University of Tokyo, University of Southern California Conference
on Economic Dynamics
in Honor of Edward Prescott
Co-organized by
Faculty of Economics,
The University of Tokyo
and
The Marshall School of Business, University of Southern California
Meeting Room on the 6th floor of Faculty of Economics Building, University of Tokyo
November 2 and 3, 2006
SPONSORS
CARF, The Center for Advanced Research in Finance
CEMANO, "Center for the Research on Relationship between Market Economy and Non-Market Institutions" (Ministry of Education COE Program Grant)
CIRJE, The Center for International Research on the Japanese Economy
The Marshall School of Business, University of Southern California
REGISTRATION
We are asking that all participants in the conference register in advance.
Thursday, November 2, 2006
8:00-8:30 Coffee/Breakfast
8:30-8:45
Welcome Speech
8:45-10:00
Doug Joines (USC),
"The saving rate in Japan: Why it has fallen and why it will remain low" (joint with R. Anton Braun and Daisuke Ikeda)
Discussant: Javier Diaz-Gimenez (University of Madrid III)
10:00-11:15
Ed Green (Pennsylvania State Universtiy),
"Heterogeneous Producers Facing Common Shocks: An Overlapping-Generations Example"
Discussant: Tomoyuki Nakajima (Kyoto University)
11:15-11:30 Coffee Break
11:30-12:45
Julen Esteban-Pretel (University of Tokyo),
"The Informal Labor Market in Latin America"(joint with Mariano Bosch)
Discussant: Steve Parente (University of Illinois)
13:00-14:00 Lunch at Miyamoto
14:00-15:15
Vincenzo Quadrini (USC),
"Financial Innovations and Macroeconomic Volatility"
Discussant: Hisashi Nakamura (University of Tokyo)
15:15-16:30
Victor Rios-Rull (Pennsylvania University),
"Cyclical Movements in Labor's Share and Business Cycles"
Discussant: Gary Hansen (UCLA)
16:30-16:45 Coffee Break
16:45-18:00
Ed Prescott (Arizona State University and Minneapolis Fed),
"An Equity Premium with No Uncertainty"
Discussant: Fumio Hayashi (University of Tokyo)
18:30-20:30 Reception
Friday, November 3, 2006
8:30-9:00 Coffee/Breakfast
9:00-10:15
Mark Wright (UCLA),
"Establishment Size Dynamics in the Aggregate Economy"(joint with Esteban Rossi-Hansberg)
Discussant: Tom Cooley ( NYU Stern)
10:15-10:30 Coffee Break
10:30-11:45
Dirk Krueger (Goethe University),
"The Irrelevance of Market Incompleteness for the Price of Aggregate Risk"
Discussant: Victor Rios-Rull (Pennsylvania University)
11:45-13:00
Nobuhiro Kiyotaki (Princeton University),
"Housing and the Aggregate Economy" (joint with Alexander Michaelides and Kalin Nikolov),
Discassant: Dirk Krueger (Goethe University )
13:00-14:00 Lunch
14:00-15:15
Ayse Imrohoroglu (USC),
"Secular Movements in U.S. Saving and Consumption" (joint with Kaiji Chen and Selahattin Imrohoroglu)
Discussant: Ellen McGrattan (Minneapolis Fed)
15:15-15:30 Coffee Break
15:30-16:45
Richard Rogerson (Arizona State Universtiy),
"Product Market Regulation and Market Work: A Benchmark Analysis" (joint with Lei Fang)
Discussant: Yongsung Chang (Seoul National University)
19:00-21:00 Dinner