Board of Governors of the Federal Reserve System

Opening remarks

Welcome remarks by Matthew Eichner, Director of RBOPS

Governor Christopher J. Waller

Break

Parallel session 1

Session 1A
Session chair: Pedro Gomis-Porqueras (Queensland University of Technology)

Consumer credit regulation and lender market power
Zach Bethune (Rice University), Joaquin Saldain (Bank of Canada), and Eric R. Young (University of Virginia, Federal Reserve Bank of Cleveland)

From cash to buy-now-pay-later: impacts of platform-provided credit on market efficiency
Han Han (Peking University), Bo Hu (Fudan University), and Makoto Watanabe (Kyoto University)

Session 1B
Session chair: Pedro Gomis-Porqueras (Queensland University of Technology)

Blockchain congestion facilitates currency competition
Maxi Guennewig (University of Bonn)

Can open decentralized ledgers be economically secure?
Jacob D. Leshno (University of Chicago), Rafael Pass (Tel Aviv University, Cornell Tech), and Elaine Shi (Carnegie Mellon University)

Lunch

Plenary session 2

Session chair: Fernando Martin (Federal Reserve Bank of St. Louis)

Inflation and unemployment in the long run revisited
Zach Bethune (Rice University), Michael Choi (University of California, Irvine), Sébastien Lotz (Université Panthéon-Assas), and Guillaume Rocheteau (University of California, Irvine)

Payments, reserves, and financial fragility
Itay Goldstein (University of Pennsylvania), Ming Yang (University College London), and Yao Zeng (University of Pennsylvania)

Break

Parallel session 2

Session 2A
Session chair: Garth Baughman (Federal Reserve Board)

Stockpiling liquidity to acquire innovation
Anubha Agarwal (University of Toronto) and Mark Rempel (University of Toronto)

Venture capital and government policy
Laura Xiaolei Liu (Peking University), Randall Wright (University of Wisconsin–Madison, Zhejiang University), Sylvia Xiaolin Xiao (Peking University), and Yu Zhu (Renmin University of China)

Session 2B
Session chair: Sam Hempel (Federal Reserve Board)

Intermediation networks and derivative market liquidity: evidence from CDS markets
Mark Paddrik (Office of Financial Research) and Stathis Tompaidis (University of Texas at Austin, Office of Financial Research)

Information friction in OTC interdealer markets
Benjamin Gardner (Yale University) and Yesol Huh (Federal Reserve Board)

Plenary session 3

Session chair: Fernando Martin (Federal Reserve Bank of St. Louis)

Why do (so many) corporate bonds pay coupons?
Nicolas Caramp (University of California, Davis), Athanasios Geromichalos (University of California, Davis), Sukjoon Lee (New York University Shanghai), and Yijing Wang (Massey University)

Break

Session 3A
Session chair: Borghan Nezami Narajabad (Federal Reserve Board)

Money markets, collateral, and monetary policy
Fiorella De Fiore (Bank for International Settlements, Center for Economic and Policy Research), Marie Hoerova (European Central Bank, Center for Economic and Policy Research), Ciaran Rogers (HEC Paris), and Harald Uhlig (University of Chicago, Center for Economic and Policy Research)

The effect of instant payments on the banking system: liquidity transformation and risk-taking
Rodrigo Gonzalez (Central Bank of Brazil), Yiming Ma (Columbia Business School), and Yao Zeng (University of Pennsylvania)

Lunch and poster session

Plenary session 4

Session chair: Romina Ruprecht (Federal Reserve Board)

Optimal intermediary contracts
Nabi Arjmandi (University of Missouri Columbia), Chao Gu (University of Missouri Columbia), and Joseph H. Haslag (University of Missouri Columbia)

Break

Session 4A
Session chair: Joseph Haslag (University of Missouri Columbia)

Hand-to-mouth and MPC in the heterogeneous agent new-monetarist model
Junsang Lee (Sungkyunkwan University), Hyungsuk Lee (Hyundai Research Institute), and Hyeonsik Yoon (Duke University)

Strategic debt in a monetary economy
Markus Althanns (ETH Zurich) and Hugo van Buggenum (ETH Zurich)

Plenary session 5

Session chair: Romina Ruprecht (Federal Reserve Board)

Asset liquidity, private information acquisition, and monetary policy
Xinchan Lu (University of California, Riverside)

Break

Session 5A
Session chair: Borghan Nezami Narajabad (Federal Reserve Board)

Liquidity reallocation and run resolution
Haelim Anderson (Bank Policy Institute), Kinda Hachem (University of Virginia Darden School of Business, National Bureau of Economic Research, Federal Reserve Bank of New York), and Simpson Zhang (Office of the Comptroller of the Currency)

A theory of bank balance sheets
Saki Bigio (University of California, Los Angeles, National Bureau of Economic Research), Pierre-Olivier Weill (University of California, Los Angeles; National Bureau of Economic Research; Center for Economic and Policy Research), and Diego Zúñiga (Bank of Canada)

Lunch and poster session

Plenary session 6

Session chair: Francesca Carapella (Federal Reserve Board)

Data externalities, market power, and the optimal design of central bank digital currencies
Yuteng Cheng (Bank of Canada), Jonathan Chiu (Bank of Canada), Mohammad Davoodalhosseini (Bank of Canada), and Janet Jiang (Bank of Canada)

