11th Annual Conference on General Equilibrium and its Applications and A Celebration of Donald Brown

April 24 - 26, 2015

Friday: School of Management, 165 Whitney Ave., Room 4410
Saturday & Sunday: The Watson Center, 60 Sachem St., Room A74

Organizers: Alessandro Citanna, John Geanakoplos, Ana Fostel, Felix Kubler, Matteo Maggiori, Herakles Polemarchakis, Paolo Siconolfi

*Speaker, when more than one author listed

8:30 Registration & Breakfast
9:30 *Anat Bracha (Federal Reserve Bank of Boston) and Stephan Meier (Columbia University), “Nudging Credit Scores in the Field: The Effect of Text Reminders on Creditworthiness in the United States
10:20 Ali Khan (Johns Hopkins University), “Large Exchange Economies: A Personal Retrospective on Fifty-Five Years of Research” (Background material, with Nobusumi Sagara and Takashi Suzuki)
11:10 Coffee Break
11:40 *Caterina Calsamiglia (Universitat Autònoma de Barcelona), Donald Brown (Yale University), and Oliver Bunn (National Bureau of Economic Research), “Testing Fictive Learning in Decision-Making under Uncertainty
12:30 Lunch
2:00 *Rahul Deb (University of Toronto & Yale University), Yuichi Kitamura (Yale University), John Quah (Oxford University), and Jörg Stoye (Cornell University), “Revealed Price Preference” [abstract]
2:50 Chris Shannon (University of California, Berkeley), “Robust and Random Rationalizability” [abstract]
3:40 Coffee Break
4:10 Johannes Brumm, *Dominika Kryczka, and *Felix Kubler (University of Zurich), “Recursive Equilibria in Dynamic Economies with Stochastic Production
6:30 Dinner – John Davenport’s Restaurant at the Omni Hotel
8:30 Breakfast
9:30 Mikhail Golosov (Princeton University) and *Luigi Iovino (Università L. Bocconi), “Social Insurance, Information Revelation and Lack of Commitment”
10:20 *Tai-Wei Hu (Kellogg MEDS, Northwestern University), Zachary Bethune (University of California-Santa Barbara), and Guillaume Rocheteau (University of California-Irvine), “Dynamic Indeterminacy and Welfare in Credit Economies
11:10 Coffee Break
11:40 Patrick Kehoe (Federal Reserve Bank of Minneapolis), Virgiliu Midrigan (NYU), and *Elena Pastorino (University of Minnesota), “Debt Constraints and Employment”
12:30 Lunch
2:00 *Miguel de Faria e Castro, Joseba Martinez, and Thomas Philippon (NYU), “Runs versus Lemons: Information Disclosure, Fiscal Capacity and Financial Stability
2:50 Nataliya Klimenko, *Jean-Charles Rochet (University of Zurich), and Sebastian Pfeil (Goethe University), “Bank Capital and Aggregate Credit
3:40 Coffee Break
4:10 Vadim Elenev, *Tim Landvoight (University of Texas, Austin), and Stijn Van Nieuwerburgh (NYU Stern), “Phasing Out the GSEs” [slides]
6:30 Dinner – Union League Café
8:30 Breakfast
9:30 Nicolae Gârleanu (University of California-Berkeley) and *Lasse Heje Pedersen (NYU Stern), “Efficiently Inefficient Markets for Assets and Asset Management
10:20 Michael Sockin (Princeton University), “Not so Great Expectations: A Model of Growth and Informational Frictions
11:10 Coffee Break
11:40 David M. Arseneau, *David E. Rappoport, and Alexandros Vardoulakis (Federal Reserve System), “Secondary Market Liquidity and the Optimal Capital Structure
12:30 Lunch
2:00 Eduardo Davila (NYU Stern), “Using Elasticities to Derive Optimal Bankruptcy Exemptions
2:50 Coffee Break
3:10 *Gregory Phelan (Williams College) and Alexis Akira Toda (University of California-San Diego), “Securitization, Leverage, Tranching and International Capital Flows


