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Finance Research Seminars supported by Unigestion

The Swiss Finance Institute at EPFL and the University of Lausanne organize joint research seminars in finance. The seminars attract speakers from academic institutions around the world and cover a variety of topics of interest to both academics and research-oriented professionals.

Unigestion, an independent asset manager, is pleased to support this series of seminars. By encouraging academic research, the firm's aim is to foster innovation in the financial industry.

Information on the seminars is sent regularly via our mailing-list. Do not hesitate subscribe to our mailing-list if you would like to be informed about future seminars.

The seminars usually take place on Fridays from 10:30 am to 12:00 pm in room 126 at Extranef on the campus of the University of Lausanne. Please visit planete.unil.ch/plan for directions

 

A Macroeconomic Model with Financially Constrained Producers and Intermediaries

Stijn VAN NIEUWERBURGH (New York University, Stern School of Business)

May 19, 2017  -  10:30-12:00, room Extranef 126

We propose a model that can simultaneously capture the sharp and persistent drop in macro-economic aggregates and the sharp change in credit spreads observed in the U.S. during the Great Recession. We use the model to evaluate the quantitative effects of macro-prudential policy. The model features borrower-entrepreneurs who produce output financed with long-term debt issued by financial intermediaries and their own equity. Intermediaries fund these loans combining deposits and their own equity. Savers provide funding to banks and to the government. Both entrepreneurs and intermediaries make optimal default decisions. The government issues debt to finance budget defficits and to pay for bank bailouts. Intermediaries are subject to a regulatory capital constraint. Financial recessions, triggered by low aggregate and dispersed idiosyncratic productivity shocks result in financial crises with elevated loan defaults and occasional intermediary insolvencies. Output, balance sheet, and price reactions are substantially more severe and persistent than in non-financial recession. Policies that limit intermediary leverage redistribute wealth from producers to intermediaries and savers. The benefits of lower intermediary leverage for financial and macro-economic stability are offset by the costs from more constrained firms who produce less output.

List of next sessions

September 8, 2017 Stefan NAGEL (University of Chicago, Booth School of Business)
10:30-12:00, room Extranef 126

click here [↓] to go to the attached pdf
September 22, 2017 Ashwini AGRAWAL (London School of Economics)
10:30-12:00, room Extranef 126

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September 29, 2017 Christopher HENNESSY (London Business School)
10:30-12:00, room Extranef 126

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October 6, 2017 Lu ZHANG (The Ohio State University, Fisher College of Business)
10:30-12:00, room Extranef 126

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October 27, 2017 Francesca CORNELLI (London Business School)
10:30-12:00, room Extranef 126

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November 10, 2017 Jessica JEFFERS (University of Pennsylvania, The Wharton School)
10:30-12:00, room Extranef 126

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November 17, 2017 Gerard HOBERG (University of Southern California, Marshall School of Business)
10:30-12:00, room Extranef 126

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January 12, 2018 Benjamin HEBERT (Stanford University, Graduate School of Business)
10:30-12:00, room Extranef 126

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March 2, 2018 Michael SCHWERT (The Ohio State University, Fisher College of Business)
10:30-12:00, room Extranef 126

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March 16, 2018 Amiyatosh PURNANANDA (University of Michigan, Ross School of Business)
10:30-12:00, room Extranef 126

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April 20, 2018 Igor MAKAROV (London School of Economics)
10:30-12:00, room Extranef 126

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April 27, 2018 Nadya MALENKO (Boston College, Carroll School of Management)
10:30-12:00, room Extranef 126

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May 18, 2018 Frederico BELO (University of Minnesota, Carlson School of Management)
10:30-12:00, room Extranef 126

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May 25, 2018 Andrew ABEL (University of Pennsylvania, The Wharton School)
10:30-12:00, room Extranef 126

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June 1er, 2018 Monika PIAZZESI (Stanford University, Department of Economics)
10:30-12:00, room Extranef 126

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