New Perspectives on Asset Price Bubbles:
Theory, Evidence, and Policy
Friday, April 8, 2011
Loyola University Chicago
Lewis Towers, 111 E. Pearson
This conference will critically re-examine the profession's understanding of asset bubbles and update seminal articles in light of the global financial crisis of 2007-09.
8:00AM to 8:45AM - Continental Breakfast and Registration
8:45AM to 9:00AM - Welcome
9:00AM to 9:45AM - Session 1
Bubbles: Theory and Evidence (What's New)
Seminal Article: Allen, Franklin and Gary Gorton, (1993), "Churning Bubbles" The Review of Economic Studies, Volume 60, pp. 813-836.
Paper: Gadi Barlevy, Federal Reserve Bank of Chicago
9:45AM to 10:30AM - Session 2
Consequences of Bubbles Bursting
Seminal Article: Hoshi, Takeo, and Anil Kashyap, (2000), "The Japanese Banking Crisis: Where did it come from and how will it end?" NBER Macroeconomics Annual, pp.129-201.
Paper: Andrew Filardo, Bank for International Settlements
11:00AM to 11:45AM - Session 3
Bubbles and Monetary Policy
Seminal Article: Bernanke, Ben and Mark Gertler, (1999), "Monetary Policy and Asset Price Volatility,Economic Review of the Federal Reserve Bank of Kansas City, pp. 17-51.
Paper: Kenneth Kuttner, Williams College
Noon to 1:30PM - Luncheon
Keynote Speaker: William Poole, Cato Institute and University of Delaware
1:45PM to 2:30PM - Session 4
Bubbles and Macro-prudential Regulation
Seminal Article: Borio, Claudio (2003) "Towards a Macro-prudential Framework for Financial Supervision and Regulation?" CESifo Economic Studies, Volume 49, pp 181-216. Also available as BIS Working Papers, no 128.
Paper: Viral Acharya, New York University
2:30PM to 3:15PM - Session 5
Bubbles: Behavioral Explanations
Seminal Article: Scheinkman, Jose and Wei Xiong (2003), "Overconfidence and Speculative Bubbles", Journal of Political Economy, 111, pp. 1183-1219.
Paper: Werner De Bondt, DePaul University
3:30PM to 4:30PM - Session 6
Bubbles: Summary and Wrap Up
Commentator: Benjamin Friedman, Harvard University
4:30PM to 5:30PM - Reception