigma, and the Effect of Place-Based Subsidized Rental Housing on Neighborhoods


FRANÇOIS DES ROSIERS, Laval University, and MARION STEELE, University of Guelph--Superstar Cities, Condominiums and the Low Income Housing Tax Credit: Is the Contribution of LIHTC to Total Tax Expenditures Less Than it Seems?


Discussants: EDWARD COULSON, Pennsylvania State University

      STUART ROSENTHAL, Syracuse University

      AMY SCHWARTZ, New York University

      KERRY VANDELL, University of California-Irvine



Jan. 5, 8:00 am



Economics of Mortgage Markets


Presiding: TODD SINAI, University of Pennsylvania


ANDREA HEUSON and TIE SU, University of Miami--Mortgage Delivery Options: An Innovation to Improve the Risk/Return Tradeoff in Residential Mortgage Lending


NELA RICHARDSON and DOUGLAS A. MCMANUS, Freddie Mac--Multi-Sided Platforms: An Application to Secondary Mortgage Markets


LYNN M. FISHER, Massachusetts Institute of Technology, and ROBERT VAN ORDER, University of Michigan--The Economics of the Mortgage and Mortgage Institutions


SHANE M. SHERLUND, Federal Reserve Board--The Jumbo-Conforming Spread: A Semiparametric Reexamination


Discussants: NENG WANG, Columbia University
 YONGHENG DENG, University of Southern California
 ALBERT SAIZ, University of Pennsylvania
 BRENT AMBROSE, Pennsylvania State University



Jan. 5, 8:0 0am



Private Ownership and Public Service Provision


Presiding: JOHN BENNETT, Brunel University,West London


KATHERINA GASSNER, World Bank, ALEXANDER POPOV, University of Chicago, and NATALIYA PUSHAK, World Bank—An Empirical Assessment of Private Sector Participation in Electricity and Water Distribution in Developing Countries


EDUARDO ENGEL, Yale University, RONALD FISCHER, University of Chile, and ALEXANDER GALETOVIC, University of the Andes--The Basic Public Finance of Public-Private Partnerships


JOHN BENNETT and ELISABETTA IOSSA, Brunel University--Contracting Out Public Service Provision to Not-for-Profit Firms


RUSSELL PITTMAN, U.S. Department of Justice and New Economic School, Moscow--Will the Train Ever Leave the Station? The Private Provision of Freight Railway Service in Russia and Central and Eastern Europe


Discussants: MARK SCHAFFER, Heriot-Watt University

HADI ESFAHANI, University of Illinois-Urbana-Champaign

AL SLIVINSKI, University of Western Ontario

SERGEI GURIEV, New Economic School, Moscow



Jan. 5, 8:00 am



Continuity and Change: Policy Implications from Social and Institutional Economics (O1)


Presiding:  CHRISTOPHER NIGGLE, University of Redlands


MAYO TORUNO, California State University-San Bernardino--The State and the Abundant Society 


PHILLIP O’HARA, Curtin University, Australia--The Global Spread of AIDS and HIV: Causes, Consequences, and Governance


LAURA J. TAYLOR, Willamette University--Informal Institutions and the Transition in Rural Russia 


MICHAEL CARROLL, Bowling Green State University, MARY WRENN, Weber State University, JAMES RONALD STANFIELD, Colorado State University--Toward Community-Based Community Development


HAMID HOSSEINI, King’s College--Why both Formal and Informal Institutions Matter in

Economic Development: Explaining the Change of Lewisian Dualism to a (New?) Formal-

Informal Dichotomy


Discussant:  CHRISTOPHER NIGGLE, University of Redlands



Jan. 5, 8:00 am



Bringing Households and Social Reproduction in Strategies for Sustainability


Presiding:  ELLEN MUTARI, Richard Stockton College of New Jersey


ELISSA BRAUNSTEIN, Colorado State University--Women's Nonmarket Work, Gender Inequality, and Economic Growth in East Asia and Latin America


S. CHARUSHEELA, University of Hawaii-Manoa, and COLIN DANBY, University of Washington, Bothell--When is "The Household"?


MARILYN POWER, Sarah Lawrence College--Feminist and Ecological Economics: Applying a Social Provisioning Approach to an Analysis of the Effects of Natural Disasters


JANE WHEELOCK, University of Newcastle--Social Reproduction and Sustainability: The Role of Art


Discussants:  JOHN DAVIS, University of Amsterdam and Marquette University

ELLEN MUTARI, Richard Stockton College of New Jersey


Jan. 5, 8:00 am



The Cuban Economy


Presiding:  ROGER BETANCOURT, University of Maryland-College Park


MARIO A. GONZALEZ CORZO, Lehman College, City University of New York, and SCOTT LARSON, Graduate Center, City University of New York--Cuba’s Unique Remittance Landscape: A Comparative Perspective


ERNESTO HERNÁNDEZ-CATÁ, Johns Hopkins University--A Theory of Transition: The Case of the Former Soviet Union


CARLOS SEIGLIE, Rutgers University-Newark--Socioeconomic Differences between the Races in Cuba and Their Implications for a Transition


Discussants:  JORGE SANGUINETTY, DevTech Systems, Inc.

LUIS LOCAY, University of Miami

BRYAN ROBERTS, U.S. Department of Homeland Security



Jan. 5, 8:00 am



Making Markets Work for the Rural Poor


Presiding: CHRISTOPHER B. BARRETT, Cornell University


PAUL N. WILSON, University of Arizona, and JOHN E. STAPLEFORD, Eastern University-- Transformational Development: A “Slow Fast” Alternative for Economic Growth


CRAIG GUNDERSEN, Iowa State University, and THOMAS KELLY, RKDev Consulting--Catholic Social Teaching and the Allocation of Scarce Resources to Address Problems of Poverty


TRACY C. MILLER, Grove City College--What Role Can Changes in Institutions and Policies Affecting Access to Property Rights Play in Facilitating Escape from Poverty in Developing Countries?


DUNCAN BOUGHTON, DAVID TSCHIRLEY, Michigan State University, CHRISTOPHER B. BARRETT, Cornell University, and RUI BENFICA, Michigan State University--The Determinants of Market Participation by Poor Rural Households in Sub-Saharan Africa: An Asset-Based Approach



Jan. 5, 8:00 am



Environmental Conflict and Cooperation (Q5)


Presiding:  W. MICHAEL HANEMANN, University of California-Berkeley


JUAN-PABLO MONTERO, Catholic University of Chile--A Simple Auction Mechanism for the Optimal Allocation of the Commons


SUNG HOON PARK, Korean University, and JASON F. SHOGREN, University of Wyoming--Environmental Citizen Suits with Pigovian Punitive Damages


SHLOMI DINAR, Florida International University, ARIEL DINAR, Johns Hopkins University School of Advanced International Studies, and PRADEEP KURUKULASURIYA, Yale University--SCARPERAION:  An Empirical Inquiry into the Role of Scarcity in Fostering Cooperation Between International River Riparians


CATHERINE NORMAN, Johns Hopkins University, and BEVIN ASHENMILLER, Occidental College--Anti-SLAPP Legislation and Citizen Enforcement:  Measuring the “Chill” of Strategic Law Suits


Discussants: GLENN BLOMQUIST, University of Kentucky

NICHOLAS FLORES, University of Colorado-Boulder

EMMA HUTCHINSON, University of Victoria

JULIO VIDERAS, Hamilton College



Jan. 5, 8:00am



Issues in Financial Aspects of Growth (C0, G1, G2)


Presiding: TEJ K. KAUL, Eastern Illinois University


      SUHAS KETKAR, Vanderbilt University—Corporate Bonds: A Case Study of RIBs and IMDs


      RENU KALLIANPUR, AXA Advisors, and SAUL MEKIES, University of Iowa—Sequential Game Theory and an Asian Euro


      KUSUM KETKAR, Yeshiva University—Financial Markets and Liberalization


      VANDANA RAO, Indiana University East—Key Risk Indicators in Financial Institutions


      ATRAYEE GHOSH ROY, Minnesota State University-Mankato, and HENDRIK VAN DEN BERG, University of Nebraska—Twin Deficits, Hard Landing and U.S. Growth


      DANIEL LAZAR, JOSEPH JEYAPAUL, Loyola College, and SHAILENDRA GAJANAN—Tax-Loss Selling and the April Effect: Evidence from BSE Sensex


      KISHORE KULKARNI, Metropolitan State College, and DEBASIS BHATTACHARYA, University of Denver—Economic Liberalization in India, Objectives, Reforms and Perspectives


Discussants: JYOTHI KHANNA, Colgate University

      DEBASRI MUKHERJEE, Western Michigan University

      MONICA DAS, Skidmore College

      SUBHASH SHARMA, Southern Illinois University

      ATRAYEE GHOSH ROY, Minnesota State University-Mankato



Jan. 5, 8:00 am



The Economic History of Trade and Growth


Presiding: JOSEPH P. FERRIE, Northwestern University


      GUILLAUME DAUDIN, University of Edinburgh and OFCE, Sciences Po Paris—A Geography of Domestic Trade in the Late 18th Century France


      DAVID S. JACKS and KRISHNA PENDAKUR, Simon Fraser University—Global Trade and the Maritime Transport Revolution


      NOEL D. JOHNSON, California State University-Long Beach—Political Instability, Institutions, and Economic Growth: 1860-2000


      MAX-STEPHAN SCHULZE, London School of Economics, and NIKOLAUS WOLF, Free University of Berlin—Harbingers of Dissolution? Grain Prices, Borders, and Nationalism in the Late-Nineteenth century Habsburg Empire


Discussants: KRIS MITCHENERE, Santa Clara University

      ERIC HILT, Wellesley College

      DOUG IRWIN, Dartmouth College

      MARC WEIDENMEIR, Claremont McKenna College



Jan. 5, 8:00 am





Presiding: ROD GARRATT, University of California-Santa Barbara


ALOISIO ARAUJO, IMPA and Getúlio Vargas Foundation, and BRUNO FUNCHAL, Getúlio Vargas Foundation--How Much Debtors' Punishment?


MARZENA ROSTEK and MAREK WERETKA, Yale University--Institutional Investors and CAPM


YINGYAO HU, University of Texas, and WEI TAN, State University of New York-Stony Brook--Empirical Testing of Adverse Selection and Moral Hazard in the Consumer Credit Card Market


ROD GARRATT, University of California-Santa Barbara, and TODD KEISTER, Federal Reserve Bank of New York--Bank Runs as Coordination Failures: An Experimental Study



Jan. 5, 8:00 am





Presiding:  IVAN FERNANDEZ-VAL, Boston University


YONGMIAO HONG and WENJIE ZHANG, Cornell University--An Improved Nonparametric Entropy Estimator for Serial Dependence


TIEMEN WOUTERSEN, Johns Hopkins University--A Simple Way to Calculate Confidence Intervals for Partially Identified Parameters


BRENT KREIDER, Iowa State University, and JOHN PEPPER, University of Virginia--Identification of Binary Outcome Distributions with Multiplicative Contamination


IVAN FERNANDEZ-VAL, Boston University, and FRANK VELLA, Georgetown University--Bias Corrections for Two-Step Fixed Effects Panel Data Estimators



Jan. 5, 8:00 am



Semiparametric/Nonsemiparametic Methods 


Presiding: ERIC RENAULT, University of North Carolina


MICHAEL JANSSON, University of California-Berkeley--Semiparametric Power Envelopes for Tests of the Unit Root Hypothesis


MATTHEW HARDING, Massachusetts Institute of Technology and Harvard University, and JERRY HAUSMAN, Massachusetts Institute of Technology--Semi-Parametric Estimation of the Taste Distribution in Random Coefficients Logit Models


THOMAS A. SEVERINI, Northwestern University, and GAUTAM TRIPATHI, University of Connecticut—Estimating Linear Functionals of Nonparametric Regression Models with Endogenous Regressors


MARINE CARRASCO, Universite de Montreal--Instrumental Variables Estimators Based on Principal Components



Jan. 5, 8:00 am



Empirical and Experimental Studies of Strategic Voting


Presiding:  JOHN DUFFY, University of Pittsburgh


DAVID K. LEVINE, Washington University-St. Louis, and THOMAS PALFREY, Princeton University-- The Paradox of Voter Participation: An Experimental Study


JOHN DUFFY, University of Pittsburgh, and MARGIT TAVITS, University of Missouri--Beliefs and Voting Decisions: A Test of the Pivotal Voter Model


MARCO BATTAGLINI, Princeton University, REBECCA MORTON, New York University, and
THOMAS PALFREY, Princeton University--The Swing Voter's Curse in the Laboratory


STEPHEN COATE, Cornell University, MICHAEL CONLIN, Michigan State University, and ANDREA MORO, Federal Reserve Bank of New York--The Performance of the Pivotal Voter Model in Small-scale Elections: Evidence from Texas Liquor Referenda


Discussants: MICHAEL CONLIN, Michigan State University

MARCO BATTAGLINI, Princeton University

JOHN DUFFY, University of Pittsburgh

DAVID K. LEVINE, Washington University-St. Louis



Jan. 5, 8:00 am



Wage Dynamics


Presiding: JEAN-MARC ROBIN, Universite Paris 1, University College London, IFS and CEPR


HAMISH LOW, University of Cambridge, COSTAS MEGHIR, University College London,
and LUIGI PISTAFERRI, Stanford University--Wage Risk and Employment Risk over the Life Cycle


JOSEPH G. ALTONJI, ANTHONY A. SMITH, and IVAN VIDANGOS, Yale University-- Modeling Earnings Dynamics


JESPER BAGGER, University of Aarhus, FRANCOIS FONTAINE, University of Strasbourg,
FABIEN POSTEL-VINAY, University of Bristol and PSE, JEAN-MARC ROBIN, Universite Paris 1 and University College London--A Feasible Equilibrium Model of Individual Wage Dynamics With Human Capital Accumulation


MAGALI BEFFY, CREST-INSEE, MOSHE BUCHINSKY, University of California-Los Angeles,
DENIS FOUGÈRE, CREST-INSEE, THIERRY KAMIONKA , CREST-INSEE and FRANCIS KRAMARZ, CREST-INSEE--The Returns to Seniority in France (and Why Are They Lower than in the U.S)



Jan. 5, 8:00 am



Firms’ Behavior, Financial Imperfections, and the Macroeconomy


Presiding:  VIVIAN ZHANWEI YUE, New York University


VIVIAN ZHANWEI YUE, New York University, and URBAN JERMANN, University of Pennsylvania--Interest Rate Swaps and Corporate Swap


CRISTINA ARELLANO, University of Minnesota, YAN BAI, Arizona State University, and
JING ZHANG, University of Michigan--Enforcement, Incomplete Contracts and Firms


MIKLOS KOREN, Federal Reserve Bank of New York, LASZLO HALPERN, Hungarian Academy of Sciences, and ADAM SZEIDL, University of California-Berkeley--Imports and Productivity


ESPEN HENRIKSEN, University of Oslo--Post-war Capital Restrictions, Demographics and Welfare Costs


Discussants: ADRIEN VERDELHAN, Boston University

ERWAN QUINTIN, Federal Reserve Bank of Dallas

DOIREANN FITZGERALD, University of California-Santa Cruz

MARCELO OVIEDO, Iowa State University



Jan. 5, 8:00 am



The Economics of Obesity


Presiding: TOMAS PHILIPSON, University of Chicago


      JOHN CAWLEY, JOHN MORAN, and KOSALI SIMON, Cornell University—You Can Never Be Too Rich or Too Thin


      JAY BHATTACHARYA and KATE BUNDORF, Stanford University—Incidence of Health Care Costs of Obesity


      LAN LIANG and BARBARA SCHONE, Agency for Healthcare Research and Quality—Health Insurance and Obesity


Discussants: DIANE WHITEMORE-SCHANZENBACH, University of Chicago

      JESSE SHAPIRO, University of Chicago

      MICHAEL GROSSMAN, City University of New York



Jan. 5, 8:00 am



The Nature and Significance of Economic Science: Robbins’ Essay, 75 Years On (B2)


Presiding: BRADLEY W. BATEMAN, Grinnell College


SUSAN HOWSON, University of Toronto--The Making of Robbins’ Essay


ROGER E. BACKHOUSE, University of Birmingham, and STEVEN G. MEDEMA, University of Colorado-Denver--Defining Economics: Robbins’ Essay in Theory and Practice


GARY S. BECKER, University of Chicago--Robbins’ Essay and the Scope of Economics


WILLIAM BAUMOL, New York University—The Essay: Static Versus Intertemporal Welfare Issues



Jan. 5, 8:00 am



Representing Workers without Majority Union Status: Why Not? Why Now?


Presiding: ROBERT BRUNO, University of Illinois-Urbana Champaign


      STEVE YOKICH, Cornfield and Feldman

      MARVIN GITTLER, Asher, Gittler, Greenfield & D’Alba

      LAURIE BURGESS, Katz, Freidman, Eagle, Eisenstein & Johnson

      ANDY KRAMER, Jones Day

      TONY DOMBROW, Laner Muchin

      KEITH KELLEHER, SEIU Local 880



Jan. 5, 8:00 am



Work Organization in Healthcare: Organizing for Superior Patient Care


Presiding: DANA WEINBERG, Queen’s College


TIMOTHY VOGUS, Vanderbilt University—Organizing for Patient Safety on Hospital Nursing Units


JODY HOFFER GITTELL, Brandeis University—Coordinating Patient Care: A Social Capital Model of High Performance Work Systems


SAUL RUBINSTEIN and CHARLES HECKSCHER, Rutgers University—Organizational Collaboration and the Quality of Health Care Delivery


ANN FROST, University of Western Ontario, BRIAN GOLDEN, University of Toronto, and CLAUDIO MARTIN, University of Western Ontario—Coordinating Patient Care in the Intensive Care Unit





Jan. 5, 8:00 am



AILR/LERA Best Papers


Presiding: BRUCE KAUFMAN, Georgia State University


BEN DUNFORD, DEIDRA SCHLEICHER, and LIANG ZHU, Purdue University--Consequences of Employee Investments in Company Stock: More Harm than Good or Just Unnecessary


VIDU BADIGANNAVAR, University of Birmingham--Does Labor-Management Partnership Deliver Mutual Gains? Evidence from the UK Public Service


PAUL WILLMAN and ALEX BRYSON, London School of Economics--Accounting for Collective Action: Resource Acquisition and Mobilization in British Unions


PATRICE JALETTE, University of Montreal, and ROBERT HEBDON, McGill University--Union Response to Public Sector Restructuring: Strategic Choices or Single-Minded Opposition?


CRAIG MACMILLAN, Macquarie University--Internal Labor Markets: An Institutional Perspective on Recent Research in Personnel Economics


      DANIELLE VAN JAARSVELD, University of British Columbia--Boom & Bust:  Lessons from the IT Workforce



Jan. 5, 8:00 am



Exchange Rate Regimes and Economic Performance in the Middle East and North Africa (F3)


Presiding: ADAM B. ELHIRAIKA, United Nations Economic Commission for Africa


MAHMOUD ABDELBAKY, Southern Illinois University--Identifying “De-Facto” Exchange Rate Regimes in MENA (An Alternative Markov Switching Approach)


ELIAS EL-ACHKAR, Association of Banks in Lebanon, and WASSIM SHAHIN, Lebanese American University--Conventional Fixed Peg Arrangements and Price Stability in Select MENA Countries


MOHAMED BENBOUZIANE and ABDELHAK BENAMAR, University of Tlemcen, Algeria--The Impact of Exchange Rate Regimes on the Real


BASSEM KAMAR, International Monetary Fund, and DAMYANA BAKARDZHIEVA, University of Monaco--Reconciling Monetary Policy and Exchange Rate Policy to Enhance Growth: Application to Egypt


HAWKAT HAMMOUDEH, Drexel University, and EISA ALEISA, International Monetary Fund--A Common Currency Peg in the GCC Area: The Optimal Choice of Exchange Rate Regime


Discussants: JAY SQUALLI, Zayed University, UAE

RIZA DEMIRER, Southern Illinois University-Edwardsville

ALI F. DARRAT, Louisiana Tech University

A.YASEMIN YALTA, Fordham University

VUSLAT US, Central Bank of Turkey



Jan. 5, 8:00 am



Crime, Criminal Justice, and African Americans (D0)


Presiding:  JOHN A. KARIKARI, U.S. Government Accountability Office


KWABENA GYIMAH-BREMPONG, University of South Florida, and JULIET ELU, Spelman College--Does Affirmative Action in Policing Increase Crime?

GREGORY PRICE, Jackson State University--Crime and Obesity

PATRICK MASON, Florida State University--Race and Sentencing in the United States       


GREGORY PRICE, Jackson State University--Broken Windows in the ‘Hood: Crime and Housing Characteristics


Discussants: JOHN A. KARIKARI, U.S. Government Accountability Office

ELIZABETH ASIEDU, University of Kansas

SUSAN FEINER, University of Southern Maine
JULIET ELU, Spelman College



Jan. 5, 8:00 am



Industrial Organization  (L0)


Presiding: MUHAMMAD MUSTAFA, South Carolina State University


JAMES A. BROX, University of Waterloo--Investment in Information and Communications Technology and the Canadian Productivity Gap


LUIS SAN VICENTE PORTES, Montclair State University--Multinational Corporations and the Moderation of U.S. Output Volatility


STEPHEN RUBB, Sacred Heart University, and MICHAEL A. QUINN, Bentley College--Education-Occupation Matching and Family Migration in the United States


JOSHUA J. LEWER, West Texas A&S University--Growth Determinants for Columbia: National and Regional panel Data Evidence, 1964-2002


BRADLEY T. EWING, Rawls College of Business, and PHANINDRA V. WUNNAVA, Middlebury College—Characterizing the Long-Run Relationship between Union and Non-Union Wages in a Vector Error Correction Framework


Discussants: MEHDI HARIRIAN, Bloomsburg University

KWAN KIM, University of Notre Dame

MATIUR RAHMAN, McNeese State University



Jan. 5, 8:00 am



Child Care and the American Time Use Survey


Presiding: CHARLENE M. KALENKOSKI, Ohio University


      CHARLENE M. KALENKOSKI, Ohio University, DAVID C. RIBAR, George Washington University, and LESLIE S. STRATTON, Virginia Commonwealth University--Family Structure and Adolescents’ Time Use


JEAN KIMMEL, Western Michigan University, and RACHEL CONNELLY, Bowdoin College--Time Allocation in a Family Setting:  Constructing Synthetic Couples with the ATUS


MARY DORINDA ALLARD, U.S. Bureau of Labor Statistics, SUZANNE BIANCHI, University of Maryland, and JAY STEWART, U.S. Bureau of Labor Statistics--How Does Employment Affect the Timing of Time with Children?


ANNE E. WINKLER and THOMAS R. IRELAND, University of Missouri-St. Louis--Time Spent in Household Management: Implications for Forensic Economic Analysis


Discussants: NANCY FOLBRE, University of Massachusetts

LESLIE STRATTON, Virginia Commonwealth University

IRINA PALEY, U.S. Department of the Treasury

SABRINA PABILONIA, U.S. Bureau of Labor Statistics



Jan. 5, 8:00 am



Current Trends in Turkish Economy (P5)


Presiding:  BENAN ERES, Ankara University, Turkey


OZGE OZAY, University of Utah—Price-Wage Determination Mechanisms in the Turkish Textile Sector: 1980-2005


EMEL MEMIS, University of Utah—A Sectoral Analysis of Wages and Profitability Trends Under the Export- Led Regime in the Turkish Manufacturing Industry


OZGE IZDES, University of Utah—Evolution of Labor Market in the Structural Adjustment Era- Case of Turkey


OZDEN BIRKAN, University of Utah—Alternative Measures of Currency Substitution in Turkey


Discussant: BENAN ERES, Ankara University, Turkey



Jan. 5, 8:00 am


Gender and Development: Assessing Investments, Empowerment Strategies, and

Measuring Women’s Progress (O1)


Presiding:  GUNSELI BERIK, University of Utah


CAREN GROWN, DIANE ELSON, Levy Economics Institute at Bard College, CHANDRIKA BAHADUR, and JESSIE HANDBURY, UN Millennium Project—The Financial Requirements of Achieving Gender Equality and Women’s Empowerment in Low Income Countries


RAMYA M. VIJAYA, Richard Stockton College—Trade, Jobs, and Gender Trends


SUCHARITA SINHA, University of California-Riverside—The Conundrum of Development: Increasing Literacy and Female Disadvantage in Urban India


FARIDA C. KHAN, University of Wisconsin-Parkside—Localizing Gender Development Indices: The South Asian Particular


Discussants: GUNSELI BERIK, University of Utah

      JERRY EPSTEIN, University of Massachusetts-Amherst

      STEPHANIE SEGUINO, University of Vermont



Jan. 5, 10:15 am



Institutions, Policy and Micro and Sectoral Performance in African Countries


Presiding: OLADELE OMOSEGBON, Indiana Wesleyan University


      MESFIN BEZUNEH and ZELEALEM YIHEYIS, Clark Atlanta University—Has Trade Liberalization Reduced the Incidence of Malnutrition in Developing Countries?


      KWABIA BOATENG, UNECA—Higher Education and the Labor Market: A Logical Framework for Policy Makers in Africa’s Education Sector


      MINA BALIAMOUNE-LUTZ, University of North Florida, and LEONCE NDIKUMANA, University of Massachusetts—The Growth Effects of Openness to Trade and the Role of Institutions: The Case of Sub-Saharan Africa


      ELIZABETH ASIEDU, University of Kansas, and BOAZ NANDWA, Yale University—Explaining the Differences in HIV/AIDS Infection Rates in Sub-Saharan Africa


Discussants: DANIEL GBETNKOM, University of Yaounde II

      MESHACH AZIAKPONO, Rhodes University, South Africa

      AKPAN H. EKPO, University of Uyo, Nigeria

      ALADELE OMOSSEGBON, Indiana Wesleyan University



Jan. 5, 10:15 am



Wealth Dynamics, Risk Preferences, and Threshold Effects (Q1)


Presiding: TRAVIS J. LYBBERT, University of California-Davis


TRAVIS J. LYBBERT, University of California-Davis, and  CHRISTOPHER B. BARRETT, Cornell University—Risk Responses to Dynamic Asset Thresholds


DAVID BUSCHENA, JOSEPH ATWOOD, Montana State University,and DAVID ZILBERMAN, University of California-Berkeley—Risk Attitudes for Income under Discrete Status Levels, with Application to Financial Transaction Costs


DAVID R. JUST, Cornell University--Wealth as Welfare: Are Wealth Thresholds Behind Persistent Poverty?


Discussant: MICHAEL CARTER, University of Wisconsin-Madison



Jan. 5, 10:15 am



Capital Market Frictions (G1)


Presiding: LASSE HEJE PEDERSEN, New York University


      MARK SEASHOLES and TERRENCE HENDERSHOTT, University of California-Berkeley—Market Maker Inventories and Stock Prices


      LASSE HEJE PEDERSEN, New York University—Capital Flows and Corporate Bond Yields


      ADAM ASHCRAFT, Federal Reserve Bank of New York, and DARRELL DUFFIE, Stanford University—Systemic Illiquidity in the Federal Funds Market


Discussants: GIDEON SAAR, Cornell University

      HONGJUN YAN, Yale University

      GUILLAUME PLANTIN, London Business School



Jan. 5, 10:15 am



The Interrelationship between Cognitive and Non-Cognitive Skills (J3)


Presiding: GARY S. BECKER, University of Chicago


      FLAVIO CUNHA and JAMES HECKMAN, University of Chicago—The Evolution of Cognitive and Non-Cognitive Skills over the Lifecycle of the Child


      LEX BORGHANS, HUUB MEIJERS, and BAS TER WEEL, Maastricht University—The Importance of Non-Cognitive Skills for Cognitive Test Scores


      SHANE FREDERICK, Massachusetts Institute of Technology—Cognitive Reflection and Decision Making


Discussants: LEX BORGHANS, Maastricht University

      BRIAN A. JACOB, Harvard University

      CATHERINE J. WEINBERGER, University of California-Santa Barbara



Jan. 5, 10:15 am



Behavioral Game Theory (C9)


Presiding: JOSEPH TAO-YI WANG, California Institute of Technology


      JOSEPH TAO-YI WANG, MORAN SURF, and COLIN F. CAMERER, California Institute of Technology—Studying Learning in Games Using Eye-Tracking


      MIGUEL A. COSTA-GOMES, University of York, and VINCENT P. CRAWFORD, University of California-San Diego—Studying Cognition by Monitoring Information Search in Guessing Games


      MEGHANA BHATT, California Institute of Technology, TERRY LOHRENZ, READ MONTAGUE, Baylor College of Medicine,  and COLIN F. CAMERER, California Institute of Technology—The Neural Mechanisms of Second Order Belief and Deception in Bargaining Games with Cheap Talk


Discussants: VINCENT P. CRAWFORD, University of California-San Diego

      COLIN F. CAMERER, California Institute of Technology

      DAVID K. LEVINE, University of California-Los Angeles



Jan. 5, 10:15 am



Intrinsic Motivation, Organization and Institutions


Presiding: PAUL GROUT, University of Bristol


TIMOTHY BESLEY and MAITREESH GHATAK, London School of Economics—Organization Design with Motivated Agents


      PATRICK FRANCOIS, University of British Columbia—Norms and Institutional Change


PAUL GROUT, University of Bristol, and WENDELIN SCHNEDLER, University of Heidelberg—Why is Donated Labor in Organizations So Delicate?


      SHEEN S. LEVINE, Singapore Management University, and EDWARD J. ZAJAC, Northwestern University—The Social Life of Financial Bubbles



Jan. 5, 10:15 am



Asymmetric Information and Moral Hazard in Insurance Markets (D8)


Presiding: HANMING FANG, Yale University


      PATRICK BAJARI, University of Minnesota, HAN HONG, and AHMED KHWAJA, Duke University—Semiparametric Analysis of Adverse Selection and Moral Hazard in Health Insurance Contracts


      AMY FINKELSTEIN and JAMES POTERBA, Massachusetts Institute of Technology—Testing for Adverse Selection with “Unused Observables”


      LIRAN EINAV, Stanford University, and AMY FINKELSTEIN, Massachusetts Institute of Technology—The Costs and Benefits of Choice in Social Insurance: Evidence from the UK Annuity Market


      HANMING FANG, Yale University, MICHAEL KEANE, University of Technology, Australia, and DAN SILVERMAN, University of Michigan—Sources of Advantageous Selection: Evidence from the Medigap Insurance Market


Discussants: SUSUMU IMAI, Queens University, Canada

      LIMOR GOLAN, Carnegie Mellon University

      ALESSANDRO LIZERRI, New York University

      JEFFREY BROWN, University of Illinois-Urbana-Champaign



Jan. 5, 10:15 am



Capital Flows and Productivity (F2)


Presiding: SEBNEM KALEMLI-OZCAN, University of Houston and NBER


      SEBNEM KALEMLI-OZCAN, University of Houston and NBER, MEHMET EKINCI, University of Rochester, and BENT SORENSEN, University of Houston—Wny Are Capital Flows between Regions So Different from Capital Flows between Countries? Evidence from Europe


      AYHAN KOSE, ESWAR PRASAD, and MARCO TERRONES, International Monetary Fund—How Does Globalization Effect Risk Sharing? Patterns and Channels


      PIERRE-OLIVIER GOURINCHAS, University of California-Berkeley and NBER, and OLIVIER JEANNE, International Monetary Fund—Capital Flows to Developing Countries: The Allocation Puzzle


      TATIANA DIDIER, ROBERTO RIGOBON, Massachusetts Institute of Technology, and SERGIO SCHMUKLER, World Bank—Unexploited Gains from International Diversification


Discussants: PHILIP HARTMAN, European Central Bank

      PETER BLAIR HENRY, Stanford Business School and NBER

      FABIO GHIRONI, Boston College and NBER

      MICHAEL KLEIN, Tufts University and NBER



Jan. 5, 10:15 am



Household Finance: Cognition and Decision Making (D9)


Presiding: CHRISTOPHER SNYDER, Dartmouth College


      VICTOR STANGO and JONATHAN ZINMAN, Dartmouth College—Fuzzy Math and Red Ink: Payment/Interest Bias and Household Finance


      DANIEL BENJAMIN, Harvard University, and JESSE SHAPIRO, University of Chicago—Who is “Behavioral”? Cognitive Ability and Anomalous Preferences


      ANNAMARIA LUSARDI, Dartmouth College, and OLIVIA MITCHELL, University of Pennsylvania—Financial Illiteracy and Planning: Implications for Retirement Well-Being


Discussants: XAVIER GABAIX, Massachusetts Institute of Technology

      PHILIP BOND, University of Pennsylvania

      STEFANO DELLAVIGNA, University of California-Berkeley



Jan. 5, 10:15 am



Structural Change and the Decline in Manufacturing (O1)


Presiding: FRANCISCO BUERA, Northwestern University


      DARON ACEMOGLU and VERONICA GUERRIERI, Massachusetts Institute of Technology—Capital Deepening and Non-Balanced Economic Growth


      FRANCISCO BUERA, Northwestern University, and JOSEPH KABOSKI, Ohio State University—Scale Economies and Structural Change


      KIMINORI MATSUYAMA, Northwestern University—Productivity-Based Theory of Manufacturing Employment Decline: An International Perspective


      RACHEL NGAI and CHRISTOPHER PISSARIDES, London School of Economics—Trends in Hours and Economic Growth



Jan. 5, 10:15 am



Productivity-Enhancing Reallocation: Comparative International Evidence (O5)


Presiding: JOHN EARLE, Upjohn Institute for Employment Research and Central European University


      ERIC BARTELSMAN, Free University of Amsterdam, JOHN HALTIWANGER, University of Maryland, and STEFANO SCARPETTA, World Bank—Reallocation and Productivity Growth: The FAQs


      ALVARO ESCRIBANO, Universidad Carlos III Madrid, and J. LUIS GUASCH, World Bank—Assessing the Impact of the Investment Climate on Productivity Using Firm-Level Data: Methodology


      HELENA SCHWEIGER, European Bank for Reconstruction and Development—The Impact of State Aid for Restructuring on the Allocation of Resources


      J. DAVID BROWN, Heriot-Watt University, JOHN EARLE, Upjohn Institute for Employment Research and Central European University—Productivity-Enhancing Reallocation under Socialism and in Transition: A Comparative International Study


Discussants: MARK DOMS, Federal Reserve Bank of San Francisco

      ERIC BARTELSMAN, Free University of Amsterdam

      CHAD SYVERSON, University of Chicago

      ARIEL PAKES, Harvard University



Jan. 5, 10:15 am



Wars, Finance, and War Finance (E6, N4)


Presiding: SHAUN VAHEY, Reserve Bank of New Zealand and Norges Bank


      FARLEY GRUBB, University of Delaware—The Net Asset Position of the U.S. National Government, 1784-1802: Hamilton’s Blessing or the Spoils of War?


