Conference

Economics of Payments XII Conference

October 26-27, 2023

Federal Reserve Board, Washington, D.C.

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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 [email protected].

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

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Last Update: October 25, 2023