Agenda

Thursday, June 25 - Friday, June 26, 2015

Thursday, June 25

8:30 – 10:00 amSession Chair: Stuart Gabriel, University of California at Los Angeles
SESSION 1REAL ESTATE FINANCE
Paper 1First-Time Homebuyers: The Role of Thin Credit Files
 

Presenter: Joe Tracy, Federal Reserve Bank of New York
Co-author: Joe Gyourko, Wharton School of the University of Pennsylvania and NBER
Co-author: Donghoon Lee, Federal Reserve Bank of New York

Discussant: Wayne Passmore, Board of Governors of the Federal Reserve System

Download paper (pdf, 262kb)

Paper 2Cost of Funds Index Mortgage Contracts with Government-Backed Catastrophic Insurance (COFI-Cats): A Realistic Alternative to the 30-Year Fixed-Rate Mortgages?
 

Presenter: Diana Hancock, Board of Governors of the Federal Reserve System
Co-author: Wayne Passmore, Board of Governors of the Federal Reserve System

Discussant: Scott Frame, Federal Reserve Bank of Atlanta

Paper 3Aggregation Level in Stress Testing Models
 

Presenter: John Krainer, Federal Reserve Bank of San Francisco
Co-author: Galina Hale, Federal Reserve Bank of San Francisco
Co-author: Erin McCarthy, Federal Reserve Bank of San Francisco

Discussant: Paul Willen, Federal Reserve Bank of Boston

Download paper (pdf, 468kb)

8:30 – 10:00 amSession Chair: John V. Duca, Federal Reserve Bank of Dallas
SESSION 2FINANCIAL INTERMEDIATION, COMPETITION AND RISK
Paper 1An Agent-based Model for Financial Vulnerability
 

Presenter: Rick Bookstaber, Office of Financial Research
Co-author: Mark Paddrik, Office of Financial Research
Co-author: Brian Tivnan, Mitre Corporation

Discussant: Bruno Albuquerque, European Central Bank

Download paper (pdf, 1.25mb)

Paper 2Intermediaries and competition in markets with search frictions
 

Presenter: Jason Allen, Bank of Canada
Co-author: Robert Clark, HEC Montreal
Co-author: Jean-Francois Houde, Wharton School, University of Pennsylvania

Discussant: Katheryn Russ, University of California at Davis and Federal Reserve Bank of San Francisco

Download paper (pdf, 279kb)

Paper 3Financial reputation, market interventions and debt issuance by banks: a truncated two-part model approach
 

Presenter: Santiago Carbo-Valverde, Bangor University and CUNEF
Co-author: Gonzalo Camba-Mendez, European Central Bank
Co-author: Diego Rodriguez-Palenzuela, European Central Bank

Discussant: John V. Duca, Federal Reserve Bank of Dallas

Download paper (pdf, 396kb)

10:15 – 11:45 amSession Chair: Scott Frame, Federal Reserve Bank of Atlanta
SESSION 3GOVERNMENT INVOLVEMENT IN U.S. HOUSING FINANCE
Paper 1Government-Backed Mortgage Insurance, Finance Crisis, and the Recovery from the Great Recession
 

Presenter: Wayne Passmore, Board of Governors of the Federal Reserve System
Co-author: Shane Sherlund, Board of Governors of the Federal Reserve System

Discussant: Gary Painter, University of Southern California

Download paper (pdf, 745kb)

Paper 2Understanding Mortgage Spreads
 

Presenter: Andreas Fuster, Federal Reserve Bank of New York
Co-author: Nina Boyarchencko, Federal Reserve Bank of New York
Co-author: David Lucca, Federal Reserve Bank of New York

Discussant: John Krainer, Federal Reserve Bank of San Francisco

Download paper (pdf, 2.58mb)

Paper 3Passthrough in the Mortgage Market: From TBA to YSP
 

Presenter: Paul Willen, Federal Reserve Bank of Boston
Co-author: Andreas Fuster, Federal Reserve Bank of New York
Co-author: Stephanie Lo, Harvard University

