Last Updated:
7/18/2014
Summer Workshop on Money, Banking, Payments and Finance
The economic research department of the Federal Reserve Bank of Chicago hosted a summer workshop on money, banking, payments and finance. This workshop brought together experts from academia and policy institutions around the world to discuss recent developments in the field. The goal of the conference is to provide a frank and critical assessment of all papers presented and to take stock of where we are and where we should be heading.
Monday, 08/11/14
10:00 AM
Session 1: Monetary Policy when the Distribution of Money Holdings Is Nondegenerate
Leo Ferraris, Università di Roma
Fabrizio Mattesini, Università di Roma
11:00 AM
Session 2: Optimal Monetary Policy with Heterogeneous Agents
Paola Boel, Sveriges Riksbank
Christopher Waller, University of Notre Dame
12:00 PM
Break
12:30 PM
Lunch Session 1: Liquidity Competition: A Trade-Off between Posting and Auctions
Benoit Julien, University of New South Wales
John Kennes, Aarhus University
Irena Schein, Aarhus University
1:00 PM
Lunch Session 2: Liquidity, Monetary Policy and Unemployment
Mei Dong, University of Melbourne
Xiaolin (Sylvia) Xiao, University of Technology, Sydney
1:30 PM
Break
2:15 PM
Session 3: Dynamic Markets for Lemons: Performance, Liquidity and Policy Intervention
Diego Moreno, Universidad Carlos III de Madrid
John Wooders, University of Technology, Sydney
3:15 PM
Session 4: Heterogeneity in Decentralized Asset Markets
Julien Hugonnier, Swiss Finance Institute and Ecole Polytechnique
Benjamin Lester, Federal Reserve Bank of Philadelphia
Pierre-Olivier Weill, University of California, Los Angeles and National Bureau of Economic Research
4:15 PM
Break
4:30 PM
Session 5: Semi-Directed Search and Monetary Exchange
Zach Bethune, University of California, Santa Barbara
Michael Choi, University of Iowa
Randy Wright, University of Wisconsin
5:30 PM
Dismissal for Day
Tuesday, 08/12/14
10:00 AM
Session 1: On the Essentiality of Electronic Money
Jonathan Chiu, Bank of Canada
Tsz-Nga Wong, Bank of Canada
11:00 AM
Session 2: Dynamic Indeterminacy in Credit Economies
Zach Bethune, University of California, Santa Barbara
Tai-Wei Hu, Northwestern University
Guillaume Rocheteau, University of California, Irvine
12:00 PM
Break
12:30 PM
Lunch Session 1: Adverse Selection, Search and Information Acquisition
Feng Dong, Shanghai Jiao Tong University
1:00 PM
Lunch Session 2: Comments on the Wallace’s Conjecture
Ricardo Cavalcanti, Fundação Getulio Vargas/Escola de Pós-Graduação em Economia (FGV/EPGE)
Paulo Monteiro, Fundação Getulio Vargas/Escola de Pós-Graduação em Economia (FGV/EPGE)
1:30 PM
Break
2:15 PM
Session 3: Collateral Risk, Repo Rollover and Shadow Banking
Shengxing Zhang, New York University
3:15 PM
Session 4: Optimal Monetary Policy in an Economy Where Money and Credit Are Essential
Luis Araujo, Michigan State University and Sao Paulo School of Economics
Tai-Wei Hu, Northwestern University
4:15 PM
Break
4:30 PM
Session 5: Financial Network, Market Liquidity and Systemic Risk – A Dynamic Model
Hong Chen, Shanghai Advanced Institute of Finance
Tan Wang, University of British Columbia
David D Yao, Columbia University
5:30 PM
Dismissal for Day
Wednesday, 08/13/14
10:00 AM
Session 1: Central Bank Purchases of Private Assets
Stephen D Williamson, Washington University in St. Louis, Federal Reserve Bank of Richmond, Federal Reserve Bank of St. Louis
11:00 AM
Session 2: Relationship Lending in a Tiered Interbank Market
Jonathan Chiu, Bank of Canada
Cyril Monnet, University of Bern
12:00 PM
Break
12:30 PM
Lunch Session 1: Entrepreneurship and Liquidity
Chao He, Renmin University of China
1:00 PM
Lunch Session 2: Asset Bubbles, Endogenous Growth and Financial Frictions
Tomohiro Hirano, University of Tokyo
Noriyuki Yanagawa, University of Tokyo
1:30 PM
Break
2:15 PM
