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WCWIF 2015


West Coast Workshop on International Finance and Open Economy Macroeconomics

October 2, 2015.

Engineering 2 (E2) Building, Simularium, Room 180 [map] , UC Santa Cruz


Prof. Helen Popper, Department of Economics, SCU
Prof. Michael Hutchison, Department of Economics, UCSC
Prof. Carl Walsh, Department of Economics, UCSC

Marianne Farag
Administrative Assistant
Department of Economics
Santa Clara University
Email SCU (408) 554-4341




9:00 - 9:25 Coffee and Rolls

Welcome by Michael Hutchison, Helen Popper, Carl Walsh


  Session 1: Implications of Currency Ties, Chair: Helen Popper, SCU
9:30 - 10:15 “Bailouts and Sovereign Defaults in a Monetary Union”
  Pierre-Olivier Gourinchas, UCB
Discussant: Menzie Chinn, U of Wisconsin, Madison
10:15 - 11:00 Currency Unions and Trade: A Post-EMU Mea Culpa
  Andrew Rose, UCB
Reuven Glick, FRBSF
Discussant: Thuy Lan Nguyen, SCU

11:00 - 11:30 Break

  Session 2: Default Risk, Chair: Carl Walsh, UCSC
11:30-12:15 Debt Overhang and Rollover
  Michal Szkup, UBC
Discussant: Pablo Kurlat, Stanford University
12:15 - 1:00 Envelope Condition Method with an Application to Default Risk Models
  Cristina Arellano, FRBM
Lilia Maliar, Stanford
Serguei Maliar, SCU
Viktor Tsyrennikov, Cornell
Discussant Grace Gu, UCSC

1:00 - 2:00 Lunch

  Session 3: Trade and Business Cycles, Chair, Fernanda Nechio, FRBSF
2:00-2:45 The Distributional Consequences of Large Devaluations
  Javier Cravino, U. Michigan
Andrei Levchenko, U. Michigan
Discussant: Yu-chin Chen, University of Washington
2:45 - 3:30 Chinese Outwards Mercantilism-The Art and Practice of Bundling,
  Joshua Aizenman, USC
Yothin Jinjarak, Victoria Business School
Huanhuan Zheng, Chinese University of Hong Kong
Discussant Antonio Rodriguez-Lopez, UC Irvine

3:30 - 4:00 Break

  Panel Discussion: The Future of International Finance, Chair, Michael Hutchison, UCSC
4:00-6:00 "Reflections on 40 Years in International Finance as Guide to New Developments in the Field",
  Michael Dooley, UCSC
Discussant Panel: James Boughton (CIGI), Robert Flood, Notre Dame
Hali Edison, IMF
Aris Protopapadakis, USC

6:15 - 9:30 Reception and Dinner, UCSC University Center

Informal Comments and Reflections by Participants of the Workshop and Members of the UCSC Department of Economics on the Occasion of Michael Dooley’s Retirement

The organizers, Michael Hutchison and Carl Walsh (UCSC) and Helen Popper (SCU), thank the Leavey School of Business at Santa Clara University, UCSC Economics Department Dean’s Office, USC Dockson Chair in Economics and International Relations, the Walsh Family Foundation, and the Federal Reserve Bank of San Francisco for supporting this workshop.