Discussant: Scott Frame, Federal Reserve Bank of Atlanta

10:15 – 11:45 amSession Chair: Santiago Carbo-Valverde, Bangor University and CUNEF
SESSION 4MONEY AND MACROECONOMIC POLICY
Paper 1Money and Velocity During Financial Crises: From the Great Depression to the Great Recession
 

Presenter: John V. Duca, Federal Reserve Bank of Dallas
Co-author: Richard G. Anderson, Lindenwood University
Co-author: Michael Bordo, Rutgers University

Discussant: Rick Bookstaber, Office of Financial Research

Download paper (pdf, 416kb)

Paper 2QE Equivalence to Interest Rate Policy: Implications for Exit
 

Presenter: Samuel Reynard, Swiss National Bank

Discussant: Jason Allen, Bank of Canada

Download paper (pdf, 190kb)

Paper 3The Information Content of Money and Credit for US Activity
 

Presenter: Bruno Albuquerque, European Central Bank
Co-author: Franz Seitz, Weiden Technical University of Applied Sciences
Co-author: Ursel Baumann, European Central Bank

Discussant: Charles Kahn, University of Illinois at Urbana-Champaign

Download paper (pdf, 1.13mb)

1:15 – 2:45 pmSession Chair: Diana Hancock, Board of Governors of the Federal Reserve System
SESSION 5MORTGAGE DEFAULT
Paper 1Default Option Exercise over the Financial Crisis and Beyond
 

Presenter: Stuart Gabriel, University of California at Los Angeles
Co-author: Xudong An, San Diego State University
Co-author: Yongheng Deng, Institute of Real Estate Studies

Discussant: Andreas Fuster, Federal Reserve Bank of New York

Download paper (pdf, 1.31mb)

Paper 2Can’t Pay or Won’t Pay? Unemployment, Negative Equity, and Strategic Default
 

Presenter: Kris Gerardi, Federal Reserve Bank of Atlanta
Co-author: Paul Willen, Federal Reserve Bank of Boston
Co-author: Kyle Herkenhoff, University of California at Los Angeles
Co-author: Lee Ohanian, University of California at Los Angeles

Discussant: Joe Tracy, Federal Reserve Bank of New York

Download paper (pdf, 245kb)

Paper 3Social Dimensions of Subprime Mortgage Default
 

Presenter: Gary Painter, University of Southern California
Co-author: Robert A. Connolly, University of North Carolina
Co-author: Lynn M. Fisher, University of North Carolina

Discussant: Kris Gerardi, Federal Reserve Bank of Atlanta

Download paper (pdf, 413kb)

1:15 – 2:45 pmSession Chair: Timothy Opiela, De Paul University
SESSION 6POLICY, REGULATION, AND RISK-PREVENTION: THE EUROPEAN CASE
Paper 1Risky Banks and Macroprudential Policy for Emerging Economies
 

Presenter: Victoria Nuguer, Banco de Mexico
Co-author: Gabriel Cuadra, Banco de Mexico

Download paper (pdf, 530kb)

Paper 2Modeling financial sector joint tail risk in the euro area
 

Presenter: Xin Zhang, Sveriges Riksbank
Co-author: Andre Lucas, University Amsterdam and Tinbergen Institute
Co-author: Bernd Schwaab, European Central Bank

Discussant: Patrick Behr, Brazilian School of Public and Business Administration

Download paper (pdf, 376kb)

Paper 3Tourist test or tourist trap? Unintended consequences of debit card interchange fee regulation
 

Presenter: Nicole Jonker, De Nederlandsche Bank
Co-author: Wilko Bolt, De Nederlandsche Bank
Co-author: Mirjam Plooij, De Nederlandsche Bank

Discussant: Santiago Carbo-Valverde, Bangor University and CUNEF

Download paper (pdf, 870kb)

