Fiscal Dominance: A Theory of Everything in India

Wednesday, September 9, 2020
10:00 am – 11:30 am EDT

Read Prof. Acharya’s responses to our discussants here.

This is the first forum in the “Envisioning India” Series organized by IIEP Director James Foster and Distinguished Visiting Scholar Ajay Chhibber. The series is co-sponsored by the Sigur Center for Asian Studies.

The first talk in the Envisioning India Series is “Fiscal Dominance: A Theory of Everything in India” and will feature Viral V. Acharya of NYU-Stern. He will discuss the following: Financial stability is perhaps the most important prerequisite for stable growth. It is surprisingly also the most compromised one. Encouraging cheap credit and rapid balance-sheet growth in the financial sector is a temptation that many governments find hard to resist to register well on the short-run growth scorecard. Post 1991 reforms, India undertook an upward and onward march in economic progress for close to two decades. Since then, lack of financial stability has emerged as its Achilles’ heel. The reasons for this are many but a first and foremost contributor has been the increasing dominance of banking and financial sector regulation by the unyielding deficit situation of the consolidated government balance-sheet. Reining in this fiscal dominance requires not just a strengthening of the institutional framework of financial sector regulation but also the right balance between the role played by the government, the central bank, the markets, and the private sector in the economy.


About the Speaker:

Viral V. Acharya is the C.V. Starr Professor of Economics in the Department of Finance at New York University Stern School of Business (NYU-Stern) and an Academic Advisor to the Federal Reserve Banks of New York and Philadelphia. Viral was a Deputy Governor at the Reserve Bank of India (RBI) during 23rd January 2017 to 23rd July 2019 in charge of Monetary Policy, Financial Markets, Financial Stability, and Research. His speeches while at the RBI will release in the end of July 2020 in the form of a book titled “Quest for Restoring Financial Stability in India” (SAGE Publications India), with a new introductory chapter “Fiscal Dominance: A Theory of Everything in India”. Viral completed Bachelor of Technology in Computer Science and Engineering from Indian Institute of Technology, Mumbai in 1995 and Ph.D. in Finance from NYU-Stern in 2001. Prior to joining Stern, he was at London Business School (2001-2008), the Academic Director of the Coller Institute of Private Equity at LBS (2007-09) and a Senior Houblon-Normal Research Fellow at the Bank of England (Summer 2008). Viral’s primary research interest is in theoretical and empirical analysis of systemic risk of the financial sector, its regulation and its genesis in government-induced distortions, an inquiry that cuts across several other strands of research – credit risk and liquidity risk, their interactions and agency-theoretic foundations, as well as their general equilibrium consequences. He has published articles in the American Economic Review, Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Business, Journal of Financial Intermediation, Rand Journal of Economics, Journal of Monetary Economics, Journal of Money, Credit and Banking, and Financial Analysts Journal. He is currently associate editor of the Review of Corporate Finance Studies (RCFS, 2011-) and Review of Finance (2006-), and was an editor of the Journal of Financial Intermediation (2009-12) and associate editor of the Journal of Finance (2011-14).



Liaquat Ahamed is the author of the critically acclaimed best-seller, Lords of Finance: The Bankers Who Broke the World, about central bankers during the Great Depression of 1929-1932. The book won the 2010 Pulitzer Prize for History, the 2010 Council on Foreign Relations Arthur Ross Gold Medal, and the 2009 Financial Times-Goldman Sachs Best Business Book of the Year Award. Ahamed was a professional investment manager for twenty-five years. He has worked at the World Bank in Washington, D.C., and the New York-based partnership of Fischer Francis Trees and Watts, where he served as chief executive. He is currently a director of the Putnam Funds. He is on the board of trustees of the Journal of Philosophy, the Sun Valley Writers’ Conference and a former trustee of the Brookings Institution and the New America Foundation. He has degrees in economics from Harvard and Cambridge.