      WILLIAM SILBER, New York University—The Great Financial Crisis of 1914: What Can We Learn from Aldrich-Vreeland Emergency Currrency?


      SHAUN VAHEY, Reserve Bank of New Zealand and Norges Bank, and JIM NASON, Federal Reserve Bank of Atlanta—WWI Finance and the UK Interwar Depression


      EUGENE WHITE, FILIPPO OCCHINO, Rutgers University, and KIM OOSTERLINCK, Solvay Business School, Free University Brussels—How Occupied France Financed Its Own Exploitation in World War II



Jan. 5, 10:15 am



New Approaches to International Trade (F1)


Presiding: ANDREW ATKESON, University of California-Los Angeles


      JONATHAN EATON, New York University, ROBERT DEKLE, University of Southern California, and SAMUEL KORTUM, University of Minnesota—New Configurations of Global Production and Trade: Implications of China’s Emergence


      FLORIN BILBLIE, Oxford University, FABIO GHIRONI, Boston College, and MARC MELITZ, Harvard University—Trade Flow Dynamics with Heterogeneous Firms


      ANDREW ATKESON and ARIEL BURSTEIN, University of California-Los Angeles—Pricing to Market with Heterogeneous Firms


Discussants: HUGO HOPEHAYN, University of California-Los Angeles

      CHANG-TAI HSIEH, University of California-Berkeley

      GITA GOPINATH, Harvard University



Jan. 5, 10:15 am



K-12 Economic and Financial Literacy Education


Presiding: ELIZABETH WEBBINK, National Council on Economic Education


      ROBERT F. HODGIN, University of Houston-Clear Lake, STEVEN L. COBB, University of North Texas, and ALBERTO DAVILA, University of Texas-Pan American—Field Testing Novel Digital Learning Modules for Economics in the Third Millennium


      PAUL W. GRIMES, MEGHAN MILLEA, and M. KATHLEEN THOMAS, Mississippi State University—Establishing a Baseline Measure of Teacher Economic Literacy in Mississippi


      JOHN R. SWINTON, Georgia College & State University, BENJAMIN P. SCAFIDI, JR., Georgia State University, and THOMAS W. DE BERRY, North Georgia College & State University—Evaluation on Effectiveness of Workshops Offered by the Georgia Council on Economic Education


      CYNTHIA L. HARTER and JOHN F.R. HARTER, Eastern Kentucky University—Assessing the Effectiveness of Financial Fitness for Life in Eastern Kentucky


Discussants: RICHARD A. MACDONALD, St. Cloud State University

      JANE LOPUS, California State University-East Bay

      WILLIAM BOSSHARDT, Florida Atlantic University

      HELEN H. ROBERTS, University of Illinois-Chicago



Jan. 5, 10:15 am



75th Anniversary of Hicks’ Introduction of the Elasticity of Substitution between Labor and Capital


Presiding: ROBERT CHIRINKO, Emory University


      RAINER KLUMP, Frankfurt University, PETER MCADAM, and ALPO WILLMAN, European Central Bank—A Supply Side Diagnosis of Growth in the Euro Area (1970-2005): Factor Substitution Technology, Productivity and Unemployment


      DEBDULAL MALLICK, Emory University—What Role for the Elasticity of Substitution in Economic Growth? A Cross-Country Test of the de la Grandville Hypothesis


      SIMON PRICE, Bank of England, and SEBASTIAN BARNES, OECD—Long-Run Estimates of the Elasticity of Substitution Using UK Firm-Level Data


      ROBERT CHIRINKO and DEBDULAL MALLICK, Emory University—The Substitution Elasticity, Growth Theory, and the Low-Pass Filter Panel Model


Discussants: NILS GOTTFRIES, Uppsala University

      ELMER STERKEN, University of Groningen

      GIOVANNI URGA, Cass Business School

      ROBERT SOLOW, Massachusetts Institute of Technology



Jan. 5, 10:15 am



Parties and Politicians (D7)


Presiding: ANTONIO MERLO, University of Pennsylvania


      DAN BERNHARDT, University of Illinois-Urbana-Champaign, LARISSA CAMPUZANO, Mathematica Policy Research, and FRANCESCO SQUINTANI, University College London—On the Benefits of Party Competition


      ERNESTO DAL BO, University of California-Berkeley, PEDRO DAL BO, Brown University, and JASON SNYDER, Northwestern University—Running in the Family? Dynastic Transmission of Political Power in the U.S. Congress 1789-1996


      ANDREA MATTOZZI, California Institute of Technology, and ANTONIO MERLO, University of Pennsylvania—Political Careers or Career Politicians



Jan. 5, 10:15 am



Issues in Family/Household Decision Making


Presiding: GAIL HOYT, University of Kentucky


      SABRINA PABILONIA, U.S. Bureau of Labor Statistics, and JENNIFER WARD-BATTS, Claremont McKenna College—The Effect of Child Gender on Parent’s Labor Supply: An Examination of Natives, Immigrants, and Their Children


      LUCIE SCHMIDT, Williams College, and PURVI SEVAK, Hunter College—Marriage Delay and Private Saving


      KASEY BUCKLES, University of Notre Dame—Adoption Subsidies and Adoption Outcomes: An Instrumental Variables Approach


      TERRA MCKINNISH, University of Colorado-Boulder—Earnings and Spousal Mobility: Power Couples and Trailing Spouses


Discussants: KRISTIN BUTCHER, Federal Reserve Bank of Chicago

      JIM ZILIAK, University of Kentucky

      DAN BLACK, Syracuse University

      MATTHEW KAHN, Tufts University



Jan. 5, 10:15 am



Field Experiments on Charitable Giving (C9)


Presiding: DAVID REILEY, University of Arizona


      DEAN KARLAN, Yale University, and JOHN LIST, University of Chicago—Does Price Matter in Charitable Giving?


      CATHERINE ECKEL, University of Texas-Dallas, and PHILIP GROSSMAN, St. Cloud State University—Charitable Giving to a University: Do Subsidies Increase Donations?


      RACHEL CROSON, University of Pennsylvania, and JEN SHANG, Indiana University—Motivations for Giving: Field and Survey Data


Discussants: DAVID REILEY, University of Arizona

      STEPHAN MEIER, Federal Reserve Bank of Boston

      LISE VESTERLUND, University of Pittsburgh



Jan. 5, 10:15 am



Contracts and Fairness (D2, D6)


Presiding: ULRIKE MALMENDIER, Stanford University


      ERNST FEHR, University of Zurich, and KLAUS SCHMIDT, University of Munich—Adding a Stick to the Carrot? The Interaction of Bonuses and Fines


      OLIVER HART, Harvard University, and JOHN HARDMAN MOORE, University of Edinburgh—Flexible versus Rigid Contracts


      W. BENTLEY MACLEOD, Columbia University—Social Preferences and the Time Structure of Relational Contracts


Discussants: JEREMY STEIN, Harvard University

      PATRICK BOLTON, Columbia University

      ROBERT GIBBONS, Massachusetts Institute of Technology



Jan. 5, 10:15 am



The Relationship between Education and Well-Being (I2)


Presiding: JOSHUA ANGRIST, Massachusetts Institute of Technology


      ADRIANA LLERAS-MUNEY, Princeton University, and DAVID CUTLER, Harvard University—Education and Health: Evaluating Theories and Evidence


      SUSAN DYNARSKI, Harvard University—How Does College Change Women’s Lives?


      PHILIP OREOPOULOS, University of Toronto—Wealth and Happiness from Compulsory Schooling: Recent Evidence from Raising the School Leaving Age to 18 in the United States


      MAKI UEYAMA, DEAN LILLARD, and KOSALI SIMON, Cornell University—How Does Parental Education Affect Child Health?


Discussants: MICHAEL GROSSMAN, City University of New York

      LAWRENCE KATZ, Harvard University

      JOSHUA ANGRIST, Massachusetts Institute of Technology

      ADRIANA LLERAS-MUNEY, Princeton University



Jan. 5, 10:15 am



What Should Development Economists Know? (O1)


Presiding: MARTIN FELDSTEIN, Harvard University and NBER


      ARNOLD HARBERGER, University of California-Los Angeles—Can We Identify the Basic Tools Needed for Policy Analysis in Developing Countries?


      SIMON JOHNSON, International Monetary Fund—Avoiding the See-Saws of Development Policy


      ANNE KRUEGER, International Monetary Fund—Understanding Context and Interlinkages in Development Policy Formulation and Implementation


Discussants: SEBASTIAN EDWARDS, University of California-Los Angeles

      ABHIJIT BANERJEE, Massachusetts Institute of Technology



Jan. 5, 10:15 am



Real Estate Markets and Performance


Presiding: KARL E. CASE, Wellesley College


      FRANK NOTHAFT and AMY CREWS CUTTS, Freddie Mac—Up in ARMS: The Interplay of Mortgage and Housing Markets


      KARL CASE, Wellesley College, and JOHN QUIGLEY, University of California-Berkeley—Housing Markets and the Real Economy: Demographics and the Cycle


      JEFFREY D. FISHER, Indiana University, DAVID LING, and ANDY NARANJO, University of Florida—Returns and Capital Flow Cycles for Commercial Real Estate


      ANTHONY SANDERS, Ohio State University—Forward Markets in Housing Prices: What Have We Learned?


Discussants: KERRY VANDELL, University of California-Irvine

      CHRIS MAYER, Columbia University

      STUART GABRIEL, University of Southern California

      WILLIAM GOETZMANN, Yale University



Jan. 5, 10:15 am



Economics of Medical Care “Report Cards”


Presiding: DONALD E. YETT, University of Southern California


      LORENS HELMCHEN and ANTHONY T. LOSASSO, University of Illinois-Chicago—How Much Performance Can P4P Buy?


      LEEMORE DAFNY and DAVID DRANOVE, Northwestern University—Do Report Cards Tell Consumers Anything They Don’t Already Know?


      DENNIS SCANLON, Pennsylvania State University, JON CHRISTIANSON, University of Minnesota, and RICHARD LINDROOTH, Medical University of South Carolina—The Effect of a Hospital Safety Incentive and Hospital Reports in an Employed Population


Discussants: DAVID MELTZER, University of Chicago

      JAY BHATTACHARYA, Stanford University

      KIMBERLY RASK, Emory University



Jan. 5, 10:15 am



Governance Trade-Offs


Presiding: DANIEL WOLFENZON, New York University


      MARIA GUADALUPE and FRANCISCO PEREZ-GONZALEZ, Columbia University—The Impact of Product Market Competition on Private Benefits of Control


      ROBERT B.H. HAUSWALD, American University, and ROBERT MARQUEZ, University of Maryland—Governance Mechanisms and Corporate Disclosure


      XAVIER GABAIX, Massachusetts Institute of Technology, and AUGUSTIN LANDIER, New York University—Why Has CEO Pay Increased So Much?


Discussants: MATIAS BRAUN, University of California-Los Angeles

      NITTAI BERGMAN, Massachusetts Institute of Technology

      STEVEN KAPLAN, University of Chicago



Jan. 5, 10:15 am



Behavior of Individual Investors


Presiding: TERRANCE ODEAN, University of California-Berkeley


      MARKUS GLASER, THOMAS LANGER, University of Mannheim, JENS REYNDERS, Siemens Management Consulting, and MARTIN WEBER, University of Mannheim—Framing Effects in Stock Market Forecasts: The Difference between Asking for Prices and Asking for Returns


      ANDERS ANDERSON, Swedish Institute for Financial Research—Is Online Trading Gambling with Peanuts?


      SOEREN HVIDKJAER, University of Maryland—Small Trades and the Cross-Section of Stock Returns


Discussants: NING ZHU, Yale University

      L. FRIEDER, Purdue University

      ANDREY UKHOV, Indiana University-Bloomington



Jan. 5, 10:15 am



Market Efficiency and Professional Investors


Presiding: JENNIFER CONRAD, University of North Carolina-Chapel Hill


      EKKEHART BOEHMER, Texas A&M University, and ERIC KELLEY, Washington State University—Institutional Investors and the Informational Efficiency of Prices


      ZHI DA and ERNST SCHAUMBURG, Northwestern University—Target Prices, Relative Valuations and the Premium for Liquidity Provision


      KLAAS BAKS, JEFFREY A. BUSSE, and T. CLIFTON GREEN, Emory University—Fund Managers Who Take Big Bets: Skilled or Overconfident


Discussants: CHARLES JONES, Columbia University

      KENT WOMACK, Dartmouth College

      MARK CARHART, Goldman Sachs Group, Inc.



Jan. 5, 10:15 am



Equity Trading


Presiding: CHESTER SPATT, Securities and Exchange Commission and Carnegie Mellon University


      CHRISTOPHER GECZY and JINGHUA YAN, University of Pennsylvania—Who Are the Beneficiaries When Insiders Trade? An Examination of Piggybacking in the Brokerage Industry


      AMBER ANAND, University of Central Florida, SUGATO CHAKRAVARTY, Purdue University, and CHAIRAT CHUWONGANANT, Indiana University-Purdue University-Fort Wayne—Cleaning House: Stock Reassignments on the NYSE


      EKKEHART BOEHMER and JULIE WU, Texas A&M University—Order Flow and Prices


Discussants: MAHENDRARAJAH NIMALENDRAN, University of Florida

      SHANE CORWIN, University of Notre Dame

      STEWART MAYHEW, Securities and Exchange Commission



Jan. 5, 10:15 am





Presiding: JUN PAN, Massachusetts Institute of Technology


      ALESSANDRO BEBER, University of Lausanne, and MICHAEL W. BRANDT, Duke University—Resolving Macroeconomic Uncertainty in Stock and Bond Markets


      ROSSEN I.VALKANOV, University of California-Los Angeles, PRADEEP K. YADAV, Lancaster University, and YUZHAO ZHANG, University of California-Los Angeles—Does the Early Exercise Premium Contain Information about Future Underlying Returns?


      CAIO ALMEIDA, Ibmec, Parana, JEREMY J. GRAVELINE, and SCOTT JOSLIN, Stanford University—Do Options Contain Information about Excess Bond Returns?


Discussants: MICHAEL JOHANNES, Columbia University

      NICOLAS P.B. BOLLEN, Vanderbilt University

      MIKHAIL CHERNOV, Columbia University



Jan. 5, 10:15 am



Urban Spatial Economics


Presiding: R. KELLEY PACE, Louisiana State University


PETER ENGLUND, Stockholm School of Economics, AKE GUNNELIN, BO SODERBERG, Royal Institute of Technology, and PATRIC HENDERSHOTT, University of Aberdeen and San Diego State University--Asymmetric Behavioral Responses and Adjustment in the Space Market


RICHARD W. MARTIN, University of Georgia, and RAPHAEL W. BOSTIC, University of Southern California--Does Housing Affordability Contribute to Spatial Mismatch


JUN CHEN, HAIBO HUANG, RUIJUE PENG, and  JINBAO TONG, Property & Portfolio Research, Inc.--Measuring Intertemporal Spatial Evolution of Rents and Prices:  How Do Drivers Differ by Urban Forms


DAVID MORRIS FRANKEL, Iowa State University, and OSCAR VOLIJ, Ben Gurion University--Measuring Segregation


Discussants: SHAUN BOND, University of Cambridge

      DOUG KRUPKA, Georgia State University

R. KELLEY PACE, Louisiana State University

ELLEN HANAK, Public Policy Institute of California



Jan. 5, 10:15 am



Comparative Economic Systems at the Regional Level (In memory of John Michael

Montias) (R1)


Presiding: WOLFRAM SCHRETTL, Free University of Berlin


NICOLA FUCHS-SCHUENDELN and RIMA IZEM, Harvard University--Explaining  Low Levels of Labor Productivity in the Region of Eastern Germany: A Spatial Analysis


MONIKA SCHNITZER, Ludwig Maximilian University, Munich, and CLAUDIA BUCH, University of Tuebingen--The Drive for German Cross Regional Investment to Transition Economies


ANDREA BOLTHO, Magdalen College, University of Oxford--Why Do Some Regional Differentials Persist and Others Do Not? Italy and Spain Compared


JOHN HALL, Portland State University, and UDO LUDWIG, Halle Institute for Economic Research—Convergence Through Migration


Discussant: JOHN MARANGOS, Colorado State University



Jan. 5, 10:15 am



Social Fabric Matrix for Policy Analysis (B4)


Presiding:  F. GREGORY HAYDEN, University of Nebraska-Lincoln


STEVEN BOLDUC, Minnesota State University-Moorhead--The Need for and Challenge of

Balancing Public Participation and Scientific Expertise in Ecological Policy Debates: A Social

Fabric Matrix Approach


SCOTT T. FULLWILER, Wartburg College, and GEOFFREY ALLEN, TD Ameritrade--Can the Fed Target Inflation? An Institutionalist Approach


TRISTAN MARKWELL, University of Nebraska-Lincoln--Microsoft Excel and the Social Fabric Matrix: Corporate Networks and Beyond


TARA NATARAJAN, St. Michael’s College--The Industrialization of Indian Agriculture: Deploying a Development Agenda


JERRY L. HOFFMAN, Nebraska Coalition for Educational Equity and Adequacy, and F. GREGORY HAYDEN, University of Nebraska-Lincoln--Using the Social Fabric Matrix to Seek Adequacy in Education


Discussant: GREGORY HAYDEN, University of Nebraska-Lincoln



Jan. 5, 10:15 am



Institutionalism and Comparative Economic Systems (P5)


Presiding: DELL CHAMPLIN, Western Washington University


ARISTIDIS BITIZENIS, University of Macedonia, Greece and JOHN MARANGOS, Colorado State University--Globalization and Integration-Assisted Transition in Central and Eastern European



CHRISTOS KALANTARIDIS, University of Teesside, UK--Institutional Change in Post-Socialist Regimes: Public Policy and Beyond


GEOFFREY SCHNEIDER, Bucknell University--Sweden’s Economic Recovery and the Theory of Comparative Institutional Advantage


ERIC HAKE, Eastern Illinois University--The Microfoundations of Comparative Economics


RULA QALYOUBI KEMP, University of Wisconsin-Stout, and THOMAS A. KEMP, University of Wisconsin-Eau Claire--Reciprocity in Jordan’s Economy 


Discussant:  WILLIAM BARNES, University of Portland



Jan. 5, 10:15 am



Remembering Robert L. Heilbroner, Social Economist


Presiding: INGRID RIMA, Temple University


ROBERT W. DIMAND and ROBERT H. KOEHN, Brock University--Heilbroner and Bernstein on Fiscal Policy and the Twin Deficits


WILLIAM MILBERG, New School for Social Research--The "New Economy" in The Making of Economic Society


CHARLES M. A. CLARK, St. John's University--On Values and Value Theory


MATHEW FORSTATER, University of Missouri, Kansas City—Vision, Scenario, Analysis: Instrumental Interpretations for Public Policy


Discussant: DEIRDRE MCCLOSKEY, University of Illinois, Chicago and Rotterdam University



Jan. 5, 10:15 am



The Role of Religion in Twentieth Century Political Economy: Insights from Hayek, Knight, Smith, and Viner

Presiding:  BRADLEY BATEMAN, Grinnell College


LAURENCE R. IANNACCONE, George Mason University--Religion and the Economic Order: Insights from Smith, Hayek, and Smith


PETER BOETTKE, George Mason University--The Role of Providence in the Social Order: Insights from Jacob Viner


KENNETH ELZINGA, University of Virginia, and MATTHEW GIVENS, CHD Meridian--Hayek and Christianity


ROSS EMMETT, Michigan State University--Religion and the Limits of Liberalism: Frank H. Knight’s Early Views



Jan. 5, 10:15 am



The European Union’s Emissions Trading System: A Roundtable Assessment (Q5)


Presiding: ROBERT STAVINS, Harvard University


FRANK CONVERY, University College Dublin

DENNY ELLERMAN, Massachusetts Institute of Technology

WILLIAM PIZER, Resources for the Future



Jan. 5, 10:15 am



Corporate Governance and Performance I


Presiding:  ANIL MAKHIJA, Ohio State University


      KENNETH LEHN, SUKESH PATRO, University of Pittsburgh, and MENGXIN ZHAO, Bentley College--Governance Indices and Valuation Multiples: Which Causes Which?

      N. K. CHIDAMBARAN, DARIUS PALIA, and  YUDAN ZHENG, Rutgers University--Does Better Corporate Governance “Cause” Better Firm Performance?


DIANA KNYAZEVA, New York University--Corporate Governance, Analyst Following and Firm Behavior


Discussants: TONI M. WHITED, University of Wisconsin

JEFFREY L. COLES, Arizona State University

JAY C. HARTZELL, University of Texas-Austin.



Jan. 5, 10:15 am



State of the Indian Economy (Roundtable)


Presiding: TEJ K. KAUL, Western Illinois University


      SUHAS KETKAR, Vanderbilt University

      VAMAN RAO, Western Illinois University

      RAJINDER KOSHAL, Ohio University

      SURESH DESAI, Montclair State University



Jan. 5, 10:15 am



Re-Examining the Long-Term Growth Prospects of the Chinese Economy (O1)


Presiding: HENRY WAN, Cornell University


HENRY WAN, Cornell University--Consistency Checks in Forecasting Chinese Growth


KAR YIU WONG, University of Washington--Why Is China Growing So Fast? The Role of Efficient Resource Allocation


YING WONG CHEUNG, University of California-Santa Cruz--Renminbi Undervaluation: A Statistical Illusion


WING THYE WOO, University of California-Davis--China's Return to a Crowded World Stage: External Constraints and Internal Barriers


Discussants: QINGLAI MENG, Chinese University of Hong Kong

BEN-CHIEH LIU, Chicago State University

KEVIN H. ZHANG, Illinois State University

HONG HWANG, National Taiwan University and Research Center for Humanities and Social Sciences Academia Sinica



Jan. 5, 10:15 am



Institutions and History: Land, Trade, and Labor Markets


Presiding: WERNER TROESKEN, University of Pittsburgh and NBER


      CLIFF BEKAR, Lewis and Clark College, and CLYDE REED, Simon Fraser University—Distributional Dynamic in a Stochastic environment with Tradable Assets: Medieval English Land Markets


      JOYCE BURNETTE, Wabash College—Child Day-Laborers in Agriculture: Evidence from Farm Accounts, 1740-1850


      ROBERT K. FLECK and F. ANDREW HANSSEN, Montana State University—“Rulers Ruled by Women”: An Economic Analysis of the Rise and Fall of Women’s Rights in Ancient Sparta


      OSCAR GELDERBLOM, Universitet Utrecht, and REGINA GRAFE, Nuffield College, Oxford—Towards a Comparative Analsysis of Commercial Institutions in Pre-modern Europe: The Organization of Merchant Communities in Spain and the Low Countries (1250-1650)


Discussant: WERNER TROESKEN, University of Pittsburgh and NBER

      MARISTELLA BOTTICINI, Boston University and University of Torino

      J. PETER FERDERER, Macalester College

      JOHN MURRAY, University of Toledo



Jan. 5, 10:15 am



The Modern Workplace: Firm Organization, Worker Training and Job Characteristics


Presiding:  PETRA TODD, University of Pennsylvania


GERARD PFANN and BEN KRIECHEL, Maastricht University-- Downsizing the Hierarchical Workplace: Evidence on Job Structure and the Earnings Distribution


JULIA LANE, University of Chicago, FREDRIK ANDERSSON, Cornell University, and IBEN BOLVIG, University of Aarhus--Lost Jobs and Health Insurance: An Analysis of the Impact of Employment Volatility on Firm provided Health Insurance Coverage


ELENA PASTORINO, University of Iowa, and MELISSA TARTARI, Yale University--Training in Firms, Learning and Career Mobility: Evidence from Italian Personnel Data


THOMAS FUCHS, University of Munich--Climbing the Ladder: School Organization, Institutions and Efficient Educational Production



Jan. 5, 10:15 am



Volatility and Jumps


Presiding: TORBEN ANDERSEN, Northwestern University


GEORGE TAUCHEN, Duke University, and HAO ZHOU, Federal Reserve Board--Identifying Realized Jumps on Financial Markets


GEORGE J. JIANG, University of Arizona--A New Test for Jumps in Asset Prices


ROBERT F. ENGLE, MAGDALENA E. SOKALSKA, and ANANDA CHANDA, New York University--Forecasting Intraday Volatility in the US Equity Market. Multiplicative Component GARCH


TORBEN G. ANDERSEN, Northwestern University, and LUCA BENZONI, University of Minnesota--The Economic Determinants of Interest Rate Volatility in the U.S. Treasury Market



Jan. 5, 10:15 am



Institutional Dynamics


Presiding:  AMRITA DHILLON, University of Warwick


ROGER LAGUNOFF, Georgetown University--Dynamic Stability and Reform of Political Institutions


HONGBIN CAI, Peking University, and FENG HONG, University of California-Los Angeles--A Theory of Organizational Dynamics: Internal Politics and Efficiency


STEPHANE AURAY, University of Lille 3, GREMARS and CIRPEE, THOMAS MARIOTTI, University of Toulouse 1, GREMAQ, IDEI and CEPR, and FABIEN MOIZEAU, University of Toulouse 1 and GREMAQ--Dynamic Regulation of Public Good Quality


AMRITA DHILLON, University of Warwick, and JAMELE RIGOLINI, World Bank--Uncertainty and the Quality of Institutions



Jan. 5, 10:15 am



Dynamic Models in Industrial Organization




XAVIER VIVES, INSEAD—Strategic Complementarity in Multi-Stage Games


JAMES D. DANA, JR. and YUK-FAI FONG, Northwestern University--Long-Lived Consumers, Intertemporal Bundling, and Tacit Collusion


CHAIM FERSHTMAN and SARIT MARKOVICH, Tel-Aviv University--Patents, Imitation and Licensing In an Asymmetric Dynamic R&D Race


BERNARD LEBRUN, York University--First-Price and Second-Price Auctions with Resale


Discussants: FEDERICO ECHENIQUE, California Institute of Technology

R. PRESTON MCAFEE, California Institute of Technology

JENNIFER REINGANUM, Vanderbilt University

ROD GARRATT, University of California-Santa Barbara



Jan. 5, 10:15 am



Inflation and Monetary Policy


Presiding:  NOBUHIRO KIYOTAKI, Federal Reserve Bank of New York and London School of Economics


THOMAS SARGENT, New York University, NOAH WILLIAMS, Princeton University, and TAO ZHA, Federal Reserve Bank of Atlanta--Hyperinflations: Expectations, Escapes, and Regimes


JERZY D. KONIECZNY, Wilfrid Laurier University, and EMMANUEL DHYNE, National Bank of Belgium--Temporal Distribution of Price Changes: Staggering in the Large and Synchronization in the Small


MIKAEL CARLSSON, Swedish Central Bank, and ANDREAS WESTERMARK, Uppsala University--Optimal Discretionary Monetary Policy under Downward Nominal Wage Rigidity


GLENN D. RUDEBUSCH and JOHN C. WILLIAMS, Federal Reserve Bank of San Francisco--Revealing the Secrets of the Temple: The Value of Publishing Interest Rate Projections



Jan. 5, 10:15 am



Retirement and Health


Presiding:  JOHN RUST, University of Maryland


HUGO BENÍTEZ-SILVA, State University of New York-Stony Brook, SELCUK EREN, State University of New York-Stony Brook and Hamilton College, FRANK HEILAND, Florida State University, and SERGI JIMÉNEZ-MARTÍN, Universitat Pompeu Fabra--Wealth, Retirement Well-Being, and Realized and Unrealized Capital Gains


MARIACRISTINA DENARDI, Federal Reserve Bank of Chicago and University of Minnesota, ERIC FRENCH, Federal Reserve Bank of Chicago, and  JOHN JONES, State University of New York-Albany-- Differential Mortality, Uncertain Medical Expenses, and the Savings of Elderly Singles


HUGO BENITEZ-SILVA, State University of New York-Stony Brook, J. IGNACIO GARCIA-PEREZ, Universidad Pablo de Olavide, and SERGI JIMENEZ-MARTIN, Universitat Pompeu Fabra--Cross Country Comparison of the Effects of Social Security and Employment Uncertainty on the Labor Supply and Search Behavior of Older Workers


DAVID A. LOVE, Williams College, and PAUL A. SMITH, Federal Reserve Board--Cracking Open the Nest Egg: Are Older Households Withdrawing Too Fast from Their DC Plans?



Jan. 5, 10:15 am



Out How: The Economics of Ending Wars (Roundtable Discussion)


Presiding:  JAMES K. GALBRAITH, University of Texas-Austin and Economists for Peace and Security


THOMAS SCHELLING, University of Maryland


MICHAEL INTRILIGATOR, University of California-Los Angeles and Milken Institute


CLARK ABT, Abt Associates


COL. DOUGLAS MACGREGOR, Center for Defense Information, Straus Military Reform Project


LINDA BILMES, Harvard University



Jan. 5, 10;15 am



Economics and Gender: Theory and Practice (B5)


Presiding: ANN MARI MAY, Middlebury College


ANNE BOSCHINI, Stockholm University, and ANNA SJÖGREN, Research Institute of Industrial Economics--Is Team Formation Gender Neutral? Evidence from Coauthorship


CAROLE GREEN, University of South Florida, ROBIN BARTLETT, Denison University, and MARIANNE FERBER, University of Illinois-Urbana-Champaign--Policy Orientation and the Decision to Major in Economics


JULIE NELSON, Tufts University--Economics for Humans: Conscience, Care and Commerce?


MALIHA SAFRI, University of Massachusetts-Amherst--The Global Household: Remittances, Household Production and Migration


Discussants: ULLA GRAPARD, Colgate University

JUNE LAPIDUS, Roosevelt University



Jan. 5, 10:15 am



International Trade and Globalization


Presiding: KAMAL SAGGI, Southern Methodist University


ERIC W. BOND, Vanderbilt University--Dynamics of Trade Agreements (Presidential Address)


ANDRÉS RODRIGUEZ-CLARE, Pennsylvania State University--Trade, Diffusion and the Benefits of Openness


JULIAN E. NAMINI, University of Duisberg-Essen, and RICARDO A. LOPEZ, Indiana University--Random versus Conscious Selection into Export Markets – Theory and Empirical Evidence


JOSHUA AIZENMAN, University of California-Santa Cruz, and YOTHIN JINJARAK, NTU Singapore--Globalization and Developing Countries – a Shrinking Tax Base?


Discussants: ANDRÉS RODRIGUEZ-CLARE, Pennsylvania State University

JOSH EDERINGTON, University of Kentucky

JIM TYBOUT, Pennsylvania State University

DEVASHISH MITRA, Syracuse University



Jan. 5, 10:15 am



Plural Agency and Plural Subjects within Economics


Presiding: MARK D. WHITE, College of Staten Island, City University of New York


      JOHN B. DAVIS, Marquette University and University of Amsterdam—Conceptions of Plural Selves in Recent Behavioral and Experimental Economics


      DON ROSS, University of Alabama-Birmingham and University of Cape Town—Institutionally Fostered Economic Agents versus Team Agents


      HANS-BERNHARD SCHMID, University of St. Gallen—Plural Subjecthood, Rationality, and Methodological Individualism


      MARK D. WHITE, College of Staten Island, City University of New York—Kantian Autonomy, Plural Agency, and Conceptions of the Economic Individual



Jan. 5, 10:15 am



The Dynamics of European National Employment Models: Implications for Conflict

and Cooperation in Employment Relations


Presiding: SAM ROSENBERG, Roosevelt University


GERHARD BOSCH, University of Duisberg-Essen--Changes in the System  or Change of System?  The National Employment Model of Germany


JILL RUBERY, University of Manchester--The UK National Employment System:  A Model for Europe?


MARIA KARAMESSINI, Panteion University of Social and Political Sciences--Is There Still a Distinctive Southern European Model?


DOMINIQUE ANXO, University of Vaxjo--The Swedish Model in Turbulent Times: Decline or Renaissance?


