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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