March 19, 2009
Vol. 28 No. 12

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    Experts to discuss alternative market models

    By William Harms
    News Office

    Experts on modeling financial markets will discuss implications for the current financial crisis and provide historical perspectives at a Thursday, March 19 workshop—“Liquidity, Solvency and Bubbles in Financial Markets”—sponsored by the Milton Friedman Institute for Research in Economics.

    There has been much public discussion on the importance of government provision of liquidity and of the financial solvency of some of the major participants in financial markets. Much has been made of financial market “bubbles’’ and their demise as an important contributor to the financial crises.

    “This workshop will explore alternative models of financial markets within the context of recent and historical events,’’ said Lars Hansen, the Homer J. Livingston Distinguished Service Professor in Economics and Statistics.

    A variety of papers will be presented and discussed, representing the best recent research on financial market modeling. One of the participants, Monika Piazzesi, Professor of Economics at Stanford University, is the second MFI Visiting Fellow, and she has been in residence during the week of Monday, March 16.

    Hansen is organizing the conference with John Heaton, the Joseph L. Gidwitz Professor of Finance at Chicago Booth. In addition to Piazzesi, speakers will include Kenneth Singleton, the Adams Distinguished Professor of Management, Graduate School of Business, Stanford University; Douglas Diamond, the Merton Miller Distinguished Service Professor at Chicago Booth; José Scheinkman, the Theodore A. Wells Professor of Economics, Princeton University; John Geanakoplos, the James Tobin Professor of Economics, Yale University; and Darrell Duffie, the Dean Witter Distinguished Professor of Finance, Graduate School of Business, Stanford University. The workshop, which begins at 9 a.m., will take place in Room C25 at Chicago Booth and is free and open to the campus community.

    On Wednesday, April 8, the Institute will present a workshop titled “Heterogeneity in Labor Markets.” For more information on the workshops, visit http://mfi.uchicago.edu.