Conference

Economics of Payments XII Conference

October 26-27, 2023

Federal Reserve Board, Washington, D.C.

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      January 29, 2025Captions

      The Federal Reserve Board will host the Economics of Payments XII Conference in Washington, D.C., on October 26 and 27, 2023. This in-person conference offers an opportunity for economists, academics, central bankers, and policymakers to present and discuss work on payments, financial market infrastructures (FMIs), and related topics.

      The conference will be webcast at www.federalreserve.gov and www.youtube.com/federalreserve.

      If you have questions, please contact the conference organizers at economicsofpayments@frb.gov.

      Agenda
      Thursday, October 26, 2023

      Registration and breakfast

      Welcome

      Opening remarks: Christopher J. Waller, Member, Board of Governors of the Federal Reserve System

      Session 1: Cash and cashless
      Paper 1: Banks' physical footprint and financial technology adoption
      Presented by Lucas Argentieri Mariani (University of Milano-Bicocca)
      Discussant 1 & Q&A: Kim Huynh (Bank of Canada

      Paper 2: Dynamic consumer cash inventory model
      Presented by André Stenzel (Bank of Canada)
      Discussant 2 & Q&A: John Rust (Georgetown University)

      Break

      Session 2: Stablecoins
      Paper 3: Runs and flights to safety: are stablecoins the new money market funds?
      Presented by Mattia Landoni (Federal Reserve Bank of Boston)
      Discussant 3 & Q&A: Federico Grinberg (International Monetary Fund)

      Paper 4: Leverage and stablecoin pegs
      Presented by Sharon Ross (Federal Reserve Board)
      Discussant 4 & Q&A: Scott Schuh (West Virginia University)

      Keynote: Sir Jon Cunliffe, Deputy Governor for Financial Stability, Bank of England

      Lunch

      Session 3: Central bank digital currency
      Paper 5: Central bank digital currency and bank disintermediation in a portfolio choice model
      Presented by Marcello Miccoli (International Monetary Fund)
      Discussant 5 & Q&A: Xiaoying Li (Indiana University)

      Paper 6: Central bank digital currency and banking choices
      Presented by Jiaqi Li (Bank of Canada)
      Discussant 6 & Q&A: Hector Perez Saiz (International Monetary Fund)

      Break

      Session 4: Settlement/RTGS
      Paper 7: An analysis of the configuration of payment platforms
      Presented by Erhao Xie (Bank of Canada)
      Discussant 7 & Q&A: Anton Badev (Federal Reserve Board)

      Reception and posters

      Friday, October 27, 2023

      Registration and breakfast

      Welcome

      Opening remarks: Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System

      Session 5: Instant payments and their effects
      Paper 8: Instant payment systems and competition for deposits
      Presented by Sergey Sarkisyan (University of Pennsylvania)
      Discussant 8 & Q&A: Joanna Stavins (Federal Reserve Bank of Boston)

      Paper 9: Can cashless payments spur economic growth?
      Presented by Tamanna Singh Dubey (University of Michigan - Stephen M. Ross)
      Discussant 9 & Q&A: Xavier Gine (World Bank)

      Break

      Session 6: Surveys on central bank digital currency
      Paper 10: Can a central bank digital currency promote financial inclusion?
      Presented by Paola Boel (Federal Reserve Bank of Cleveland)
      Q&A

      Paper 11: Valuing privacy and safety in central bank digital currency
      Presented by Zan Fairweather (Reserve Bank of Australia)
      Q&A

      Paper 12: Predicting the payment preference for CBDC: a survey experiment analysis
      Presented by Dr. Ohik Kwon (Bank of Korea)
      Q&A

      Lunch

      Session 7: Interchange fees
      Paper 13: On the incidence of interchange fees charged by payment networks
      Presented by Konstantinos Serfes (Drexel University)
      Discussant 13 & Q&A: Fumiko Hayashi (Federal Reserve Bank of Kansas City)

      Paper 14: Regulating competing payment networks
      Presented by Lulu Wang (Northwestern University)
      Discussant 14 & Q&A: Devesh Raval (Federal Trade Commission)

      Break

      Session 8: Topics in payments
      Paper 15: Optimal bidder selection in clearing house default auctions
      Presented by Travis Nesmith (Federal Reserve Board)
      Discussant 15 & Q&A: Andrew Sweeting (University of Maryland, College Park)

      Paper 16: The Crypto Multiplier
      Presented by Rodney Garratt (Bank of International Settlements and University of California, Santa Barbara)
      Discussant 16 & Q&A: Russell Wong (Federal Reserve Bank of Richmond)

      Closing remarks: Matthew Eichner

      Last Update: October 25, 2023