Thursday, January 2, 2020
Westin Gaslamp Quarter
San Diego, California
Download agenda (pdf, 81 kb)
The 13th annual Day-Ahead Conference on Financial Markets and Institutions is a unique opportunity for economists from central banks and academia to gather before the ASSA meetings to share research on financial markets and institutions. Presentations focus on liquidity and its regulation, funding markets, bank credit channels, foreign exchange shocks and banks, and looming risks and communication.
Welcoming Remarks
Sylvain Leduc, Research Director, Federal Reserve Bank of San Francisco
Session 1: Liquidity and Its Regulation
Chair: Wayne Passmore, Federal Reserve Board of Governors
The Costs and Benefits of Liquidity Regulations: Lessons from an Idle Monetary Policy Tool
John Kandrac, Federal Reserve Board of Governors
Discussant: Antoine Martin, Federal Reserve Bank of New York
Download paper (pdf, 655 kb)
Capital and Liquidity Interaction in Banking
Guillaume Arnould, Bank of England
Discussant: Kartik Anand, Deutsche Bundesbank
Download paper (pdf, 719 kb)
Bank Liquidity Creation, Systemic Risk, and Basel Liquidity Regulations
Asani Sarkar, Federal Reserve Bank of New York
Discussant: Judit Temesvary, Federal Reserve Board of Governors
Download paper (pdf, 548 kb)
Session 2: Funding Markets
Chair: Diana Hancock, Federal Reserve Board of Governors
Worried Depositors
Matthieu Chavaz, Bank of England
Discussant: Nathan Foley Fisher, Federal Reserve Board of Governors
Download paper (pdf, 708 kb)
Arbitrage Capital of Global Banks
Alyssa Anderson, Federal Reserve Board of Governors
Discussant: Mark Carlson, Federal Reserve Board of Governors
Download paper (pdf, 647 kb)
Session 3: Bank Credit Channels
Chair: Galina Hale, Federal Reserve Bank of San Francisco and UC Santa Cruz
Credit Supply: Are There Negative Spillovers from Banks’ Proprietary Trading?
Michael Kurz, De Nederlandsche Bank
Discussant: Jack Bao, University of Delaware
Download paper (pdf, 796 kb)
Employment and the Collateral Channel of Monetary Policy
Angus Foulis, Bank of England
Discussant: Joe Peek, Federal Reserve Bank of Boston
Session 4: FX Shocks and Banks
Chair: Galina Hale, Federal Reserve Bank of San Francisco and UC Santa Cruz
Institutional Investors, the Dollar, and U.S. Credit Conditions
Tim Schmidt-Eisenlohr, Federal Reserve Board of Governors
Discussant: Mark Spiegel, Federal Reserve Bank of San Francisco
Download paper (pdf, 866 kb)
Financial Stability Effects of Foreign-Exchange Risk Migration
Falk Braeuning, Federal Reserve Bank of Boston
Discussant: Julia Schmidt, Banque de France
Download paper (pdf, 526 kb)
Session 5: Looming Risks and Communication
Chair: Thomas Mertens, Federal Reserve Bank of San Francisco z
Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics
Mathias Kruttli, Federal Reserve Board of Governors
Discussant: Michael Bauer, Federal Reserve Bank of San Francisco
Download paper (pdf, 3.9 mb)
Reach for Yield by U.S. Public Pension Funds
Lina Lu, Federal Reserve Bank of Boston
Andrei Zlate, Federal Reserve Board of Governors
Discussant: Deborah Lucas, Massachusetts Institute of Technology
Download paper (pdf, 1.1 mb)
Have FSRs Got News for You? Evidence from the Impact of Financial Stability Reports on Market Activity
Rhiannon Sowerbutts, Bank of England
Discussant: Ricardo Correa, Federal Reserve Board of Governors
Download paper (pdf, 1 mb)