Festschrift Symposium

honoring Andy Abel


October 14-15, 2022




Select guests attended a Festschrift Symposium in honor of Professor Andy Abel who will celebrate his 70th birthday in 2022.  Over his extraordinary career Andy has made many seminal contributions to the theory of investment, asset pricing and our understanding of social security.

The Symposium took place at the Wharton School over two half-days and featured presentations of invited research articles, and dinner. (View the  full program and presentations below.)


Friday, October 14, 2022

12 noon

Lunch  (JMHH 2nd Floor Lounge)

1:00 pm

Session One (JMHH 240)

A p Theory of Taxes, Government Debt, and Inflation  (Click here for slides.)
Tom Sargent, Professor of Economics, New York University
                        Senior Fellow, Hoover Institution


Taxes Depress Corporate Borrowing: Evidence from Private Firms  (Click here for slides.)
Toni  Whited, the Dale L. Dykema Professor of Business
                         Administration,  University of Michigan


3:00 pm

Session Two (JMHH 240)

Leverage and Recessions  (Click here for slides.)
Dick StartzProfessor of Economics, University of California at  
                        Santa Barbara

Spatial Unit Roots  (Click here for slides.)
Mark Watson, Howard Harrison and Gabrielle Snyder Beck
                         Professor of Economics, Princeton University

5:30 pm

Cocktail Reception and Dinner  (JMHH 8th Floor)

The evening will commence with comments by Andy Abel and feature tributes from:

  • Olivier Blanchard, the C. Fred Bergsten Senior Fellow at the Peterson Institute for International Economics and the Robert M. Solow Professor of Economics Emeritus at the Massachusetts Institute of Technology
  • Larry Summers, 71st United States Secretary of the Treasury;  President Emeritus of Harvard University; Professor and Director of the Mossavar-Rahmani Center for Business and Government, Harvard University

Saturday, October 15, 2022

8:30 am

Continental Breakfast  (JMHH 8th Floor)

9:00 am

Session Three  (JMHH 8th Floor)

Sustainable Spending and Portfolio Choice  (Click here for slides.)
John Campbell,  Morton L. and Carole S. Olshan
                        Professor of Economics, Harvard University

Can Financial Engineering Cure Cancer?  (Click here for slides.)
Andrew Lo,  The Charles E. and Susan T. Harris
                        Professor, MIT Sloan School of Management

11:00  am

Session Four (JMHH 8th Floor)

Runaway Inflation Resulting from Lagged Central-Bank Policy Responses (Click here for slides.)
Bob Hall, Robert and Carole McNeil Joint Senior Fellow, Hoover
                        Institution, Stanford University and Professor, Stanford Economics

Funding Horizons, Interest Rates, and Growth  (Click here for slides.)
Nobuhiro Kiyotaki, Harold Helms ’20 Professor of Economics
                         Princeton University

12:30 pm

Concluding Comments by Andy Abel   (Video)
Lunch   (JMHH 8th Floor)

Organizing Committee

Janice Eberly (Northwestern University)
Joao Gomes (University of Pennsylvania)
Nobuhiro Kiyotaki (Princeton University)
Andrew Lo (Massachusetts Institute of Technology)
Stavros Panageas (University of California – Los Angeles)