Fourth Annual Conference

Finance, Inequality and Long-Run Growth

February 19, 2015

Are the rise in inequality, the rise of debt, the fall in real interest rate and recent slowdown in growth connected? What are the challenges for long-term economic growth? On February 19, leading academics working on these issues came together and discussed their findings with the Princeton University community, financial industry leaders and policy practitioners. Read a summary of the conference by clicking here.

Lawrence H. Summers, the Charles W. Eliot University Professor and President Emeritus at Harvard University, gave the keynote address "Reflections on Secular Stagnation." Dr. Summers served as the 71st Secretary of the Treasury for President Clinton and the Director of the National Economic Council for President Obama, and as Chief Economist of The World Bank.

Program

Wednesday, February 18, 2015

Opening Remarks
Arnaud Montebourg, former Minister of Economy of France

Welcome and Speaker Introduction
Markus Brunnermeier, Princeton University

Thursday, February 19, 2015

Welcome
Atif Mian, Princeton University

Session I

Chair:
Oleg Itskhoki, Princeton University

“Wealth Inequality in the U.S. Since 1913”
Gabriel Zucman, London School of Economics
(Paper | Slides | Video)

“The Dynamics of Inequality”
Benjamin Moll, Princeton University
(Paper | Slides | Video)

Discussant:
Fatih Guvenen, University of Minnesota

Session II 

Chair:
Wei Xiong, Princeton University

“Betting the House”
Òscar Jordà, Federal Reserve Bank of San Francisco
Discussant:
Michael Bordo, Rutgers University
(Paper | Slides | Video)

“Import Competition and the Great U.S. Employment Sag of the 2000s"
David Dorn, University of Zurich
Discussant:
Johannes Stroebel, New York University
(Paper |Slides | Video)

Session III

Chair:
Markus Brunnermeier, Princeton University

“A Model of Secular Stagnation”
Gauti Eggertsson, Brown University
Discussant:
Emi Nakamura, Columbia Business School
(Paper | Slides | Video)

"The Safety Trap"
Emmanuel Farhi, Harvard University
Discussant:
Jesus Fernandez-Villaverde, University of Pennsylvania
(Paper | Slides | Video)

Keynote Address

"Reflections on Secular Stagnation"
Lawrence H. Summers, Charles W. Eliot University Professor and President Emeritus at Harvard University
(Speech | Slides | Video)

Keynote Speaker

Lawrence H. SummersLawrence H. Summers
Harvard University