Rakesh Mohan is one of India’s senior-most economic policymakers and an expert on central banking, monetary policy, infrastructure and urban affairs. Most recently he was executive director at the International Monetary Fund in Washington, D.C., representing India, Sri Lanka, Bangladesh and Bhutan, and chairman, National Transport Development Policy Committee, Government of India, in the rank of a Minister of State. He is also a former deputy governor of the Reserve Bank of India. As deputy governor he was in charge of monetary policy, financial markets, economic research and statistics. In addition to serving in various posts for the Indian government, including representing India in a variety of international forums such as Basel and G20, Mohan has worked for the World Bank and headed prestigious research institutes. He is also Senior Advisor to the McKinsey Global Institute and Distinguished Fellow of Brookings India. Mohan has written extensively on urban economics, urban development, Indian economic policy reforms, monetary policy and central banking.

IMF April 2020 World Economic Outlook

Thursday, June 11, 2020
1:00 pm – 2:30 pm EDT
via Webex

Please join the Institute for International Economic Policy for a virtual discussion of the International Monetary Fund’s April 2020 World Economic Outlook.


1:00 – 1:05 p.m.: Welcoming Remarks

James Foster, George Washington University 

1:05 – 1:35  p.m.: Chapter 1: Global Prospects and Policies 

Presenter: Gian Maria Milesi-Ferretti, International Monetary Fund

Discussant: Jason Furman, Harvard Kennedy School

1:40 – 2:05 p.m.: Chapter 2: Countering Future Recessions in Advanced Economies: Cyclical Polices in an Era of Low Rates and High Debt 

Presenter:  Wenjie Chen, International Monetary Fund

Discussant: Jay Shambaugh, George Washington University & Hamilton Project                

2:05 – 2:30 p.m.: Chapter 3: Dampening Global Financial Shocks in Emerging Markets: Can Macroprudential Regulation Help?             

Presenters: Katharina Bergant, International Monetary Fund

Niels-Jakob Hansen, International Monetary Fund

Discussant: Sunil Sharma, George Washington University

2:30 p.m.: Concluding Remarks            

Read the full World Economic Outlook here

The COVID-19 pandemic is inflicting high and rising human costs worldwide, and the necessary protection measures are severely impacting economic activity. As a result of the pandemic, the global economy is projected to contract sharply by –3 percent in 2020, much worse than during the 2008–09 financial crisis. In a baseline scenario–which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound—the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalizes, helped by policy support. The risks for even more severe outcomes, however, are substantial. Effective policies are essential to forestall the possibility of worse outcomes, and the necessary measures to reduce contagion and protect lives are an important investment in long-term human and economic health. Because the economic fallout is acute in specific sectors, policymakers will need to implement substantial targeted fiscal, monetary, and financial market measures to support affected households and businesses domestically. And internationally, strong multilateral cooperation is essential to overcome the effects of the pandemic, including to help financially constrained countries facing twin health and funding shocks, and for channeling aid to countries with weak health care systems.
More than a decade after the global financial crisis, the world is struggling with the health and economic effects of a profound new crisis caused by the COVID-19 pandemic. Advanced economies entered this crisis with interest rates at historical lows and public debts, on average, higher than they had been over the past 60 years. They will come out from the crisis with even higher public debts. Drawing on analysis completed before the emergence of the pandemic, this chapter examines policymakers’ options to respond to adverse shocks and build resilience when rates are low and debts high.
As discussed in Chapter 1, the COVID-19 pandemic is impacting emerging markets through an unprecedented mix of domestic and external shocks whose combined effects are very hard to predict. Among these, emerging markets are confronting a sharp tightening in global financial conditions. Against this backdrop, this chapter asks whether, based on historical experience, countries that have adopted a more stringent level of macroprudential regulation—aimed at strengthening financial stability—are better placed to withstand the impact of global financial shocks on domestic macroeconomic conditions.

Webinar on Data Governance in Smart Cities

Thursday, April 9, 2020
11:00 am EST


We are pleased to invite you to the second webinar hosted by The Digital Trade and Data Governance Hub. The webinars focus on current and emerging data governance issues. Seminar 2 will be on “Data Governance in Smart Cities” and will take place on April 9 at 11am EST. This event will be co-sponsored by the Internet Society, the World Wide Web Foundation, the Centre for International Governance Innovation, and the Institute for International Economic Policy.

Although we often talk about data governance as a national or international issue, cities are on the front lines of dealing with a wide range of data governance issues from privacy to the regulation of AI. This webinar will give attendees a greater understanding of why they might want to learn more about how cities are trying to balance the costs and benefits of data-driven services.

