Carnegie-Rochester Conference Series on Public Policy

Semi-annual Conference

Editors:    Bennett McCallum

                 Charles I. Plosser


Upcoming Conference

Conference Event Reply Form


April 15-16, 2005

Simon School, University of Rochester

Rochester, NY


Carnegie-Rochester Conference Schedule
"Financial Innovation, Risk and Fragility"

April 15-16, 2005

Thursday, April 14


8:00 pm-11:00 pm      Welcome Reception, Hyatt Regency - refer to hotel monitor


Friday, April 15


       8:30 am                Bus transportation to campus


 8:45-9:15 am              Packet Retrieval and Breakfast


                                    CONFERENCE SESSION I - SCHLEGEL 207


     Chairman:              Charles Plosser         

 9:15-10:30 am            Deposit Insurance, Bank Regulation, and Financial System Risks"

by George Pennacchi

                                    Discussant: Philip Strahan


10:30-10:45 am           Break


10:45-12:00 pm          "Bubbles and Capital Flow Volatility: Causes and Risk Management"

by Ricardo J. Caballero and Arvind Krishnamurthy

                                    Discussant: Douglas Diamond


     12:00 pm               Luncheon Schlegel Hall Rotunda


                                    CONFERENCE SESSION II - SCHLEGEL 207


     Chairman:              Bennett McCallum

 1:30-2:45 pm             "A Portfolio View of Consumer Credit"    

                                    by David Musto and Nicholas Souleles

                                    Discussant: Annamaria Lusardi


2:45-3:00 pm              Break


 3:00-4:15 pm             "Credit Risk Transfer, Fragility, and Contagion"

                                    by Franklin Allen

Discussant:  Tano Santos


        4:30 pm               Bus Transportation back to the Hyatt Regency


        6:30 pm               Bus departs Hyatt Regency for transportation to the Country Club of Rochester


        6:45 pm               Cocktails, Country Club of Rochester


        7:30 pm               Dinner, Country Club of Rochester

         9:30 pm               Transportation back to the Hyatt Regency


Saturday, April 16



          8:00 am             Bus transportation to campus


    8:15-8:45 am           Breakfast


                                    CONFERENCE SESSION III - SCHLEGEL 207


     Chairman:              Thomas Cooley

  8:45-10:00 am           "Can Financial Innovation Explain the Reduced Volatility of Economic Activity?"

by Dan Sichel, Karen Dynan and Douglas Elmendorf

                                    Discussant: Jessica Wachter


10:00-10:15 am           Break


10:15-11:30 am           "An Options-Based Approach to Evaluating the Risk of Fannie Mae and Freddie Mac"

by Deborah Lucas and Robert McDonald

                                    Discussants:  Andreas Lehnert


      11:30 am               Lunch available in Schlegel Hall Rotunda.


12:15 pm               Bus transportation to airport.


Transportation will also be available for earlier or later flights if needed.






ADVISORY COMMITTEE: Bennett McCallum and Charles Plosser, Co-chairs:  Andrew Abel, Thomas Cooley,
                                                Janice Eberly, Marvin Goodfriend, Sergio Rebelo, Alan Stockman and Stanley Zin