Program
Monday, August 23rd
15:00-15:05 Opening remarks
15:05-15:45 Keynote presentation: Darrell Duffie (Stanford University) "How much central bank money does it now take to run the financial system?"
From work with Adam Copeland and David Yilin Yang
15:45-15:50 Break
15:50-16:30 Keynote presentation: Imène Rahmouni-Rousseau (European Central Bank) "Money markets at the crossroads"
16:30-16:35 Break
16:35-17:35 Panel on “Future of Money Markets”
Daniela Gabor (UWE Bristol)
Bill Nelson (Bank Policy Institute)
Zoltan Pozsar (Credit Suisse)
Jaana Sulin (Nordea)
Moderator: Izabella Kaminska (Financial Times)
Session: Money Market Pricing
17:40-18:20 "Safe Asset Carry Trade"
Benedikt Ballensiefen (University of St. Gallen) and Angelo Ranaldo (University of St. Gallen)
Discussant: Moritz Lenel (Princeton University)
18:20-19:00 "Monetary Policy Transmission in Segmented Markets"
Jens Eisenschmidt (European Central Bank), Yiming Ma (Columbia Business School) and Anthony Lee Zhang (Chicago Booth)
Discussant: Wenhao Li (USC Marshall)
19:00-19:20 Breakout rooms
Tuesday, August 24th
15:00-15:05 Opening remarks
15:05-15:45 Keynote presentation: Hyun Song Shin (Bank for International Settlements) "Non-bank financial intermediaries and the post-crisis landscape"
15:45-15:50 Break
15:50-16:30 Keynote presentation: Monika Piazzesi (Stanford University) "How unconventional is green monetary policy?"
16:30-16:35 Break
16:35-17:35 Panel on “Lender of Last Resort”
Perry Mehrling (Boston University)
Simon Potter (Millennium)
George Selgin (Cato Institute)
Moderator: Izabella Kaminska (Financial Times)
Session: Monetary Policy Implementation
17:40-18:20 "Monetary Policy Implementation with an Ample Supply of Reserve"
Gara Afonso (Federal Reserve Bank of New York), Kyungmin Kim (Federal Reserve Board), Antoine Martin (Federal Reserve Bank of New York), Ed Nosal (Federal Reserve Bank of Atlanta), Simon Potter (Peterson Institute for International Economics) and Sam Schulhofer-Wohl (Federal Reserve Bank of Chicago)
Discussant: Stephen Williamson (University of Western Ontario)
18:20-19:00 "The Reserve Supply Channel of Unconventional Monetary Policy"
William Diamond (Wharton), Zhengyang Jiang (Northwestern Kellogg) and Yiming Ma (Columbia Business School)
Discussant: Sebastian Infante (Federal Reserve Board)
19:00-19:20 Breakout rooms
Wednesday, August 25th
Session: Lender of Last Resort
15:00-15:40 "Designing a Crisis Liquidity Facility with Nonbank Counterparties: Lessons from the Term Asset-Backed Securities Loan Facility"
Daniel M. Covitz (Federal Reserve Board), Ralf R Meisenzahl (Federal Reserve Bank of Chicago) and Karen M. Pence (Federal Reserve Boars)
Discussant: Jean-David Sigaux (ECB)
15:40-16:20 "Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Mutual Fund Runs"
Johannes Breckenfelder (ECB), Niklas Grimm (ECB) and Marie Hoerova (ECB and CEPR)
Discussant: Kairong Xiao (Columbia Business School)
16:20-17:00 "Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort"
Martina Jasova (Columbia University), Luc Laeven (European Central Bank and CEPR), Caterina Mendicino (European Central Bank), José-Luis Peydró (Imperial College London) and Dominik Supera (Wharton)
Discussant: Kjell Nyborg (University of Zurich)
17:00-17:20 Breakout rooms
Session: Money Market Fragility
17:20-18:00 "Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds"
Lei Li (Federal Reserve Board), Yi Li (Federal Reserve Board), Marco Macchiavelli (Federal Reserve Board) and Xing (Alex) Zhou (Federal Reserve Board)
Discussant: Guillaume Vuillemey (HEC)
18:00-18:40 "Safe Assets and Financial Fragility: Theory and Evidence"
Toni Ahnert (Bank of Canada and CEPR) and Marco Macchiavelli (Federal Reserve Board)
Discussant: David Andolfatto (Federal Reserve Bank)
18.40-19.00 Breakout rooms