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            |  |  
            | 9:00 a.m. | Continental breakfast |  
            |  |  
            | 9:30 a.m. |  Liquidity, Business Cycles and Monetary Policy  
 Nobuhiro Kiyotaki, Princeton University
 John Moore, Edinburgh University and London School of Economics
 
  Discussant: Gauti Eggertsson, Federal Reserve Bank of New York
 
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            |  |  
            | 10:40 a.m. |  Coffee break  |  
            |  |  
            | 11:00 a.m. |  Credit Frictions and Optimal Monetary Policy  
 Vasco Curdia, Federal Reserve Bank of New York
 Michael Woodford, Columbia University
 
  Discussant: Marvin Goodfriend, Carnegie-Mellon University
 
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            |  |  
            | 12:10 p.m. |  Lunch  |  
            |  |  
            | 1:20 p.m. | Crises and Recoveries in an Empirical Model of Consumption Disasters
 Robert J.Barro, Harvard University
 Emi Nakamura, Columbia University
 Jon Steinsson, Columbia University
 Jose F. Ursua, Harvard University
 
 
  Discussant: Frank Schorfheide, University of Pennsylvania
 
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            |  |  
            | 2:30 p.m. |  Coffee break 
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            |  |  |  
            | 2:50 p.m. | Ratings Shopping and Asset Complexity: A Theory of Ratings Inflation  
 Vasiliki Skreta, New York University
 Laura Veldkamp, New York University, Stern School
 
  Discussant: Adam Ashcraft, Federal Reserve Bank of New York
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            |  |  |  
            | 4:00 p.m. | Coffee break |  
            |  |  |  
            | 4:20 p.m. | Regime Switches, Agents' Beliefs, and Post-World War  
 Francesco Bianchi, Princeton University
 
  Discussant: TBA
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            |  |  |  
            | 5:30 p.m. | Adjourn  |  
            |  |  |  |