Discussants: PETER BERG, Michigan State University

GREGOR MURRAY, University of Montreal



Jan. 5, 10:15 am



The Future of Industrial Relations and Labor Market Journals


Presiding: DANIEL J.B. MITCHELL, University of California--Los Angeles


TOVE HAMMER, Cornell University--Industrial and Labor Relations Review


TROND PETERSON, University of California-Berkeley--Industrial Relations: A Journal of Economy and Society


IMMANUEL NESS, Brooklyn College--WorkingUSA


MATTHEW W. FINKIN, University of Illinois-Urbana-Champaign--Comparative Labor Law & Policy Journal


DAVID LEWIN, University of California-Los Angeles--Advances in Industrial and Labor Relations


CHARLES J. WHALEN, Perspectives on Work



Jan. 5, 10:15 am



Socio-Technical Systems Theory and Practice: The Way to Workplace Democracy

and High Performance


Presiding: ROSEMARY BATT, Cornell University, and Nina Gregg, Communication Resources


PAMELA POSEY, Eyes on Performance--Socio-Technical Systems Theory and Practice: Origins, History, and Challenges


PETER JAY SORENSON, GINKO Enterprises--Socio-Technical Systems Theory and Practice: Origins, History, and Challenges


KEVIN BOYLE, Boyle and Associates--A Union-led STS Redesign: AFSCME and Oregon Health Sciences University Save Union Jobs and Make Money


Discussants: STEPHEN R. SLEIGH, The Yucaipa Companies

      BRUCE HAMILTON, Socio-Technical Systems

      JOEL CUTCHER-GERSHENFELD, University of Illinois-Urbana-Champaign



Jan. 5, 10:15 am



Finance, Growth, and Convergence (O0)


Presiding:  SALPIE DJOUNDOURIAN, Lebanese American University


HALUK ERLAT, Middle East Technical University--Time Series Approaches to Testing Income Convergence in MENA Countries


KIVILCIM METIN OZCAN, Bilkent University, Turkey, and YUSUF ZIYA OZCAN, Middle East Technical University, Turkey--Convergence in Measures of the Quality of Life: Evidence for EU Members and a Candidate Country, Turkey


IDA A. MIRZAIE, Ohio State University, and MAGDA KANDIL, International Monetary Fund--The Impact of Capital Inflow to Economic Performance


OYA PINAR ARDIÇ, Bogazici University, Turkey, and H. EVREN DAMAR, Pacific Lutheran University--Financial Sector and Economic Growth: Evidence from Turkey


MAHMOUD AL-IRIANI and FATIMA AL-SHAMSI, United Arab Emirates University--Foreign Direct Investment and Economic Growth in the GCC Countries: An Empirical Investigation Using Heterogeneous Panel Analysis


Discussants: HALA EL-RAMLY, American University in Cairo

ARNO BÄCKER , European Commission

BASSEM KAMAR, International Monetary Fund

HILMI NATHALIE, University of Nice, France"

A.YASEMIN YALTA, Fordham University



Jan. 5, 10:15 am



Economic Growth and Development I: East Africa (O1 )


Presiding:  ASHAGRE YIGLETU, Southern University


ANDREW MUHAMMAD, Southern University--Market Power and the Pricing of Fish Imports from Uganda


TAMWISIGIRE CALEB, Makerere University, SUNG NO, ANDREW MUHAMMAD, Southern University, and MUGISHA FRED, National University of Rwanda--Determinants of FDI Inflow into Rwanda: 1971-2003


DONALD ANDREWS, Southern University, AUDREY KAHARA-KAWUKE, TAMWISIGIRE CALEB, Makerere University,  and ASHAGRE YIGLETU, Southern University--Tourism and Economic Development in East Africa: The Case of Uganda


WARREN BYABASHAIJA and AUDREY KAHARA-KAWUKI, Makerere University--The Effect of Entrepreneurial Education, Social Norms and Situational Factors on Entrepreneurial Attitudes and Intentions of Post-graduate Students in Uganda


Discussants: KEITHLY G. JONES, USDA Economic Research Service

CHRISTOPHER DAVIS, USDA Economic Research Service

RALPH CHRISTY, Cornell University

RICHARD MCCLINE, San Francisco State University



Jan. 5, 10:15 am



Trade, Economic Integration, Labor Market Flexibility and Growth  (F1)


Presiding: JAMES A. WILCOX, University of California-Berkeley


VIVEK H. DEHEJIA and YIAGADEESEN SAMY, Carleton University--Labor Standards and Economic Integration in the European Union: An Empirical Analysis


ANIL KUMAR, Federal Reserve Bank of Dallas--Impact of NAFTA on the National and Regional Labor Market in the U.S.: Evidence from Micro Data


KARLA MORGAN, Whitworth College--Trade and Economic Growth: The Role of Trade Policy Instability


Discussants: MEHDI HARIRIAN, Bloomsburg University

KWAN KIM, University of Notre Dame

JOSHUA J. LEWER, West Texas A&M University



Jan. 5, 10:15 am



The Great Depression and Beyond: Lessons for Macroeconomics (E3)


Presiding: GIORGIO PRIMICERI, Northwestern University


HAROLD COLE, University of Pennsylvania, and LEE OHANIAN, University of California-Los Angeles--Who or What Started the Great Depression?


GAUTI EGGERTSSON, Federal Reserve Bank of New York--The New Deal as a Theory of the Optimal Second Best


LAWRENCE CHRISTIANO, Northwestern University--The Zero-Bound, Zero-Inflation Targeting, and Output Collapse


MICHAEL BORDO, Rutgers University, CHRISTOPHER ERCEG, ANDREW LEVIN, Federal Reserve Board, and RYAN MICHAELS, University of Michigan--Three Great American Disinflations



Jan. 5, 10:15 am



Economic Integration in the Americas


Presiding: DOUGLAS O. WALKER, Regent University


      STANLEY J. LAWSON, St. John’s University—Caribbean Integration


      DOMINICK SALVATORE, Fordham University—NAFTA after 10 Years


      RAUL MONCARZ, Florida International University—Central American Integration


JOHN R. DOMINGUEZ and RICHARD MCGREGORY, JR., University of Wisconsin—Cuban Kapitalism: Ideology, the Embargo, and the Economic Consequences


Discussants: SARA GORDON, St. John’s University

      FRED CAMPANO, Fordham University

      PELEGRINO MANFRA, City University of New York



Jan. 5, 10:15 am



Approaches for Measuring the Cost of Health Care Services


Presiding: JACK TRIPLETT, Brookings Institution


ALLISON ROSEN, University of Michigan, and DAVID CUTLER, Harvard University--Trends in Disease Costs in the U.S.


ANA AIZCORBE and NICOLE NESTORIAK, U.S. Bureau of Economic Analysis--Tracking Changes in Health Care Costs Using Episode-Based Price Indexes: Issues and Estimates


ALAN WHITE and JAISON ABEL, Analysis Group--Use of Claims Data in Constructing Price Indexes for Medical Services


RALPH BRADLEY, U.S. Bureau of Labor Statistics--Can Health Claims Data Improve the Estimation of BLS’s Medical CPI?


Discussants: MERRILE SING, Agency for Healthcare Research and Quality

      ANNE HALL, Federal Reserve Board



Jan. 5, 10:15 am



Regulation of Public Utilities


Presiding: PAUL SOTKIEWICZ, University of Florida


      DOUGLAS N. JONES, Ohio State University---Matching Regulatory Arrangements with Public Values in the Provision of Energy and Telecommunications


      LEA-RACHEL D. KOSNIK, University of Missouri-St. Louis--The Changing Structure of the Hydroelectric Power Industry


TROY QUAST, Sam Houston State University--Are Elected Regulators More Political Than Appointed Regulators?


JAMES ALLEMAN, University of Colorado, and PAUL RAPPOPORT, Temple University--Optimal Pricing with Sunk Cost and Uncertainty


Discussants: To be announced.



Jan. 5, 10:15 am



Microfoundations of Radical Economics (B2)


Presiding:  BARKLEY ROSSER, James Madison University


      GILBERT L. SKILLMAN, Wesleyan University—Worker Bargaining Power and the Business Cycle: Wage Dynamics in an Economy with Matching and Sequential Bargaining


ROBERTO VENEZIANI, Queens Mary University, London—Microfoundations and Analytical Marxism


      JONATHAN GOLDSTEIN, Bowdoin College—Marxian Microfoundations: Contribution or Detour?


      PETER SKOTT, University of Massachusetts-Amherst—Power-Biased Technical Change and the Rise in Earnings Inequality


Discussants: AMITAVA KRISHNA DUTT, University of Notre Dame

      BARKLEY ROSSER, James Madison University



Jan. 5, 10:15 am


Brazil under Lula: Where Is It Headed? (P1)


Presiding:  AL CAMPBELL, University of Utah


      LEDA PAULANI, University of Sao Paulo, Brazil—Brazil as a Platform of International Financial Valorisation: The Role of Lula’s Government


      PAULO NAKATANI, University of Espirito Santo, Brazil—A Critical Assessment of the Economic Policies of the Lula’s Government


ROSA MARIA MARQUES, Pontifica Universidade Catolica de Sao Paulo, Brazil—Lula’s Government and Social Policies


RÉMY HERRERA, MAURICIO SABADINI, and FRANCISCO CINTRA, University of Paris Pántheon-Sorbonne, France—The Failures of Reformism: Lula’s Brazil (2003-2006), after Mitterand’s France (1981-1984)


Discussants: AL CAMPBELL, University of Utah

      RÉMY HERRERA, University of Paris, France



Jan. 5, 12:30 pm



Joint Luncheon


Presiding: THOMAS SARGENT, New York University


      BEN BERNANKE, Federal Reserve Board



Jan. 5, 2:30 pm



Remembering Milton Friedman


Presiding: THOMAS SARGENT, New York University


      GARY BECKER, University of Chicago

      ROBERT LUCAS, University of Chicago

      THOMAS SARGENT, New York University




Jan. 5, 2:30 pm



Rural Poverty Revisited:  A New Look at Place and Policy (Q1)


Presiding:  SUSAN OFFUTT, USDA-Economic Research Service


AMY GLASMEIER, Pennsylvania State University--Poverty Geography: The Historical Image of Poverty in America and Its Role in Shaping National Poverty Policy


MARK D. PARTRIDGE, University of Saskatchewan, and  DAN S. RICKMAN, Oklahoma State University--Persistent Rural Poverty and Job Growth


BRUCE WEBER, Oregon State University, JOHN CROMARTIE, ROBERT GIBBS, and ASHOK MISHRA, USDA-Economic Research Service--Poverty Reduction Through Education:  Can It Work in Persistently Poor Rural Areas?


Discussant:  SHELDON DANZIGER, University of Michigan



Jan 5, 2:30 pm



Residential Mortgage Economics (G1)


Presiding: YONGHENG DENG, University of Southern California


      JINGYANG LI and PAUL THURSTON, Countrywide Finance—Long-Range Dependence in Mortgage Termination


      JAMES VICKERY, Federal Reserve Bank of New York—Interest Rates and Consumer Choice on the Residential Mortgage Market


      YONGHENG DENG, University of Southern California, and JOHN M. QUIGLEY, University of California-Berkeley—Irrational Borrowers and the Pricing of Residential Mortgages


Discussants: CHRISTOPHER DOWNING, Rice University

      ROBERT VAN ORDER, University of Michigan

      WALTER N. TOROUS, University of California-Los Angeles



Jan. 5, 2:30 pm



Personnel Economics Studies using Personnel Data (M5)


Presiding: EDWARD LAZEAR, Stanford University


      ALEX BRYSON and RICHARD FREEMAN, Harvard University and NBER—Doing the Right Thing? Does Fair Share Capitalism Improve Firm Performance: Evidence for the UK


      ORIANA BANDIERA, London School of Economics, IWAN BARANKAY, University of Exeter, IMRAN RASUL, University College London—Incentives and Favoritism in the Workplace: Evidence from Personnel Data


      FRANCINE LAFONTAINE and JAGADEESH SIVADASAN, University of Michigan—Labor Regulations and Establishment-Level Labor Productivity


      JOHN HALTIWANGER, University of Maryland, PAUL OYER, and KATHRYN SHAW, Stanford University—Talent Sorting and Skill Complementarity among Software Engineers


Discussants: NICK BLOOM, Stanford University

      SCOTT SCHAEFER, University of Utah

      SCOTT STERN, Northwestern University

      ORIANA BANDIERA, London School of Economics



Jan. 5, 2:30 pm



Behavioral Welfare Economics


Presiding: B. DOUGLAS BERNHEIM, Stanford University


      B. DOUGLAS BERNHEIM, Stanford University—Title to be announced


      FARUK GUL, and WOLFGANG PESENDORFER, Princeton University—Title to be announced


      MATTHEW RABIN, University of California-Berkeley—Title to be announced


Discussants: DAVID LAIBSON, Harvard University

      COLIN CAMERER, California Institute of Technology



Jan. 5, 2:30 pm



Developments in Dynamic Mechanism Design


Presiding: STEPHEN MORRIS, Princeton University


      STEPHEN MORRIS, Princeton University, and DIRK BERGEMANN, Yale University—Ascending Auctions: Robustness and Uniqueness


      ILYA SEGAL, Stanford University—Incentives and Communication Costs


      PHILIPPE JEHIEL, University College London—On Timing Issues in Mechanism Design


Discussants: PRESTON MCAFEE, California Institute of Technology

      ERIC MASKIN, Institute for Advanced Studies, Princeton

      PAUL MILGROM, Stanford University



Jan. 5, 2:30 pm



Evaluation and Time Allocations in Teaching Economics


Presiding: BARRY R. CHISWICK, University of Illinois-Chicago


      BRUCE WEINBERG, BELTON FLEISHER, and MASANORI HASHIMOTO, Ohio State University—Student Evaluation of Teaching Revisited


      CYNTHIA HARTER, Eastern Kentucky University, MICHAEL WATTS, Purdue University, and WILLIAM BECKER, Indiana University—Time Allocations and Reward Structures for Academic Economists from 1995-2005: Evidence from Three National Surveys


      SAM ALLGOOD and WILLIAM WALSTAD, University of Nebraska-Lincoln—Time Allocations to Undergraduate and Graduate Teaching in Economics and Other Disciplines


      SAM ALLGOOD, University of Nebraska-Lincoln, WILLIAM BOSSHARDT, Florida Atlantic University, WILBERT VAN DER KLAAUW, University of North Carolina-Chapel Hill, and MICHAEL WATTS, Purdue University—The Long-Term Effects of Economics Coursework on College Graduates’ Behaviors and Outcomes in the Labor Market


Discussants: TISHA L.N. EMERSON, Baylor University

      KIMMARIE MCGOLDRICK, University of Richmond

      GLEN R. WADDELL, University of Oregon

      BARRY R. CHISWICK, University of Illinois-Chicago



Jan. 5, 2:30 pm



Consumption Inequality: Evidence and Interpretation (D1)


Presiding: RICHARD BLUNDELL, University College London


      ORAZIO ATTANASIO, University College London, ERICH BATTISTIN, Universita di Padova, and MARIO PADULA, Universita di Salerno—The Evolution of Consumption and Wage Inequality: Evidence and Implications for Consumption Smoothing


      DIRK KRUEGER, Goethe University Frankfurt, and FABRIZIO PERRI, New York University—Understanding Diverging Trends in U.S. Earnings and Consumption Dispersion: Are the Unlucky Consuming a Lot, or Are the Lucky Consuming Little?


      RICHARD BLUNDELL, IAN PRESTON, University College London, and LUIGI PISTAFERRI, Stanford University—The Transmission of Income Inequality into Consumption Inequality


      JONATHAN HEATHCOTE, Georgetown University, KJETIL STORESLETTEN, University of Oslo, and GIOVANNI LUCA VIOLANTE, New York University—Labor Supply and Consumption with Imperfect Insurance: An Analytical Framework


Discussant: VICTOR RIOS-RULL, Pennsylvania State University



Jan. 5, 2:30 pm



Habit Persistence and the Macroeconomy (E3)


Presiding: MARTIN URIBE, Duke University


      KAREN E. DYNAN, Federal Reserve Board, and ENRICHETTA RAVINA, New York University—Habit Persistence: Evidence from Complementary Data Sources


      MORTEN RAVN, European University Institute, STEPHANIE SCHMITT-GROHE, and MARTIN URIBE, Duke University—Pricing to Habits and the Law of One Price


      HARALD UHLIG, Humboldt Universitaet—Explaining Asset Prices with Habit Persistence and Wage Rigidities in a DSGE Model


Discussants: JORDI GALI, Universitat Pompeu Fabra and Massachusetts Institute of Technology

      CHRIS CARROLL, Johns Hopkins University

      FATIH GUVENEN, University of Texas-Austin



Jan. 5, 2:30 pm



Beliefs in the Utility Function (D1)


Presiding: ANDREW CAPLIN, New York University


      MARKUS BRUNNERMEIER, JONATHAN PARKER, and FILIPPOS PAPAKONSTANTINOU, Princeton University—The Planning Fallacy and Deadlines


      KFIR ELIAZ and ANDREW SCHOTTER, New York University—Paying for Confidence: An Experimental Study of Preferences Over Beliefs


      PIERPAOLO BATTIGALLI, Bocconi University, and MARTIN DUFWENBERG, University of Arizona—Dynamic Psychological Games



Jan. 5, 2:30 pm



Empirical Industrial Organization (L2, D8, C1)


Presiding: PATRICK BAJARI, University of Minnesota


      QUANG VUONG and ISABELLE PERRIGNE, Pennsylvania State University—Auctions with Risk Averse Bidders: A Semiparametric Analysis


      VICTOR AGUIRREGABIRIA, Boston University—Estimating Dynamic Games


      JAMES CHAPMAN, University of Iowa, DAVID MCADAMS, Massachusetts Institute of Technology, and HARRY J. PAARSCH, University of Iowa—Multi-Unit, Sealed-Bid, Discriminatory-Price Auctions


      PATRICK BAJARI, University of Minnesota, JEREMY FOX, University of Chicago, and STEPHEN RYAN, Massachusetts Institute of Technology—Differentiated Product Demand Estimation with Rank Data



Jan. 5, 2:30 pm



The Health of the Young and the Old in the Past and the Present (I1)


Presiding: ROBERT FOGEL, University of Chicago


      DORA COSTA, Massachusetts Institute of Technology, LORENS HELMCHEN, University of Illinois-Chicago, and SVEN WILSON, Brigham Young University—Race and Older Age Health in the Twentieth Century


      FRANK SLOAN, Duke University—Survival and the Changing Role of Chronic Diseases in the Twentieth Century


      WILLIAM EVANS and HENG WEI, University of Maryland—Postpartum Hospital Stay and the Outcomes of Mothers and Their Newborns


Discussants: JANET CURRIE, Columbia University

      TOMAS PHILIPSON, University of Chicago

      DAVID MELTZER, University of Chicago



Jan. 5, 2:30 pm



Getting Ahead: The Determinants of Professional Success


Presiding: RACHEL CROSON, University of Pennsylvania


      KRISTIN J. KLEINJANS, University of Aarhus and RAND—The Role of Career Aspirations in Education Choice: Can Gender Differences Explain the Lower Intergenerational Correlations in Education for Girls?


      DEBORAH GARVEY, Santa Clara University, MARK HUGO LÓPEZ, University of Maryland, and MARIE MORA, University of Texas-Pan American—The Earnings of Female Faculty: A Story of Field and Gender?


      BRUCE SACERDOTE, Dartmouth College, ALAN DURELL, and HEIDI WILLIAMS, Harvard University—Does Same Gender Mentoring Help?


      CHRISTINA HILMER and MICHAEL HILMER, San Diego State University—Women Helping Women, Men Helping Men? Same-Gender Mentoring, Initial Job Placements, and Early Career Research Productivity for Economics Ph.D.s


Discussants: JOSEPH ALTONJI, Yale University

      CHARLES C. BROWN, University of Michigan

      DONNA GINTHER, University of Kansas

      SHULAMIT KAHN, Boston University



Jan. 5, 2:30 pm



Information Frictions and Aggregate Fluctuations (E3)


Presiding: CHRIS EDMOND, New York University


      CHRISTIAN HELLWIG, University of California-Los Angeles, and LAURA VELDKAMP, New York University—Knowing What Others Know: Coordination Motives in Information Acquisition


      CHRIS EDMOND and LAURA VELDKAMP, New York University—Income Dispersion, Market Efficiency and Business Cycles


      VERONICA GUERRIERI and GUIDO LORENZONI, Massachusetts Institute of Technology—Financial Development and the Aggregate Effect of News


      MANUEL AMADOR, Stanford University, and PIERRE-OLIVIER WEILL, New York University—Learning by Matching


Discussants: WILLIAM FUCHS, University of Chicago

      JEFFREY CAMPBELL, Federal Reserve Bank of Chicago

      RANDALL WRIGHT, University of Pennsylvania

      LONES SMITH, University of Michigan



Jan. 5, 2:30 pm



Emerging Markets Finance in the Global Economy (F3)


Presiding: SIMON JOHNSON, Massachusetts Institute of Technology


      FERNANDO BRONER, ALBERTO MARTIN, and JAUME VENTURA, Universitat Pompeu Fabra—Secondary Markets and Sovereign Risk


      LAURA ALFARO and ELIZA HAMMEL, Harvard University—Capital Flows and Capital Goods


      ANDRE FARIA and PAOLO MAURO, International Monetary Fund—The External Financing of Economic Development: Evidence from Two Waves of Financial Globalization


Discussants: PIERRE-OLIVIER GOURINCHAS, University of California-Berkeley

      PETER BLAIR HENRY, Stanford University

      SIMON JOHNSON, Massachusetts Institute of Technology



Jan. 5, 2:30 pm



The Political Economy of Institutional Change (P4)


Presiding: SANJAY JAIN, University of Virginia


      BENJAMIN JONES, Northwestern University, and BENJAMIN OLKEN, Harvard University—Changing Regimes: The Effect of Political Change on Institutions and Economic Performance


      EDWARD MIGUEL and GERARD ROLAND, University of California-Berkeley—The Long Run Impact of Bombing in Vietnam


      SUMON MAJUMDAR, Queens University, and SHARUN MUKAND, Tufts University—Bridging the Divide: On Leadership and Institutional Change


Discussants: ROMAIN WACZIARG, Stanford University

      ENRICO SPOLAORE, Tufts University

      ALLAN DRAZEN, University of Maryland



Jan. 5, 2:30 pm



Networked Interactions (C7)


Presiding: LUIS RAYO, University of Chicago


      ANTONI CALVO-ARMENGOL, Universitat Autonoma de Barcelona—On the Network Structure of Communication in Organizations


      MATTHEW O. JACKSON and LEEAT YARIV, California Institute of Technology—The Spread of Behaviors and Technologies through Social Networks


      DOUGLAS GALE, New York University, and SHACHAR KARIV, University of California-Berkeley—Financial Networks


Discussants: GARANCE GENICOT, Georgetown University

      TANYA S. ROSENBLAT, Wesleyan University

      ERIC FISHER, Ohio State University



Jan. 5, 2:30 pm



The Economics of National Security (H5)


Presiding: MARTIN FELDSTEIN, Harvard University


      ALAN KRUEGER, Princeton University—Economic Incentives and Foreign Insurgents in Iraq


      ROZLYN ENGEL, U.S. Military Academy—The Effect of Casualties on Lifetime Earnings


      STEFANO DELLAVIGNA and ETHAN KAPLAN, University of California-Berkeley—The Economic and Ideological Determinants of Military Recruiting


      PHILIP MARTIN, THIERRY MAYER, University of Paris, and MATHIAS THOENIG, University of Geneva—The Effects of Multilateralism and Regionalism on Military Conflicts


      JOHN B. TAYLOR, Stanford University—The Financial Front in the War on Terror



Jan 5, 2:30 pm



Social Insurance Programs: Good for Workers? Good for the Labor Market? (J6)


Presiding: RAJ CHETTY, University of California-Berkeley and NBER


      DAN BLACK, JOSE GALDO, Syracuse University, and JEFF SMITH, University of Michigan—Evaluating the Regression Discontinuity Design Using Experimental Data


      RAFAEL LALIVE, University of Zurich—The Effects of Extended Benefits on Unemployment Duration and Early Retirement: A Regression Discontinuity Approach


      DAVID CARD, RAJ CHETTY, University of California-Berkeley, and ANDREA WEBER, Institute for Advanced Studies, Vienna—Unemployment Benefits, Income Effects, and Search Outcomes: Evidence from a Discontinuity in the Austrian Severance Pay System


      DAVID AUTOR, Massachusetts Institute of Technology, and MARK DUGGAN, University of Michigan—The Pure Income Effect of Disability Cash Transfers: Evidence from the Veteran Administration’s Disability Compensation Program


Discussants: CHRIS BOLLINGER, University of Kentucky

      THOMAS LEMIEUX, University of British Columbia

      AMY FINKELSTEIN, Massachusetts Institute of Technology

      OLIVIER DESCHENES, University of California-Santa Barbara



Jan. 5, 2:30 pm



The Economics of “Self-Discovery”: Export Specialization, Productivity and Growth (O1)


Presiding: DANI RODRIK, Harvard University


      JASON HWANG, RICARDO HAUSMANN, and DANI RODRIK, Harvard University—What You Export Matters


      RICARDO HAUSMANN and BAILEY KLINGER, Harvard University—Monkeying Around: On the Determinants of Structural Transformation of Exports


      RICARDO HAUSMANN and DANI RODRIK, Harvard University—Good Politics, Good Policies, Low Growth: The Puzzle of South Africa


Discussants: JAMES TYBOUT, Pennsylvania State University

      MARC MELITZ, Harvard University

      ANDRES RODRIGUEZ-CLARE, Pennsylvania State University



Jan. 5, 2:30 pm



Financial Econometrics


Presiding: DONALD LIEN, University of Texas-San Antonio


      TORBEN ANDERSON, Northwestern University, TIM BOLLERSLEV, and XING HUANG, Duke University—A Semiparametric Framework for Modeling and Forecasting Jumps and Volatility in Speculative Prices


      JIN-CHUAN DUAN and ANDRAS FULOP, University of Toronto—Estimating the Structural Credit Risk Model When Equity Prices are Contaminated by Trading Noises


      JUSHAN BAI, New York University, CHIHWA KAO, Syracuse University, and SERENA NG, University of Michigan—Panel Cointegration with Global Stochastic Trends


      RAY CHOU, Institute of Economics, Academia Sinica—Forecasting Financial Volatilities with a Nonlinear Range-Based Volatility Model


Discussants: ALESSANDRO PALANDRI, Duke University

      YONG BAO, University of Texas-San Antonio

      JOHN CHAO, University of Maryland

      KYOO-IL KIM, Singapore Management University



Jan. 5, 2:30 pm



ODE Invited Graduate Student Papers


Presiding: ROBERT S RYCROFT, University of Mary Washington


TIMOTHY F. PAGE, University of New Hampshire--Labor Supply Responses to Government Provided Health Insurance: Evidence from Kidney Transplant Patients


LUISA BLANCO RAYNAL, University of Oklahoma--Is Financial Development Really Beneficial for Latin American Countries?


JUAN CARLOS SUAREZ, University of California-Berkeley, and ZENIDE AVALLANEDA, Federal Reserve Board—Juanita’s Money Order: Income Effects on Human Capital Investment in Mexico


HENING LIU, Northern Illinois University--Labor Supply, Self-insurance and Knightian Uncertainty


Discussants: HENING LIU, Northern Illinois University

JUAN CARLOS SUAREZ, University of California-Berkeley

LUISA BLANCO RAYNAL, University of Oklahoma

TIMOTHY F. PAGE, University of New Hampshire



Jan. 5, 2:30 pm



Spatial Modeling, Discrete Choices and the Costs and Benefits of Transportation

Network Improvements


Presiding: KEITH HOFSETH, U.S. Army Corps of Engineers


      KENNETH TRAIN, University of California-Berkeley, and WESLEY WILSON, University of Oregon—Transportation Demand Modeling: Econometric Analysis of RP and SP-off-RP Data


      SIMON ANDERSON, University of Virginia—Spatial Modeling of Shipper Choices, Railroad Pricing, Congestion and Equilibrium


      BRUCE BLONIGEN, University of Oregon—International Trade and Transportation Networks


      JOSEPH COOK, National Economic Research Associates, and CHARLES PLOTT, California Institute of Technology—Congestion at Locks on Inland Waterways: An Experimental Testbed of a Policy of Tradable Priority


Discussants: TAE OUM, University of British Columbia

      KENNETH BOYER, Michigan State University

      DAVID HUMMELS, Purdue University



Jan. 5, 2:30 pm



Behavior of Institutions and Other Investors


Presiding: HARRISON HONG, Princeton University


      TAO SHU, University of Texas-Austin—Does Positive-Feedback Trading by Institutions Contribute to Stock Return Momentum?


      RASHA ASHRAF and NARAYANAN JAYARAMAN, Georgia Institute of Technology—Institutional Investors’ Trading Behavior in Mergers and Acquisitions


      MALCOLM P. BAKER, Harvard Business School, STEFAN NAGEL, Stanford University, and JEFFREY WURGLER, New York University—The Effect of Dividends on Consumption


Discussants: NATALIA PIQUEIRA, University of Houston

      KAI LI, University of British Columbia

      NICHOLAS SOULELES, University of Pennsylvania





Jan. 5, 2:30 pm



Corporate Bankruptcy and Loan Ratings


Presiding: KARIN THORBURN, Dartmouth College


      TOM CHANG and ANTOINETTE SCHOAR, Massachusetts Institute of Technology—Judge Specific Differences in Chapter 11 and Firm Outcomes


      FEDERICO CILIBERTO and CAROLA SCHENONE, University of Virginia—Financial Decisions, Bankruptcy, and Product-Market Competition in the Airline Industry


      AMIR SUFI, University of Chicago—The Real Effects of Debt Certification: Evidence from the Introduction of Bank Loan Ratings


Discussants: EDITH HOTCHKISS, Boston College

      SHERI TICE, Tulane University

      MICHAEL ROBERTS, University of Pennsylvania



Jan. 5, 2:30 pm



Directors, Shareholders, and Other Monitors


Presiding: ANDREW METRICK, University of Pennsylvania


      STUART GILLAN, Arizona State University, JAY C. HARTZELL, and LAURA T. STARKS, University of Texas-Austin—Evidence on Corporate Governance: The Joint Determination of Board Structures and Charter Provisions


      STEVEN N. KAPLAN, University of Chicago, and BERNADETTE A. MINTON, Ohio State University—How Has CEO Turnover Changed? Increasingly Performance Sensitive Boards and Increasingly Uneasy CEOs


      I.J. ALEXANDER DYCK, University of Toronto, ADAIR MORSE, University of Michigan-Ann Arbor, and LUIGI ZINGALES, University of Chicago—Who Blows the Whistle on Corporate Fraud?


      HENRIK CRONQVIST and RUDIGER FAHLENBRACH, Ohio State University—Large Shareholders and Corporate Policies


Discussants: KOSE JOHN, New York University

      BRIAN HALL, Harvard University

      SHIVARAM RAJGOPAL, University of Washington

      CLIFFORD HOLDERNESS, Boston College



Jan. 5, 2:30 pm



Theoretical Corporate


Presiding: DENIS GROMB, London Business School


      ANDREA L. EISFELDT and ADRIANO A. RAMPINI, Northwestern University—Leasing, Ability to Repossess, and Debt Capacity


      THIERRY FOUCAULT, HEC Paris, and THOMAS GEHRIG, University of Freiburg, Germany—Stock Price Informativeness, Cross-Listings and Investment Decisions


      MURRAY CARLSON, University of British Columbia, ENGELBERT J. DOCKNER, University of Vienna, ADLAI J. FISHER, and RON GIAMMARINO, University of British Columbia—Leaders, Followers, and Risk Dynamics in Industry Equilibrium


Discussants: KENNETH AYOTTE, Columbia University

      ITAY GOLDSTEIN, Duke University and University of Pennsylvania

      ANTONIO MELLO, University of Wisconsin-Madison



Jan. 5, 2:30 pm



Hedge Funds: Performance and Persistence


Presiding: CLIFF ASNESS, AQR Capital Management, LLC


      WILLIAM FUNG, London Business School, DAVID A. HSIEH, Duke University, NARAYAN Y. NAIK, London Business School, and TARUN RAMADORAI, University of Oxford—Hedge Funds: Performance, Risk and Capital Formation


      ANDREW ANG, MATTHEW RHODES-KROPF, and RUI ZHAO, Columbia University—Do Funds-of-Funds Deserve Their Fees-on-Fees?


      RAVI JAGANNATHAN, Northwestern University, ALEXEY MALAKHOV, University of North Carolina-Chapel Hill, and DIMITRY NOVIKOV, Goldman Sachs Group, Inc.—Do Hot Hands Persist Among Hedge Fund Managers? An Empirical Evaluation


      GUILLERMO BAQUERO and MARNO VERBEEK, Erasmus University Rotterdam—Do Sophisticated Investors Believe in the Law of Small Numbers?