The speakers will be Professor Teresa Scassa, Canada Research Chair in Information Law, University of Ottawa Law School and Bianca Wylie, Senior Fellow at the Centre for International Governance Innovation (CIGI). They will address the following questions:

  • What is a smart city?
  • What kinds of rules must cities develop to determine what entities can own, utilize and monetize smart city data?
  • Should cities adopt special rules and considerations for personal data and human behavioral data?
  • Cities have bought into very complex data-driven systems, in the belief that data is “the solution.” Is it adding value and leading to more effective city management? What are the trade offs–e.g. energy efficiency vs. the loss of privacy

This event is co-sponsored by Digital Trade & Data Governance Hub; Internet Society: Greater Washington DC Chapter; Centre for International Governance Innovation; World Wide Web Foundation; and Institute for International Science and Technology Policy.

Technology, Taxation, and Corruption Evidence from the Introduction of Electronic Tax Filing

Tuesday, December 10, 2019
John W. Kendrick Seminar Room
Monroe Hall/Hall of Government, Room 321
2115 G St. Washington, D.C. 20052

Please join us with welcoming Oyebola Okunogbe (World Bank) as she will be be presenting a Trade & Development Workshop.

Many e-government initiatives introduce technology to improve efficiency and avoid potential human bias. Electronic tax filing (e-filing) is an important example, as developing countries increasingly adopt online submission of tax declarations to replace in-person submission to tax officials. This paper examines the impact of e-filing on compliance costs, tax payments, and bribe payments using experimental variation and data from Tajikistan firms. Firms that e-file have lower compliance costs, spending five fewer hours each month on fulfilling tax obligations. There are no significant average effects of e-filing on tax or bribe payments, but significant heterogeneity exists across firms by their baseline likelihood of tax evasion. Among firms previously more likely to evade, e-filing doubles tax payments, likely by disrupting collusion with officials. Conversely, among firms less likely to have been evading, e-filing reduces tax payments, suggesting that officials had previously required them to pay more. These firms also pay fewer bribes, as e-filing reduces opportunity for extortion. In all, the results indicate that e-filing limits tax officials’ discretion and makes the distribution of tax payments across firms arguably more equitable.

Mardi Dungey Memorial Research Conference

Mardi Dungey Memorial Research Conference
Friday, February 21, 2020
8:00 am – 5:30 pm (Conference)
5:30pm – 7:30 pm (Reception)
Lindner Commons, Suite 602
1957 E St NW
Washington, D.C. 20052

On behalf of the Institute for International Economic Policy, the Research Program on Forecasting, the Centre for Applied Macroeconomic Analysis, University of Tasmania, and the Society for Nonlinear Dynamics and Econometrics, you are cordially invited to the Mardi Dungey Memorial Research Conference on February 21, 2020. The event is named in honor of Mardi Dungey, Professor of Economics and Finance at the University of Tasmania, Adjunct Professor and Program Director, Centre for Applied Macroeconomic Analysis, ANU, Senior Research Associate at the Centre for Financial Analysis and Policy at Cambridge University, and a Fellow of the Academy of Social Sciences in Australia.


8:00am- 8:45am: Breakfast

8:45am – 9:10am

Introduction, Stephen Smith, Chair, Department of Economics and Professor of Economics and International Affairs, Institute for International Economic Policy, GWU

Opening Remarks, Tara Sinclair, George Washington University

9:10 – 9:30am: A Panel on Mardi Dungey’s Contributions

Vanessa Smith, University of York

Renee Fry-McKibbin, Australian National University

Warwick McKibbin, Australian National University

Chaired by: Renee Fry-McKibbin, Australian National University

9:30 – 10:30am

Econometrics of Option Pricing with Stochastic Volatility, Eric Renault, University of Warwick

Chaired by: Vance Martin, University of Melbourne

10:30 – 11:00am: Coffee Break

11:00 – 11:45am

Leaning Against the Wind: An Empirical Cost-Benefit Analysis, Gaston Gelos, International Monetary Fund

Chaired by: Tara Sinclair, George Washington University

11:45am – 12:30pm

The Gains from Catch-up for China and the U.S.: An Empirical Framework, Denise Osborn, University of Manchester