3:00 – 4:30 pmSession Chair: Larry Wall, Federal Reserve Bank of Atlanta
SESSION 7CREDIT AVAILABILITY AND BANK OWNERSHIP
Paper 1The Effect of Bilateral Lending Relationships on Syndicated Loans: Evidence from Japan
 

Presenter: Naoaki Minamihashi, University of Gothenburg
Co-author: Fumio Akiyoshi, Kwansei Gakuin University

Discussant: Xin Zhang, Sveriges Riksbank

Download paper (pdf, 734kb)

Paper 2Collateral, Rehypothecation, and Efficiency
 

Presenter: Charles Kahn, University of Illinois at Urbana-Champaign
Co-author: Hye Jin Park, University of Illinois at Urbana Champaign

Discussant: Jan Willem van den End, De Nederlandsche Bank

Download paper (pdf, 355kb)

Paper 3Cyclicality of SME Lending and Government Involvement in Banks
 

Presenter: Patrick Behr, Brazilian School of Public and Business Administration
Co-author: Daniel Foos, Deutsche Bundesbank
Co-author: Lars Norden, Rotterdam School of Management

Discussant: Hector Perez Saiz, Bank of Canada

Download paper (pdf, 236kb)

3:00 – 4:30 pmSession Chair: Mary Tian, Board of Governors of the Federal Reserve System
SESSION 8BANK BAILOUTS AND RISK PREVENTION
Paper 1Bank Interventions and Downside Correlation Risk Premium: Evidence from the Global and Euro-area Crisis
 

Presenter: Mary Tian, Board of Governors of the Federal Reserve System
Co-author: Juan Londono, Board of Governors of the Federal Reserve System

Discussant: Pejman Abedifar, University of St. Andrews

Download paper (pdf, 502kb)

Paper 2Are Banks Forward-Looking in their Loan Loss Provisioning? Evidence from Senior Loan Officer Opinion Survey (SLOOS)
 

Presenter: Lakshmi Balasubramanyan, Federal Reserve Bank of Cleveland
Co-author: James B. Thomson, The University of Akron
Co-author: Saeed Zaman, Federal Reserve Bank of Cleveland

Discussant: Francisco Rodriguez-Fernandez, University of Granada

Download paper (pdf, 1.33mb)

Paper 3The Political Economy of Bank Bailouts
 

Presenter: Thomas Kick, Deutsche Bundesbank
Co-author: Markus Behn, Bonn University
Co-author: Rainer Haselmann, Goethe University
Co-author: Vikrant Vig, London Business School

Discussant: Samuel Reynard, Swiss National Bank

Download paper (pdf, 294kb)

Friday, June 26

8:30 – 10:00 amSession Chair: Rawley Heimer, Federal Reserve Bank of Cleveland
SESSION 9REGULATION, INVESTMENT AND UNCERTAINTY
Paper 1Low real rates as driver of secular stagnation: empirical assessment
 

Presenter: Jan Willem van den End, De Nederlandsche Bank
Co-author: Marco Hoeberichts, De Nederlandsche Bank

Discussant: Mary Tian, Board of Governors of the Federal Reserve System

Download paper (pdf, 688kb)

Paper 2The Effect of Campaign Contributions on State Banking Regulation and Bank Expansion in the U.S.
 