Beth Allen (University of Minnesota)
Robert Anderson (University of California-Berkeley)
David Arseneau (Federal Reserve Board System)
Jinhui Bai (Washington State University)
Pablo Beker (University of Warwick)
Dirk Bergemann (Yale University)
Zachary Bethune (University of California-Santa Barbara)
Gaetano Bloise (Yeshiva University)
Anat Bracha (Federal Reserve Bank of Boston)
William C. Brainard (Yale University)
Donald Brown (Yale University)
Caterina Calsamiglia (Universitat Autonoma de Barcelona)
Jose Carrasco (University of Wisconsin-Madison)
Miguel Castro (NYU)
Alessandro Citanna (Yeshiva University)
Matt Darst (George Washington University)
Eduardo Davila (NYU Stern)
Rahul Deb (University of Toronto & Yale University)
Eric Denardo (Yale University)
Ana Fostel (George Washington University)
John Geanakopolos (Yale University)
Peter Hammond (University of Warwick)
Tai-Wei Hu (Northwestern University)
Luigi Iovino (Università L. Bocconi)
Patrick Kehoe (University of Minnesota)
Ali Khan (Johns Hopkins University)
Alvin Klevorick (Yale University)
Nataliya Klimenko (University of Zurich)
Nikolaos Kokonas (University of Bath)
Dominika Kryczka (University of Zurich)
Felix Kubler (University of Zurich)
Tim Landvoight (University of Texas-Austin)
Alex Lee (University of Southern California)
Lucinda Lewis (Competition Economics)
Richard Levin (Yale University)
Mark Loewenstein (University of Maryland)
Matteo Maggiori (Harvard University)
Michael Magill (University of Southern California)
Joseba Martinez (NYU)
Filipe Martins-da-Rocha (FGV & CNRS)
Guangyu Nie (Georgetown University)
Roberto Pancrazi (University of Warwick)
Cecilia Parlatore (NYU)
Elena Pastorino (University of Minnesota)
Lasse Heje Pedersen (NYU Stern)
Gregory Phelan (Williams College)
Herakles Polemarchakis (University of Warwick)
Martine Quinzii (University of California-Davis)
David Rappoport (Federal Reserve Board)
Ehraz Refayet (George Washington University)
Robert Reynolds (Brattle Group)
Roberto Robatto (University Wisconsin-Madison)
Jean-Charles Rochet (University of Zurich)
Larry Samuelson (Yale University)
Herbert E. Scarf (Yale University)
Chris Shannon (University of California-Berkeley)
Paolo Siconolfi (Columbia University)
Michael Sockin (Princeton University)
Mario Tirelli (Università degli Studi Roma Tre)
Alexis Akira Toda (University of California-San Diego)
Dimitrios Tsomocos (University of Oxford-Said Business School)
Yiannis Vailakis (University of Glasgow)
Alexandros P. Vardoulakis (Federal Reserve Board System)
Dimitri Vayanos (LSE)
Kieran Walsh (University of Virginia)
Adam Zawadowski (Boston University)

Conference Frequently Asked Questions

Yale provides visitors two Wi-Fi network options:

  • YaleGuest
  • Eduroam

YaleGuest is a public, insecure wireless network available for anyone’s use, but has limited network access. Due to security reasons, certain programs and functionality may not be accessible via the YaleGuest network, e.g., Dropbox, Skype, and Box.  

If possible, we recommended you use the Eduroam wireless network.  Eduroam (education roaming) is a secure, world-wide roaming access service that allows students, researchers and staff from participating institutions to obtain Internet connectivity across campuses when visiting other participating institutions.

If your institution is a partneraccess the Eduroam network by selecting Eduroam from the Wi-Fi list on your mobile device and sign-in using your home institution’s credentials*. View Eduroam’s complete listing of U.S. participating schools; International visitors can look for institutional listings on this country page.

For additional details, please contact your institution’s IT department or search your institution’s support page.

*Credential format is typically ID@UniversityName.edu, e.g., YaleNetID@yale.edu or SUNetID@win.stanford.edu

The conference will be held at the Yale School of Management (SOM), Evans Hall located at 165 Whitney Ave and is about a 20 minute walk from the Blake Hotel. The easiest route to SOM from the Blake Hotel is to go south-east on George Street and turn left on Temple St. Temaple will merge into Whitney Avenue. SOM will be on the right side of the street across from the Peabody Museum (see map below).

The conference will be held at the Yale School of Management (SOM), Evans Hall located at 165 Whitney Ave and is about a 15 minute walk from the Omni Hotel. The easiest route to SOM from the Omni Hotel is to go north on Temple St. which merges into Whitney Avenue. SOM will be on the right side of the street across from the Peabody Museum (see map below).

For travel expense reimbursement for the 2020 Cowles GE Conference, please send the following items by Friday, July 31, 2020.

For travel expense reimbursement for the 2020 Cowles Summer Conferences, please send the following items by Friday, September 11, 2020.


  • Complete the appropriate online conference travel reimbursement form (These online forms allow you to upload any/all relevant forms and receipts which will be bundled together as one document):
  • Please upload any/all receipts for airfare (economy only)/rail and ground transportation. Receipts must be itemized and show proof of payment (i.e., if paid by credit card the receipt should show the last 4 digits of the credit card).

Note, vouchers for previously canceled or unrelated travel cannot be reimbursed if used to pay for any Cowles related travel.





Email or send original receipts, completed travel reimbursement form, and applicable international forms to:

Darlene Smith
Event & Visitor Assistant Administrator
Cowles Foundation at Yale University
30 Hillhouse Avenue
P.O. Box 208281
New Haven, CT 06520

Email questions to Darlene Smith


The conference sessions are held on the second floor in Evans Hall at the Yale School of Management. Restrooms can be found on the perimeter of the building along the sides and back of the building.

Click to enlarge

The Cowles Foundation is located in the heart of Yale’s campus at 30 Hillhouse Avenue.  Use the Yale online campus map to help find your way around.

If you need assistance with an Omni Hotel room reservation, please contact Alyson Perri, Convention Services Manager, Omni Hotels.

In cases of emergency, contact the appropriate department listed below:

You can also report a crime or send an anonymous text tip through our Bulldog Mobile (LiveSafe) app. (To register for Bulldog Mobile please visit the Yale LiveSafe page)

For addtional emergency information, visit the Yale Emergency Management website.

Yes, a shuttle bus will be arranged to drive between the hotel and conference location. Typically, an announcement will be sent out from Darlene Smith the day before with additional information.