Chaired by: Simon van Norden, HEC Montréal, CIREQ & CIRANO

12:30 – 1:30pm: Lunch Break

1:30 – 2:30pm

Measurement of Factor Strength: Theory and Practice, Hashem Pesaran, Cambridge University

Chaired by: Nigel Ray, International Monetary Fund

2:30 – 2:45pm: Coffee Break

2:45 – 3:30pm

Inflation: Expectations, Structural Breaks, and Global Factors, Pierre Siklos, Wilfrid Laurier University

Chaired by: Gerald Dwyer, Clemson University

3:30 – 4:15pm

Multivariate Trend-Cycle-Seasonal Decomposition with Correlated Innovations, Jing Tian, University of Tasmania

Chaired by: Edda Claus, Wilfrid Laurier University

4:15 – 4:30pm: Coffee Break

4:30 – 5:15pm

The Center and the Periphery: Two Hundred Years of International Borrowing Cycles, Graciela Kaminsky, George Washington University

Chaired by: Brenda Gonzalez-Hermosillo, International Monetary Fund

5:15 – 5:30pm: Closing Remarks

Marty Robinson, Australian Treasury

Vladimir Volkov, University of Tasmania

Warwick McKibbin, Australian National University

Chaired by: Renee Fry-McKibbin, Australian National University

5:30 – 7:30pm: Reception

IMF October 2019 World Economic Outlook

Friday, November 1, 2019
9:30a.m. – 12:15p.m.
Lindner Family Commons (6th Floor)
Elliott School of International Affairs
1957 E Street, NW Washington, DC 20052

Schedule of Events 

9:00 a.m. – Breakfast and Registration

9:30 a.m. – Opening Remarks
                     James Foster, Director, Institute for International Economic Policy,

9:45 a.m. – Chapter 1:Global Prospects and Policies
                     Presenter: Gian Maria Milesi-Ferretti

10:15 a.m. – Coffee Break

10:30 a.m. – Chapter 2: Closer Together or Further Apart? Subnational Regional
                     Disparities and Adjustment in Advanced Economies

                     Presenter: Natalija Novta
                     Discussant: Ryan Nunn

Chapter 2 of the latest World Economic Outlook examines the rise in within-country regional disparities in economic performance across advanced economies.  The chapter explores how lagging regions differ from the rest, in terms of demographics, labor market outcomes, sectoral labor productivity and sectoral employment. It also explores how regions adjust to trade and technology shocks, comparing lagging to other regions.

11:15 a.m. – Coffee Break

11:30 a.m. – Chapter 3: Reigniting Growth in Emerging Market and Low-Income
                     Economies: What Role for Structural Reforms?

                     Presenter: Cian Ruane
                     Discussant: Danny Leipziger

The forthcoming IMF World Economic Outlook analytical chapter provides new evidence on the short-to-medium-term effects of reforms, based on a newly constructed database of reforms in domestic and external finance, trade, labor and product markets. The chapter discusses sources of cross-country heterogeneity in reform payoffs, including the role of governance and informality in mediating the gains from reforms, and  political economy issues related to reform implementation.

12:15 p.m. – Concluding Remarks

12:30 p.m. –  Lunch


Taming Japan’s Inflation

Authors: Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kogo


Tuesday, December 6, 2018

1957 E St. NW
Washington, DC 20052

On December 6, the Institute hosted a book launch for Taming Japan’s Deflation: The Debate Over Unconventional Monetary Policy. The book, authored by Gene Park, Saori N. Katada, Giacomo Chiozza, and Yoshiko Kogo, focuses on how bolder economic policy could have addressed bouts of deflation in post-bubble Japanese history. Despite warnings from economists and intense political pressure, among other factors, Japan’s central bank – the Bank of Japan (BOJ) – resisted taking the bold actions that the authors believe would have helped.

With Prime Minister Abe Shinzo’s return to power, Japan shifted course in early 2013 with the launch of the “Abenomics” economic agenda to reflate the economy and Abe’s appointment of new leadership at the BOJ to achieve this goal. The BOJ’s resistance to bolder policy stemmed from entrenched policy ideas that were hostile to activist monetary policy.