Discussants: TUOMO VUOLTEENAHO, Harvard University and Arrowstreet Capital, LP

      PETER MULLER, Morgan Stanley

      RANDOLPH COHEN, Harvard Business School

      ANTHONY LYNCH, New York University



Jan. 5, 2:30 pm



Commercial Real Estate


Presiding: JEFFREY D. FISHER, Indiana University


DOINA CHICHERNEA, NORM MILLER, University of Cincinnati, JEFF FISHER, Indiana University, and MICHAEL SKLARZ, Fidelity National Information Solutions--A Cross Sectional Analysis of Cap Rates by MSA


DEAN GATZLAFF  and CYNTHIA HOLMES, Florida State University---Estimating Transaction-Based Price Indices for Local Commercial Real Estate: An Examination of Alternative Methodologies using Property Tax Data


ANTHONY YEZER and CHAO YUE TIAN, George Washington University--Office Rents and the Monocentric City


YONGPING LIANG, University of Wisconsin, and KERRY VANDELL, University of California-Irvine--The Anatomy of Vacancy Behavior: Implications for the Rental Adjustment Process


Discussants: JIM CLAYTON, Pension Real Estate Association
 WAYNE ARCHER, University of Florida
 LYNN FISHER, Massachusetts Institute of Technology
 THOMAS THIBODEAU, University of Colorado



Jan. 5, 2:30 pm



Mortgage Choice


Presiding: FRANK E. NOTHAFT, Freddie Mac


MARSHA J COURCHANE, ERS Group, PETER M. ZORN, Freddie Mac--Comparisons of Prime and Subprime Mortgages


SHANE M. SHERLUND, ANDREAS LEHNERT, WAYNE PASSMORE, and GILLIAN BURGESS, Federal Reserve Board--Financial Innovation and Household Mortgage Choice


MICHAEL LACOUR-LITTLE, California State University-Fullerton--The Home Purchase Mortgage Preferences of Low-and-Moderate Income Households


YAN CHANG, Freddie Mac--The Product Switch in Refis: Who, When and Why


Discussants: CHRIS RICHARDSON, GMAC Residential
 JAN BRUECKNER, University of California-Irvine
 JAMES FOLLAIN, Fidelity Hansen
ANDREA HEUSON, University of Miami



Jan. 5, 2:30 pm



The Decline of Soviet Growth: The Impact of Non-systemic Factors (P2)


Presiding: PAUL GREGORY, University of Houston


MARK HARRISON, University of Warwick, UK--The Soviet Economy: War, Growth, and Dictatorship


GUR OFER, Hebrew University of Jerusalem--Looking Back at the Burden of Defense and Military R&D


MARTIN SPECHLER and DINA SPECHLER, Indiana University--The Burden of Empire on the Soviet Union: New Calculations


CLIFF GADDY, Brookings Institution, and BARRY ICKES, Pennsylvania State University--Addiction and Withdrawal: Resource Rents and the Collapse of the Soviet Economy


Discussants: PAUL GREGORY, University of Houston

      VLADIMIR KONTOROVICH, Haverford College



Jan. 5, 2:30 pm



Economic Development Issues of Bangladesh


Presiding: M. KABIR HASSAN, University of New Orleans


SHAH SAEED HASSAN CHOWDHURY, Middle Tennessee State University, M. KABIR HASSAN, University of New Orleans and HUMAYOUN KABIR, University of Rajshahi-- Is There Any Overreaction in the Dhaka Stock Exchange (DSE)


MATIUR RAHMAN, McNeese State University, and MUHAMMAD MUSTAFA, South Carolina State University--Trade and International Migra­tion: Evidence from Bangladesh


TANWEER AKRAM, Moody's Bangladesh Genocide of 1971


NOOR M. KAMRUL ISLAM, Bloomsburg University--Rising Corruption Within Bangladesh Society: A Threat to Its Fragile Democracy, Social Order, and Economic Progress


A.B.M. NASIR, North Carolina State University—Wage Differential, Resource Misallocation and Governance Failure: An Economic Analysis of Bangladesh


Discussants: M. KABIR HASSAN, University of New Orleans

MATIUR RAHMAN, McNeese State University

MUHAMMAD MUSTAFA, South Carolina State University


M. FAIZUL ISLAM, Southeastern University

A.B.M. NASIR, North Carolina State University



Jan. 5, 2:30 pm



Efficiency, Social Efficiency and Financial Exclusion in Institutionalist Theory (E1)


Presiding: SCOTT FULLWILER, Wartburg College


TOKUTARO SHIBATA, University of Tokyo--On the Concept of Efficiency in Institutional Economics


RYUICHIRO TERAKAWA, University of Tokyo--An Aspect of the Philosophical Foundations of

Commons’ Institutional Economics


GARY DYMSKI, University of California-Riverside and University of California Center-

Sacramento--The Global Transformation of Core-Banking Markets: A Polanyi/Commons View


KAZUO MARAKOSHI, University of California-Riverside--Justice in Finance: A Methodological

Examination of Financial Exclusion and Social Efficiency


PHILIP ARESTIS, University of Cambridge, UK and ASENA CANER, TOBB-Economics and

Technology University, Turkey--The Channels through which Financial Liberalization

Influences Poverty


Discussant: YNGVE RAMSTAD, University of Rhode Island



Jan. 5, 2:30 pm



Local Institutions in the Globalizing Economy (R5)


Presiding: ROBERT SCOTT III, Monmouth University


OLIVIER BRETTE and YVES CHAPPOZ, Université Jean Moulin Lyon 3, France--The French

Competitiveness Clusters: Toward a New Public Policy for Innovation and Research?


SUE KONZELMANN, Birkbeck College, University of London--The Global Reproduction of National Capitalisms: The Cases of Wal-Mart and IKEA


JULIE H. GALLAWAY, University of Missouri, Rolla--Point-of-Use Water Filtration: An Institutional Approach to Economic Development Public Policy


JOHN WATKINS, Westminster College--Economic Institutions under Disaster Situations: The Case

of Hurricane Katrina


MATTHEW C. WILSON, University of Denver--The Institution of State and Local Public Budgeting

Rules: A Veblenian Critique of Tax and Expenditure Limitations


Discussant: RICHARD V. ADKISSON, New Mexico State University



Jan. 5, 2:30 pm



Persons, Social Capital, and Sustainability


Presiding: EDWARD O'BOYLE, Louisiana Tech University


ALBINO BARRERA, Providence College--Economic and Social Sustainability in the Information Age: Need Satisfaction and Relative Equality as Necessary Conditions


MARK D. WHITE, College of Staten Island/CUNY--Kantian Autonomy: Reconciling Individualism with Social Sustainability


MICHAEL R. STONE and ANNE P. COBB, Empire State College--A Quiet Revolution: Teachings and Actions on How to Humanize Economics


JOHN F. TOMER, Manhattan College--Intangible Capital and Economic Growth: A Comprehensive and Unifying View


Discussants: DAVID GEORGE, LaSalle University

EDWARD O'BOYLE, Louisiana Tech University



Jan. 5, 2:30 pm



Taxes, Subsidies, and Controlling Pollution Emissions (Q5)


Presiding:  NICHOLAS E. FLORES, University of Colorado-Boulder


MAGI DELMAS, University of California-Santa Barbara, MARIA MONTES, Universitat Pompeu Fabra, and JAY SHIMSHACK, Tufts University—Mandatory Information Disclosure and Environmental Performance in the Electricity Industry


DONNA RAMIREZ HARRINGTON, University of Guelph, GEORGE DELTAS, and MADHU KHANNA, University of Illinois-Urbana-Champaign--Environmental Subsidies and Social Welfare in a Horizontally Differentiated Market


CAROLYN FISCHER and ALAN FOX, Resources for the Future--Should Emissions Permit Revenues Lower Taxes or Subsidize Output?  The Role of Leakage


CHARLES F. MASON, University of Wyoming, STEPHEN POLASKY, University of Minnesota, and NORI TARUI, Columbia University--Cooperation on Climate-Change Mitigation


Discussants: JARED CARBONE, Williams College

STEPHEN SALANT, University of Michigan

DALLAS BURTRAW, Resources for the Future

JASON F. SHOGREN, University of Wyoming



Jan. 5, 2:30 pm



Microstructure of Hidden Orders


Presiding: INGRID WERNER, Ohio State University


      LAURA TUTTLE, University of Kansas--Hidden Orders, Trading Costs and Information.


      BURKART MONCH, Goethe University, and ANGELIKA ESSER, DekaBank--The Navigation of an Iceberg: The Optimal Use of Hidden Orders


      KUMAR VENKATARAMAN, Southern Methodist University, HANK BESSEMBINDER, University of Utah, and MARIOS PANAYIDES, Yale University--In Search of Liquidity: An Analysis of Order Exposure Strategies in Automated Markets


Discussants: CHRISTINE PARLOUR, University of California-Berkeley.

JEFF HARRIS, University of Delaware

AVANIDHAR SUBRAHMANYAM, University of California-Los Angeles.


Jan. 5, 2:30 pm



Social Choices and Economic Decision Making (O1, D7, Q2)


Presiding: KUSUM KETKAR, Yeshiva University


      AMITRAJEET BATABYAL, Rochester Institute of Technology—Mediator Learning and Dowry Determination in an Arranged Marriage Setting


      AMITABH LAHIRY, Madhya Pradesh Education—Reservations and Social Justice


      JYOTHI KHANNA and MICHAEL JOHNSTON, Colgate University—Bringing in the Middle Men, Corruption, Tradition and Growth in India


      ROBY RAJAN, University of Wisconsin—Incentive Compatibility and Governance


      CHAITRAM TALELE, Columbia State University—Supply and Demand for Water


      SURESH DESAI, Montclair State University—Innovation in Gandhian Economics


      SANDWIP DAS, University of California, and MONICA DAS, Skidmore College—Economic Growth an Equitable Distribution


      LUIS SAN VICENTE PORTES, Montclair State University—Trade and Income Distribution


Discussants: APARAJITA NANDI, Queens College, City University of New York

      KANKANA MUKHERJEE, Worcester Polytechnic Institute

      SANDWIP DAS, University of California

      SYED HYAT, Siena College



Jan. 5, 2:30 pm



Economic History of Labor: New Directions


Presiding: ROBERT MARGO, Boston University and NBER


      RAYMOND L. COHN, Illinois State University—The Volume and Composition of European Immigration to the Antebellum United States: An Analysis of the Passenger Lists


      JOSEPH FERRIE, Northwestern University, and WERNER TROESKEN, University of Pittsburgh—The Past as Prologue: The Effects of Early Life Circumstances at the Community and Household Levels on Mid-Life and Late-Life Outcomes


      NATHAN GRAWE and JENNY WAHL, Carleton College—Blacks, Whites, and Brown: Effects on the Earnings of Men and Their Sons


      ANDREW SELTZER—Female Clerical Salaries and the Impact of the Feminization of Clerical Labor Markets on Male Employees: Evidence from English Banking


Discussants: MARIANNE HINDS WANAMAKER, Northwestern University

      LOU CAIN, Northwestern University

      JACOB VIGDOR, Duke University

      ELYCE ROTELLA, Indiana University



Jan. 5, 2:30 pm



The Development and Labor Market Significance of Noncognitive Skills


Presiding:  JAMES J. HECKMAN, University of Chicago


CARMIT SEGAL, Harvard University--Misbehavior, Education and Labor Market Outcomes


LEX BORGHANS, BAS TER WEEL, Maastricht University, and JAMES J. HECKMAN, University of Chicago--The Economics of Noncognitive Skills


FLAVIO CUNHA, JAMES J. HECKMAN, and SUSANNE SCHENNACH, University of Chicago--Estimating the Elasticity of Substitution Between Early and Late Investments in the Technology of Cognitive and Noncognitive Skill Formation


SERGIO URZUA, University of Chicago--The Role of Abilities and Schooling Choices in Explaining Racial Labor Market Gaps



Jan. 5, 2:30 pm



International Fluctuations: Cycles and Crises


Presiding:  DOIREANN FITZGERALD, University of California-Santa Cruz


DOIREANN FITZGERALD, University of California-Santa Cruz--Trade Costs, Asset Market Frictions and Risk Sharing: A Joint Test


MARIO J. CRUCINI, Vanderbilt University, M. AYHAN KOSE, International Monetary Fund,
and CHRISTOPHER OTROK, University of Virginia--What Are the Driving Forces of International Business Cycles?


ENRIQUE G. MENDOZA, University of Maryland, NBER, and International Monetary Fund, and P. MARCELO OVIEDO, Iowa State University--Fiscal Policy and Macroeconomic Uncertainty in Emerging Markets: The Tale of the Tormented Insurer


BETTY C. DANIEL, State University of New York-Albany--Averting a Fiscal Financial Crisis within the EMU


Discussants: MIKLOS KOREN, Federal Reserve Bank of New York

VIVIAN ZHANWEI YUE, New York University

YAN BAI, Arizona State University

ESPEN R. HENRIKSEN, University of Oslo



Jan. 5, 2:30 pm



Productivity and the Firm


Presiding:  THOMAS HOLMES, University of Minnesota


ALI HORTACSU and CHAD SYVERSON, University of Chicago and NBER--Why Is Scale So Important in Vertical Integration?


DANIEL ACKERBERG, University of California-Los Angeles, KEVIN CAVES, Deloitte and Touche, and GARTH FRAZER, University of Toronto--Structural Identification of Production Functions


DENNIS EPPLE, BRETT GORDON, and HOLGER SIEG, Carnegie Mellon University--A Flexible Approach to Estimating Production Functions When Output Prices are Unobserved


SUNGJIN CHO, Hanyang University, and JOHN RUST, University of Maryland--Do Firms Maximize Profits? Suboptimal Replacement Decisions by a Profitable Car Rental Company


Discussants: THOMAS HOLMES, University of Minnesota

AMIL PETRIN, University of Chicago

MARK J. ROBERTS, Pennsylvania State University

ADAM COPELAND, Bureau of Economic Analysis



Jan. 5, 2:30 pm



Information Transmission in Organizations


Presiding:  AMIL DASGUPTA, London School of Economics and CEPR


NAVIN KARTIK, University of California-San Diego, MARCO OTTAVIANI, London Business School, and FRANCESCO SQUINTANI, University College London--Credulity, Lies, and Costly Talk


JOHN VAN REENEN, London School of Economics, DARON ACEMOGLU, Massachusetts Institute of Technology, PHILIPPE AGHION, Harvard University, FABRIZIO ZILIBOTTI, Stockholm University, and Claire LeLarge, INSEE--Technology, Information and the Decentralization of the Firm


DANIEL FERREIRA, Universidade Nova de Lisboa, and RAAJ SAH, University of Chicago--Who Gets to the Top: Generalists versus Specialists in Organizations


AMIL DASGUPTA and ANDREA PRAT, London School of Economics and CEPR--Asset Price Dynamics When Traders Care About Reputation



Jan. 5, 2:30 pm



Issues in Multiple Agent Economies


Presiding:  XAVIER MATEOS-PLANAS, University of Southampton


XAVIER MATEOS-PLANAS, University of Southampton--Tighter Bankruptcy Rules with Endogenous Credit Limits


DANNY LEUNG, CESAIRE MEH, and YAZ TERAJIMA, Bank of Canada--Firm Life-Cycle Dynamics and Productivity


CARLOS GARRIGA and DON SCHLAGENHAUF, Florida State University--A Theory of Marriage and Divorce


GUSTAVO VENTURA, Pennsylvania State University, and NEZIH GUNER, Universidad Carlos III, and REMZI KAYGUSUZ, Pennsylvania State University--Taxation, Aggregates and the Household


Discussants: YAZ TERAJIMA, Bank of Canada

IRINA A TELYUKOVA, University of Pennsylvania

GUSTAVO VENTURA, Pennsylvania State University

CARLOS GARRIGA, Florida State University



Jan. 5, 2:30 pm



Technology and Business Cycles


Presiding:  R. ANTON BRAUN, University of Tokyo


THOMAS LAUBACH, Federal Reserve Board, and JOHN C. WILLIAMS, Federal Reserve Bank of San Francisco—The Response of Hours to Technology Shocks: Much Ado About Nothing?


DALE HENDERSON, JINILL KIM, and LUCA GUERRIERI, Federal Reserve Board—What Happens When MFP Grows Faster in the IT Sector?


YULEI LUO, University of Hong Kong, and ERIC YOUNG, University of Virginia—Rational Inattention and Aggregate Fluctuations


R. ANTON BRAUN, University of Tokyo, TOSHIHIRO OKADA, Kwansei Gakuin University, and
NAO SUDOU, Bank of Japan and Boston University—U.S. R&D and Japanese Medium Term Cycles


Discussants:  AGOSTINO CONSOLO, Bocconi University


MATTHIAS PAUSTIAN, Bowling Green State University

WILLIAM VAN ZANDWEGHE, Carnegie Mellon University



Jan. 5, 2:30 pm



Health and Aging: Baby Boomers Becoming Senior Citizens


Presiding: MICHAEL GROSSMAN, City University of New York and NBER


      ROBERT KAESTNER, University of Illinois-Chicago and NBER—Medicare and Health Behaviors


      DHAVAL DAVE, Bentley College and NBER, INAS RASHAD, George State University and NBER, and JASMINA SPASOJEVIC, Metropolitan College—The Effects of Retirement on Physical and Mental Health Outcomes


      DANIEL POLSKY, JALPA DOSHI, University of Pennsylvania, WILLARD MANNING, University of Chicago, JOSÉ ESCARCE, University of California-Los Angeles, JEANNETTE ROGOWSKI, University of Medicine and Dentistry of New Jersey, SUSAN PADDOCK, RAND Corporation, and LIYI CEN, University of Pennsylvania—The Health Effects of Health Insurance for the Near-Elderly Uninsured


Discussants: DONALD KENKEL, Cornell University and NBER

      GREGORY COLMAN, Pace University

      SEAN NICHOLSON, Cornell University and NBER


Jan. 5, 2:30 pm



Adam Smith as Theologian (B1)


Presiding: JERRY EVENSKY, Syracuse University


PAUL OSLINGTON, University of New South Wales and Princeton Seminary--The Natural Theological Context of Early Political Economy


BRENDAN LONG, Parliament House Canberra and Australian Catholic University--Adam Smith as Theologian


DEIRDRE MCCLOSKEY, University of Illinois-Chicago and Erasmus University of Rotterdam--Adam Smith and a Theological Defense of Capitalism


JEFFREY YOUNG, St. Lawrence University--Ethics and Theology in Adam Smith



Jan. 5, 2:30 pm


Competition Policy in the U.S. and the EU  (L5)


Presiding: LAWRENCE WHITE, New York University


DENNIS CARLTON, U.S. Department of Justice--Competition Policy at the U.S. Department of Justice


LESLIE MARX, Former Chief Economist, Federal Communications Commission--Competition Policy at the U.S. Federal Communications Commission


MICHAEL SALINGER, Federal Trade Commission--Competition Policy at the U.S. Federal Trade Commission


OLIVER STEHMANN, Directorate–General Competition at the European Commission--Competition Policy at the European Commission


Discussant: LAWRENCE WHITE, New York University



Jan. 5, 2:30 pm



Conflict and Cooperation in Employment Relations “with Chinese Characteristics”


Presiding: SIMON CLARKE, University of Warwick


      GUILAN YU, Jilin University, China--Employment Cooperation in China’s Creative Industry


      HANLING LIU, Guandong Hi-technology Sector, China--Employment Conflict Resolution in China’s Hi-technology Sector


      BRENDA C. SUN, Utah State University--Employment Conflict Resolution in China’s Strategic Sector


Discussants: SUE FERNIE, London School of Economics 

      XIANGQUAN ZENG, Remin University  



Jan. 5, 2:30 pm



Healthcare Restructuring: Implications for Union Strategies


Presiding:  DEBRA GERARDI, Creighton University


      ARIEL AVGAR, Cornell University--Treating Conflict: Alternative Dispute Resolution in the Healthcare Industry


      JULIE SADLER, Cornell University--Nurses: Professionals vs. Union Members


      AMANDA TATTERSALL, University of Sydney--Success Where Others Fail: Community Unionism in Healthcare, Lessons from Toronto


Discussants: REBECCA GIVAN, Cornell University

      DARLENE CLARK, Pennsylvania State University



Jan. 5, 2:30 pm



The New Arena of Workplace Conflict: Whistleblower Claims: Rights and Remedies


Presiding: WILLIAM CANAK, Middle Tennessee State University, and MARLENE HEYSER, Orange County Transportation Authority


JON ROSEN, Jon Rosen & Associates


PETER BENNETT, The Bennett Law Firm


SARA ADLER, Law Office of Sara Adler


JED L. MARCUS, Bressler, Amery & Ross, PC



Jan. 5, 2:30 pm



Poster Session (A1)


Presiding:  HASSAN ALY, Ohio State University


SAIF S. AL-SOWAIDI, University of Qatar, and ALI F. DARRAT, Louisiana Tech University--Financial Innovations and the Conduct of Monetary Policy: The Experience of Qatar and the United Arab Emirates


ZINE M. BARKA, University of Tlemcen --A Comparative Assessment of the Budget Transparency


CANER BAKIR, Koç University, Turkey--Central Bank Governance in Turkey: A Comparative Perspective


FATMA DOGRUEL and A.SUUT DOGRUEL, Marmara University--Foreign Debt Dynamics in Middle Income Countries


HALA EL-RAMLY, American University in Cairo--Output Convergence Among Arab Countries


SAZIYE GAZIOGLU, Middle East Technical University, Turkey, and University of Aberdeen--Stock Market Returns in An Emerging Financial Market: Turkish Case Study


HAYKEL HADJ SALEM, FSEG Mahdia and University of Monastir, Tunisia, and DOAA M. SALMAN, October University of Modern Science and Arts, Egypt--The Impact of Policy Volatility in Three Countries of the MENA: Evaluation by a Recursive CGE Model


OZAN HATIPOGLU, Bogazici University, and GULENAY OZBEK, New York University--The Political Economy of the Informal Sector and Income Redistribution


ALI REZA JALILI, New England College--Philosophy, Methodology, and Impact of Taxation under Islamic Jurisprudence


BASSEM KAMAR, International Monetary Fund, and DAMYANA BAKARDZHIEVA, University of Monaco--Banking Sector Reforms to Sustain Growth in the MENA Region


O. MIKHAIL, University of Central Florida--Unlocking the Pharaoh’s Vault? On the Welfare Implications of a Transparent Egyptian Central Bank


WASSEEM MINA, United Arab Emirates University--What Determines FDI Inflows to the GCC Countries?


NEVINE MOKHTAR EID, Cairo University, Egypt--Financial Integration in Egypt: “A Laugh to Keep from Crying”


HILMI NATHALIE and ALAIN SAFA, University of Nice, France--The Impact of Foreign Trade on Economic Growth: The Case of Turkey


NAGLA RIZK, American University in Cairo--Competitiveness of the Damietta Furniture Cluster in Egypt


EMAN SELIM, Tanta University, Egypt, and Mutah University, Jordan--Egyptian Exchange Rate Bubbles


JAY SQUALLI and KENNETH WILSON, Zayed University, UAE--How Open Are Arab Markets?


A.YASEMIN YALTA, Fordham University, New York--An Analysis of Capital Flight, Capital Account Liberalization and Investment: The Case of Turkey



Jan. 5, 2:30 pm



Current Trends and Issues in the American Labor Market


Presiding: CARL R. TANNENBAUM, NABE and LaSalle Bank


CARL R. TANNENBAUM, NABE and LaSalle Bank--NABE Outlook for Economic Activity, Job Creation, Wages, and Productivity Growth


DANIEL G. SULLIVAN, Federal Reserve Bank of Chicago--Decomposition of Trends in Labor Force Participation: How Much Slack Exists in the Job Market?


Speaker to be announced--Compensation Trends: The Relationship Between Wages and Benefits and an Evaluation of the Various Measures Of Income


Speaker to be announced--Comparison of Wages to Productivity Growth: How Will These Variables Evolve over the Coming Year?


Discussants: CARL R. TANNENBAUM, NABE and LaSalle Bank

Other discussants to be announced.



Jan. 5, 2:30 pm



Forensic Economics I (K4)


Presiding: ARTHUR A. EUBANK, JR., Eubank Economics, Inc.


KURT V. KRUEGER, John O. Ward & Associates--Personal Consumption of Household Services


THOMAS R. IRELAND, University of Missouri-St. Louis--Valuing Advice, Counsel and Companionship between Parents and Adult Children


EDWARD FOSTER, University of Minnesota--Modeling Past Loss of Health Insurance


Discussants: LAWRENCE M.  SPIZMAN, State University of New York-Oswego

ROBERT J. THORNTON, Lehigh University

FRANK SLESNICK, Bellarmine University



Jan. 5, 2:30 pm



Poverty and Place (D6)


Presiding: WILLIAM SPRIGGS, Howard University


THOMAS D. BOSTON, Georgia Institute of Technology--The Net Social Benefit of Revitalizing Public Housing Projects:  A Case Study of Atlanta


RODNEY GREEN, Howard University--People versus Places


HAYDAR KURBAN and GAMINIE MEEPAGALA, Howard University--A Spatial Analysis of Impacts of Katrina on People and Places


WILLIAM RODGERS, Rutgers University--Does Contractionary Monetary Policy Have Differential Geographic Impacts?


LANCE FREEMAN, Columbia University--Spatial Assimilation Among African Americans at the Close of the 20th Century


Discussants: MARY KAY PERKINS, Howard University

JOSEPH J. PERSKY, University of Illinois-Chicago

SAMUEL ROSENBERG, Roosevelt University

WILLIAM SPRIGGS, Howard University



Jan. 5, 2:30 pm



Current Issues in Corporate and International Taxation (H2)


Presiding:  DHAMMIKA DHARMAPALA, University of Connecticut


DHAMMIKA DHARMAPALA, University of Connecticut, and JAMES R. HINES, JR., University of Michigan--Are Tax Havens Well-Governed?


GEORGE CONTOS, Internal Revenue Service, JOSHUA RAUH, and MORTEN SORENSEN, University of Chicago--Taxation and Corporate Financial Policy: Evidence from U.S. Corporate Tax Returns


PETER KATUSCAK, CERGE--The Impact of Personal Income Taxation on Executive Compensation


Discussants: ATIF MIAN, University of Chicago

      LAURA KALAMBOKIDIS, University of Minnesota

      WILLIAM M. GENTRY, Williams College



Jan. 5, 2:30 pm



Income Distribution (Roundtable)  (D3)


Presiding: DOMINICK SALVATORE, Fordham University


WILLIAM BAUMOL, Princeton University—On Entrepreneurship and Education as Means Out of Poverty


JAGDISH BHAGWATI, Columbia University--Globalization and Income Distribution


JAMES W. DEAN, Simon Fraser University and Western Washington University--   Income Distribution and Welfare


JAMES K. GALBRAITH, University of Texas-Austin--Inequality and Globalization: False Leads and Smoking Guns in the Quest to Update Kuznets


JAMES POTERBA, Massachusetts Institute of Technology--Income Distribution and Tax Policy



Jan. 5, 2:30 pm



Terrorism, Conflict and Cooperation


Presiding: WALTER ISARD, Cornell University


      ALBERTO ABADIE, Harvard University, and SOFIA DERMISI, Roosevelt University—The Financial Impact of Terrorism and the Threat of Terrorism on the Real Estate Market in Chicago


      CLAUDE BERREBI, RAND Corporation, and ESTEBAN KLOR, Hebrew University—The Impact of Terrorism on Israeli Voter’s Preferences


      RAUL CARUSO, Catholic University of the Sacred Heart of Milan—A Model of Conflict and Conflict Management with Asymmetric Stakes


      JOHAN MOYERSOEN, University of Oxford, and MARIEKE HUYSENTRUYT, London School of Economics—Rewarding Diversity for Collective Action


Discussants: MICHAEL INTRILIGATOR, University of California-Los Angeles

      RAFAEL REUVENY, Indiana University



Jan. 5, 2:30 pm



Tutorial on Agent-Based Computational Economics:  Theory with Practice (C0)

Presiding: LEIGH TESFATSION, Iowa State University

LEIGH TESFATSION, Iowa State University--Agent-Based Computational Economics: A Constructive Approach to Economic Theory


BLAKE LEBARON, Brandeis University--"Agent-Based Computational Finance: Explaining Empirical Regularities in Financial Markets


JOHN DUFFY, University of Pittsburgh--Parallel Experiments with Real and Computational Agents


JUNJIE SUN, Iowa State University--Agent-Based Test Beds for Market Design  



Jan. 5, 2:30 pm



Issues in the Implementation of Monetary Policy


Presiding: CHARLES JONES, Columbia University


MICHAEL J. FLEMING, Federal Reserve Bank of New York, and MONIKA PIAZZESI, University of Chicago--Monetary Policy Tick-by-Tick


      ELLYN BOUKUS, Yale University, and JOSHUA V. ROSENBERG, Federal Reserve Bank of New York--The Information Content of FOMC Minutes


SPENCE HILTON and WARREN B. HRUNG, Federal Reserve Bank of New York--Cumulated Excess Reserves and the Federal Funds Rate


Discussants: PAOLO PASQUARIELLO, University of Michigan

FRANCIS X. DIEBOLD, University of Pennsylvania           

LINDA ALLEN, Baruch College, City University of New York



Jan. 5, 2:30 pm



Microfoundations of Heterodox Macroeconomics (B5)


Presiding:  CHARLES WHALEN, Perspectives on Work


      INGRID RIMA, Temple University—Reconstructing the Microeconomic Foundations for Understanding Labor Market


      MICHELE NAPLES, The College of New Jersey—The Microfoundations of  Keynes’ Theory of Passive Supply and Labor Demand


      TAE-HEE JO, University of Missouri- Kansas City—Microfoundations of Effective Demand


AMITAVA KRISHNA DUTT, University of Notre Dame—Is There a Place for Microfoundations in Heterodox Macroeconomics?


Discussants: PETER DORMAN, Evergreen College

      GILBERT L. SKILLMAN, Wesleyan University



Jan. 5, 2:30 pm



Gender and HIV/AIDS: Sexuality, Health, Education and Economic

Development (I1)


Presiding: LAURIE NISONOFF, Hampshire College


      YAVUZ YASAR, University of Denver—Gendered Epidemic and De-Gendered Development: HIV/AIDS, Economic Development, and Sexuality in Cambodia


      ESTHER REDMOUNT and MEGAN MCCALLISTER, Colorado College—AIDS and the Education of Girls in Swaziland with Particular Attention to Orphanages


      MONICA DAS, Delhi University, India, and YAKUB QURAISHI, Secretary, Government of India—Sexuality and Scourge of the Syndrome- An Indian Contact


CONSOLATA KABONESA, Makere University, Uganda—Health Sector Reforms, Gender Relations and HIV/AIDS in Hoima District


Discussants: CHERYL DOSS, Yale University

      CECILIA CONRAD, Pomona College



Jan. 5, 4:45 pm



Richard T. Ely Lecture


Presiding: THOMAS SARGENT, New York University


      LARS HANSEN, University of Chicago



Jan. 5, 7:00 pm



T.W. Schultz Memorial Dinner & Keynote Address


Presiding: ROBERT EVENSON, Yale University, and WALLACE HUFFMAN, Iowa State University


      JAMES HECKMAN, University of Chicago



Saturday, January 6, 2007


Jan. 6, 7:45 am



Presidential Breakfast


Presiding: JOHN P. TIEMSTRA, Calvin College


DEBORAH M. FIGART, Richard Stockton College of New Jersey—Social Responsibility and Living Standards



Jan. 6, 8:00 am



Preserving Rural Land (Q1)


Presiding: PETER BERCK, University of California-Berkeley


ELENA G. IRWIN, Ohio State University--Measuring Sprawl and Exurban Development: Now You See It, Now You Don’t


JACQUELINE GEOGHEGAN, Clark University--Are Farmland Preservation Program Easement Restrictions Capitalized into Farmland Prices?  What Can a Propensity Score Matching Analysis Tell us?


PETER BERCK, University of California-Berkeley, and  DAVID NEWBURN, Texas A&M University--The Effects of Rural Residential and Suburban Development on Rural Land Values


Discussant: KATHLEEN P. BELL, University of Maine



Jan. 6, 8:00 am



The Governance of Central Banks: Advances and Challenges


Presiding: FRANKLIN ALLEN, University of Pennsylvania


      LARS FRISELL, KASPER ROSZBACH, Sveriges Riksbank, and GIANCARLO SPAGNOLO, Stockholm School o Economics—Governing the Governors: A Clinical Study of Central Banks


      HAMID MEHRAN, Federal Reserve Bank of New York and ANJAN THAKOR, Washington University-St. Louis—Title to be announced


      RENÉE ADAMS, University of Queensland—The Value of Federal Reserve Bank Directorships


Discussants: FRANKLIN ALLEN, University of Pennsylvania

      LUIGI ZINGALES, University of Chicago



Jan. 6, 8:00 am



Medical Innovation and the Social Value of Health Progress


Presiding: To be announced.


      TOMAS PHILIPSON and ANUPAM JENA, University of Chicago—Innovator Appropriate and the Social Value of Medical Innovation


      KEVIN M. MURPHY and ROBERT H. TOPEL, University of Chicago—Social Value and the Speed of Innovation


      FRANK R. LICHTENBERG, Columbia University—The Impact of New Drugs on U.S. Longevity and Medical Expenditure, 1990-2003


Discussants: To be announced.



