JMCB Conference on Liquidity in Frictional Markets

November 14-15, 2008

Papers Presented

  November 14, 2008 (Friday)
  Monetary Policy

Elastic Money, Inflation, and Interest Rate Policy
Allen Head and Junfeng Qiu

Discussant: Huberto Ennis


Price-Level Targeting and Stabilization Policy
Aleksander Berentsen and Christopher Waller

Discussant: Gauti Eggertsson


Money, Bargaining, and Welfare-Improving Nonstationary Monetary Policy
Nicolas Jacquet and Serene Tan

Discussant: Manolis Galenianos

  Liquidity and Payments

Counterfeiting as Private Money in Mechanism Design
Ricardo Cavalcanti and Ed Nosal

Discussant: Cyril Monnet


Hoarding, Spikes, and Crashes in the Fed Funds Market
Adam Ashcraft, James McAndrews, and David Skeie

Discussant: Arvind Krishnamurthy


Systemic Risk and Liquidity in Payment Systems
Gara Minguez Afonso and Hyun Song Shin

Discussant: Charles Kahn


Asset Prices, Liquidity, and Monetary Policy
Ricardo Lagos

Discussant: Tan Wang

  November 15, 2008 (Saturday)
  Asset Markets with Trading Fricitions

Liquidity and Selection in Asset Markets with Search Frictions
Yong Kim

Discussant: Jianjun Miao


Liquidity Provision in Capacity-Constrained Markets
Pierre-Olivier Weill

Discussant: Philipp Kircher


Trading Frictions and House Price Dynamics
Andrew Caplin and John Leahy

Discussant: François Ortalo-Magné


When Banks Lend for Too Long
Christophe Chamley and Celine Rochon

Discussant: Adriano Rampini

  Money, Liquidity, and Banks

Information and Liquidity
Ben Lester, Andrew Postlewaite, Randall Wright

Discussant: Guillaume Rocheteau


Uncertainty, Inflation, and Welfare
Jonathan Chiu and Miguel Molico

Discussant: Scott Dressler


Banks, Liquidity Insurance, and Interest on Reserves in a Matching Model of Money
Valerie Bencivenga and Gabriele Camera

Discussant: Todd Keister