Session 3: Efficient Financial Crises
Ariel Zetlin-Jones, Carnegie Mellon University
3:15 PM
Session 4: Responding to the Inflation Tax
Tai-Wei Hu, Northwestern University
Cathy Zhang, Purdue University
Alejandro Komai, University of Califonia, Irvine
4:15 PM
Break
4:30 PM
Session 5: Quantitative Easing, Frictional Asset Markets and the Liquidity Channel of Monetary Policy
Lucas Herrenbrueck, University of California, Davis
5:30 PM
Dismissal for Day
Thursday, 08/14/14
10:00 AM
Session 1: An Over-the-Counter Approach to the FOREX Market
Athanasios Geromichalos, University of California, Davis
Kuk Mo Jung, University of California, Davis
11:00 AM
Session 2: Clearing, Transparency and Collateral
Gaetano Antinolfi, Washington University in St. Louis
Francesca Carapella, Federal Reserve Board of Governors
Francesco Carli, Catolica Lisbon School of Business and Economics
12:00 PM
Break
12:30 PM
Lunch Session 1: Funding Liquidity and Market Liquidity
Yuan Yuan, Temple University
1:00 PM
Lunch Session 2: Asset Bubbles and Global Imbalances
Daisuke Ikeda, Bank of Japan
Toan Phan, University of North Carolina, Chapel Hill
1:30 PM
Break
2:15 PM
Session 3: A Search Theory of Opaque Assets
Amy Sun, Queen’s University
3:15 PM
Session 4: Rehypothecation
David Andolfatto, Federal Reserve Bank of St. Louis
Fernando Martin, Federal Reserve Bank of St. Louis
Shengxing Zhang, New York University
4:15 PM
Break
4:30 PM
Session 5: Currency Union with and without Banking Union
Vincent Bignon, Banque de France
Regis Breton, Banque de France and CNRS
Mariana Rojas Breu, Université Paris Dauphine
5:30 PM
Dismissal for Day
Friday, 08/15/14
10:00 AM
Session 1: The Debasement Puzzle, Gresham’s Law and a Theory of Coinage
Gu Jin, Hong Kong University of Science and Technology
Tao Zhu, Hong Kong University of Science and Technology
11:00 AM
Session 2: On the Inherent Instability of Private Money
Daniel Sanches, Federal Reserve Bank of Philadelphia
12:00 PM
Break
12:30 PM
Lunch Session 1: The Long-Run Unemployment-Inflation Relation
Alfred Haug, University of Otago
Ian King, University of Melbourne
1:00 PM
Lunch Session 2: Reputational Concerns in Directed Search Markets with Adverse Selection
Elton Dusha, CEA, University of Chile
1:30 PM
Break
2:15 PM
Session 3: A Model of Monetary Exchange with Lumpy Consumption
Guillaume Rocheteau, University of California, Irvine
Pierre-Olivier Weill, Paris School of Economics
Tsz-Nga Wong, Bank of Canada
3:15 PM
Session 4: Exchange and Prices in a Search Model of Money
John Duffy, University of Pittsburgh
Daniela Puzzello, Indiana University, Bloomington
4:15 PM
Break
4:15 PM
Session 5: Open Market Operations
Guillaume Rocheteau, University of California, Irvine
Randall Wright, University of Wisconsin, Madison, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Chicago and National Bureau of Economic Research
Xiaolin (Sylvia) Xiao, University of Technology, Sydney
5:30 PM
Dismissal for Day
Saturday, 08/16/14
10:00 AM
Session 1: Why Is the Demand for Cash So Stable?
Janet Hua Jiang, Bank of Canada
Enchuan Shao, Bank of Canada
11:00 AM
Session 2: Expectations and Fundamentals in Banking Panics: When Do Bailouts Improve Financial Stability?
Todd Keister, Rutgers
Vijay Narasiman, Harvard University
12:00 PM
Break
12:30 PM
Lunch Session 1: Indeterminacy in Search Theory of Money: Bilateral vs. Multilateral Trades
So Kubota, Princeton
1:00 PM
Lunch Session 2: Central Bank and Default
Vincent Bignon, Banque de France
Clemens Jobst, Oesterreichische Nationalbank
1:30 PM
Break
2:00 PM
Session 3: Coordination Failure in Over-the-Counter Markets
Bruno Sultanum, Pennsylvania State University
3:00 PM
Session 4: Breaking the Curse of Kareken and Wallace
Pere Gomis-Porqueras, Deakin University
Timothy Kam, Australian National University
Christopher Waller, Federal Reserve Bank of St. Louis
4:00 PM
Event Dismissal