Jan. 6, 8:00 am



Financial Security in Retirement: How Will Baby Boomers Fare? (D9)


Presiding: OLIVIA MITCHELL, University of Pennsylvania


      MICHAEL HURD and SUSANN ROHWEDDER, RAND—Financial Security in Retirement in Face of Rising Health Care Costs


      AXEL BOERSCH-SUPAN, Mannheim Research Institute for the Economics of Aging—Transitioning to Individual Accounts: Consequences for Baby Boomers’ Savings


      ANNAMARIA LUSARDI, Dartmouth College, and OLIVIA MITCHELL, University of Pennsylvania—Explaining Wealth Holdings Across Cohorts: The Role of Planning Costs and Financial Education


      IRINA GRAFOVA, University of Medicine & Dentistry of New Jersey—Your Money or Your Life: Managing Health, Managing Money


Discussants: LUIGI GUISO, University of Rome-Tor Vergata

      NICOLA FUCHS-SCHUENDEIN, Harvard University



Jan. 6, 8:00 am



Behavioral Contracting


Presiding: ANJAN THAKOR, Washington University-St. Louis


      FENGHUA SONG and ANJAN THAKOR, Washington University-St. Louis—Incentive Contracting with Psychological Ownership and Objective Ownership


      LINDA KAMAS, Santa Clara University, and ANNE PRESTON, Haverford College—On Measuring Compassion in Social Preferences: Do Gender, Price of Giving, or Inequality Matter?


      NACI MOCAN, University of Colorado-Denver and NBER—Vengeance


      ANAND GOEL, DePaul University, and ANJAN THAKOR, Washington University-St. Louis—Optimal Contracts When Agents Envy Each Other



Jan. 6, 8:00 am



Peer Effects and Social Interactions (Z1)


Presiding: MICHAEL KEANE, Yale University


      JENNIFER FOSTER, University of South Australia—Do Students Want to Succeed? Peer Group Choice, Social Influence and Undergraduate Performance


      GUSTAVO BOBONIS, University of Toronto, and FREDERICO FINAN, University of California-Berkeley—Endogenous Peer Effects in School Participation


      JASON FLETCHER, University of Wisconsin-Madison—Evaluating Economic and Social Interventions That Increase College Enrollment: Academic Standards, Social Status and the Quest for Identity


      XIAODONG LIU, JOHN KAGEL, and LUNG-FEI LEE, Ohio State University—Dynamic Discrete Choice Models with Lagged Social Interactions, with an Application to the Estimation of Limit Pricing Games in Lab Experiments


Discussant: To be announced.



Jan. 6, 8:00 am



Understanding the Gender Gap in Wages


Presiding: FRANCINE BLAU, Cornell University


      JULIE L. HOTCHKISS, Federal Reserve Bank of Atlanta and Georgia State University, and M. MELINDA PITTS, Federal Reserve Bank of Atlanta—The Role of Labor Market Intermittency in Explaining Gender Wage Differentials


      QUINN MOORE, Mathematica Policy Research, and HEIDI SHIERHOLZ, University of Toronto—A Cohort Analysis of the Gender Wage Gap


      ALICIA SASSER, Federal Reserve Bank of Boston—The Impact of Managed Care on the Gender Earnings Gap Among Physicians


      JESSICA WOLPAW REYES, Amherst College—Discrimination and Equilibrium in the Market for Obstetricians and Gynecologists


Discussants: BARRY HIRSCH, Trinity University

      LAWRENCE KAHN, Cornell University

      JUDY HELLERSTEIN, University of Maryland

      KENNETH TROSKE, University of Kentucky



Jan. 6, 8:00 am



Monetary Policy and the Term Structure of Interest Rates


Presiding: ORESTE TRISTANI, European Central Bank


      SHARON KOZICKI, Bank of Canada, and PETER A. TINSLEY, George Washington University—Term Structure Transmission of Monetary Policy


      MONIKA PIAZZESI, University of Chicago, and MARTIN SCHNEIDER, New York University—Bond Supply, Expectations, and the Yield Curve


      GLENN D. RUDEBUSCH, Federal Reserve Bank of San Francisco, BRIAN SACK, Macroeconomic Advisers, and ERIC T. SWANSON, Federal Reserve Bank of San Francisco—Macroeconomic Implications of Changes in the Term Premium


      PETER HOERDAHL and ORESTE TRISTANI, European Central Bank—Imperfect Policy Credibility, Term Premia and Expectations Puzzles


Discussants: FRANK SMETS, European Central Bank

      MIKHAIL CHERNOV, Columbia Business School

      JESSICA WACHTER, University of Pennsylvania

      JUHA SEPPALA, University of Illinois-Urbana-Champaign



Jan. 6, 8:00 am



Decision Theory: New Methods, New Insights (D1)


Presiding: PAUL GLIMCHER, New York University


      PAUL W. GLIMCHER, KENWAY LOUIE, and JOSEPH KABLE, New York University—Measuring Discounted Value Using Brain Imaging


      ANDREW CAPLIN, MARK DEAN, ERIC DEWITT, and ROBB RUTLEDGE, New York University—Dopamine and Choice


      DOUGLAS GALE, New York University, RAYMON FISMAN, Columbia University, and SHACHAR KARIV, University of California-Berkeley—Recovering Preferences from Choices in the Laboratory



Jan. 6, 8:00 am



Financial Frictions and Aggregate Fluctuations (E4)


Presiding: LAWRENCE CHRISTIANO, Northwestern University


      LAWRENCE CHRISTIANO, Northwestern University, ROBERTO MOTTO, and MASSIMO ROSTAGNO, European Central Bank—Financial Factors in Business Cycles


      SIMON GILCHRIST and JAE SIM, Boston University—Investment during the Korean Financial Crisis: The Role of Foreign-Denominated Debt


      ANDREW LEVIN, FABIO NATALUCCI, and EGON ZAKRAJSEK, Federal Reserve Board—Firm-Level Evidence on the Cyclical Behavior of Credit Market Frictions


      FIORELLA DE FIORE, European Central Bank, and HARALD UHLIG, Humboldt University—Bank Finance vs Bond Finance: Implications for Monetary Policy



Jan. 6, 8:00 am



Durable Goods (D1)


Presiding: CHRISTOPHER HOUSE, University of Michigan


      CHRISTOPHER HOUSE and EMRE OZDENOREN, University of Michigan—Durable Goods and Conformity


      LONES SMITH, University of Michigan—A Model of Exchange Where Beauty is in the Eye of the Beholder


      IGAL HENDEL, Northwestern University, ALESSANDRO LIZZERI, New York University, and AVIV NEVO, Northwestern University—Non-linear Pricing of Storable Goods


      ENNIO STACCHETTI, New York University, and DMITRIY STOLYAROV, University of Michigan—Obsolescence of Durable Goods and Optimal Consumption


Discussants: To be announced.



Jan. 6, 8:00 am



R&D and Business Cycles (E3)


Presiding: GADI BARLEVY, Federal Reserve Bank of Chicago


      MICHELLE ALEXOPOLOUS, University of Toronto—Read All About It!! What Happens Following a Technology Shock


      DIEGO COMIN, New York University—International Medium Term Business Cycles


      PATRICK FRANCOIS, University of British Columbia, and HUW LLOYD-ELLIS, Queen’s University—Pro-cyclical R&D and Schumpeterian Cycles


      GADI BARLEVY, Federal Reserve Bank of Chicago—On the Cyclicality of Research and Development



Jan. 6, 8:00 am



Interactive Workshops on Teaching Economics (A2)


Presiding: MICHAEL K. SALEMI, University of North Carolina-Chapel Hill


      JILL L. CAVIGLIA-HARRIS, Salisbury University—Cooperative Learning and the Essay Exam


      ROBERT REBELEIN, Vassar College, and NICOLE B. SIMPSON, Colgate University—A Classroom Experiment on Exchange Rate Determination


      THOMAS A. CREAHAN, Morehead State University—New Insights from In-Class Experiments: Using Excel to Post and Analyze Results on the Spot


Discussants: GAIL HAFER, St. Louis Community College-Meramec

      PAVEL KAPINOS, Carleton College



Jan. 6, 8:00 am



Global Current Account Imbalances and Their Adjustment Mechanism (F3)


Presiding: LORENZO BINI SMAGHI, European Central Bank


      PIERRE-OLIVIER GOURINCHAS, CARLOS FELIPE LOPEZ, University of California-Berkeley, and HELENE REY, Princeton University—World Bankers: External Adjustment in the U.S. and the UK


      JAUME VENTURA and FERNANDO BRONER, Universitat Pompeu Fabra—Rethinking the Effects of Financial Liberalization in Emerging Markets


      PHILIP LANE, Trinity College Dublin, and GIAN-MARIA MILESI-FERRETTI, International Monetary Fund—Europe and Global Imbalances


      MATTHIEU BUSSIERE, MARCEL FRATZSCHER, European Central Bank, and GERNOT MUELLER, Frankfurt University—On the Adjustment Process to Long-Run Equilibria of Current Account Positions


Discussants: OLIVIER BLANCHARD, Massachusetts Institute of Technology

      RICARDO CABALLERO, Massachusetts Institute of Technology

      MENZIE CHINN, University of Wisconsin-Madison

      PAOLO PESENTI, Federal Reserve Bank of New York



Jan. 6, 8:00 am



Intrafamily Allocation (D1)


Presiding: JUSTIN WOLFERS, University of Pennsylvania


                     MARTIN BROWNING and METTE GERTZ, University of Copenhagen—Spending Time and Money within the Household


      STEVEN HAIDER, Michigan State University, and KATHLEEN MCGARRY, University of California-Los Angeles, and NBER—Reliance on Family Support: Differences across the Income Distribution


      LILIANA PEZZIN, Medical College of Wisconsin, ROBERT POLLAK, Washington University-St. Louis and NBER, and BARBARA SCHONE, Agency for Healthcare Research and Quality—Efficiency in Family Bargaining: Living Arrangements and Caregiving Decisions of Adult Children and Disabled Parents


Discussants: NANCY FOLBRE, University of Massachusetts-Amherst

      SHELLY LUNDBERG, University of Washington

      BETSEY STEVENSON, University of Pennsylvania

      ROBERT WILLIS, University of Michigan



Jan. 6, 8:00 am



Violence and Wars (D7)


Presiding: FALI HUANG, Singapore Management University


      ALEXIA BRUNET, Northwestern University—Show Me the Money: Pork Barrel Politics and Homeland Security Grant Allocations


      ANIRUDDHA MITRA and SUSAN JELLISSEN, University of Illinois-Urbana-Champaign—Manipulating Discontent: A Simple Model of Suicide Terrorism


      CATHERINE DE FONTENAY, University of Melbourne—Crime against Globalization


      FALI HUANG, Singapore Management University—The Coevolution of Economic and Political Development



Jan. 6, 8:00 am



Experiments on Social Interaction


Presiding: DOROTHEA HERREINER, Loyola Marymount University


      MICHAEL BRADY, BRIAN ROE, and STEVEN WU, Ohio State University—Social Preference Aggregation in Groups


      ANDREW HEALY, Loyola Marymount University—How Do People Learn by Listening to Others? Experimental Evidence from Thailand


      LEEAT YARIV and JACOB GOEREE, California Institute of Technology—An Experimental Study of Deliberative Voting


      DOROTHEA HERREINER, Loyola Marymount University—The Relevance of Envy Freeness as Fairness Criterion



Jan. 6, 8:00 am



Improving Child Outcomes: What Works and What Doesn’t


Presiding: JANET CURRIE, Columbia University


      RAJASHRI CHAKRABARTI, Harvard University—The Intended and Unintended Consequences of the No Child Left Behind


      DAVID FRISVOLD, University of Michigan—Head Start Participation and Childhood Obesity


      LUIS LOCAY, TRACY REGAN, University of Miami, and ARTHUR M. DIAMOND, University of Nebraska-Omaha—The Effects of Spanish-Language Background on Schooling and Achievement


      PATRICK EMERSON, University of Colorado—Is Child Labor Harmful? The Impact of Working Earlier in Life on Adult Earnings


Discussants: JENS LUDWIG, Georgetown University

      JULIE B. CULLEN, University of California-San Diego

      AIMEE CHIN, University of Houston

      MARIGEE BACOLOD, University of California-Irvine (tentative)



Jan. 6, 8:00 am



Education and Democracy (O1)


Presiding: SIMON JOHNSON, Massachusetts Institute of Technology


      EDWARD GLAESER, GIACOMO PONZETTO, and ANDREI SHLEIFER, Harvard University—Why Does Democracy Need Education?


      ANTONIO SPILIMBERGO, International Monetary Fund—Foreign Education and Democracy


      DARON ACEMOGLU and SIMON JOHNSON, Massachusetts Institute of Technology—Education and Institutions


Discussants: CHRISTOPHER M. MEISSNER, University of Cambridge, UK

      TIMOTHY BESLEY, London School of Economics

      TORSTEN PERSSON, Institute for International Economic Studies, Sweden



Jan. 6, 8:00 am



Social Interactions and Economic Behavior (H0)


Presiding: JEFFREY BROWN, University of Illinois-Urbana-Champaign


      JEFFREY BROWN, ZORAN IVKOVICH, University of Illinois-Urbana-Champaign, PAUL SMITH, Federal Reserve Board, and SCOTT WEISBENNER, University of Illinois-Urbana-Champaign and NBER—Neighbors Matter: Community Effects and Stock Market Participation


      KATIE CARMAN, Tilburg University, The Netherlands—Social Influences and the Private Provision of Public Goods: Evidence from Charitable Contributions in the Workplace


      ARIE KAPTEYN, RAND and Tilburg University, The Netherlands, PETER KOOREMAN, University of Groningen, PETER KUHN, University of California-Santa Barbara, and ADRIAAN SOETEVENT, University of Amsterdam—Measuring Social Interactions: Results from the Dutch Post Code Lottery


Discussants: TOBIAS MOSKOWITZ, University of Chicago

      KARL SCHOLZ, University of Wisconsin-Madison

      BRUCE SACERDOTE, Dartmouth College



Jan. 6, 8:00 am



China’s Public Finance and Institutional Changes (H0)


Presiding: YINGYI QIAN, University of California-Berkeley


DANIEL W. BROMLEY, University of Wisconsin, and YANG YAO, Peking University-- Modeling Institutional Change: China since 1978


LIXING LI, University of Maryland—Rewarding and Bargaining: The Political Economy of China’s Local Administrative Changes


RENFU LUO, JIKUN HUANG, LINXIU ZHANG, Chinese Academy of Sciences, and SCOTT ROZELLE, University of California-Davis and Giannini Foundation--Elections, Fiscal Reform and Public Goods Provision in Rural China


YI YAO, Cornell University, and XIAOBO ZHANG, International Food Policy Research Institute--Fiscal Decentralization, Regional Competition, and Economic Performance: Evidence from County-Level Data in China


Discussants: SCOTT ROZELLE, University of California-Davis and Giannini Foundation

XIAOBO ZHANG, International Food Policy Research Institute

INXIU ZHANG, Chinese Academy of Sciences

YANG YAO, Peking University



Jan. 6, 8:00 am



North Korean Economy at a Crossroads (P2)


Presiding: JAMES LISTER, Korea Economic Institute of America


      THOMAS PARK, Wayne State University—The North Korean Famine and Humanitarian Assistance


      BERNHARD SELIGER, Hanns Seidel Foundation Korea—North Korean Monetary and Exchange Rate Policies: Is There a Way Out of Hyperinflation?


      JOACHIM AHRENS, European Business School—North Korea: From Failing Towards Reforming State: A Governance Perspective


      SEMOON CHANG, University of South Alabama—U.S. Economic Sanctions on North Korea


Discussants: JUDITH THORNTON, University of Washington

      ELLIOTT PARKER, University of Nevada-Reno

      SUK KIM, University of Detroit Mercy

      THOMAS PARK, Wayne State University



Jan. 6, 8:00 am



Exploring Asset Pricing Anomalies


Presiding: JONATHAN LEWELLEN, Dartmouth College


      LUBOS PASTOR and PIETRO VERONESI, University of Chicago—Technological Revolutions and Stock Prices


      TONI M. WHITED, University of Wisconsin-Madison, and LU ZHANG, University of Rochester—Testing the Q-Theory of Anomalies


      WALTER N. TOROUS, ROSSEN I. VALKANOV, and ALBERTO PIAZZI, University of Verona—Expected Returns and the Expected Growth in Rents of Commercial Real Estate


Discussants: LEONID KOGAN, Massachusetts Institute of Technology

      SYDNEY LUDVIGSON, New York University

      MARKUS BRUNNERMEIER, Princeton University



Jan. 6, 8:00 am



Portfolio Choice


Presiding: DIMITRI VAYANOS, London School of Economics


      PAUL WILLEN, Federal Reserve Board, and FELIX KUBLER, University of Mannheim—Collateralized Borrowing and Life-Cycle Portfolio Choice


      OTTO VAN HEMERT, New York University—Life-Cycle Housing and Portfolio Choice with Bond Markets


      JULES H. VAN BINSBERGEN, MICHAEL W. BRANDT, Duke University, and RALPH S.J. KOIJEN, Tilburg University—Optimal Decentralized Investment Management


Discussants: HANNO LUSTIG, University of California-Los Angeles

      FRANCISCO GOMES, London Business School

      PHILIP DYBVIG, Washington University-St. Louis



Jan. 6, 8:00 am



The Dynamics of International Equity Markets


Presiding: ANDREW KAROLYI, Ohio State University


      ESTHER EILING, Tilburg University, and BRUNO GERARD, Norwegian School of Management—Dispersion, Equity Returns Correlations and Market Integration


      SOHNKE M. BARTRAM, STEPHEN J. TAYLOR, and YAW-HUEI WANG, Lancaster University—The Euro and European Financial Market Dependence


      GEERT BEKAERT, ROBERT J. HODRICK, Columbia University, and XIAOYAN ZHANG, Cornell University—International Stock Return Co-movements


Discussants: FRANCESCA CARRIERI, McGill University

      FRANS DE ROON, Tilburg University

      CHEOL EUN, Georgia Institute of Technology



Jan. 6, 8:00 am



Capital Structure


Presiding: MICHAEL ROBERTS, University of Pennsylvania


      XIN CHANG, University of Melbourne, and SUDIPTO DASGUPTA, Hong Kong University of Science & Technology—Do Firms Have Debt Ratio Targets? A Reevaluation of the Evidence


      VAHAP B. UYSAL, University of Oklahoma—Deviation from the Target Capital Struture and Acquisition Choices


      MURRAY CARLSON and ALI LAZRAK, University of British Columbia—Leverage Choice and Credit Spread Dynamics When Managers Risk Shift


Discussants: MICHAEL LEMMON, University of Utah

      MARK LEARY, Duke University

      ILYA STREBULAEV, Stanford University



Jan. 6, 8:00 am





Presiding: STEVEN KAPLAN, University of Chicago


      ULRIKE MALMENDIER, Stanford University, and ENRICO MORETTI, University of California-Berkeley—Winning by Losing: Evidence on Overbidding in Mergers


      DARREN J. KISGEN, JUN QIAN, Boston College, and WEIHONG SONG, University of Cincinnati—Are Fairness Opinions Fair? The Case of Mergers and Acquisitions


      ERIK DEVOS, Ohio University, PALANI-RAJAN KADAPAKKAM, University of Texas-San Antonio, and SRINIVASAN KRISHNAMURTHY, State University of New York-Binghamton—How Do Mergers Create Value? A Comparison of Taxes, Market Power and Efficiency Improvements as Explanations for Synergies


      JINGHUA YAN, University of Pennsylvania—Prisoners’ Dilemma: Theory and Evidence of Horizontal Mergers


Discussants: MICHAEL WEISBACH, University of Illinois-Urbana-Champaign

      MATTHEW RHODES-KROPF, Columbia University

      ERIK STAFFORD, Harvard University

      C. EDWARD FEE, Michigan State University



Jan. 8, 8:00 am



REIT Finance


Presiding: TIMOTHY J. RIDDIOUGH, University of Wisconsin-Madison


WALTER I. BOUDRY,  JARL G. KALLBERG, and CROCKER H. LIU, Arizona State University--Analysts and Underwriter Choice


JING DAI,  SEOW-ENG ONG, National University of Singapore, and ANDREW C. SPIELER, Hofstra University--Cash Flow Volatility and Dividend Policy for U.S. REITs


HONGHUI CHEN, University of Central Florida, DAVID H. DOWNS, Virginia Commonwealth University, and GARY A. PATTERSON, University of South Florida--The Short Interest Market for Publicly Traded Real Estate


ERIK LAM and DOGAN TIRTIROGLU, University of Cambridge--A New Era: Real Estate Industry in the S&P500 Indices


Discussants: JAMES SHILLING, University of Wisconsin
 ZHONGHUA WU, Florida International University
 KO WANG, Baruch College, CUNY
 JOSEPH PAGLIARI, Northwestern University



Jan. 6, 8:00 am



Housing and Household Wealth


Presiding: KAREN M. PENCE, Federal Reserve Board


YAN Y. LEE, Federal Deposit Insurance Corporation--Does Homeownership Decrease Crime? Evidence from the City of Los Angeles, 1983-2000


JONATHAN D. FISHER and ELLIOT D. WILLIAMS, Bureau of Labor Statistics--Home Maintenance and Investment Decisions


JOSEPH BENNETT NICHOLS, Federal Reserve Board--How Do Local Housing Market Cycles Affect Long-Term Wealth Accumulation?


GARY V. ENGELHARDT, Syracuse University--Social Security and Elderly Homeownership: Evidence from the Social Security Notch


Discussants: ROBERT AVERY, Federal Reserve Board
THOMAS DAVIDOFF, University of California-Berkeley
ERIK HURST, University of Chicago
LEORA FRIEDBERG, University of Virginia



Jan. 6, 8:00 am



Local Policy Impacts on Property Markets


Presiding: WAYNE R. ARCHER, University of Florida


HENRY J. MUNNEKE, and A. MONIQUE PARKES, University of Georgia--An Evaluation of Economic Development Programs and Their Impact on Residential House Prices


DOUGLAS SIMPSON NOONAN, Georgia Institute of Technology, and BRETT M. BADEN, Tufts University--Single-family vs. Multi-family: The Effect of Impact Fees Upon Construction Type


CAROLYN DEHRING, University of Georgia, CRAIG DEPKEN, and  MICHAEL WARD, University of Texas-Arlington--The Impact of Stadium Announcements on Residential Property Values: Evidence from a Natural Experiment in Dallas-Fort Worth


LEAH BROOKS, McGill University--Unveiling Hidden Districts: Describing and Assessing the Adoption Patterns of Business Improvement Districts in California


Discussants: DONALD HAURIN, Ohio State University
GREGORY S. BURGE, Florida State University
THOMAS THIBODEAU, University of Colorado
KERRY VANDELL, University of California-Irvine



Jan. 6, 8:00 am



Foreign Direct Investment and Development (O0)


Presiding: KATHERINE TERRELL, University of Michigan


LAURA ALFARO, Harvard Business School, AREENDAM CHANDA, North Carolina State University, SEBNEM KALEMLI-OZCAN, University of Houston, and SELIN SAYEK, International Monetary Fund--FDI and Economic Growth: The Role of the Local Financial Markets


JENS M. ARNOLD, Bocconi University, Italy and World Bank, and BEATA SMARZYNSKA JAVORCIK, World Bank--Gifted Kids or Pushy Parents? Foreign Acquisitions and Plant Performance in Indonesia?


MEGHANA AYYAGARI and RENATA KOSOVA, George Washington University--Effect of FDI on Entrepreneurship: Evidence from the Czech Republic


      YUIRY GORODNICHENKO, JAN SVEJNAR, and KATHERINE TERRELL, University of Michigan--Vertical and Horizontal Spillovers from FDI: Evidence from 15 Transition Economies


Discussants: ANN HARRISON, University of California-Berkeley

      GORDON HANSON, University of California-San Diego

      FREDRIK SJÖHOLM, Stockholm School of Economics



Jan. 6, 8:00 am



Coping under Changing Economic Circumstances (D6)


Presiding: GEOFFREY SCHNEIDER, Bucknell University


ROBERT H. SCOTT III, Monmouth University--Credit Card Use and Abuse: A Veblenian Analysis


CHRISTIAN WELLER, Center for American Progress--Need or Want: Explaining the Rise in

Consumer Credit in the U.S. 


WILFRED DOLFSMA, Erasmus University, Rotterdam, and ROBERT MCMASTER, University of

Aberdeen, UK--Bankruptcy and (of?) Chicago School of Law and Economics – Toward an

Institutional Economic Analysis of Law


JAMES PEACH, New Mexico State University--Institutional Perspectives on Immigration Policy


HOWARD STEIN, University of Michigan--Employment and Accumulation? The ‘Poverty’ of

Poverty Reduction Strategies in Africa


Discussant:  MAYO TORUNO, California State University-San Bernardino



Jan. 6, 8:00 am



The Estate Tax and Charitable Bequests (H2)


Presiding: ELEANOR BROWN, Pomona College


ROB MCCLELLAND, U.S. Bureau of Labor Statistics-- Charitable Bequests and the Repeal of the Estate Tax


DAVID JOULFAIAN, U.S. Treasury -- Charitable Bequests under a Vanishing Estate Tax: Evidence from Recent Trends in Giving


JON BAKIJA, Williams College--New Evidence on the Effects of Taxes on Charitable Bequests


Discussants: GERALD AUTEN, U.S. Department of the Treasury

WOJCIECH KOPCZUK, Columbia University

MARK WILHELM, Indiana University-Purdue University-Indianapolis


Jan. 6, 8:00 am



Measuring Environmental Preferences and Performance (Q5)


Presiding:  GLENN BLOMQUIST, University of Kentucky


CHIH-CHEN LIU, JOSEPH A. HERRIGES, and CATHERINE L. KLING, Iowa State University--What Are the Consequences of Consequentiality?


TRUDY CAMERON and DAN BURGHART, University of Oregon--Discounting versus Risk Aversion


MAXIMILIAN AUFHAMMER, University of California-Berkeley, ANTONIO M. BENTO, University of Maryland, and SCOTT LOWE, University of California-Santa Barbara--Measuring the Effects of Environmental Regulations: The Critical Importance of Spatially Disaggregated Air Modeling


ANNA ALBERINI, University of Maryland, STEFANIA TONIN, MARGHERITA TURVANI, University of Venice-IUAV, and ALINE CHIABAI, Fondazione Eni Enrico Mattei, Venice--Paying for Permanence:  The VSL and Public Preferences for Contaminated Site Cleanup


Discussants: NICHOLAS E. FLORES, University of Colorado-Boulder

MICHAEL HANEMANN, University of California-Berkeley

WOLFRAM SCHLENKER, Columbia University

LAURA O. TAYLOR, Georgia State University



Jan. 6, 8:00 am



Issues in Economic Growth and Development (F1, F2, F3)


Presiding: SURESH DESAI, Montclair State University


      CHANDANA CHAKRABORTY and PETER NUNNENKAMP, Montclair State University—Economic Reforms, Foreign Direct Investment and Their Impact on Indian Economy


      ISHAQ NADIRI, New York University, BANANI NANDI, AT&T, and CHANDANA CHAKRABORTY, Montclair State University—Telecommunications Infrastructure, Intensity and Productivity in the U.S.


      HANS-PETER BRUNNER, Asian Development Bank—Trade, Technology and Institutions


      SYED HYAT, Siena College, and GAURAV AGRAWAL, Rensselaer Polytechnic Institute—Technology Driven Services Sector Growth in India


      KANKANA MUKHERJEE, Worcester Polytechnic Institute—Energy Use Efficiency in Indian Manufacturing Sector, a Nonparametric Analysis


      DEBASRI MUKHERJEE, Western Michigan University—Polio Count: Indian Evidence


      PAUL MELVIN and SUBHASH SHARMA, Southern Illinois University—Sustainability of Indian Economic Growth, a Total Productivity Analysis


      BRINDA SOOREEA-BHEEMUL, London Metropolitan University, and RAJEEV SOOREEA, Pennsylvania State University—“Inward” Foreign Direct Investment


Discussants: APARAJIT NANDI, Queens College, City University of New York


      SUHAS KETKAR, Vanderbilt University

      CHAITRAM TALELE, Columbia State University



Jan. 6, 8:00 am



Public Economics


Presiding:  RUSSELL W. COOPER, University of Texas-Austin


FRANCOIS GOURIO and JIANJUN MIAO, Boston University--A General Equilibrium Analysis of the Dividend Tax Cut


JANG-TING GUO, University of California-Riverside, and SHARON G. HARRISON, Barnard College, Columbia University--Useful Government Spending and Macroeconomic (In)stability under Balanced-Budget Rules


LAURA POWER, U.S. Department of the Treasury, and MICHAEL KILEY, Federal Reserve Board--Efficient Depreciation Allowances


ADITYA GOENKA, University of Essex and National University of Singapore, and CHRISTOPHE PRECHAC, University of Paris 1--Stabilizing Sunspots


Discussants: RUSSELL W. COOPER, University of Texas-Austin




Jan. 6, 8:00 am



Empirical Likelihood and GMM


Presiding: YUICHI KITAMURA, Yale University


WHITNEY K. NEWEY, Massachusetts Institute of Technology, and FRANK WINDMEIJER, University of Bristol--Generalized Empirical Likelihood with Many Weak Moment Conditions


BERTILLE ANTOINE, University of Montreal and CIREQ, and ERIC RENAULT, University of North Carolina, CIRANO and CIREQ--Efficient GMM with Multiple Rates of Convergence and Applications to Nearly-Weak Identification


YUICHI KITAMURA and TAISUKE OTSU, Yale University--A Robust and Efficient Estimator for Moment Condition Models


FALLAW SOWELL, Carnegie Mellon University--An Empirical Saddlepoint Approximation to the Distributions in One-Step GMM Estimators



Jan. 6, 8:00 am



Structural Change, Trade and Growth


Presiding:  NANCY STOKEY, University of Chicago


DOUGLAS GOLLIN, Williams College, STEPHEN PARENTE, University of Illinois, and RICHARD ROGERSON, Arizona State University--Miracle Economies and Miracle Seeds: Agricultural Development, Structural Transformation, and Economic Growth


CRISTINA ECHEVARRIA, University of Saskatchewan, and CHRISTOPHER HAJZLER, University of Western Ontario--A Global Unbalanced Growth Path


WILBUR JOHN COLEMAN II, Duke University--Accommodating Emerging Giants


TIMOTHY J. KEHOE, University of Minnnesota and Federal Reserve Bank of Minneapolis,
and KIM J. RUHL, University of Texas--How Important is the New Goods Margin in International Trade?


Discussants: CHRIS PISSARIDES, London School of Economics

DIEGO RESTUCCIA, University of Toronto

AYSE IMROHOROGLU, University of Southern California

FRANCISCO BUERA, Northwestern University



Jan. 6, 8:00 am



Industrial Organization of Health Care Markets


Presiding:  DAVID DRANOVE, Northwestern University


DAVID DRANOVE and MARK SATTERTHWAITE, Northwestern University--A Model of Bargaining in Option Demand Markets


KATHERINE HO, Columbia University--Why So Few Integrated Plans? Simulating the Impact of an Alternative Health Insurance Strategy


RAJIV SHARMA, Portland State University, MIRON STANO, Oakland University, and RENU GEHRING, Ace-Cube LLP--Short-Term Fluctuations in Hospital Demand: Implications for Admission, Discharge, and Discriminatory Behavior


GAUTAM GOWRISANKARAN, Washington University-St. Louis, MICHAEL CHERNEW, Harvard University, and DENNIS SCANLON, Pennsylvania State University--Learning and the Value of Information: Evidence from Health Plan Report Cards


Discussants: PHILIP A. HAILE, Yale University

MARTIN GAYNOR, Carnegie Mellon University


LEEMORE S. DAFNY, Northwestern University



Jan. 6, 8:00 am



Structural Estimation: Theory and Applications


Presiding:  JOHN RUST, University of Maryland


BERNARD FORTIN, Universite Laval, NICOLAS JACQUEMET, CREST, and BRUCE SHEARER, Universite Laval--Compensation, Incentives and the Practice Patterns of Physicians


HIROYUKI KASAHARA, University of Western Ontario, and KATSUMI SHIMOTSU, Queen's University--Nested Pseudo-likelihood Estimation and Bootstrap-based Inference for Structural Discrete Markov Decision Models


TIMOTHY P. HUBBARD and HARRY J. PAARSCH, University of Iowa--Investigating Bid Preferences at Low-Price, Sealed-Bid Auctions


VICTOR AGUIRREGABIRIA and CHUN-YU HO, Boston University--Estimating the Structure of Sunk Costs in the US Airline Industry



Jan. 6, 8:00 am



Reputation and Indirect Reciprocity: The Evolution of Cooperation (C9)


Presiding: ARTHUR SCHRAM, University of Amsterdam


DIRK ENGELMANN, Royal Holloway, University of London, and URS FISCHBACHER, University of Zurich--Indirect Reciprocity and Strategic Reputation Building in an Experimental Helping Game


TIMOTHY CASON, Purdue University, ARNO RIEDL, Maastricht University, ARTHUR SCHRAM, and ALJAŽ ULE, CREED, University of Amsterdam--Indirect Punishment


SAMUEL BOWLES, Santa Fe Institute and University of Siena, JEFFREY CARPENTER, Middlebury College, HERBERT GINTIS, Santa Fe Institute and Central European University-- Mutual Monitoring in Teams


GARY BOLTON, Pennsylvania State University, CLAUDIA LOEBBECKE, and AXEL OCKENFELS, University of Cologne--How Reputation Information Interacts with Competition in Anonymous Online Trading: An Experimental Study


Discussants: TIMOTHY CASON, Purdue University

ROBERTO WEBER, Carnegie Mellon University

ARTHUR SCHRAM, CREED, University of Amsterdam

TIMOTHY SALMON, Florida State University



Jan. 6, 8:00 am



Contracting with Limited Information (D8)


Presiding:  JENNIFER REINGANUM, Vanderbilt University


DIRK BERGEMANN, Yale University--Information in Mechanism Design


ANDREW F. DAUGHETY and JENNIFER F. REINGANUM, Vanderbilt University--Hidden Talents: Partnerships and Pareto-Improving Privacy


NAVIN KARTIK, University of California-San Diego, and R. PRESTON MCAFEE, California Institute of Technology--Signaling Character in Electoral Competition


SIMON WILKIE, University of Southern California--Contract Renegotiation and Arbitration


Discussants: DONGSOO SHIN, Santa Clara University

MICHAEL RAITH, University of Rochester

RICK HARBAUGH, Indiana University

ALEXANDER RASKOVICH, U.S. Department of Justice



Jan. 6, 8:00 am



Exchange Rates and the Current Account

Presiding: MARIO J. CRUCINI, Vanderbilt University

DAVID PARSLEY, Vanderbilt University, and HELEN POPPER, Santa Clara
University--Understanding Real Exchange Rate Movements When Trade is in
Middle Products

LUKASZ DROZD and JAROMIR NOSAL, University of Minnesota--Endogenous Markups, Market Expansion Frictions and International Pricing Anomalies

TANYA MOLODTSOVA and DAVID PAPELL, University of Houston--Out-of-Sample Exchange Rate Predictability with Taylor Rule Fundamentals

ESPEN HENRIKSEN, University of Oslo, and FREDERIC LAMBERT,  New York
University--Technology Shocks and Current Account Dynamics

Discussants: LINDA TESAR, University of Michigan

VIRGILIU MIDRIGAN, Federal Reserve Bank of Minneapolis and New York University

MOTOTSUGU SHINTANI, Vanderbilt University

MARIO J. CRUCINI, Vanderbilt University


Jan. 6, 8:00 am



Theory and Evidence in Economics


Presiding: MATTHIAS KLAES, University of Keele, United Kingdom


      OLIVER E. WILLIAMSON, University of California-Berkeley—Pragmatic Methodology


      ROBERT S. GOLDFARB and JONATHAN RATNER, George Washington University—Illuminating Competing Visions of the Model-Empirics Nexus: Solow versus Lipsey et al


      JULIE A. NELSON, Tufts University—Ethics, Evidence and International Debt


      ART DIAMOND, University of Nebraska-Omaha—What Counts as Good Evidence That Creative Destruction is the Essential Fact about Capitalism?


