The C.V. Starr Center for Applied Economics Presents

Sixty Years Since Baumol-Tobin:
A Celebration

with additional support from
NYU Stern's Center for Global Economy and Business

On September 28th-29th 2012 The C.V. Starr Center for Applied Economics at New York University will host a conference to celebrate the 60th anniversary of the publication of William Baumol’s seminal paper The transactions demand for cash: an inventory theoretic approach.



Location:  NYU Stern School of Business,

Tisch Hall, 40 West 4th Street - Room  T201

Friday, September 28

   Lunch - Tisch Hall, Room - T201

1:00-1:30    Introductory remarks by Boyan Jovanovic (NYU) and William Baumol (NYU - Stern)

SESSION 1 (Room T201): Gianluca Violante (Chair)

1:30-2:45    Robert E. Lucas (University of Chicago) and Juan-Pablo Nicolini (Minneapolis Fed and Universidad Di Tella): "On the Stability of Money Demand"

2:45-3:00    Break -
Tisch Hall, Room - L101

3:00-4:15    Michael Dotsey (Federal Reserve Bank of Philadelphia) and Pablo Guerron-Quintana (Federal Reserve Bank of Philadelphia): "Interest Rates and Prices in a State Dependent Inventory Model of Money with Costly Credit"

4:30-5:45    Dean Corbae (University of Wisconsin at Madison) and Pablo D'Erasmo (University of Maryland) : "Capital Requirements in a Quantitative Model of Banking Industry Dynamics"

Conference Dinner (by invitation only) Aroma Kitchen and Wine Bar (5 mins walk from conference site, map here)

Saturday, September 29

SESSION 2 (Room T201): Francesco Lippi (Chair)

- Tisch Hall, Room - L101

9:30-10:45    Simona Cociuba (University of Western Ontario) and Ananth Ramanarayanan (
University of Western Ontario): "International Risk Sharing with Endogenously Segmented Asset Markets"

10:45-11:00  Break
- Tisch Hall, Room - L101

11:00-12:15    Hui Chen (MIT - Sloan), Michel Michaux (University  of Southern California - Marshall) and Nikolai Russanov (
University of Pennsylvania - Wharton): "Houses as ATMs? Mortgage Refinancing and Macroeconomic Uncertainty"

12:15-1:30   Lunch
- Kaufman Management Center, 44 West 4th Street -  Room M1-100

(Room T201): Fernando Alvarez (Chair)

1:30-2:45    Guido Menzio (University of Pennsylvania), Shouyong Shi (University of Toronto), and Hongfei Sun (Queen's University): "A Monetary Theory with Non-Degenerate Distributions"

2:45-3:00    Break
- Tisch Hall, Room - L101

3:00-4:15    Kenneth Burdett (University of Pennsylvania), Mei Dong (Bank of Canada), Ling Sung (Brock University), and Randall Wright (University of Wisconsin at Madison): "Marriage, Markets and Money: A Coasian Theory of Household Formation"

4:15-4:30    Break
- Tisch Hall, Room - L101

4:30-5:45    Shutao Cao (Bank of Canada), Cesaire Meh
(Bank of Canada),  Jose-Victor Rios-Rull (University of Minnesota), and Yaz Terajima (Bank of Canada): "Inflation, Demand for Liquidity, and Welfare"



The program committee is formed by Fernando Alvarez (University of Chicago), Francesco Lippi (University of Sassari and EIEF), and Gianluca Violante (New York University).



The conference is funded by the C.V. Starr Center for Applied Economics at New York University, with additional support from the Center for Global Economy and Business at New York University's Stern School of Business.