Federal Reserve Bank of San Francisco

Economic Research

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January 3, 2013

The Federal Reserve Bank of San Francisco will be sponsoring the sixth annual “Day Ahead” conference on financial markets and institutions in San Diego on Thursday, January 3, 2013. The conference will be held at the Westin Gaslamp Quarter in San Diego, California.

Agenda

8:00 AM

Continental Breakfast

8:20 AM

Welcome
John Williams, President, Federal Reserve Bank of San Francisco

8:30 AM

Session 1: Liquidity and Asset Pricing

Chair
Chris JonesUniversity of Southern California

The Term Structure of Interbank Risk
Damir FilipovicEcole Polytechnique Federale de Lausanne and Swiss Finance Institute
Anders TrolleEcole Polytechnique Federale de Lausanne and Swiss Finance Institute

A Forensic Analysis of Liquidity and Credit Risk in European Sovereign Bond Markets
Jennie BaiFederal Reserve Bank of New York
Christian JulliardLondon School of Economics
Kathy YuanLondon School of Economics

The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises
Lamont BlackBoard of Governors of the Federal Reserve System
Ricardo CorreaBoard of Governors of the Federal Reserve System
Xin HuangUniversity of Oklahoma
Hao ZhouBoard of Governors of the Federal Reserve System

Discussants
Jens ChristensenFederal Reserve Bank of San Francisco
Michiel De PooterBoard of Governors of the Federal Reserve System
David LandoCopenhagen Business School

10:00 AM

Break

10:30 AM

Session 2: Credit and the Economy

Chair
Scott FrameUNC-Charlotte and Federal Reserve Bank of Atlanta

Intermediary Leverage, Macroeconomic Dynamics, and Macroprudential Policy
Michael KileyBoard of Governors of the Federal Reserve System
Jae SimBoard of Governors of the Federal Reserve System

The Macroeconomic Impact of Adding Liquidity Regulations to Capital Regulations
Francisco CovasBoard of Governors of the Federal Reserve System
John DriscollBoard of Governors of the Federal Reserve System

Shifting Credit Standards and the Boom and Bust in U.S. House Prices: Time Series Evidence from the Past Three Decades
John DucaFederal Reserve Bank of Dallas
John MuellbauerNuffield College, Oxford University
Anthony MurphyFederal Reserve Bank of Dallas

Discussants
Vincenzo QuadriniUniversity of Southern California
Martin GoetzFederal Reserve Bank of Boston
Kris GerardiFederal Reserve Bank of Atlanta

12:30 PM

Lunch

2:00 PM

Session 3: What Affects Credit Supply?

Chair
Fred FurlongFederal Reserve Bank of San Francisco

From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
Rodney RamcharanBoard of Governors of the Federal Reserve System
Skander Van den HeuvelBoard of Governors of the Federal Reserve System
Stephane VeraniBoard of Governors of the Federal Reserve System

Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market
Teodora PaligorovaBank of Canada
Joao SantosFederal Reserve Bank of New York

Credit Supply and Business Investment During the Great Recession: Evidence from Public Records of Equipment Financing
Jesse EdgertonGoldman Sachs

Discussants
Jim WilcoxUniversity of California-Berkeley
Song HanBoard of Governors of the Federal Reserve System
Ian Dew-BeckerFederal Reserve Bank of San Francisco

3:30 PM

Break

4:00 PM

Session 4: Unconventional Monetary Policy

Chair
Jim HamiltonUniversity of California-San Diego

The Signaling Channel for Federal Reserve Bond Purchases
Michael BauerFederal Reserve Bank of San Francisco
Glenn RudebuschFederal Reserve Bank of San Francisco

Portfolio Balance Effects of the SNB’s Bond Purchase Program
Andreas KettemannUniversity of Zurich
Signe KrogstrupSwiss National Bank

Target Practice: Monetary Policy Implementation in a Post-Crisis Environment
Elizabeth KleeBoard of Governors of the Federal Reserve System
Viktors StebunovsBoard of Governors of the Federal Reserve System

Discussants
Min WeiBoard of Governors of the Federal Reserve System
Christopher NeelyFederal Reserve Bank of St. Louis
Tobias AdrianFederal Reserve Bank of New York

5:30 PM

Adjourn

6:00 PM

Reception

Organizing Committee

Jens Christensen, Federal Reserve Bank of San Francisco
Scott Frame, Federal Reserve Bank of Atlanta
Diana Hancock, Federal Reserve Board of Governors
Jose A. Lopez, Federal Reserve Bank of San Francisco
Wayne Passmore, Federal Reserve Board of Governors