Discussants: D. WADE HANDS, University of Puget Sound

      MATTHIAS KLAES, University of Keele, United Kingdom



Jan. 8, 8:00 am



Applying International Human Rights at the Workplace in a Global Economy


Presiding: JANICE BELLACE, University of Pennsylvania


      KAREN CURTIS, International Labor Organization--The ILO’s Declaration of Fundamental Principles and Rights at Work      


EDWARD E. POTTER, Coca-Cola Company--The Observance of International Labor Standards at Workplace Level


OWEN HERRNSTADT, International Association of Machinists--International Framework Agreements and Other Strategies for Corporate Social Responsibility


ARNOLD M. ZACK, Harvard University--Using Mediation to Further Compliance with International Labor Standards


EILEEN B. HOFFMAN, Federal Mediation and Conciliation Services--The Use of Mediation in Developing Countries



Jan. 6, 8:00 am



Bankruptcy and Labor Relations


Presiding: DAVID LEWIN, University of California-Los Angeles

      HARRY KATZ, Cornell University




Jan. 6, 8:00 am



LERA Refereed Papers – Collective Bargaining, Dispute Resolution, Labor

Unions/Labor Studies, and International/Comparative IR/HR


Presiding: HOWARD STANGER, Canisius College


GREGOR GALL, University of Stirling, and DAVID ALLSOP, University of Hertfordshire—Labour Quiescence Continued? Recent Strike Activity in Western Europe


ELIZABETH HOFFMANN, Purdue University—Homecare Dispute Resolution


MARK STUART, University of Leeds, and MIGUEL MARTÍNEZ LUCIO, University of Bradford—A Bridge over Troubled Water: The Role of the British Advisory, Conciliation and Arbitration Service (ACAS) in Facilitating Labour-Management Consultation in Public Sector Transformation


BARRY FRIEDMAN, STEVEN E. ABRAHAM, State University of New York-Oswego, and RANDALL K. THOMAS, Harris Interactive, Inc.—Union Membership, Facet Satisfaction and Intent to Leave: Further Evidence on the Voice Face of Unions


Discussants: ANTHONY ZUMBOLO, New York State Public Employment Relations Board

      BETH ALMEIDA, International Association of Machinists and Aerospace Workers



Jan. 6, 8:00 am



Conflict, Governance, and Economic Performance (D7, O1, P1


Presiding:   MINE CINAR, Loyola University


BAHAR ARAZ-TAKAY, Hacettepe University, Turkey, K. PEREN ARIN, Massey University, New Zealand, and TOLGA OMAY, Cankaya University, Turkey--The Endogenous Relationship Between Terrorism and Economic Performance: Turkish Evidence


MEHMET SERKAN TOSUN and ARZU SEN, West Virginia University--Preventing Regional Conflicts as a Global Public Good: the Case of the MENA Region


AYÇA TEKIN-KORU, Oregon State University--The Mystery of Almost Non-Existent FDI in the Middle East and North Africa: Severe Investment Climates Or Regional Stereotyping?


AGNIESZKA SKURATOWICZ, European Commission--The Political Economy of Reforms in the Southern Mediterranean Countries and the European Neighborhood Policy


ADEL BOUGHRARA, University of Sousse, Tunisia--Does Corruption Affect Monetary Authorities?


Discussants: OZAN HATIPOGLU, Bogazici University

JEFFREY NUGENT, University of Southern California

MICHAEL TWOMEY, University of Michigan-Dearborn

SALPIE DJOUNDOURIAN, Lebanese American University

O. MIKHAIL, University of Central Florida



Jan. 6, 8:00 am



Economic Education: Perspectives on Student Learning from Abroad  (A2)


Presiding: JOHN SCOTT, North Georgia College and State University                         


PETER DAVIES and JEAN MANGAN, Staffordshire University--Embedding Threshold Concepts Using Reflective Exercises


COSTAS SIRIOPOULOS and GERASIMOS POMONIS, University of Patras--A Comparative Analysis of Economics Graduates’ Learning Styles and Critical Thinking Skills


I. DAVID WHEAT, JR., University of Bergen--Adding Feedback Loop Diagrams to the Macro Instructional Toolkit


JENNJOU CHEN, National Chengchi University, and TSUI-FANG LIN, National Taipei University--Class

Attendance and Exam Performance: A Randomized Experiment



Discussants: TIM RUSSO, National Defense University

      ABDI FERDOWSI, Ferris State University

      MINH QUANG DAO, Eastern Illinois University

      TIMOTHY M. DIETTE, Washington and Lee University                 



Jan. 6, 8:00 am



Forensic Economics II (K4)


Presiding: DAVID H. CISCEL, University of Memphis


GARY R. SKOOG, DePaul University and Legal Econometrics, and JAMES E. CIECKA, DePaul University--Recent Developments in Worklife Expectancy Modeling


MATTHEW J. CUSHING and DAVID I. ROSENBAUM, University of Nebraska--Forecasting Net Discount Rates


ELIAS C. GRIVOYANNIS, Yeshiva University--Estimation and Inference in Logit and Probit Econometric Models for Litigation Support


Discussants: JAMES D. RODGERS, Pennsylvania State University

TIMOTHY OPIELA, DePaul University

STEPHEN HORNER, Economic Consulting



Jan. 6, 8:00 am



Economic Growth and Development II: Caribbean and Sub-Saharan Africa (O1)


Presiding:   KWABENA GYIMAH-BREMPONG, University of South Florida


CARLTON AUGUSTINE and C. KENRICK HUNTE, Howard University--Macroeconomic Adjustment and Exchange Rate Regimes in Selected Caribbean Countries


STEPHANIE SEQUINO, University of Vermont, JAMES HEINTZ, Political Economy Research Institute, and ELISSA BRAUNSTEIN, Colorado State University--Central Bank Policy in Anglophone Caribbean: Implications for Employment


AUGUSTINE KWASI FOSU, UN Economic Commission for Africa--Democracy and Economic Growth in Sub-Saharan Africa


RANSFORD PALMER, Howard University--Migration and Caribbean Economic Development


LAWRENCE R. MCNEIL, Howard University--Innovation Spillovers and Economic Growth in Africa


Discussants: ABERA GELAN, University of Wisconsin-Milwaukee

SYLVAIN BOKO, Wake Forest University

WILLIAM DARITY, JR., University of North Carolina

JULIET ELU, Spelman College



Jan. 6, 8:00 am



Government-Sponsored Enterprises and Home Mortgage Finance (G2)


Presiding: RANDY KROSZNER, Federal Reserve Board


SCOTT FRAME, Federal Reserve Bank of Atlanta, DIANA HANCOCK, and WAYNE PASSMORE, Federal Reserve Board--“FHLB Advances and Mortgage Finance


DWIGHT JAFFE and JOHN QUIQLEY, University of California-Berkeley--Home Mortgages and the Mortgage Finance System:  What Role for GSEs?


RAPHAEL BOSTIC, YONGHENG DENG, and STUART GABRIEL, University of Southern California--FHA, the GSEs and Underserved Urban Households


ANDREW COHEN, ANDREAS LEHNERT, and WAYNE PASSMORE, Federal Reserve Board--A Model of GSEs and Secondary Market Trading


Discussants: BRENT AMBROSE, Pennsylvania State University

HARVEY ROSENBLUM, Federal Reserve Bank of Dallas

GEORGE KAUFMAN, Loyola University of Chicago

DEBBIE LUCAS, Northwestern University



Jan. 6, 8:00 am



Interdependence and Conflict


Presiding: MICHAEL INTRILIGATOR, University of California-Los Angeles


      PHILIPPE MARTIN, Universite de Paris I, THIERRY MAYER, Paris Jourdan Sciences Economiques, an MATHIAS THOENIG, Universite de Geneve—Make Trade Not War


      SOLOMON POLACHEK, Binghamton University, and CARLOS SEIGLIE, Rutgers University—Trade, FDI and War


      SAUMITRA JHA, Stanford University—Trade, Institutions and Religious Conflict in India


      RAFAEL REUVENY, Indiana University—Title to be announced.


Discussants: WALTER ISARD, Cornell University

      MARTIN MCGUIRE, University of California-Irvine



Jan. 6, 8:00 am



Economic Analysis of New Savings Opportunities in Emerging Areas


Presiding: JONATHAN A. SCHWABISH, Congressional Budget Office


Alexandra Minicozzi U.S. Department of the Treasury, and ELISE GOULD, Economic Policy Institute--Health Savings Accounts: Analysis of Initial Participants


MARGARET CLANCY, CHANG-KEUN HAN, LISA REYES MASON, and MICHAEL SHERRADEN, Washington University--Inclusion in College Savings Plans: Participation and Saving in Maine’s Matching Grant Program


JONATHAN A. SCHWABISH and JULIE TOPOLESKI, Congressional Budget Office--Social Security Individual Accounts and the Impact on Low Earners


Discussants: STUART HAGEN, Congressional Budget Office

RAMON P. DEGENNARO, University of Tennessee




Jan. 6, 8:00 am



Communications Infrastructure and the Economy


Presiding: CHRISTIAAN HOGENDORN, Wesleyan University


SHANE M. GREENSTEIN, Northwestern University, CHRIS FORMAN, Carnegie Mellon University, and AVI GOLDFARB, University of Toronto-- Understanding the Inputs into Innovation: Do Cities Substitute for Internal Firm Resources?


      CHRISTOPHER GARBACZ, Mississippi Public Utilities Staff, and HERBERT G. THOMPSON, JR., Ohio University--World Telecom Demand, Productive Efficiency and Economic Growth


      FERNANDO BELTRÁN, University of Auckland Business School, ALAIN BOURDEAU DE FONTENAY, Columbia University, and MARCIO WOHLERS DE ALMEIDA, State University of Campinas--Internet as a Critical Infrastructure: Lessons from the Backbone Experience in South America


      JANICE A. HAUGE, University of North Texas, and MARK A. JAMISON, University of Florida--Bureaucrats as Entrepreneurs: Do Municipal Telecom Providers Hinder Private Entrepreneurs?


Discussants: To be announced.



Jan. 6, 8:00 am



Topics in Heterodox Macroeconomics (B5)


Presiding:  MARTHA STARR, American University


      FREDERIC S. LEE, University of Missouri- Kansas City—Heterodox Microeconomics and the Foundations of Heterodox Macroeconomics


      WILLIAM T. GANLEY, Buffalo State College—The Micro Foundations of Veblen’s Theory of the Business Cycle


      PETER DORMAN, Evergreen College—The Trade Account and Macro Aggregates


WILLIAM MILBERG, New School for Social Research—The Pricing-Investment Link Under Globalized Production: A Post Keynesian Perspective on U.S. Economic Hegemony


Discussants: TAE-HEE JO, University of Missouri- Kansas City

      MICHELE NAPLES, The College of New Jersey



Jan. 6, 8:00 am



Borderlines: Gender and Migration (J6)


Presiding:  MARY KING, Portland State University


      LOURDES BENERÍA, Cornell University—Paid/Unpaid Work and the Globalization of Reproduction


      ALICIA GIRÓN GONZÁLEZ and MA. LUISA GONZÁLEZ MARÍN, UNAM, Mexico—Women, Migration, and Economic Policy


      PHILLIP J. GRANBERRY and ENRICO MARCELLI, University of Massachusetts-Boston—Mexican Immigrant Wages: Are Men’s and Women’s Social Capital Different?


ULLA GRAPARD, Colgate University—Immigration and the Danish Welfare State: Where are Women’s Voices?


Discussants: MARY KING, Portland State University

      FARIDA C. KHAN, University of Wisconsin-Parkside

      MARIA FLORO, American University



Jan. 6, 10:15 am



New Frontiers in Water Resource Economics (Q2)


Presiding: ARIEL DINAR, World Bank


ALBERTO GARRIDO, Universidad Politécnica de Madrid--Designing Water Markets for Unstable Climatic Conditions: Learning from Experimental Economics


JAMES ROUMASSET and SITTIDAJ PONGKIJVORASIN, University of Hawaii-Manoa--Efficient Irrigation Management with Conveyance Losses, Canal Return Flows, Groundwater Recharge and Pollution


MASAHIKO GEMMA, Waseda University, and YACOV TSUR, Hebrew University of Jerusalem—The Stabilization Value of Groundwater and Conjunctive Management of Ground and Surface Water under Uncertainty


Discussant: YACOV TSUR, Hebrew University of Jerusalem



Jan. 6, 10:15 am



Penalties and Sanctions for Securities Fraud (Panel Discussion)


Presiding: CHESTER SPATT, Securities and Exchange Commission and Carnegie Mellon University


                     JOSEPH GRUNDFEST, Stanford University


      ROBERTA ROMANO, Yale University


      CHRISTOPHER SNYDER, Dartmouth College



Jan. 6, 10:15 am



The Economics of Human Development


Presiding: THOMAS SARGENT, New York University


JAMES J. HECKMAN, University of Chicago



Jan. 6, 10:15 am



Understanding Performance Heterogeneity between Firms: The Role of Organizational



Presiding: LUIS GARICANO, University of Chicago


      JOHN SUTTON, London School of Economics—Competing in Capabilities


      ROBERT GIBBONS and REBECCA HENDERSON, Massachusetts Institute of Technology—Organizational Capabilities: Persistent Performance Differences among Seemingly Similar Enterprises


      LUIS GARICANO, University of Chicago—Organizational Capabilities: A Cognitive Perspective


Discussants: ROB GERTNER, University of Chicago

      JOHN ROBERTS, Stanford University

      JAN RIVKIN, Harvard University



Jan. 6, 10:15 am



Field Experiments in Pecuniary and Non-pecuniary Donations (C9)


Presiding: JAMES ANDREONI, University of California-San Diego


      CRAIG LANDRY, East Carolina University, ANDREAS LANGE, University of Maryland and ZEW, JOHN LIST, University of Chicago, MICHAEL PRICE, University of Nevada-Reno, and NICHOLAS RUPP, East Carolina University—Is a Donor in Hand Better than 50 in the Bush? Evidence from a Natural Field Experiment on Charitable Giving


      RACHEL CROSON, University of Pennsylvania, and JEN SHANG, Indiana University—Social Information and Charitable Contributions


      DAN ARIELY, ANAT BRACHA, Massachusetts Institute of Technology, and STEPHAN MEIER, Federal Reserve Bank of Boston—Self-Identity, Reputation, and Incentives: Evidence from Field and Lab Experiments


      ALOIS STUTZER, University of Basel, LORENZ GOETTE, Federal Reserve Bank of Boston, and MICHAEL ZEHNDER, University of Zurich—Active Decisions and Pro-social Behavior: A Field Experiment in Blood Donation


Discussants: COLIN CAMERER, California Institute of Technology

      MARIANNE BERTRAND, University of Chicago

      ROBERT FRANK, Cornell University

      JAMES ANDREONI, University of California-San Diego



Jan. 6, 10:15 am



Contracts, Incentives and Cooperation Between and Within Firms


Presiding: NISVAN ERKAL, University of Melbourne


      STEVEN WU and BRIAN ROE, Ohio State University—Discretionary Latitude and the Nature of Relational Contracting


      SIMONA FABRIZI, Universidad del Pais Vasco, and STEFFEN LIPPERT, Research Institute of Industrial Economics—On Moral Hazard and Joint R&D


      NISVAN ERKAL, University of Melbourne, and DEBORAH MINEHART, U.S. Department of Justice—Optimal Sharing Strategies in Dynamic Games of Research and Development


      LUIS CABRAL, New York University, and DAVID SALANT, ERS Group—Evolving Technologies and Standardization


Discussants: DAVID HUFFMAN, Institute for the Study of Labor (IZA)

      ETHAN LIGON, University of California-Berkeley

      DEBORAH MINEHART, U.S. Department of Justice

      JAY PIL CHOI, Michigan State University



Jay. 6, 10:15 am



Estimating Models of Consumer Decisions with Applications to Health (I1)


Presiding: DONNA GILLESKIE, University of North Carolina


      JEROME ADDA, University College London—Smoking and Endogenous Mortality: Does Heterogeneity in Life Expectancy Explain Differences in Smoking Behavior


      JOHN BOUND, University of Michigan, TODD STINEBRICKNER, University of Western Ontario, and TIMOTHY WALDMANN, Urban Institute—Health, Economic Resources, and the Work Decisions of Older Men


      ANDREW CHING, University of Toronto, and FUMIKO HAYASHI, Federal Reserve Bank of Kansas City—Regulations in Nursing Home Markets: Estimation of a Competitive Model


      AHMED KHWAJA, Duke University—Investment in Human Capital, Longevity and Moral Hazard in a Stochastic Life-Cycle Model of Demand


Discussants: DONNA GILLESKIE, University of North Carolina

      PETER ARCIDIACONO, Duke University

      HAN HONG, Duke University

      JOHN RUST, University of Maryland



Jan 6, 10:15 am



U.S. Trade Deficits, the Dollar, and International Monetary Stability (Roundtable) (E5)


Presiding: DOMINICK SALVATORE, Fordham University


      MARTIN FELDSTEIN, Harvard University—Why Such a Strong Dollar?


      RONALD MCKINNON, Stanford University—Exchange Rates and Trade Balances under the Dollar Standard


      ROBERT MUNDELL, Columbia University—The U.S. Deficit and the International Monetary System


      MICHAEL MUSSA, Institute for International Economics—The Dollar and the Current Account Deficit: How Much Should We Sorry?


      KENNETH ROGOFF, Harvard University—The Mirage of Fixed Exchange Rates Revisited



Jan. 6, 10:15 am



Housing and the Macro Economy (R1)


Presiding: STIJN VAN NIEUWERBURGH, New York University


      FRANCOIS ORTALO-MAGNE, University of Wisconsin-Madison—The Political Economy of Housing Supply


      EDWARD GLAESER, Harvard University, JOSEPH GYOURKO, University of Pennsylvania, and RAVEN SAKS, Harvard University—Urban Growth and Housing Supply


                     STIJN VAN NIEUWERBURGH and PIERRE-OLIVIER WEILL, New York University—Using Housing Prices to Measure the Welfare Cost of Housing Supply Regulation


Discussants: JOHN QUIGLEY, University of California-Berkeley

      JONATHAN HEATHCOTE, Georgetown University

      FRANCOIS ORTALO-MAGNE, University of Wisconsin-Madison



Jan. 6, 10:15 am



New Strategies for Teaching Economics Courses (A2)


Presiding: MICHAEL SALEMI, University of North Carolina-Chapel Hill


      KENNETH G. ELZINGA, University of Virginia—Teaching the Dismal Science Socratically


      GAIL HOYT, University of Kentucky—A Fresh Look at the Daily Quiz: Engaging Students in Principles Courses


      WILLIAM C. WOOD, James Madison University—The Principles of Macroeconomics Class: Teaching Aggregate Thinking



Jan. 6, 10:15 am



Recent Developments in the Analysis of Exchange-Rate Pass-Through and Policy Implications (F4)


Presiding: MICHAEL B. DEVEREUX, University of British Columbia


      MICHAEL B. DEVEREUX, University of British Columbia—Exchange Rate Policy and Endogenous Price Flexibility


      GIANCARLO CORSETTI, European University Institute, LUCA DEDOLA, European Central Bank, and SYLVAIN LEDUC, Federal Reserve Board—DSGE Models of High Exchange-Rate Volatility and Low Pass-Through


      CHRISTOPHER GUST, SYLVAIN LEDUC, and ROBERT VIGFUSSON, Federal Reserve Board—Trade Integration, Competition, and the Decline in Exchange-Rate Pass-Through


      MATTHIEU BUSSIERE, European Central Bank—Exchange Rate Pass-Throughin the G-& Economies: The Role of Non-linearities and Asymmetries


Discussants: PHILIPPE BACCHETTA, University of Lausanne

      CRAIG BURNSIDE, Duke University

      ROBERT FEENSTRA, University of California-Davis

      JOSEPH GAGNON, Federal Reserve Board



Jan. 6, 10:15 am



Globalization: Multinational Firm Organization and Value Creation (F2)


Presiding: ANN HARRISON, University of California-Berkeley


      WILLIAM H. GREENE, New York University, ABIGAIL S. HORNSTEIN, Wesleyan University, LAWRENCE J. WHITE, and BERNARD Y. YEUNG, New York University—Multinationals Do It Better: Evidence on the Efficiency of Corporations’ Capital Budgeting


      C. FRITZ FOLEY and YUHAI XUAN, Harvard Business School—Organizational Form and Firm Responses to Currency Depreciations


      MINYUAN ZHAO, University of Michigan—Long-Distance Collaborations within Multinational Firms: Promoting Knowledge Flow or Facilitating Internalization


Discussants: BRUCE BLONIGEN, University of Oregon

      SIMI KEDIA, Rutgers University

      MEGAN MACGARVIE, Boston University



Jan. 6, 10:15 am



Monetary Systems: Transitions and Experiments (E4, N1)


Presiding: FRANÇOIS VELDE, Federal Reserve Bank of Chicago


      WILL ROBERDS, Federal Reserve Bank of Atlanta, and STEPHEN QUINN, Texas Christian University—The Bank of Amsterdam


      PETER ROUSSEAU, Vanderbilt University—Backing, the Quantity Theory, and the Transition to the Dollar, 1720-1850


      JOHN JAMES, University of Virginia, and DAVID WEIMAN, Barnard College—Towards a More Perfect American Payments Union: The Civil War as a Political Economic Watershed


      FRANÇOIS VELDE, Federal Reserve Bank of Chicago—John Law’s System: An Experiment in Public Finance in 18th Century France



Jan. 6, 10:15 am



Sudden Stops (F3)


Presiding: MARCO TERRONES, International Monetary Fund


      RICARDO CABALLERO, Massachusetts Institute of Technology, and STAVROS PANAGEAS, University of Pennsylvania—A Quantitative Model of Sudden Stops and External Liquidity Management


      ENRIQUE MENDOZA, University of Maryland and NBER, and MARCO TERRONES, International Monetary Fund—Credit Booms in Emerging Economies: Myths and Facts


      JOSHUA AIZENMAN, University of California-Santa Cruz, and JAEWOO LEE, International Monetary Fund—International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence


      GEORGE ALESSANDRIA, Federal Reserve Bank of Philadelphia, and JOSEPH KABOSKI, Ohio State University—Reconsidering the Evidence of Relative PPP in Large Devaluations



Jan. 6, 10:15 am



Gender Implications of Social Welfare Policy Choices


Presiding: KATHARINE ABRAHAM, University of Maryland


      VIRGINIA WILCOX-GÖK and RUPALI SURYAWANSHI, Northern Illinois University—Old, Poor, and Untreated? Demand for Prescription Drugs among Older Women in the United States


      HOPE CORMAN, KELLY NOONAN, Rider University, NANCY E. REICHMAN, Robert Wood Johnson Medical School, and ANNE CARROLL, Rider University—Why Do Poor Mothers and Children Lose Health Insurance?


      CATALINA AMUEDO-DORANTES, CYNTHIA BANSAK, San Diego State University, and STEVEN RAPHAEL, University of California-Berkeley—Are Migrant Men and Women an Economic Burden? Changes in the Utilization and Contribution to Public Benefits Surround the 1996 Welfare Reform


      JONATHAN A. SCHWABISH, MICHAEL S. SIMPSON, and JULIE H. TOPOLESKI, Congressional Budget Office—Achieving Social Security Solvency: Implications for Men and Women


Discussants: AMITABH CHANDRA, Harvard University

      LARA SHORE-SHEPPARD, Williams College

      REBECCA BLANK, University of Michigan

      RICHARD BURKHAUSER, Cornell University



Jan. 6, 10:15 am



Inaction and Adjustment: Consequences for Households and Firms


Presiding: ANDREW ABEL, University of Pennsylvania


      ANDREW ABEL, University of Pennsylvania, and JANICE EBERLY, Northwestern University—Optimal Inattention


      NICK BLOOM, Stanford University—Uncertainty and the Dynamics of R&D


      SURESH SUNDARESAN and NENG WANG, Columbia University—Waiting to Invest in the Present of Jump Risk


Discussants: THOMAS PHILIPPON, New York University

      JOHN HALTIWANGER, University of Maryland

      BOB MCDONALD, Northwestern University



Jan. 6, 10:15 am



The Transparency of Political Institutions (D7)


Presiding: ERNESTO DAL BO, University of California-Berkeley


      ALESSANDRO GAVAZZA, Yale University, and ALESSANDRO LIZZERI, New York University—The Public Finance of Transparency


      GILAT LEVY, London School of Economics—Transparent Committees


      ANDREAS MATTOZZI, California Institute of Technology, and ANTONIO MERLO, University of Pennsylvania—The Transparency of Politics and the Quality of Politicians



Jan. 6, 10:15 am



Biological Evolution and Economics (Z0)


Presiding: GARY S. BECKER, University of Chicago


      THEODORE C. BERGSTROM, University of California-Santa Barbara—The Evolutionary Economics of Family Partnerships


      LUIS RAYO and GARY S. BECKER, University of Chicago—Habits, Peers, and Happiness: An Evolutionary Perspective


      ARTHUR J. ROBSON, Simon Fraser University, and HILLARD S. KAPLAN, University of New Mexico—Economics, Biology and Mortality


      LARRY SAMUELSON, University of Wisconsin-Madison, and ARTHUR J. ROBSON, Simon Fraser University—The Evolutionary Basis of Impatience


Discussants: GARY S. BECKER, University of Chicago

      KEITH CHEN, Yale University

      JESSE SHAPIRO, University of Chicago

      JEROEN SWINKELS, Washington University-St. Louis




Jan. 6, 10:15 am



Defense Economics: Theory and Applications (H5)




      PETER BERCK, University of California-Berkeley, and JONATHAN LIPOW, Academic College of Judea and Samaria—Military Conscription and the Socially Optimal Number of Boots on the Ground


      DOTAN PERSITZ and DANIEL TSIDDON, Tel Aviv University—A Counter-Factual Analysis of Terrorism’s Effects on the Economy: The Case of Israel


      JONATHAN LIPOW, Academic College of Judea and Samaria, and YAKIR PLESSNER, Hebrew University of Jerusalem—Dean “Machines” and Taxes


      MICHAEL BEN-GAD, Haifa University, YAKOV BEN-HAIM, Israel Institute of Technology (Technion), and DAN PELED, Haifa University—Allocating Security Expenditures under Knightian Uncertainty: An Info-Gap Approach


Discussants: MARTIN MCGUIRE, University of California-Irvine

      ROBERT POWELL, University of California-Berkeley

      DONALD LOSMAN, National Defense University


      MICHAEL INTRILIGATOR, University of California-Los Angeles



Jan. 6, 10:15 am



Beyond Drug and Hospital Costs: Comprehensive Accounting for Health Care (I1)


Presiding: STEVEN J. LANDEFELD, U.S. Bureau of Economic Analysis


      ERNST BERNDT, Massachusetts Institute of Technology, and RICHARD G. FRANK, Harvard Medical School—Price and Quantity Growth in Mental Health Care


      ALLISON ROSEN, University of Michigan—Revising and Expanding National Health Accounts


      MICHAEL CHRISTIAN, U.S. Bureau of Economic Analysis—Measuring the Price and Output of Health Care Systems


      JOSEPH NEWHOUSE, Harvard University—Pricing, Information, and Efficiency in the Medical Care Sector


Discussants: JACK TRIPLETT, Brookings Institution

      DAVID MELTZER, University of Chicago



Jan. 6, 10:15 am



Health and Development in the Developed and Developing Worlds


Presiding: KENNETH CHAY, University of California-Berkeley


      CHRISTINA PAXSON, Princeton University and NBER, and NORBERT SCHADY, World Bank—Income Transfers and Children’s Health and Development: Evidence from Ecuador


      MARK ROSENZWEIG, Yale University and NBER—Underdevelopment and Health: Indoor Air Pollution in South Asia


      JANET CURRIE, Columbia University and NBER—Healthy, Wealthy and Wise? The Relationship between Health and Human Capital


      MICHAEL GROSSMAN, City University of New York and NBER, SHIN YI-CHOU, Lehigh University and NBER, INAS RASHAD, George State University and NBER, and HENRY SAFFER, Kean University and NBER—The Economics of Obesity


Discussants: EDWARD MIGUEL, University of California-Berkeley

      ADRIAN LLERAS-MUNEY, Princeton University

      HOYT BLEAKLEY, University of Chicago

      AMY FINKELSTEIN, Massachusetts Institute of Technology



Jan. 6, 10:15 am



Globalization and Economic Outcomes for Minority Groups


Presiding: JAMES PEOPLES, University of Wisconsin-Milwaukee


      ELIZABETH ASIEDU, University of Kansas—The Impact of Globalization on Minority-Owned Businesses


      DEBORAH REED, Public Policy Institute of California, and SHELDON DANZIGER, University of Michigan—The Effects of Globalization and Other Factors on Racial/Ethnic Wage Gaps in the United States


      ABERA GELAN, University of Wisconsin-Milwaukee, KAYE HUSBANDS-FEALING, Williams College, and JAMES PEOPLES, University of Wisconsin-Milwaukee—Foreign Direct Investment and Racial Employment Patterns


      PAUL ONG, University of California-Los Angeles—The Impact of Immigration on the Black/NH-White Employment Ratio


Discussants: JOHN BITZAN, North Dakota State University

      MAURY GRANGER, Jackson State University

      LISA SAUNDERS, University of Massachusetts-Amherst

      RICHARD MCGREGORY, University of Wisconsin-Whitewater



Jan. 6, 10:15 am



Equity Volatility and Leverage


Presiding: DARRELL DUFFIE, Stanford University


      HAZEM DAOUK and DAVID NG, Cornell University—Is Unlevered Firm Volatility Asymmetric?


      HARJOAT SINGH BHAMRA, University of British Columbia, and RAMAN UPPAL, London Business School—The Effect of Introducing a Non-Redundant Derivative on the Volatility of Stock-Market Returns


      ABDULLAH C. AYDEMIR, Lehman Brothers, MICHAEL F. GALLMEYER, Texas A&M University, and BURTON HOLLIFIELD, Carnegie Mellon University—Financial Leverage Does Not Cause the Leverage Effect


Discussants: JUN PAN, Massachusetts Institute of Technology

      LEONID KOGAN, Massachusetts Institute of Technology

      JESSICA WACHTER, University of Pennsylvania



Jan. 6, 10:15 am



Behavioral Approaches to Asset Pricing


Presiding: NICHOLAS BARBERIS, Yale University


      LAUREN COHEN, Yale University, and ANDREA FRAZZINI, University of Chicago—Economic Links and Predictable Returns


      SHLOMO BENARTZI, University of California-Los Angeles, RONI MICHAELY, Cornell University, RICHARD H. THALER, University of Chicago, and WILLIAM CHARLES WELD, Cornell University—The Nominal Price Puzzle


      KEWEI HOU, Ohio State University, LIN PENG, City University of New York, and WEI XIONG, Princeton University—A Tale of Two Momentum Anomalies: The Dual Role of Investor Attention


Discussants: JONATHAN LEWELLEN, Dartmouth College

      OWEN LAMONT, Yale University

      KENT DANIEL, Goldman Sachs Group, Inc.