Taming Japan’s Deflation shows that central bankers’ views can be decisive in determining monetary policy. By addressing the challenges through institutional analysis, quantitative empirical tests, in-depth case studies, and structured comparison of other countries to Japan, the authors show that the adoption of aggressive monetary policy depends on bankers’ established preceding policy ideas and policy network structure.

Fiscal Policy over the Business Cycle in Emerging Markets

Carlos Vegh

World Bank Chief Economist for Latin America and the Caribbean

Fiscal Policy over the Business Cycle in Emerging Markets

Monday, April 30, 2018

5:30 to 7:00pm – Reception to Follow


Elliott School of International Affairs
Lindner Commons, 6th floor
1957 E Street NW
Washington, DC 20052

Carlos Vegh is the World Bank Chief Economist for Latin America and the Caribbean. Prior to this, Vegh was the Fred H. Sanderson Professor of International Economics at the Johns Hopkins School of Advanced International Studies (SAIS) and a Research Associate at the National Bureau of Economic Research (NBER).
He received his doctorate degree in economics from the University of Chicago and a bachelor’s degree in economics from American University and Universidad de la República.

This event is the fifth in a series celebrating IIEP’s 10th Anniversary. Louise Fox, Chief Economist at USAID, joined us in November for the series’ inaugural event. Bob Koopman, Chief Economist at WTO, visited on March 5th for the series’ second installment. On April 9th Martin Fleming, Chief Economist of IBM, presented his research on Artificial Intelligence and the future of work for the series’ third installment. Lastly, for the fourth installment, Santiago Levy of the Inter-American Development Bank, presented on April 23rd.

Carlos Vegh

IMF Africa Regional Economic Outlook Discussion

Monday, November 9, 2015

8:45am to 12:30pm


Elliott School of International Affairs
Lindner Commons, 6th floor
1957 E Street NW
Washington, DC 20052

Africa continues to experience great opportunities for growth while also facing several great challenges. Sustained economic growth, income inequality, gender disparities, and competitiveness in the global trade arena are all issues with the potential to make or break the continent’s development as a region. The African Department at the International Monetary Fund (IMF) publishes the Regional Economic Outlook (REO): Sub-Saharan Africa report twice a year. The Africa REO reviews economic developments and trends in the region.

This event will feature presentations of the three REO chapters and a discussion by external experts and IIEP faculty of the topical areas covered in the reports. The full report is available on the IMF website.


  • Opening Remarks

    • Stephen Smith, Director, Institute for International Economic Policy, GWU

    Session I: Dealing with the Gathering Clouds

    • Celine Allard, Lead Author of the Africa Regional Economic Outlook, the International Monetary Fund
    • Fred Joutz, Professor of Economics, GWU
    • Augustin Fosu, Professor, Institute of Statistical, Social and Economic Research, University of Ghana

    Session II: Competitiveness in Sub-Saharan Africa: Marking Time or Moving Ahead

    • Bhaswar Mukhopadhyay, Deputy Division Chief, African Department, International Monetary Fund
    • Fariha Kamal, Center for Economic Studies, U.S. Bureau of the Census
    • Danny Leipziger, Professor of Practice of International Business, GWU; Managing Director, Growth Dialogue

    Session III: Inequality and Economic Outcomes in Sub-Saharan Africa

    • Dalia Hakura, Deputy Division Chief, African Department, International Monetary Fund
    • James Foster, Professor of Economics and International Affairs, GWU
    • Louise Fox, Visiting Professor of Development Practice, University of California-Berkeley

    For more information, please contact Kyle Renner at or 202-994-5320.

    Co-sponsored by:

IMF Africa Regional Economic Outlook Discussion

Thursday, May 7, 2015

8:45am to 12:30pm

Elliott School of International Affairs
1957 E Street NW
Washington, DC 20052

8:45 – 9:00 – Opening remarks

  • Jay Shambaugh (GWU), Céline Allard (IMF)

9:00 – 10:00 – Session I: Overview of Recent Economic Developments in Africa

10:00 – 10:15 – Coffee Break

10:15 – 11:15 – Session II: How Can Sub-Saharan Africa Harness the Demographic Dividend?

