Multiple Equilibria and Financial Crises.

• Position: Conferences

An NBER conference, supported by New York University, the Federal Reserve Bank of San Francisco, the Barry Family Trust, and the University of California, Los Angeles, titled "Multiple Equilibria and Financial Crises" took place in San Francisco on May 14-15. Research Associates Roger Farmer of University of California, Los Angeles, and Jess Benhabib of New York University organized the meeting. These papers were discussed:

* Romain Ranciere, Paris School of Economics, and Aaron Tornell, University of California, Los Angeles, "Financial Liberalization, Debt Mismatch, Allocative Efficiency, and Growth"

* Edouard Schaal, New York University, and Mathieu Taschereau-Dumouchel, University of Pennsylvania, "Coordinating Business Cycles"

* Ricardo Lagos, New York University and NBER, and Shengxing Zhang, London School of Economics, "Monetary Exchange in Over-the-Counter Markets: A Theory of Speculative Bubbles, the Fed Model, and Self-Fulfilling Liquidity Crises"

* Mikhail Golosov, Princeton University and NBER, and Guido Menzio, University of Pennsylvania and NBER, "Agency Business Cycle"

* Dmitry Plotnikov, International Monetary Fund, "Hysteresis in Unemployment and Jobless Recoveries"

* Roger Farmer, "Global Sunspots and Asset Prices in a Monetary Economy" (NBER Working Paper No. 20831)

* Assaf Patir, Hebrew University of Jerusalem, "Synchronization and Bias in...