Jan. 6, 10:15 am



Mutual Fund Organizations


Presiding: DANIEL BERGSTRESSER, Harvard University


      AJAY KHORANA, Georgia Institute of Technology, PETER TUFANO, Harvard University, and LEI WEDGE, Georgia Institute of Technology and University of South Florida—Board Structure, Mergers and Shareholder Wealth: A Study of the Mutual Fund Industry


      JEROLD B. WARNER and JOANNA SHUANG WU, University of Rochester—Changes in Mutual Fund Advisory Contracts


      MASSIMO MASSA, INSEAD, JONATHAN REUTER, University of Oregon, and ERIC ZITZEWITZ, Stanford University—The Rise of Teams in Fund Management


Discussants: RICHARD EVANS, Boston College

      DANIEL DELI, Arizona State University

      CAMELIA KUHNEN, Stanford University



Jan. 6, 10:15 am



Trading and Information in Markets


Presiding: MAUREEN O’HARA, Cornell University


      DELPHINE SABOURIN, Université Paris IX Dauphine—Are Designated Market Makers Necessary in Centralized Limit Order Markets?


      PAOLO PASQUARIELLO, University of Michigan-Ann Arbor, and CLARA VEGA, University of Rochester—Informed and Strategic Order Flow in the Bond Market


      DIEGO AGUDELO, Indiana University-Bloomington—Do Local or Foreign Traders Know More in an Emerging Market? A Possible Solution to the Puzzle


Discussants:     LAWRENCE GLOSTEN, Columbia University

      ERIK SIRRI, Babson College

                     GIDEON SAAR, Cornell University



Jan. 6, 10:15 am



Corporate Investment and Capital Structure


Presiding: JOHN GRAHAM, Duke University


      MURILLO CAMPELLO, University of Illinois-Urbana-Champaign, and ZSUZSANNA FLUCK, Michigan State University—Product Market Performance, Switching Costs, and Liquidation Values: The Real Effects of Financial Leverage


      EVGENY LYANDRES, Rice University, and ALEXEI ZHDANOV, George Mason University—Underinvestment or Overinvestment: The Effects of Financial Leverage on Investment


      TOR-ERIK BAKKE and TONI M. WHITED, University of Wisconsin-Madison—Which Firms Follow the Market? An Analysis of Corporate Investment Decisions


      MICHAEL R. ROBERTS, University of Pennsylvania, and SUDHEER CHAVA, University of Houston—Is Financial Contracting Costly? An Empirical Analysis of Debt Covenants and Corporate Investment


Discussants: GORDON PHILLIPS, University of Maryland

      DAVID MAUER, Southern Methodist University

      MALCOLM BAKER, Harvard University

      JOSHUA RAUH, University of Chicago



Jan. 6, 10:15 am



Bubbles & Bias


Presiding:  PATRIC HENDERSHOTT, University of Aberdeen and San Diego State University


MARK Y. AN,  ANDRE GAO,  ERIC ROSENBLATT,  and YEVGENY YUZEFOVICH, Fannie Mae--Appraisal Bias: Patterns and Premises


BRENT AMBROSE, Pennsylvania State University, and PIET EICHHOLTZ, Maastricht University--Do House Price “Bubbles” Really Occur?


EDWARD COULSON, Pennsylvania State University, and DANIEL MCMILLEN, University of Illinois-Chicago--Identifying Temporal Effects In Hedonic Models of House Prices


      ALLEN C. GOODMAN, Wayne State University, and THOMAS G. THIBODEAU, University of Colorado--Where is the Speculative Bubble in US House Prices?


Discussants: To be announced.



Jan. 6, 10:15 am



Models of REIT Behavior


Presiding: JIM CLAYTON, Pension Real Estate Association


JINLIANG JACK LI, ROBERT M. MOORADIAN, and SHIAWEE X. YANG, Northeastern University--Conditional Expectation and the Variability of Equity REIT Returns


ZHONGHUA WU, Florida International University--Implications of Bank Mergers on Industrial Market Structure: Evidence from Real Estate Investment Trusts


ROBERT EDELSTEIN, University of California-Berkeley, ANTONI SUREDA-GOMILA, BRANKO UROSEVIC, Universitat Pompeu Fabra, and NICHOLAS WONDER, Western Washington University--Ownership Dynamics with Multiple Insiders: The Case of REITs


DENNIS CAPOZZA  and RYAN ISRAELSEN, University of Michigan--Price Dynamics in Liquid Markets: Evidence from REITS


Discussants: SHAUN BOND, University of Cambridge
MILENA PETROVA, Syracuse University
JAY HARTZELL, University of Texas-Austin
ROBERT NOVY-MARX, University of Chicago



Jan. 6, 10:15 am



Recent Developments in Mortgage Financing


Presiding: MARK J. FLANNERY, University of Florida


RAPHAEL BOSTIC, YONGHENG DENG, and STUART GABRIEL, University of Southern California--The Impact of a Growing CDO Market on the Residential Mortgage Lending


SUSAN WACHTER, University of Pennsylvania--Mortgage Finance, the New Segmentation


MICHAEL LACOUR-LITTLE, California State University-Fullerton--The Pricing of Mortgages by Brokers: An Agency Problem?


CHRISTOPHER DOWNING, Rice University, and NANCY E. WALLACE, University of California-Berkeley --The Determinants of Security Design in the CMBS Market


Discussants: JEAN HELWEGE, Pennsylvania State University

      MICHAEL FRATANTONI, Mortgage Bankers Association

      CROCKER LIU, Arizona State University

      PETER DEMARZO, Stanford University



Jan. 6, 10:15 am



Changes in Incentives and Organizational Performance (J3)


Presiding: DEREK C. JONES, Hamilton College


DEREK C. JONES, Hamilton College, PANU KALMI, and ANTTI KAUHANEN, Helsinki School of Economics and HECER, Helsinki--Teams, Performance-Related Pay, Profit Sharing and Productive Efficiency: Evidence from a Food-Processing Plant


EDWARD P. LAZEAR, Stanford University, Hoover Institution and Council of Economic Advisors, and KATHRYN SHAW, Stanford University--The Effects of Tenure on Output


TOR ERIKSSON, Aarhus School of Business, Denmark, and JAIME ORTEGA, Universidad Carlos III de Madrid and Center for Corporate Performance, Denmark--Is Performance Pay Changing Employees’ Private Lives?


JOHN S. HEYWOOD, University of Wisconsin, Milwaukee, UWE JIRJAHN, University of Hannover, and XIANGDONG WEI, Lingnan College--Teamwork, Monitoring, Absence and Productivity


Discussants: AVNER BEN-NER, University of Minnesota

ERIK POUTSMA, Radboud University Nijmegen 

RICHARD FREEMAN, Harvard University and London School of Economics and Political Science

VIRGINIE PEROTIN, Leeds School of Business



Jan. 6, 10:15 am



Institutional Perspectives on Macroeconomic Policies (E1)


Presiding: CHARLES WHALEN, Perspectives on Work


FADHEL KABOUB, Drew University--Institutional Adjustment Planning for Full Employment


ZDRAVKA TODOROVA, Wright State University--Institutional Analysis of Deficits and Theorizing

about Households and the State


DAVID ZALEWSKI, Providence College--Alan Greenspan’s Legacy: Is There Anything for

Institutionalists to Like?


ERIC TYMOIGNE, California State University-Fresno--Asset Prices, Financial Fragility, and

Central Banking


YAN LIANG, University of Missouri-Kansas City--Sending Jobs to China: An Efficiency or

Equality Concern?


Discussant:  JAMES K. GALBRAITH, University of Texas-Austin



Jan. 6, 10:15 am



Environmental Theory, Problems and Policies (Q2)


Presiding: STEVEN BOLDUC, Minnesota State University-Moorhead


MARK HAGGERTY and STEPHANIE A. WELCOMER, University of Maine--Tied to the Past - Bound to the Future: Ceremonial Encapsulation in a Maine Woods Land Use Policy Debate


THAMIR M. SALIH, Kutztown University of Pennsylvania—Old Concepts, New Perspectives on

Oil: An Application to Iraq’s Development


DENIS BARTHELEMY, Institut National de la Recherche Agronomique, MARTINO NIEDDU, Universite de Reims, FRANCK-DOMINIQUE VIVIEN, Universite de Reims--Non-Trade Concerns in Agricultural and Environmental Economics: How Can Commons and Polanyi Help Us?  


RACHEL HILLIARD, DON GOLDSTEIN, and VALERIE PARKER, NUI, Galway, Ireland--Environmental Technology, Dynamic Environmental Capabilities and Competiveness


SEBASTIAN BERGER, University of Sorbonne, Paris, and MATHEW FORSTATER, University of Missouri-Kansas City--The Significance of Kapp’s Social Cost Theory and Lowe’s Instrumental Analysis for Environmental Policy


Discussant: TERREL GALLAWAY, Missouri State University



Jan. 6, 10:15 am



Globalization, Governance, and Oil


Presiding: JOHN P. TIEMSTRA, Calvin College


SEDA EKMEN, Middle East Technical University, Turkey, and EMRE OZCELIK, Anadolu University, Turkey--Global Governance Model as the Enemy of Socio-Economic Sustainability


FRED CURTIS, Drew University--Relocalization in Response to Global Warming and Peak Oil


ALAN HUTTON, Glasgow Caledonian University--Environmental Sustainability, Fuel Poverty and National Security of Supply


FAITH U. ONONOGBO, Lion of Africa Insurance Company, Nigeria--Income Inequality, Oil Exploitation, and Environmental Degradation in the Niger Delta Region of Nigeria


Discussant:  JOHN MARANGOS, Colorado State University



Jan. 6, 10:15 am



Gender Issues and the Welfare State (H5)


Presiding: JANOS HORVATH, Budapest University of Economic Sciences


EUNYOUNG CHOI, Chungbuk National University—What’s for the Welfare State? Market Work, Care Work, and Women in Korea


LISE WIDDING ISAKSEN and SUSAN SAVIDES, University of Bergen—Transnational Health Care Workers in Norway: Local Adjustments and Integration Strategies


GANNA GERASYMENKO, Institute for Demography and Social Studies—Gender Disparities of Aging in the Context of Social Care Services in Ukraine


Discussants: RANDY ALBELDA, University of Massachusetts-Boston

AGNETA STARK, Dalarna University, Sweden



Jan. 6, 10:15 am



Joint Estimation and Environmental Valuation Ten Years Later (Q5)


Presiding: JOHN C. WHITEHEAD, Appalachian State University


ROGER H. VON HAEFEN and DANIEL J. PHANEUF, North Carolina State University--Using RP Data with Alternative Specific Constants and SP Choices to Identify Preferences in RUM Models


V. KERRY SMITH, Arizona State University, NICOLAI KUMINOFF, North Carolina State University and Virginia Polytechnic Institute, SUBRENDU K. PATTANAYAK, and GEORGE VAN HOUTVEN, RTI International--Data Combination for Calibration, Estimation, and Benefit Transfer


KEVIN J. EGAN, University of Toledo, JOSEPH A. HERRIGES, JOHN DOWNING, and CATHERINE L. KLING, Iowa State University--Combining Revealed Preference and Stated Preference Data without Invoking the Weak Complementarity Condition


WILLIAM BREFFLE, Stratus Consulting Inc., EDWARD MOREY, University of Colorado-Boulder, and JENNIFER THACHER, University of New Mexico--Combining Attitudinal and Choice Data to Improve Estimates of Preferences and Preference Heterogeneity: A FIML, Discrete-Choice, Latent-Class Model


Discussants:  TRUDY CAMERON, University of Oregon

VICTOR ADAMOWICZ, University of Alberta

JORDAN LOUVIERE, University of Technology, Sydney



Jan. 6, 10:15 am



Understanding the Mechanism of China’s Economic Growth (F4)


Presiding: HENRY WAN, JR., Cornell University


BELTON FLEISHER, Ohio State University, HAIZHENG LI, Georgia Institute of Technology, and MIN QIANG ZHAO, Ohio State University—Capital, Economic Growth, and Regional Inequality in China


CHERYL XIAONING LONG, Colgate University and Stanford University, and GALINA HALE, Yale University--Do FDI Inflows Increase Productivity? The Case of China


DANI RODRIK, Harvard University--What's so Special about China's Exports?


BIN XU, China Europe International Business School—Explaining China’s Export Sophistication


Discussants: CHERYL XIAONING LONG, Colgate University and Stanford University

HAIZHENG LI, Georgia Institute of Technology

BIN XU, China Europe International Business School

DANI RODRIK, Harvard University



Jan. 6, 10:15 am



Monetary Theory and Evidence


Presiding: ROBERT E. LUCAS, University of Chicago


PEDRO TELES, Universidade Catolica Portuguesa and Banco de Portugal, and HARALD UHLIG, Humboldt University of Berlin--Is Quantity Theory Still Alive?


SAMUEL REYNARD, Swiss National Bank--Avoiding Drifting Away from Low Inflation: Money, Interest Rates, and Monetary Policy Stance


FERNANDO ALVAREZ, University of Chicago and NBER, and FRANCESCO LIPPI, Bank of Italy and CEPR--Financial Innovation and the Transactions Demand for Cash


Discussants: EDWARD NELSON, Federal Reserve Bank of St. Louis

ROBERT E. LUCAS, University of Chicago



Jan. 6, 10:15 am



Financing Constraints and Aggregate Economy


Presiding: NOBUHIRO KIYOTAKI, Federal Reserve Bank of New York and London School of Economics


ANDREA EISFELDT and ADRIANO RAMPINI, Northwestern University--New or Used? Investment with Credit Constraints


URBAN JERMANN, University of Pennsylvania, and VINCENZO QUADRINI, University of Southern California--Financial Innovations and Macroeconomic Volatility


ALESSANDRO CALZA, European Central Bank, TOMMASO MONACELLI, IGIER, Università Bocconi and CEPR, and LIVIO STRACCA, European Central Bank--Mortgage Markets, Collateral Constraints and Monetary Policy: Do Institutional Factors Matter?


NOBUHIRO KIYOTAKI, Federal Reserve Bank of New York and London School of Economics, and ALEXANDER MICHAELIDES, London School of Economics--From Shirtsleeves to Shirtsleeves in a Long Lifetime



Jan. 6, 10:15 am



Ambiguity and Disagreement


Presiding:  PETER KLIBANOFF, Northwestern University


DAVID AHN, University of California-Berkeley, and HALUK ERGIN, Massachusetts Institute of Technology--Unawareness and Framing


DARON ACEMOGLU, VICTOR CHERNOZHUKOV, and MUHAMET YILDIZ, Massachusetts Institute of Technology--Learning and Disagreement in an Uncertain World


MARIE-LOUISE VIERO, Cornell University--Exactly What Happens After the Anscombe-Aumann Race?  Representing Preferences in Vague Environments


ERAN HANANY, Tel Aviv University, and PETER KLIBANOFF, Northwestern University--Updating Preferences with Multiple Priors



Jan. 6, 10:15 am



Trade and Productivity


Presiding: FABRIZIO PERRI, University of Minnesota


DAVID BENJAMIN, University of Southampton, and FELIPE MEZA, Universidad Carlos III--Manufactured TFP Drops


SANGEETA PRATAP, Hunter College, and CARLOS URRUTIA, Instituto Tecnologico Autonoma de Mexico--Credit Constraints, Firm Dynamics and the Transmission of External Financial Shocks


TIMOTHY J. KEHOE, University of Minnesota and Federal Reserve Bank of Minneapolis, and KIM J. RUHL, University of Texas--Sudden Stops, Sectoral Reallocations, and Real Exchange Rates


LAURA ALFARO, Harvard University, AREENDAM CHANDA, Louisiana State University, SEBNEM KALEMLI-OZCAN, University of Houston and NBER, and SELIN SAYEK, Bilkent University--How Does Foreign Direct Investment Promote Economic Growth?



Jan. 6, 10:15 am



Measuring Welfare Gains


Presiding: FEDERICO RAVENNA, University of California-Santa Cruz


KENICHI UEDA, International Monetary Fund, and ROBERT M. TOWNSEND, University of Chicago—Welfare Gains of Financial Liberalization


SANJAY K. CHUGH and DAVID M. ARSENEAU, Federal Reserve Board—Optimal Fiscal and Monetary Policy with Costly Wage Bargaining


EVAN W. ANDERSON, Northern Illinois University, LARS PETER HANSEN, University of Chicago and NBER, and THOMAS J. SARGENT, New York University and NBER—Small Noise Methods for Risk Sensitive/Robust Economies


FEDERICO RAVENNA, University of California-Santa Cruz—Inflation Targeting and the Great Moderation


Discussants: LUCA SESSA, Banca d'Italia and Universitat Pompeu Fabra

KESHAB BHATTARAI, University of Hull



Jan. 6, 10:15 am



Technical Change in Historical Perspective


Presiding: JEREMY ATACK, Vanderbilt University


      MICHELLE ALEXOPOULOS and JON COHEN, University of Toronto—Believe It or Not! The 1930s Was a Technologically Progressive Decade


      ALEXANDER J. FIELD, Santa Clara University—The Origins of U.S. Productivity Growth in the Golden Age


      TODD C. NEUMANN, University of Arizona—Labor Demand and the Production of Retail Service in the Early 20th Century: The Automobile and Radio as Factor Based Technological Innovations


      WILLIAM H. PHILLIPS, University of South Carolina—Capital Intensity in Cotton Gin Manufacturing: The Postbellum Revival of the Southern Industry


Discussants: ALEXANDER J. FIELD, Santa Clara University

      JEREMY ATACK, Vanderbilt University

      WERNER TROESKEN, University of Pittsburgh

      ROBERT MARGO, Boston Universitsy



Jan. 6, 10:15 am



Experimental Political Economy (C9)


Presiding: TIM SALMON, Florida State University


CHARLES BARRILLEAUX, JUSTIN ESAREY, and TIM SALMON, Florida State University--What Motivates Political Preferences? Self-Interest, Ideology, and Fairness in a Laboratory Democracy


JACOB K. GOEREE and LEEAT YARIV, California Institute of Technology--Evaluating the Effects of Informing the Electorate: A Laboratory Study


ALESSANDRA CASSELLA, Columbia University, THOMAS PALFREY, Princeton University, and RAYMOND RIEZMAN, University of Iowa--Minorities and Storable Votes


DANIEL HOUSER and THOMAS STRATMANN, George Mason University--Selling Favors in the Lab: Experiments on Campaign Finance Reform


Discussants: GARY BOLTON, Pennsylvania State University

DAVID COOPER, Case Western Reserve University

JOHN LIGHTLE, Ohio State University

YAN CHEN, University of Michigan



Jan. 6, 10:15 am


Chicago Economics in Historical and Philosophical Perspective (B2)


Presiding: STEVE MEDEMA, University of Colorado-Denver


ROSS B. EMMETT, Michigan State University--Did the Chicago School Reject Frank Knight?


DEIRDRE MCCLOSKEY, University of Illinois-Chicago--Good Old Chicago and Ethics


DAVID M. LEVY, George Mason University, and SANDRA PEART, Baldwin-Wallace College--George Joseph Stigler: The Enduring Contribution


ERIC SCHLIESSER, Syracuse University and Leiden University--Friedman, Positive Economics, and the Chilean Chicago Boys


Discussants: PHILIP E. MIROWSKI, Notre Dame University

DANIEL HAMMOND, Wake Forest University



Jan. 6, 10:15 am


Recent Developments in Antitrust Analysis  (L4)


Presiding: JOHN KWOKA, Northeastern University


YONGMIN CHEN, University of Colorado-Boulder--Dynamic Price Discrimination with Asymmetric Firms


MARTIN GAYNOR, Carnegie Mellon University--A Competition Index for Differentiated Product Oligopoly with an Application to Hospitals


JOSEPH HARRINGTON, Johns Hopkins University--Modeling the Birth and Death of Cartels with an Application to Evaluating Antitrust Policy


SIMON WILKIE, University of Southern California--The Wholesale Market for Network Circuits: Network Topology and Market Definition


Discussants: JAMES DANA, Northwestern University.

WILLIAM ENCINOSA, Agency for Healthcare Research and Quality.

STEPHEN MARTIN, Purdue University.

JOHN KWOKA, Northeastern University.



Jan. 6, 10:15 am



Current Issues in Energy Economics and Energy Modeling (Q4)


Presiding:  CAROL DAHL, Colorado School of Mines


ALIREZA TEHRANI NEJAD M. and VALÉRIE SAINT-ANTONIN, Institut Francais du Pétrole--Allocation of CO2 Emissions in Petroleum Refineries to Petroleum Joint Products: A Case Study


LESTER C. HUNT, University of Surrey, and FREDERICK L. JOUTZ, George Washington University--Modeling Underlying Trends in OECD Energy Demand: Deterministic Vs. Stochastic?


      BENJAMIN F. BLAIR and JON P. REZEK, Mississippi State University--The Effects of Hurricane Katrina on Price Pass – Through in Gulf Coast Gasoline Markets


YOUNGHO CHANG and QIYAN ONG, National University of Singapore--Consumption Efficiency and Deregulated Electricity Market


Discussants:  DONALD A. HANSON, Argonne National Laboratory

CLIFTON T. JONES, Stephen F. Austin State University

YOUNG YOO, Federal Energy Regulatory Commission

LYNNE KIESLING, Northwestern University



Jan. 6, 10:15 am



Gender, China, and the WTO (P3)


Presiding: XIAO-YUAN DONG, University of Winnipeg


GUNSELI BERIK, University of Utah--China’s Economic Transformation and Feminist Economics


GALE SUMMERFIELD, University of Illinois-Urbana-Champaign--Rural Development and Gender Realities in China: A Case Study of Population Control and Land Rights Reforms in Northern Liaoning


XIAO-YUAN DONG, University of Winnipeg--Economic Restructuring and Gender Differences inProductivity and Wages: Evidence from China’s Industrial Enterprises 


YANA VAN DER MEULEN RODGERS, Rutgers University—Structural Change and Competition with China: Implications for Female Workers in Cambodia’s Textiles and Garment Industries


Discussants: JOYCE JACOBSEN, Wesleyan University

JAMES W. HUGHES, Bates College



Jan. 6, 10:15 am



Current Issues in Globalization (F0)


Presiding: JOHN T. EVANS, Long Island University


DRUSILLA BROWN, HENRIETTA LAKE, and ADAM BUNNELL, Tufts University—Human Resource Management Practices and Apparel Factory Performance in Global Supply Chains


ARNAB K. BASU and ROBERT HICKS, College of William and Mary—Label Transparency and the Willingness-to-Pay: Do Fair Trade Campaigns Efficiently Value Public Goods?


      STEVEN SURANOVIC, George Washington University—Can Fair Trade Product Promotion Sustain Higher Wages?


      DON P. CLARK, University of Tennessee -- Distance and Intraindustry Trade


Discussants:  JUDITH M. DEAN, U.S. International Trade Commission

GIOVANNI FACCHINI, University of Illinois

NANCY CHAU, Cornell University

WENDY TAKACS, University of Maryland-Baltimore County



Jan. 6, 10:15 am



Topics in Empirical Labor Economics (J2)


Presiding: DONGHOON LEE, New York University


      CHEOLSUNG PARK, National University of Singapore--Marriage Market, Parents’ Bargaining Powers, and Children’s Nutrition and Education


      YONGIL JEON, Central Michigan University, SANG-YOUNG RHYU, Yonsei University, and MICHAEL SHIELDS, Central Michigan University--Asian Demographic Transition and Relative Cohort Size: An Instrumental Variables Panel Approach


      SANGHOON LEE, University of British Columbia-- The Timing of Signaling: To Study in High School or in College


      HYEOK JEONG and YONG KIM, University of Southern California--Complementarity and Transition to Modern Economic Growth


Discussants: SANG-YOUNG RHYU, Yonsei University

      HYEOK JEONG, University of Southern California

      DONGHOON LEE, New York University

      YONGSUNG CHANG, Seoul National University



Jan. 6, 10:15 am



Labor and Employment Issues for Activated and Returning Military Personnel


Presiding: BRIAN CLAUSS, Arbitrator/Mediator/Attorney


IGNAICO MARAMBA, Maramba & Associates--The Activated Soldier and Advice to Employers


LUIS MARTINEZ, Cook County Bureau of Human Resources--Best Practices for the Activated and Returning Military


SEAN SMOOT, Policeman’s Benevolent and Protective Association--The Activated Military and the Labor Perspective


RODNEY DRISCOLL, Favaro & Gorman, Ltd.--Tax and Benefit Implications of Military Activation


TOM AIELLO, Monster Military--Helmets to Hardhats



Jan. 6, 10:15 am



Future of Retirement Income Security: Selections from the 2007 LERA Research Volume


Presiding: SHARON HERMES, U.S. Government Accountability Office


      BETH ALMEIDA, International Association of Machinists and Aerospace Workers--Multiemployer Plans: Plan Design for the Future


      JEFFREY WENGER, University of Georgia--Health Insurance and Older Workers’ Labor Force Participation


      RON BLACKWELL, AFL-CIO--Unions and Pensions


      CHRISTIAN WELLER, Center for American Progress, and TERESA GHILARDUCCI, University of Notre Dame--Policies for America’s Retirement Future: What Role Should the Employer Have?


Discussants: DOUG ORR, Eastern Washington University

      TODD ELDER, University of Illinois-Urbana-Champaign



Jan. 6, 10:15 am



The Politics of Evaluation: Lessons from the Evaluations of Workplace Dispute Resolution



Presiding: ARTHUR PEARLSTEIN, Creighton University


DAVID LEWIN, University of California-Los Angeles--ADR Outcomes and Political Implications


LISA B. BINGHAM, Indiana University--The Top Ten Political Problems in Evaluating Workplace Programs


DAVID LIPSKY, ARIEL AVGAR, and RONAL L. SEEBER, Cornell University--The Politics of Evaluating Workplace Dispute Resolution Programs: Perspectives from the Public Sector


Discussants: MARY ROWE, Massachusetts Institute of Technology

      OLIVER QUINN, Prudential Financial



Jan. 6, 10:15 am



Savings, Social Security, and Poverty (D9, H5, I3, O1)


Presiding:  AYLIN SECKIN, Istanbul Bilgi University, Turkey


JEHAD YASIN, Fort Valley State University--Demographic Structure and Private Savings: Some Evidence from Emerging Markets


H. YIGIT AYDEDE, University of Delaware--Saving, Public Social Security and Life-Cycle Theory: New Evidence from An Emerging Country, Turkey


MARCO MISSAGLIA, Università degli Studi di Pavia, Italy, and PAUL DE BOER, Erasmus University, Rotterdam--Poverty and Income Distribution Analysis in Palestine: Linking a Micro-Simulation and a Computable General Equilibrium Model


A. BENHABIB and T. ZIANI, University of Tlemcen, Algeria--The Analysis of Poverty Dynamics in Algeria: A Multidimensional Approach


MASOULD NILI, Sharif University of Technology, Iran—Addressing the Growth Failure of the Oil Exporting Countries: The Role of Government Activities


Discussants: SAZIYE GAZIOGLU, Middle East Technical University, Turkey, and University of Aberdeen

FATMA DOGRUEL, Marmara University, Turkey

DOAA M. SALMAN, October University of Modern Science and Arts, Egypt

YOUSRA HAMED, International Labor Organization

MEHMET SERKAN TOSUN, West Virginia University



Jan. 6, 10:15 am



International Capital Flows:  Measurement, Implications, and Policy Analysis


Presiding: CATHERINE L. MANN, Brandeis University and Institute for International Economics


MENZIE D. CHINN, University of Wisconsin--Is There a “Global Savings Glut”?


BRAD SETSER, Roubini Global Economics and University College, Oxford--Debtor-Creditor Discrepancy in Official Financing


JOHN H. ROGERS, Federal Reserve Board, and CHARLES ENGEL--The U.S. Current Account Deficit and the Expected Share of World Output


RICARDO CABALLERO, EMANUEL FARHI, Massachusetts Institute of Technology, and PIERRE-OLIVIER GOURINCHAS, University of California-Berkeley--An Equilibrium Model of Global Imbalances and Low Interest Rates


Discussants: CATHERINE L. MANN, Brandeis University and Institute for International Economics

ANNA WONG, University of Chicago and Institute for International Economics



Jan. 6, 10:15 am



High School Economics: Issues in Teaching and Student Outcomes (A2)


Presiding: WILLIAM BOSSHARDT, Florida Atlantic University


      DAVID M. LANG, California State University-Sacramento--Using Box Office Revenues in the Economics Classroom: An Experiment


      MICHAEL C. KIMMITT and KIMBERLY M. BURNETT, University of Hawaii-Manoa--Determinants of  Success in High School Economics: Lessons from the Field


      CHIARA GRATTON-LAVOIE and ANDREW GILL, California State University-Fullerton--Retention of High School Economics Knowledge and the Effect of the California State Mandate


      ALISON BUTLER, Willamette University--The Illusion of Objectivity: Implications for What and How We Teach Economics


Discussants: MARY SUITER, University of Missouri-St. Louis

      TOM SMITH, University of Illinois-Chicago

      RICHARD C. SCHIMING, Minnesota State University-Mankato

      SUE LYNN SASSER, University of Central Oklahoma



Jan. 6, 10:15 am



Forensic Economics III (K4)


Presiding: DWIGHT STEWARD, Econ One Research Group


DAVID H. CISCEL, University of Memphis--Hidden Perils of Calculating the Present Value of Life Care Plans


PATRICK L. ANDERSON, ILHAN K. GECKIL, and NICOLE FUNARI, Anderson Economic Group LLC--Essential Factors in Business Valuation and Commercial Damages


ARTHUR A. EUBANK, JR., Eubank Economics, Inc., and DAVID G. TUCEK, Value Economics--Expert Economic Testimony: Similarities and Differences in Regulatory and Civil Litigation Proceedings


Discussants: MARC A. WEINSTEIN, Team Economics

WILLIAM M.G. PEARSON, Spectrum Economics

      CARL F. LUFT, DePaul University



Jan. 6, 10:15 am



International Finance (F3)


Presiding: GEORGE G. KAUFMAN, Loyola University Chicago


GEORGE M. VON FURSTENBERG, Indiana University--“The Economics of Offshore Financial Services and the Choice of Tax, Currency, and Exchange Rate Regimes


ALEXANDER J. KONDONASSIS, University of Oklahoma, and ANASTASIOS G. MALLIARIS, Loyola University of Chicago--The Global Monetary System and the Role of Global Currencies


MUHAMMAD MUSTAFA, South Carolina State University, and MATIUR RAHMAN, McNeese State University--Bilateral Trade with the U.S. and Exchange Rate Dynamics: Evidence from India, Japan, Malaysia, S. Korea and Thailand


RYAN STEVER and JAMES A. WILCOX, University of California-Berkeley--Regulatory Discretion and Banks’ Pursuit of “Safety in Similarity”


Discussants: ROBERT DEYOUNG, Federal Deposit Insurance Corporation

KWAN KIM, University of Notre Dame

LUCJAN ORLOWSKI, Sacred Heart University



Jan. 6, 10:15 am



Issues in Financial Markets


Presiding: MIKE PIWOWAR, U.S. Securities and Exchange Commission


BAHATTIN BUYUKSAHIN and MICHAEL S. HAIGH, U.S. Commodity Futures Trading Commission--Error Trades in Futures Markets


CONRAD CICCOTELLO, JASON GREENE, Georgia State University, and LORI WALSH, U.S. Securities and Exchange Commission--Mutual Fund Supermarkets and the Boundaries of Financial Intermediation


GREGORY P. NINI, Federal Reserve Board, and DAVID C. SMITH, University of Virginia--Loan Renegotiations


Discussants: OLIVER HANSCH, Goldman Sachs and Co.