Break

Session 6A
Session chair: Fernando Martin (Federal Reserve Bank of St. Louis)

On the programmability and uniformity of digital currencies
Jonathan Chiu (Bank of Canada) and Cyril Monnet (University of Bern, Study Center)

Automated exchange economies
Bryan R. Routledge (Carnegie Mellon University), Yikang Shen (Carnegie Mellon University), and Ariel Zetlin-Jones (Carnegie Mellon University)

Plenary session 7

Session chair: Fabrizio Mattesini (EIEF and University of Rome, Tor Vergata)

Leverage, endogenous unbalanced growth, and asset price bubbles
Tomohiro Hirano (University of London, Canon Institute for Global Studies), Ryo Jinnai (Hitotsubashi University), and Alexis Akira Toda (University of California San Diego)

Break

Parallel session 7

Session 7A
Session chair: Todd Keister (Rutgers University)

Monetary policy consequences of financial stability interventions: assessing the UK LDI crisis and the central bank policy response
Nicolò Bandera (Bank of England) and Jacob Stevens (University of St. Andrews)

The information advantage of banks: evidence from their private credit assessments
Mehdi Beyhaghi (Federal Reserve Board), Cooper Howes (Federal Reserve Board), and Gregory Weitzner (McGill University)

Session 7B
Session chair: Athanasios Geromichalos (University of California, Davis)

Dollarization and the dynamics of dollar adoption
Lu Wang (University of California, Irvine)

International currency competition
Joseph Abadi (Federal Reserve Bank of Philadelphia), Jesús Fernández-Villaverde (University of Pennsylvania, National Bureau of Economic Research, Center for Economic and Policy Research), and Daniel Sanches (Federal Reserve Bank of Philadelphia)

Lunch

Plenary session 8

Session Chair: Francesca Carapella (Federal Reserve Board)

The value of a future medium of exchange
Cyril Monnet (University of Bern, Study Center Gerzensee) and Remo Taudien (University of Bern, Study Center Gerzensee)

Break

Parallel session 8

Session 8A
Session chair: Athanasios Geromichalos (University of California, Davis)

Liquidity crises and endogenous dealer capacity in over-the-counter markets
Nicole Fleskes (Rice University)

Market choice in asset trading: the role of collateral
Lukas Altermatt (University of Essex) and Piero Gottardi (University of Essex)

Session 8B
Session chair: Daniele Caratelli (Office of Financial Research)

Bank loan portfolio and monetary transmission
Ayse Sapci (Utah State University) and Hongfei Sun (Queen’s University)

How do households respond to expected inflation? An investigation of transmission mechanisms
Janet Hua Jiang (Bank of Canada), Rupal Kamdar (Indiana University), Kelin Lu (Huazhong University of Science and Technology), and Daniela Puzzello (Indiana University)

Plenary session 9

Session chair: Romina Ruprecht (Federal Reserve Board)

Crypto exchange tokens
Rodney J. Garratt (Bank for International Settlements; University of California, Santa Barbara), and Maarten R.C. van Oordt (Vrije Universiteit Amsterdam, Tinbergen Institute)

Break

Parallel session 9

Session 9A
Session chair: Jean Flemming (Federal Reserve Board)

Does lock-up lead to stability? Implications for runs in the proof-of-stake protocol
Sam Hempel (Federal Reserve Board), Gregory Phelan (Williams College), and Thomas Ruchti (Office of Financial Research)

The Life and Death of a Digital Currency: Lessons on Money and Barter from the Field
Michael B. Wong (The University of Hong Kong)

Session 9B
Session chair: Florian Madison (Claremont McKenna College)

Liquidity and business cycles redux
Lucas Herrenbrueck (Simon Fraser University) and Johannes Strobel (Deutsche Bundesbank)

Asset safety and liquidity over the business cycle?
Mohammed Ait Lahcen (Qatar University, University of Basel), Pedro Gomis-Porqueras (Queensland University of Technology), Stanislav Rabinovich (University of North Carolina at Chapel Hill), and Hugo van Buggenum (ETH Zurich)

Lunch

Plenary session 10

Session chair: Romina Ruprecht (Federal Reserve Board)

Uninsured deposit, held-to-maturity accounting, and bank runs
Kaiji Chen (Emory University, Federal Reserve Bank of Atlanta), Yu Yi (Nankai University), and Shengxing Zhang (London School of Economics, Peking University)

Break

Parallel session 10

Session 10A
Session chair: Sam Hempel (Federal Reserve Board)

Monetary policy operations: theory, evidence, and tools for quantitative analysis
Ricardo Lagos (New York University) and Gastón Navarro (Federal Reserve Board)

The impact of central bank digital currency on financial intermediation and inclusion
Enchuan Shao (University of Saskatchewan) and Liang Wang (University of Hawaii at Manoa)

Session 10B
Session chair: Garth Baughman (Federal Reserve Board)

Fiat money in finite horizons
Janet Hua Jiang (Bank of Canada), Peter Norman (University of North Carolina), Daniela Puzzello (Indiana University), Bruno Sultanum (Federal Reserve Bank of Richmond), and Randall Wright (University of Wisconsin–Madison, Zhejiang University)

Privacy concerns in digital currency adoption
Talha Samil Cakir (Purdue University)

Closing remarks

David Mills