Presenter: Hector Perez Saiz, Bank of Canada
Co-author: Aggey Semenov, University of Ottawa

Discussant: Piotr Danisewicz, Lancaster University and Bank of England

Paper 3Does Law and Finance Matter? Lessons from Externally Imposed Courts
 

Presenter: Rawley Heimer, Federal Reserve Bank of Cleveland
Co-author: James R. Brown, Iowa State University
Co-author: Anthony Cookson, University of Colorado at Boulder

Discussant: Pinar Uysal, Federal Reserve Bank of Richmond

Download paper (pdf, 1.22mb)

8:30 – 10:00 amSession Chair: Wilko Bolt, De Nederlandsche Bank
SESSION 10BANK MANAGEMENT: REVENUE AND RISK
Paper 1Non-interest Income Activities and Bank Lending
 

Presenter: Pejman Abedifar, University of St. Andrews
Co-author: Philip Molyneux, Bangor Business School, Bangor University
Co-author: Amine Tarazi, Universite de Limoges

Discussant: Luisa Lambertini, Ecole Polytechnique Federale de Lausanne

Download paper (pdf, 696kb)

Paper 2Incentive Compensation, Accounting Discretion and Bank Capital
 

Presenter: Larry Wall, Federal Reserve Bank of Atlanta
Co-author: Timothy W. Koch, University of South Carolina
Co-author: Daniel F. Waggoner, Federal Reserve Bank of Atlanta

Discussant: Francesco Ferrante, Board of Governors of the Federal Reserve System

Download paper (pdf, 558kb)

Paper 3Do banks game on dynamic provisioning?
 

Presenter: Francisco Rodriguez-Fernandez, University of Granada
Co-author: Santiago Carbo-Valverde, Bangor University and CUNEF

Discussant: Anil Jain, Board of Governors of the Federal Reserve System

Download paper (pdf, 205kb)

10:15 – 11:45 amSession Chair: Francesco Ferrante, Board of Governors of the Federal Reserve System
SESSION 11LENDING POLICY AND INFORMATION ASYMMETRIES
Paper 1Mortgage Default in an Estimated Model of the U.S. Housing Market
 

Presenter: Luisa Lambertini, Ecole Polytechnique Federale de Lausanne
Co-author: Victoria Nuguer, Banco de Mexico
Co-author: Pinar Uysal, Federal Reserve Bank of Richmond

Discussant: Larry Wall, Federal Reserve Bank of Atlanta

Download paper (pdf, 738kb)

Paper 2Risky Mortgages, Bank Leverage and Credit Policy
 

Presenter: Francesco Ferrante, Board of Governors of the Federal Reserve System

Discussant: Charles Kahn, University of Illinois at Urbana-Champaign

Download paper (pdf, 472kb)

Paper 3How Public Information Affects Asymmetrically Informed Lenders: Evidence from a Credit Registry Reform
 

Presenter: Anil Jain, Board of Governors of the Federal Reserve System
Co-author: M. Ali Choudhary, State Bank of Pakistan

Discussant: Rawley Heimer, Federal Reserve Bank of Cleveland

Download paper (pdf, 1.81mb)

10:15 – 11:45 amSession Chair: Pinar Uysal, Federal Reserve Bank of Richmond
SESSION 12EQUITY, DEBT AND RISK
Paper 1Macroeconomic Implications of Bank Capital Requirements
 

Presenter: Pinar Uysal, Federal Reserve Bank of Richmond
Co-author: Luisa Lambertini, Ecole Polytechnique Federale de Lausanne

Discussant: Wilko Bolt, De Nederlandsche Bank

Download paper (pdf, 623kb)

Paper 2Monitoring Matters: Debt Seniority, Market Discipline and Bank Conduct
 

Presenter: Piotr Danisewicz, Lancaster University and Bank of England
Co-author: Klaus Schaeck, Bangor University
Co-author: Enrico Onali, Bangor University
Co-author: Danny McGowan, University of Nottingham

Discussant: Lakshmi Balasubramanyan, Federal Reserve Bank of Cleveland

Download paper (pdf, 966kb)

Paper 3Risk Pricing of Wholesale Funds and the Behavior of Retail Deposit Rates: How Bank-Specific Risk Drives Substitution and Local-Market Competition
 

Presenter: Timothy Opiela, DePaul University
Co-author: Ruby Kishan, Texas State University

Discussant: Thomas Kick, Deutsche Bundesbank

Download paper (pdf, 303kb)