AMIR SUFI, University of Chicago




Jan. 6, 10:15 am



Reconstituted Social Structures of Accumulation: Macroeconomics, Profits, Finance,

and Performance (P1)


Presiding:  DORENE ISENBERG, University of Redlands


      DORENE ISENBERG, University of Redlands—Financial Renovation and the Rise of a New SSA


      DAVID M. KOTZ, University of Massachusetts-Amherst-- Identifying the Cause of Capitalist Crises in Two Regimes: The Different Sources of Profit Rate Declines in Regulated versus Neoliberal Capitalism        


VICTOR LIPPIT, University of California-Riverside-- Financial Innovation and SSA Formation in the 21st Century


      PHILLIP O’HARA, Curtin University—The Index of System Contradiction and Social Structures of Accumulation in the U.S. and China


Discussants:  MARTIN WOLFSON, University of Notre Dame

      MINQI LI, University of Utah



Jan. 6, 10:15 am



Topics in Marxian Economics (B2)


Presiding:  JIM DEVINE, Loyola University-Los Angeles


      ERIK OLSEN, University of Missouri-Kansas City—Unproductive Activity and Endogenous Technological Change in a Marxian Model of Economic Growth


      BOKHYUN CHO, Hanbat National University, South Korea—The Nature of Financial Capital and The Finance-led Accumulation Regime


JUSTIN A. ELARDO, Ohio State University—Marx, Marxists, and Economic Anthropology


EMLYN F. NARDONE, Centre for Innovation and Structural Change (CISC), National University of Ireland, Republic of Ireland—Integrating Transnational Classes into the Social Structure of Accumulation (SSA) Framework


Discussants: ERIK OLSEN, University of Missouri-Kansas City

      JIM DEVINE, Loyola University, Los Angeles



Jan. 6, 12:30 pm



Luncheon Honoring the 2005 Nobel Laureates in Economics, Thomas Schelling and

Robert Aumann


Presiding: THOMAS SARGENT, New York University


      DAVID KREPS, Stanford University



Jan. 6, 12:30 pm



Presidential Luncheon


Presiding: RICHARD GREEN, George Washington University


      STEPHEN MALPEZZI, University of Wisconsin



Jan. 6, 12:30 pm



Presidential Luncheon




      DAVID LIPSKY, Cornell University



Jan. 6, 2:30 pm



Growth, Integration and Convergence in African Countries


Presiding: AKPAN H. EKPO, University of Uyo, Nigeria


      MESHACK AZIAKPONO, Rhodes University, South Africa—Financial and Monetary Autonomy and Interdependence between South Africa and the Other SACU Countries


      ANDREW OJEDE, Kansas State University—The Impact of Trade and Exchange Rate Reforms on Trade Balances of Sub-Saharan African Countries: A Dynamic Panel Data Modeling Technique using the GMM Procedure


      DANIEL GBETNKOM, University of Yaounde II, Cameroon—Economic Reforms and Real Convergence in the West African Economic and Monetary Union


      LEONCE NDIKUMANA, University of Massachusetts—Potential for Regional Capital Market Development and Integration in Africa: Issues and Challenges


Discussants: WAYNE NAFZIGER, Kansas State University

      KWABENA GYMAH-BREMPONG, University of South Florida

      UNA OKONKWO OSILI, Indiana University-Purdue University-Indianapolis

      ELIZABETH ASIEDU, University of Kansas



Jan. 6, 2:30 pm



Urban Sprawl: Consequences and Policy Approaches (Q1)


Presiding: SEONG-HOON CHO, University of Tennessee


ANDREW J. PLANTINGA, Oregon State University, and STEPHANIE BERNELL--The Association between Urban Sprawl and Obesity: Is It a Two-Way Street?


JUNJIE WU, Oregon State University--How Does Urbanization Affect Local Public Finance and Communities?


SEONG-HOON CHO and ROLAND K. ROBERTS, University of Tennessee--The Cure for Urban Sprawl: Balance between Neighborhood Density and Lot Size for Housing.


Discussant: RANDALL P. WALSH, University of Colorado



Jan. 6, 2:30 pm



Search-and-Matching Financial Markets (G1)


Presiding: PIERRE-OLIVIER WEILL, New York University


      NICOLE GÂRLEANU, University of Pennsylvania—Portfolio Choice and Pricing in Illiquid Markets


      RICARDO LAGOS, New York University and Federal Reserve Bank of Minneapolis, and GUILLAUME ROCHETEAU, University of Pennsylvania and Federal Reserve Bank of Cleveland—Search in Asset Markets


      DARRELL DUFFIE and GUSTAVO MANSO, Stanford University—Information Transmission in Large Populations


Discussants: DIMITRI VAYANOS, London School of Economics

      NEIL WALLACE, Pennsylvania State University

      MANUEL AMADOR, Stanford University



Jan. 6, 2:30 pm



Religion and Fertility (Z1)


Presiding: LAURENCE IANNACCONE, George Mason University


      ELI BERMAN, University of California-San Diego, LAURENCE IANNACCONE, George Mason University, and GIUSEPPE RAGUSA, Rutgers University—From Empty Pews to Empty Cradles: Fertility Decline among European Catholics


      ALICIA ADSERA, University of Illinois-Chicago—Marital Fertility and Religion in Spain


      SRIYA IYER, Cambridge University, and VANI BOROOAH, University of Ulster—Missing Women and India’s Religious Demography


Discussant: EDWARD GLAESER, Harvard University

      EVELYN LEHRER, University of Illinois-Chicago


Jan. 6, 2:30 pm



Household Responses to Capital Income Taxation (H2)


Presiding: JULIE CULLEN, University of California-San Diego


      JONATHAN GRUBER, Massachusetts Institute of Technology—A Tax Based Estimate of the Intertemporal Elasticity of Substitution


      WOODROW JOHNSON, University of Oregon, and JAMES POTERBA, Massachusetts Institute of Technology—Taxes and Trading Behavior of Mutual Fund Investors Around Fund Distributions: Account-Level Evidence


      WOJCIECH KOPCZUK, Columbia University—Bequest and Tax Planning: Evidence from Estate Tax Returns


      MARIKA SANTORO, Congressional Budget Office—A Stylized Tax Reform in Presence of Precautionary Savings


Discussants: FATIH GUVENEN, University of Rochester

      RAJ CHETTY, University of California-Berkeley

      KATHLEEN MCGARRY, University of California-Los Angeles

      KENT SMETTERS, University of Pennsylvania



Jan. 6, 2:30 pm





Presiding: WAN-RU YANG, University of California-Santa Barbara


      WAN-RU YANG, University of California-Santa Barbara—Signal Effect, Herd Behavior and the Trigger Time of Bank Runs


      AMAR GANDE, Vanderbilt University, EDWARD ALTMAN, and ANTHONY SAUNDERS, New York University—Informational Efficiency of Loans versus Bonds: Evidence from Secondary Market Prices


      DAVID SKEIE, Federal Reserve Bank of New York—Money and Modern Banking without Bank Runs



Jan. 6, 2:30 pm



Earnings Volatility and Its Implications (J3)


Presiding: ROBERT MOFFITT, Johns Hopkins University


      PETER GOTTSCHALK, Boston College, and ROBERT MOFFITT, Johns Hopkins University—Trends in Earnings Volatility in the U.S.


      RICHARD BLUNDELL, COSTAS MEGHIR, University College London, and JEAN-MARC ROBIN, University of Paris I and University College London—Income Inequality and the Persistence of Idiosyncratic Shocks


      FLAVIO CUNHA and JAMES HECKMAN, University of Chicago—The Evolution of Labor Earnings Risk in the U.S. Economy


      TEKABE BELAY, Yale University—Rainfall Shocks, Schooling, Health and Child Labor in Rural Ethiopia


Discussants: JOSEPH TRACY, Federal Reserve Bank of New York

      MICHAEL BAKER, University of Toronto

      KENNETH WOLPIN, University of Pennsylvania



Jan. 6, 2:30 pm



International Banking and International Capital Flows (F3)


Presiding: LINDA GOLDBERG, Federal Reserve Bank of New York


      MARIA PIA OLIVERO, Drexel University—Trade, Non-Competitive Banking and the International Transmission of Business Cycles


      NICOLA CETORELLI and LINDA GOLDBERG, Federal Reserve Bank of New York—Do U.S. Banks Transmit Business Cycles Internationally, or React to Them?


      P. MARCELO OVIEDO, Iowa State University—The Macroeconomics of Financially Intermediated Small Open Economies


      CLAUDIA BUCH and SVEN BLANK, University of Tuebingen—Cross-Border Banking and the International Transmission of Business Cycles


Discussants: JONATHAN HEATHCOTE, Georgetown University

      ENRIQUE MENDOZA, University of Maryland

      PHILIP STRAHAN, Boston College

      RICHARD ROSEN, Federal Reserve Bank of Chicago



Jan. 6, 2:30 pm



Case Studies in the Transition from Financial Theory to Business Practice (G2)


Presiding: JOHN AMERIKS, Vanguard Group


      ROBERT SHILLER, Yale University—Macro Securities


      ANDREW CAPLIN, New York University, FREDERICK POLLOCK, PCM Asset Management, and TRIVIKRAMAN THAMPY, New York University—Shared Equity Mortgages


      PETER TUFANO, Harvard Business School—Financial Innovations That Facilitate Asset Building by the Less Well-Off



Jan. 6, 2:30 pm



Poster Session on Teaching Ideas and Projects (A2)


Presiding: RAE JEAN B.GOODMAN, U.S. Naval Academy


      WAYNE JOERDING, Washington State University—Collaborative Assignments without Regrets


      PAVEL KAPINOS, Carleton College—Using Excel to Teach New Keynesian Economics


      MAUREEN KILKENNY, University of Nevada-Reno—An Experimental Market for the Classroom to Test if Speculators Stabilize Prices


      CARSTEN LANGE, California State Polytechnic University—The Hogwarts System: An Internet Based Utility to Foster Students’ Active Class Participation and Attendance


      MARY LOPEZ, Occidental College—Service or Community-Based Learning Projects


      MICHAEL A. QUINN, Bentley College—An On-Line Scavenger Hunt with Blackboard


JEAN SHACKELFORD, Bucknell University—iPods in Economics? Technology for Enhancing Active Learning


      NEIL SHEFLIN, Rutgers University-New Brunswick—The End of Teaching? The Use of Active Technology in the Large Introductory Economics Class


      JOHN Z. SMITH, New York University—Active Learning Exercises for Microeconomic Theory


      SUE STOCKLY, Eastern New Mexico University—Demand Analysis with “Real Data”—A Written Assignment for Intermediate Microeconomics


      JONATHAN B. WIGHT, University of Richmond—Top Ten Lessons on Ethics in Economics: The Templeton/NCEE Project    



Jan. 6, 2:30 pm



News, Expectations and Business Cycles (E3)


Presiding: SERGIO REBELO, Northwestern University


      PAUL BEAUDRY, University of British Columbia, FABRICE COLLARD, and FRANCK PORTIER, University of Toulouse—Expectations of New Markets and Business Cycles


      LAWRENCE CHRISTIANO, Northwestern University, ROBERT MOTTO, and MASSIMO ROSTAGNO, European Central Bank—Monetary Policy and a Stock Market Boom-Bust Cycle


      MONIKA PIAZZESI, University of Chicago, and MARTIN SCHNEIDER, New York University—Expectations and Asset Prices with Heterogeneous


      NIR JAIMOVICH, University of California-San Diego, and SERGIO REBELO, Northwestern University—Can News About the Future Drive the Business Cycle?


Discussants: LAWRENCE CHRISTIANO, Northwestern University

      NIR JAIMOVICH, University of California-San Diego

      PAUL BEAUDRY, University of British Columbia

      MARTIN SCHNEIDER, New York University



Jan. 6, 2:30 pm



Antitrust and Competition Policy


Presiding: JOHN CONNOR, Purdue University


      JOHN CONNOR, Purdue University—Effectiveness of Antitrust Sanctions on International Private Cartels


      MIKA KATO, Howard University—A Framework for Analyzing the Antitrust Safety Zone


      MARTA TROYA MARTINEZ, OECD—International Competition Policy: The Coordination of National Competition Authorities


      YANHUA ZHANG, University of Toulouse—Forward Contracts and Collusion in the Electricity Market


Discussants: To be announced.



Jan. 6, 2:30 pm



Social Norms, Culture and Institutional Evolution (N3)


Presiding: MURAT IYIGUN, University of Colorado and IZA


      MARISTELLA BOTTICINI, Collegio Carlo Alberto, Universita di Torino, and Boston University, and ZVI ECKSTEIN, University of Minnesota and Tel Aviv University—From Farmers to Merchants, Voluntary Conversions and the Diaspora: A Human Capital Interpretation of Jewish History


      ANN CARLOS, University of Colorado, and LARRY NEAL, University of Illinois-Urbana-Champaign—Women, Property and Securities in the City of London, 1720-1725


      MURAT IYIGUN, University of Colorado and IZA—Ottoman Conquests and European Ecclesiastical Pluralism


Discussants: JOEL MOKYR, Northwestern University

      MARISTELLA BOTTICINI, Collegio Carlo Alberto, Universita di Torino, and Boston University

      ANN CARLOS, University of Colorado



Jan. 6, 2:30 pm



Factor Endowments, Relative Prices, and International Trade (F1)


Presiding: ROBERT FEENSTRA, University of California-Davis and NBER


      KLAUS DESMET, University Carlos III, and STEPHEN L. PARENTE, University of Illinois-Urbana-Champaign—Bigger is Better: Market Size, Demand Elasticity and Resistance to Technology Adoption


      PAUL BERGIN, University of California-Davis and NBER, GORDON HANSON, University of California-San Diego and NBER, and ROBERT FEENSTRA, University of California-Davis and NBER—Outsourcing and Volatility


      CHRISTIS TOMBAZOS, Monash University—Specialization, the Intermediate Nature of Traded Products, and Wage Inequality


      GEORGE ALESSANDRIA, Federal Reserve Bank of Philadelphia, and HORAG CHOI, University of Auckland—Firm Heterogeneity, Export Participation, and Trade Reform


Discussants: IGOR LIVSHITS, University of Western Ontario

      THOMAS CHANEY, University of Chicago

      HOWARD SHATZ, Rand Corporation

`     KIM J. RUHL, University of Texas-Austin



Jan. 6, 2:30 pm



Macro Fluctuations and Micro Adjustment Costs (E3)


Presiding: JOHN HALTIWANGER, University of Maryland


      RICARDO CABALLERO, Massachusetts Institute of Technology, EDUARDO ENGEL, and RUEDIGER BACKMANN, Yale University—Lumpy Investment in Dynamic General Equilibrium


      ANIL KASHYAP, University of Chicago, and FRANCOIS GOURIO, Boston University—Does Investment Lumpiness Matter for Aggregate Dynamics?


      NICK BLOOM, Stanford University—The Impact of Uncertainty-Shocks: A Firm-Level Estimation and a 9/11 Simulation


Discussants: JOHN LEAHY, New York University

      RUSSELL COOPER, University of Texas

      JANICE EBERLY, Northwestern University



Jan. 6, 2:30 pm



Political Economy of Environmental and Trade Policy (F1)


Presiding: SUMEET GULATI, University of British Columbia


      CLAUSTRE BAJONA, University of Miami, and JOSH EDERINGTON, University of Kentucky—Domestic Policies, Hidden Protection and the GATT/WTO


      JOHN LIST, University of Chicago, DANIEL MILLIMET, Southern Methodist University, and MICHAEL PRICE, University of Nevada-Reno—Canadian/U.S. Softwood Timber Trade Dispute: An Examination of Resolutions and Steps Forward


      EMMA AISBEST, LARRY KARP, University of California-Berkeley, and CAROL MCAUSLAND, University of Maryland—Regulatory Takings and Environmental Regulation in NAFTA’s Chapter 11


      MATTHEW COLE, University of Birmingham, and PER FREDERIKSSON, University of Louisville—Institutionalized Pollution Havens


Discussants: BRIAN COPELAND, University of British Columbia

      JOSH EDERINGTON, University of Kentucky

      SUMEET GULATI, University of British Columbia

      DANIEL MILLIMET, Southern Methodist University



Jan. 6, 2:30 pm



Looking Down the Pipeline: Female Economists in the Making (In Honor of CSWEP’s

35th Anniversary)


Presiding: LISA LYNCH, Tufts University


      KAREN DYNAN, Federal Reserve Board


      MARIANNE JOHNSON, University of Wisconsin-Oshkosh


      ANN OWEN, Hamilton College


      MARTHA STARR, American University


      CATHERINE WEINBERGER, University of California-Santa Barbara



Jan. 6, 2:30 pm



Strategic Reporting in Online Feedback Mechanisms (L1)


Presiding: HAL R. VARIAN, University of California-Berkeley


      LUIS M.B. CABRAL, New York University, and ALI HORTAÇSU, University of Chicago—The Dynamics of Seller Reputation: Evidence from eBay


      CHRYSANTHOS DELLAROCAS, Massachusetts Institute of Technology, and CHARLES A. WOOD, University of Notre Dame—The Sound of Silence in Online Feedback: Estimating Trading Risks in the Presence of Reporting Bias


                     TOBIAS J. KLEIN, CHRISTIAN LAMBERTZ, University of Mannheim, GIANCARLO SPAGNOLO, CONSIP and Stockholm School of Economics, and KONRAD O. STAHL, University of Mannheim—Last Minute Feedback


Discussants: KONRAD O. STAHL, University of Mannheim

      GIANCARLO SPAGNOLO, CONSIP and Stockholm School of Economics

      CHARLES A. WOOD, University of Notre Dame



Jan. 6, 2:30 pm



Consumer-Directed Health Care: A Wise Choice? (H5)


Presiding: DANIEL MCFADDEN, University of California-Berkeley


      DAVID LAIBSON, Harvard University—Can Consumers Make Wise Health Care Choices?


      JOACHIM WINTER, FLORIAN HEISS, University of Munich, and DANIEL MCFADDEN, University of California-Berkeley—Mind the Gap! Consumer Perceptions and Choices of Medicare Part D Prescription Drug Plans


      DAVID WEIR and HELEN LEVY, University of Michigan—The Demand for Prescription Drugs and Medicare Part D: Evidence from the Health and Retirement


      MICHAEL HURD, ARIE KAPTEYN, SUSANN ROHWEDDER, and ARTHUR VAN SOEST, RAND Corporation—Knowledge of Drug Costs and Prescription Drug Insurance Plan Preferences


Discussants: ALAN KRUEGER, Princeton University

      AMY FINKELSTEIN, Massachusetts Institute of Technology

      DANA GOLDMAN, RAND Corporation

      ANNE HALL, Federal Reserve Board



Jan. 6, 2:30 pm



Unemployment in Transition Economies: Why So High? (J6)


Presiding: ORLEY ASHENFELTER, Princeton University


      OLIVIER BLANCHARD, Massachusetts Institute of Technology, and SIMON COMMANDER, London Business School—Why is Unemployment So High in Eastern Europe? The Role of Initial Conditions versus Labor Market Institutions


      STEPHEN JURAJDA, CERGE-EI, and KATHERINE TERRELL, University of Michigan—Why is Unemployment in Central and Eastern Europe So High Today?


      DANIEL MUNICH, CERGE-EI, and JAN SVEJNAR, University of Michigan—The Efficiency of Employer-Worker Matching in the East and West


      GUILIA FAGGIO, London School of Economics—Job Destruction, Job Creation and Unemployment in Transition Economies: What Can Be Learned?


Discussants: RICHARD FREEMAN, Harvard University

      GABOR KEZDI, Central European University

      HARTMUT LEHMANN, University of Bologna




Jan. 6, 2:30 pm



A Productive Decade: A Retrospective on the U.S. Productivity Resurgence (O4)


Presiding: DANIEL SICHEL, Federal Reserve Board


      DALE JORGENSON, Harvard University, and KEVIN STIROH, Federal Reserve Bank of New York—A Retrospective on the U.S. Productivity Resurgence: Changing Views and Policy Implications


      BARRY P. BOSWORTH and JACK E. TRIPLETT, Brookings Institution—Is the 21st Century Productivity Expansion Still in Services? And What Should Be Done About It?


      BART VAN ARK, ROBERT INKLAAR, and MARCEL P. TIMMER, University of Groningen—Why is Productivity Growth in Europe Still Slow?


Discussants: ROBERT GORDON, Northwestern University

      ERIK BRYNJOLFSSON, Massachusetts Institute of Technology

      JACK TRIPLETT, Brookings Institution



Jan. 6, 2:30 pm



Is Foreign Aid Helping?


Presiding: WILLIAM EASTERLY, New York University




      RAGHURAM RAJAN, International Monetary Fund


      WILLIAM EASTERLY, New York University



Jan. 6, 2:30 pm



Valuing Morbidity and Mortality Risk Reductions (J1, I1, Q5)


Presiding: MAUREEN CROPPER, University of Maryland and World Bank


      KEVIN M. MURPHY and ROBERT H. TOPEL, University of Chicago—The Value of Health and Longevity


      MICHAEL GREENSTONE, Massachusetts Institute of Technology, JANET CURRIE, Columbia University, and ENRICO MORETTI, University of California-Berkeley—Are Hazardous Waste Sites Hazardous to Human Health? Evidence from Superfund Clean-Ups and Infant Health


      TRUDY ANN CAMERON, University of Oregon, and J. R. DESHAZO, University of California-Los Angeles—A Generalized Model of Demand for Risk Reductions: Estimating the Value of a Statistical Illness Profile


Discussants: V. KERRY SMITH, North Carolina State University

      W. KIP VISCUSI, Harvard University

      DAVID MELTZER, University of Chicago



Jan. 6, 2:30 pm



The Andrew Brimmer Policy Forum: The Political Economy of  John Kenneth

Galbraith (A1)


Presiding: ANDREW F. BRIMMER, Brimmer & Company, Inc. and University of Massachusetts-Amherst


RICHARD PARKER, Harvard University--Galbraith: Political and Economic Perspectives


J. BRADFORD DELONG, University of California-Berkeley--Assessment of Galbraith’s Major Contributions to Economics


ANDREW F. BRIMMER, Brimmer & Company, Inc. and University of Massachusetts-Amherst--Galbraith at the Intersections of Politics and Economics


Discussants: BARBARA R. BERGMANN, American University

PAUL DAVIDSON, Editor, Journal of Post Keynesian Economics

JAMES K. GALBRAITH, University of Texas-Austin


Jan. 6, 2:30 pm



Income Distribution, Growth and Poverty (D3)


Presiding: STANLEY LAWSON, St. John’s University


      FRED CAMPANO, Fordham University and United Nations—Economic Development and Income Distribution


      DOMINICK SALVATORE, Fordham University—Globalization, Growth, Income Distribution and Poverty


      DOUGLAS O. WALKER, Regent University—Patterns of Income Distribution across the World


Discussants: SARA GORDON, St. John’s University

      PELLEGRINO MANFRA, City University of New York



Jan. 6, 2:30 pm



The Distinguished Lecture on Economics in Government


Presiding: THORNTON MATHESON, U.S. Department of the Treasury


      ANNE KRUEGER, Stanford University and International Monetary Fund--Multilateral Organizations and the International Economy



Jan. 6, 2:30 pm



Empirical Asset Pricing: Skeptical Perspectives


Presiding: LUBOS PASTOR, University of Chicago


      MARTIN LETTAU and SYDNEY LUDVIGSON, New York University—Euler Equation Errors


      JONATHAN LEWELLEN, Dartmouth College, STEFAN NAGEL, Stanford University, and JAY A. SHANKEN, Emory University—A Skeptical Appraisal of Asset Pricing Tests


      LONG CHEN, Michigan State University, and SHELLY ZHAO, Kent State University—Return Decomposition


Discussants: VITO GALA, University of Chicago

      MOTOHIRO YOGO, Harvard University and University of Pennsylvania

      TUOMO VUOLTEENAHO, Harvard University and Arrowstreet Capital, LP



Jan. 6, 2:30 pm



The Corporate Governance of Executive and Employee Compensation


Presiding: PAOLO VOLPIN, London Business School


      HENRIK CRONQVIST, Ohio State University, FREDRIK HEYMAN, Research Institute of Industrial Economics, MATTIAS NILSSON, Worcester Polytechnic Institute, HELENA SVALERYD, Research Institute of Industrial Economics, and JONAS VLACHOS, Stockholm School of Economics—Do Entrenched Managers Pay Their Workers More?


      NISHANT DASS, MASSIMO MASSA, and URS PEYER, INSEAD—Why Do CEOs Increase Their Equity-Based Compensation? Because They Have To


      ZACHARIAS SAUTNER and MARTIN WEBER, University of Mannheim—Corporate Governance and the Design of Stock Option Programs


Discussants: AUGUSTIN LANDIER, University of Chicago and New York University

      YANIV GRINSTEIN, Cornell University

      DIRK JENTER, Massachusetts Institute of Technology



Jan. 6, 2:30 pm



Market Efficiency


Presiding: JOHN GRIFFIN, University of Texas-Austin


      UPTAL BHATTACHARYA and NEAL GALPIN, Indiana University-Bloomington—Is Stock Picking Declining Around the World?


      EKKEHART BOEHMER, Texas A&M University, CHARLES M. JONES, Columbia University, and XIAOYAN ZHANG, Cornell University—Which Shorts are Informed?


      PAUL H. SCHULTZ, University of Notre Dame—Downward Sloping Demand Curves, the Supply of Shares, and the Collapse of Internet Stock Prices


Discussants: RANDALL MORCK, University of Alberta

      INGRID WERNER, Ohio State University

      WEI XIONG, Princeton University



Jan. 6, 2:30 pm



Financial Intermediation


Presiding:  MANJU PURI, Duke University


      NADIA ZIAD MASSOUD, University of Alberta, ANTHONY SAUNDERS, New York University, and BARRY SCHOLNICK, University of Alberta—The Cost of Being Late: The Case of Credit Card Penalty Fees


      ELENA LOUTSKINA and PHILIP E. STRAHAN, Boston College—Securitization and the Declining Impact of Bank Finance on Loan Supply: Evidence from Mortgage Acceptance Rates


      JOAO A.C. SANTOS and KRISTIN E. WILSON, Federal Reserve Board—Does Banks’ Corporate Control Benefit Firms? Evidence from U.S. Banks’ Control over Firms’ Voting Rights


Discussants: LORETTA MESTER, Federal Reserve Bank of Philadelphia

      MARK LEARY, Duke University

      STEVEN DRUCKER, Columbia University



Jan. 6, 2:30 pm





Presiding: JAY RITTER, University of Florida


      TIM JENKINSON and HOWARD JONES, University of Oxford—IPO Pricing and Allocation: A Survey of the Views of Institutional Investors


      OZGUR S. INCE, University of Florida—Why Do IPO Offers Prices Only Partially Adjust?


      MICHAEL A. GOLDSTEIN, Babson College, PAUL J. IRVINE, and ANDY PUCKETT, University of Georgia—Purchasing IPOs with Commissions: Theoretical Predictions and Empirical Results


Discussants: RAYMOND FISHE, University of Richmond

      KATHLEEN HANLEY, Securities and Exchange Commission

      JONATHAN REUTER, University of Oregon



Jan. 6, 2:30 pm



Commercial Mortgage Credit Risk


Presiding: KERRY VANDELL, University of Califronia-Irvine


HOON CHO, JAMES D. SHILLING, University of Wisconsin, and BRIAN A. CIOCHETTI, Massachusetts Institute of Technology--Nonlinearities in the Relation of Property Prices and Commercial Mortgage Defaults


YONGHENG DENG,  XUDONG AN, University of Southern California, and ANTHONY B. SANDERS, Ohio State University--Subordination Level as a Predictor of Credit Risk


RICHARD K. GREEN, GEORGE JABBOUR, George Washington University, and YIKANG LIU, BearingPoint--The Performance of Default Risk Structural Models on Commercial Mortgages: An Empirical Investigation


WINSTON KOH, ROBERTO MARIANO, ANDREY PAVLOV, Simon Fraser University, and SUSAN WACHTER, University of Pennsylvania--Underpriced Default Spread Exacerbates Market Crashes


Discussants: MICHAEL LACOUR-LITTLE, California State University-Fullerton

TIMOTHY RIDDIOUGH, University of Wisconsin
KERRY VANDELL, University of California-Irvine
ROBERT EDELSTEIN, University of California-Berkeley



Jan. 6, 2:30 pm



Modeling Urban Markets


Presiding: NELA T. RICHARDSON, Freddie Mac


HUA SUN, University of British Columbia--Hyperbolic Discounting, Loss Aversion and Its Implications on Housing Market


DONALD R. HAURIN, Ohio State University, JEFFREY D. FISHER, Indiana University, DEAN GATZLAFF, Florida State University, and DAVID GELTNER, Massachusetts Institute of Technology--Indices of Demand and Supply: Estimating and Examining Their Movements in the Residential Property Market


HARRIS HOLLANS, Auburn University, CAROLYN DEHRING, University of Georgia, and NEIL DUNSE, University of Aberdeen--Public Open Space, Spatial Externalities and Housing Density


DOUGLAS JAMES KRUPKA, Georgia State University, and DOUGLAS SIMPSON NOONAN, Georgia Institute of Technology--Theoretical and Empirical Determinants of Landmark Designation: Why We Preserve What We Preserve, and Why It Matters for Assessing Policy Impacts


Discussants: RAVEN SAKS, Federal Reserve Board
STEPHEN ROSS, University of Connecticut
JOSEPH NICHOLS, Federal Reserve Board



Jan. 6, 2:30 pm



Home Mortgage Prepayment and Default


Presiding: ROBERT VAN ORDER, University of Michigan


SUMIT AGARWAL, Bank of America, BRENT AMBROSE, Pennsylvania State University, SOUPHALA CHOMSISENGPHET, and CHUNLIN LIU, University of Nevada--Screening for Moral Hazard and Adverse Selection: Evidence from the Home Equity Market


CHRIS A RICHARDSON, GMAC Residential--Semiparametric and Non-Parametric Estimation of Mortgage Prepayments: The Role of Credit Quality


ANTHONY PENNINGTON-CROSS, Federal Reserve Bank of St. Louis--The Duration of Foreclosures in the Subprime Mortgage Market: A Competing Risks Model with Mixing


ELLEN A. MERRY, Federal Reserve Board--The Geography of Mortgage Delinquency


Discussants: AMY CREWS CUTTS, Freddie Mac

      BARBARA BUKHVALOVA, Norwegian School of Management (BI)

BRENT AMBROSE, Pennsylvania State University

PATRIC HENDERSHOTT, University of Aberdeen and San Diego State University



Jan. 6, 2:30 pm



Causes and Consequences of Gender Imbalances in Asia and Russia (J1)


Presiding: JOSH ANGRIST, Massachusetts Institute of Technology


BETSY BRAINERD, Williams College--Uncounted Costs of World War II:  The Effect of Changing Sex Ratios on Marriage and Fertility of Russian Women


LENA EDLUND, DOUGLAS ALMOND, Columbia University, HONGBIN LI, and JUNSEN ZHANG, Chinese University of Hong Kong—Long-Term Effects of the 1959-61 China Famine: Mainland China and Hong Kong


EMILY OSTER, University of Chicago--Does Increased Access Increase Equality? Gender and Child Health Investments in India


NANCY QIAN, Brown University--Missing Women and the Price of Tea in China:  The Effect of Sex-Specific Earnings on Sex Imbalance


Discussants:  JOSH ANGRIST, Massachusetts Institute of Technology

MARK ROSENZWEIG, Yale University

DAVID BLOOM, Harvard University

DENNIS YANG, Virginia Tech



Jan. 6, 2:30 pm



Pricing and Regulation (D2)


Presiding: WILLIAM BARNES, University of Portland


ALAN HUTTON, Glasgow Caledonian University, UK--An Institutionalist Model of Regulation for the UK Energy Industries?


LYNNE BOWNDS, Eastern Washington University--The Price System and Health Care in the U.S.


STEPHEN P. PASCHALL, Lovett Bookman Harmon Marks LLP --The Transition from

Planning to Markets in National Health Policy for Acute Care Hospitals: The Pittsburgh



IRINA PEAUCELLE, Paris-Jourdan Sciences Economiques--Hospital Industry: The Consequences of Reforms in ex-GDR


MARC-ANDRÉ GAGNON, York University, Canada--Capital, Power and Knowledge According to Thorstein Veblen: Reinterpreting the Knowledge-Based Economy


Discussant: STEVEN BOLDUC, Minnesota State University-Moorhead



Jan. 6, 2:30 pm



Sustainability in Developing Countries


Presiding: SABINE O'HARA, Roanoke College


EDWARD L. FITZSIMMONS, Creighton University--Privatization and Poverty in Developing Countries


RAVI SRINIVAS, University of St. Thomas-Texas--Global Economic and Environmental Governance for Sustainable Development


UGRASEN PANDEY, Agra University, India--Shared Development through Community Action: Participatory Reforestation Efforts in Uttar Pradesh, India


B. MKWARA, Malawi Polytechnic--Globalization of Trade and Environmental Degradation in Malawi


Discussant:  CHARLES WILBER, University of Notre Dame



Jan. 6, 2:30 pm



Poverty Alleviation in China (I3)


Presiding: ALBERT PARK, University of Michigan


SHUBHAM CHAUDHURI and GAURAV DATT, World Bank--Has China All but Solved its Poverty Problem?


ALBERT PARK, University of Michigan, and SANGUI WANG, Renmin University--Community-based Development and Poverty Alleviation: An Evaluation of China’s Poor Village Investment Program


SHAOHU CHEN, REN MU, and MARTIN RAVALLION, World Bank—Are There Lasting Impacts of a Poor Area Development Program?


ALAN DE BRAUW, International Food Policy and Research Institute, and JOHN GILES, Michigan State University--Migrant Labor Markets and the Welfare of Rural Households in China


LINXIU ZHANG, YUANYUAN YAN, Chinese Academy of Sciences, SCOTT ROZELLE, Stanford University, and LOREN BRANDT, University of Toronto--Tax-for-Fee Reform, Village Operating Budgets and Public Goods Investment in China’s Poor Areas


Discussants: SCOTT ROZELLE, Stanford University

ALAN DEBRAUW, International Food Policy Research Institute




Jan. 6, 2:30 pm



Asset Pricing


Presiding: JESSICA WACHTER, University of Pennsylvania


RAVI BANSAL, Duke University, THOMAS TALLARINI, Federal Reserve Board, and AMIR YARON, University of Pennsylvania--The Return to Wealth, Asset Pricing, and the Intertemporal Elasticity of Substitution


LUCA BENZONI, University of Minnesota, PIERRE COLLIN-DUFRESNE, University of California-Berkeley and NBER, and ROBERT S. GOLDSTEIN, University of Minnesota and NBER--Can Standard Preferences Explain the Prices of Out-of