Discussion of Robin Greenwood and David Scharfstein: The Growth of Modern Finance
For the Weekend...

Now Live: Finance and the Welfare of Nations

San Francisco Fed: Janet Yellen Conference Room

Federal Reserve Bank of San Francisco & The Institute of New Economic Thinking

8:15AM - 9:15AM Breakfast

9:15AM - 9:45AM Session 1: David Scharfstein and Robin Greenwood (Harvard Business School) "The Growth of Finance”; Discussant: Bradford DeLong (UC Berkeley)

9:45AM-10:30AM Session 2: Ariell Reshef (Virginia) and Thomas Philippon (NYU-Stern) “An International Look at the Growth of Modern Finance”; Discussant: Charles Jones (Stanford GSB)

10:30AM -10:45AM Coffee

10:45AM -11:30AM Session 3: Andrea Eisfeldt (UCLA, Anderson), Andrew Atkeson (UCLA) and Pierre-Olivier Weill (UCLA) “The Financial Soundness of U.S. Firms 1926–2011: Financial Frictions and the Business Cycle”; Discussant: Jonathan Rose (Federal Reserve Board)

11:30AM -12:15PM Session 4: Ross Levine (UC Berkeley-Haas), Yona Rubinstein (LSE) “Liberty for More: Finance and Educational Opportunities”; Discussant: Gregory Clark (UC Davis)

12:15PM-1:30PM Lunch

1:30PM-2:15PM Session 5: Atif Mian (Princeton) “Household Credit Channel of Monetary Policy”; Discussant: Reuven Glick (SF Fed)

2:15PM-3:00PM Session 6: Maurice Obstfeld (UC Berkeley) “Finance at Center Stage: Some Lessons of the Euro Crisis”; Discussant: Giovanni dell'Ariccia (IMF)

3:00PM-3:45PM Session 7: Stephen Cecchetti and Enisse Kharroubi (BIS) “Does Financial Sector Growth Crowd Out Real Economic Growth?”; Discussant: Barry Eichengreen (UC Berkeley)

3:45PM-4:00PM Coffee

4:00PM-4:45PM Session 8: Thorsten Beck (Tilburg) “Financial Innovation: The Bright and the Dark Sides”; Discussant: Sylvain Leduc (SF Fed)  

4:45PM-5:30PM Session 9: Alan M. Taylor (UC Davis), Òscar Jordà (SF Fed/UC Davis), Moritz Schularick (Bonn) “Sovereigns versus Banks: Crises, Causes and Consequences”; Discussant: Aaron Tornell (UCLA)

5:45 PM Reception

6:15PM Keynote Speaker: Introduction: Robert Johnson (INET, President); Lord Adair Turner (INET, Senior Fellow; former Chairman of the UK Financial Services Authority)