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Conference on Finance, Fluctuations, and Development

Cornell University, Federal Reserve Bank of Minneapolis,
and University of California, Los Angeles
September 30-October 1, 1994
Friday, September 30
Welcome and opening remarks: Art Rolnick
Session 1  
1:00 p.m. Chair: Ross Starr
  Costly Information Acquisition, Price Volatility, and Efficiency in Competitive Market Games” 
Matthew O. Jackson and James Peck
  Discussant: Thomas Holmes
  On the Volatility of Equity Prices
Joseph M. Ostroy and Simon M. Potter
  Discussant: William Brock
3:20 p.m. Break
Session 2  
3:40 p.m. Chair: Stefan Krasa
  "Market Games in the Overlapping Generations Model: Existence and Stationary Equilibria"
Aditya Goenka and Steven E. Spear
  Discussant: Russell Cooper
  "Financial Intermediation and Regime Switching in Business Cycles"
Costas Azariadis and Bruce Smith
  Discussant: Nobu Kiyotaki
6:00 p.m. Adjourn
6:15 p.m. Reception
7:15 p.m. Dinner
Saturday. October 1
8:30 a.m. Continental breakfast
Session 3  
9:00 a.m. Chair: Caroline Betts
  "Is Consumption Variability Across Households Consistent with Efficient Credit Allocation? A Preliminary Quantitative Study"
Soo Nam Oh and Edward Green
  Discussant: Rao Aiyagari
  "Finance and Development: A Factual Study"
Ricardo CavalcantiAndres Erosa, and Edward Prescott
  Discussant:  Ross Levine
11:20 a.m. Break
Session 4  
11:40 a.m. Chair: Scott Freeman
  "Inside Money, Outside Money and Short Term Interest Rates"
V. V. ChariLawrence J. Christiano, and Martin Eichenbaum
  Discussant: Christian Gilles
12:50 p.m. Lunch
2:00 p.m. "Sequential Markets and the Suboptimality of the Friedman Rule"
Stephen D. Williamson
  Discussant:  Anne Villamil
3:10 p.m. Break
3:30 p.m. Chair: Marcelo Veracierto
  "Monetary Steady States in a Low Real Interest Rate Economy"
James Bullard and Steve Russell
  Discussant:  Roger Farmer
  "On the Fluctuations Induced by Majority Voting"
Gregory W. Huffman
  Discussant: Roberto Chang
5:50 p.m. Adjourn
6:00 p.m. Reception
7:00 p.m. Dinner