11:15 – 11:30 – Coffee Break

11:30 – 12:30 – Session III: Sub-Saharan’s Trade Integration in the Global Economy: Progress and Ways Forward

12:30 – Conclude

For more information, please contact Kyle Renner at or 202-994-5320.

Cosponsored by:

Digital Payments/Currencies: Global Threat or Opportunity?

Thursday, April 23, 2015

9:00am to 12:00pm


Elliott School of International Affairs
Lindner Commons, 6th floor
1957 E Street NW
Washington, DC 20052

The Institute for International Economic Policy and the Bretton Woods Committee will convene a seminar involving policymakers, regulators, and private and financial sector experts to evaluate the changes digital currencies and payment systems have brought to the market and the disruptive potential of a future in which they become more conventional

8:30-9:00 am – Registration and Light Breakfast

9:00-9:10 am – Welcome and Introduction

  • Welcome Remarks: Jay Shambaugh (IIEP, GWU) and Randy S. Rodgers (Bretton Woods)

9:10-10:25 am – Panel 1: What is the Value Proposition (Benefits and Risks?)

  • Edan Yago (CEO, Epiphyte)
  • Eric Piscini (Principal, Deloitte)
  • Ian Greenstreet (Chairman, Infinity Capital Partners)
  • Mark T. Williams (Professor, Boston University)
  • and Jerry Brito (Executive Director, Coin Center)
  • Moderator: Paul Vigna (Wall Street Journal and co-author, The Age of Cryptocurrency)

10:25 – 10:40 am – Coffee Break

10:40-12:00 pm – Panel 2: Rules of the Road – Regulatory Implications

  • Jennifer Shasky-Calvery (Director, Financial Crimes Enforcement Network, U.S. Treasury)
  • John Beccia (General Counsel and CCO, Circle Internet Financial)
  • Jason Weinstein (Partner, Steptoe & Johnson)
  • Carol Van Cleef (Partner, Mannat, Phelps & Phillips)
  • David C. Mills (Assistant Director, Reserve Bank Operations and Payment Systems Division, U.S. Federal Reserve Board)
  • Moderator: Michael Casey (Wall Street Journal and co-author, The Age of Cryptocurrency)

For more information, please contact Kyle Renner at or 202-994-5320.

Cosponsored by:

The I Theory of Money

Markus Brunnermeier

Princeton University

Thursday, April 9, 2015

3:00 to 4:30pm

Elliott School of International Affairs
Room 505
1957 E Street NW
Washington, DC 20052

Markus Brunnermeier is the Professor of Economics at Princeton University and Director of the Bendheim Center for Finance, also serving on several advisory groups including the IMF, the New York Federal Reserve, and the European Systemic Risk Board. He will join us to discuss “The I Theory of Money“: a project assessing the efficacy of an accommodative monetary policy on Fisher deflations and downturns for financial intermediaries. In particular, it can mitigate destabilizing adverse effects. Professor Brunnermeier will also focus on interest rate cuts and the moral hazard they can create. More generally, Brunnermeier researches financial markets, bubbles, liquidity, and monetary price stability, using models to incorporate friction and behavioral elements of global markets.

The Surprisingly Swift Decline of U.S. Manufacturing Employment

Justin R. Pierce

Economist, Federal Reserve Board

Tuesday, February 12, 2013

12:30 to 2:00pm


John W. Kendrick Seminar Room
Room 321 at 2115 G Street NW
Washington, DC 20052

We examine the link between the sharp drop in U.S. manufacturing employment after 2001 and the elimination of trade policy uncertainty resulting from the U.S. granting of permanent normal trade relations to China in late 2000. We find that industries where the threat of tariff hikes declines the most experience greater employment loss due to suppressed job creation, exaggerated job destruction and a substitution away from low-skill workers. We show that these policy-related employment losses coincide with a relative acceleration of U.S. imports from China, the number of U.S. firms importing form China, the number of Chinese firms exporting to the U.S. and the number of U.S.-China importer-exporter pairs.


The paper can be found here.

