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Recent Developments in Consumer Credit & Payments

September 29-30, 2005

Program

Thursday, September 29

4:30-5:00 PM

Registration

5:00-6:00

Conference Introduction

 

Anthony M. Santomero, President,
Federal Reserve Bank of Philadelphia

 

Opening Address:

 

Economic Research and the Role of the Federal Reserve in Payments
Abstract
Gary Stern, President,
Federal Reserve Bank of Minneapolis

6:00-7:45

Reception

Friday, September 30

8:00-8:45 AM

Continental Breakfast

8:45-9:00

Introductory Remarks

 

Loretta J. Mester, Senior Vice President & Director of Research, Federal Reserve Bank of Philadelphia

9:00-10:30

Session I

 

How Well Do Consumers Forecast their Future Borrowing?
Abstract
Paper

 

Sumit Agarwal, Bank of America
Souphala Chomsisengphet, Office of the Comptroller of the Currency
Chunlin Liu, University of Nevada , Reno
Nicholas Souleles*, University of Pennsylvania

 

Discussant: John V. Leahy, New York University
Presentation

 

Accounting for the Rise in Consumer Bankruptcies
Abstract
Paper
Presentation

 

Igor Livshits*, University of Western Ontario
James MacGee, University of Western Ontario
Michele Tertilt, Stanford University

 

Discussant: Satyajit Chatterjee, Federal Reserve Bank of Philadelphia
Presentation

10:30-11:00

Break

11:00-12:30

Session II

 

Predatory Lending in a Rational World
Abstract
Paper
Presentation

 

Philip Bond, University of Pennsylvania
David Musto, University of Pennsylvania
Bilge Yilmaz* University of Pennsylvania

 

Discussant: Andrew Winton, University of Minnesota
Presentation

 

Credit Registries, Relationship Banking and Loan Repayment
Abstract
Paper
Presentation

 

Martin Brown*, Swiss National Bank
Christian Zehnder, University of Zurich
Presentation

 

Discussant: Paul S. Calem, Loan Performance
Presentation

12:30-1:45 PM

Lunch

1:45-2:30 PM

Session III

 

Observing Unobservables: Identifying Information Asymmetries with a Consumer Credit Field Experiment
Abstract
Paper
Presentation

 

Dean Karlan, Yale University
Jonathan Zinman*, Dartmouth College

 

Discussant: Pierre-Andre Chiappori, Columbia University

2:30-2:45

Break

2:45-3:30

Session IV

 

Skewed Pricing in Two-Sided Markets: An IO Approach
Abstract
Paper
Presentation

 

Wilko Bolt, De Nederlandsche Bank
Alexander F. Tieman*, International Monetary Fund

 

Discussant: Rafael Rob, University of Pennsylvania
Presentation

3:30-3:45

Break

3:45-4:30

Session V

 

The Welfare Consequences of ATM Surcharges:
Evidence from a Structural Entry Model

Abstract
Paper
Presentation

 

Gautam Gowrisankaran*, Washington University in St. Louis
John Krainer, Federal Reserve Bank of San Francisco

 

Discussant: James McAndrews, Federal Reserve Bank of New York
Presentation

4:30-4:45

Concluding Remarks

 

Peter Burns, Vice President & Director, Payment Cards Center, Federal Reserve Bank of Philadelphia

4:45

Adjourn

* Presenting

 

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