Advances in Behavioral Finance

Organized by
The Institute for International Economic Policy
The International Monetary Fund Institute

This will be an all day conference

Keynote speaker: Prof. George Akerlof (UC-Berkeley and IMF)

Thursday, May 26, 2011

Elliott School of International Affairs
City View Room 7th Floor
1957 E Street NW
Washington, DC 20052

8:15 a.m.-8:45 a.m. Breakfast

8:45 a.m.-9:00 a.m. Opening Remarks IIEP Director Stephen C. Smith and IMF Institute Deputy Director Eric Clifton

9:00 a.m.-10:30 a.m. Session 1
Prof. William Goetzmann (Yale University)“The First Stock Market Bubble (and Crash!)”
Prof. Robert Stambaugh (University of Pennsylvania): “The Short of It: Investor Sentiment and Anomalies”

10:30 a.m.-10:50 a.m. Coffee Break

10:50 a.m.-12:20 p.m. Session 2
Prof. Avanidhar Subrahmanyam (UCLA): “Funding Constraints and Market Efficiency”
Prof. Russ Wermers (University of Maryland)“Seasonal Asset Allocation: Evidence from Mutual Fund Flows”

12:20 p.m.-1:30 p.m. Lunch Break

1:30 p.m.-3:00 p.m. Session 3
Prof. Robert Bloomfield (Cornell University)“The Synthetic Economy Research Environment (SERE): A Platform for Experiments in Policy and Practice”
Prof. Bill Zame (UCLA): “Ambiguity and Asset Pricing: Learning from the Knowledge of Others” – Paper 1 and Paper 2

3:00 p.m.-3:20 p.m. Coffee Break

3:20 p.m.-4:50 p.m. Session 4
Prof. Valery Polkovnichenko (University of Texas at Dallas): “Probability Weighting Functions Implied in Options Prices”
Prof. Jeffrey Wurgler (NYU)“Dividends as Reference Points: A Behavioral Signaling Model”

4:50 p.m.-5:00 p.m. Coffee Break

5:00 p.m.-6:00 p.m. Keynote Address and Open Floor Discussion:
Prof. George Akerlof (UC-Berkeley and IMF): “Blind Faith: Misplaced Trust and Economic Crisis”


Organizing Commmittee:

Marco Cipriani, International Monetary Fund

Ana Fostel, George Washington University

Jorge Roldos, International Monetary Fund

Anna Scherbina, UC Davis and International Monetary Fund

Stephen C. Smith, George Washington University

Financial Regulation and Supervision: Lessons from the Crisis

The Institute for International Economic Policy, the National Center for Sustainable Development, and the Bertelsmann Foundation

International Monetary Fund

Conference videos coming soon.

Wednesday, May 26, 2010

8:15 a.m. – 5:30 p.m.

City View Room, 7th Floor
Elliott School of International Affairs
1957 E St., NW
Washington, D.C. 20052

Continental breakfast at 8:15 AM

8:45-9:00 AM: Welcome and Opening Remarks

Stephen C. Smith (Director, Institute for International Economic Policy, and Professor of Economics and International Affairs, GW)

9:00-10:00 AM: Session 1 – What Went Wrong: Market and Regulatory Failures

Prof. John Geanakoplos (Yale University)
Prof. Matthew Richardson (NYU)

10:00-10:15 AM: Coffee Break

10:15-11:15 PM: Session 1 (cont’d) – What Went Wrong: Market and Regulatory Failures

Prof. Ross Levine (Brown University)
Prof. Phillip Swagel (Georgetown University & former Assistant Secretary of the Treasury for Economic Policy

11:15-11:30 AM: Coffee Break

11:30AM-1:00 PM: Session 2 – The Regulation of Financial Institutions

Dr. Stijn Claessens (Research Department, IMF)
Prof. Douglas Gale (NYU)
Prof. Mark Flannery (University of Florida)

1:00-2:30 PM: Lunch Break

2:30-4:00 PM: Session 3 – The Regulation of Financial Markets

Dr. Laura Kodres (Research Department, IMF)
Prof. Neil Pearson (University of Illinois)
Prof. Erik Stafford (Harvard Business School)

4:00-4:15 PM: Coffee Break

4:15-5:00 PM: Keynote Address – The Regulatory Response to the Financial Crisis: An Early Assessment

Dr. Jeffrey Lacker – President, Federal Reserve Board of Richmond

5:00-5:30 PM: Open Floor Discussion

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