Federal Reserve “Day Ahead” Conference on Financial Markets and Institutions

Session 1: Liquidity and Asset Pricing

Chair
Chris Jones, University of Southern California

The Term Structure of Interbank Risk
Damir Filipovic, Ecole Polytechnique Federale de Lausanne and Swiss Finance Institute
Anders Trolle, Ecole Polytechnique Federale de Lausanne and Swiss Finance Institute

A Forensic Analysis of Liquidity and Credit Risk in European Sovereign Bond Markets
Jennie Bai, Federal Reserve Bank of New York
Christian Julliard, London School of Economics
Kathy Yuan, London School of Economics

The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises
Lamont Black, Board of Governors of the Federal Reserve System
Ricardo Correa, Board of Governors of the Federal Reserve System
Xin Huang, University of Oklahoma
Hao Zhou, Board of Governors of the Federal Reserve System

Discussants
Jens Christensen, Federal Reserve Bank of San Francisco
Michiel De Pooter, Board of Governors of the Federal Reserve System
David Lando, Copenhagen Business School

Session 2: Credit and the Economy

Chair
Scott Frame, UNC-Charlotte and Federal Reserve Bank of Atlanta

Intermediary Leverage, Macroeconomic Dynamics, and Macroprudential Policy
Michael Kiley, Board of Governors of the Federal Reserve System
Jae Sim, Board of Governors of the Federal Reserve System

The Macroeconomic Impact of Adding Liquidity Regulations to Capital Regulations
Francisco Covas, Board of Governors of the Federal Reserve System
John Driscoll, Board 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 Duca, Federal Reserve Bank of Dallas
John Muellbauer, Nuffield College, Oxford University
Anthony Murphy, Federal Reserve Bank of Dallas

Discussants
Vincenzo Quadrini, University of Southern California
Martin Goetz, Federal Reserve Bank of Boston
Kris Gerardi, Federal Reserve Bank of Atlanta

Session 3: What Affects Credit Supply?

Chair
Fred Furlong, Federal Reserve Bank of San Francisco

From Wall Street to Main Street: The Impact of the Financial Crisis on Consumer Credit Supply
Rodney Ramcharan, Board of Governors of the Federal Reserve System
Skander Van den Heuvel, Board of Governors of the Federal Reserve System
Stephane Verani, Board of Governors of the Federal Reserve System

Monetary Policy and Bank Risk-Taking: Evidence from the Corporate Loan Market
Teodora Paligorova, Bank of Canada
Joao Santos, Federal Reserve Bank of New York

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

Discussants
Jim Wilcox, University of California-Berkeley
Song Han, Board of Governors of the Federal Reserve System
Ian Dew-Becker, Federal Reserve Bank of San Francisco

Session 4: Unconventional Monetary Policy

Chair
Jim Hamilton, University of California-San Diego

The Signaling Channel for Federal Reserve Bond Purchases
Michael Bauer, Federal Reserve Bank of San Francisco
Glenn Rudebusch, Federal Reserve Bank of San Francisco

Portfolio Balance Effects of the SNB’s Bond Purchase Program
Andreas Kettemann, University of Zurich
Signe Krogstrup, Swiss National Bank

Target Practice: Monetary Policy Implementation in a Post-Crisis Environment
Elizabeth Klee, Board of Governors of the Federal Reserve System
Viktors Stebunovs, Board of Governors of the Federal Reserve System

Discussants
Min Wei, Board of Governors of the Federal Reserve System
Christopher Neely, Federal Reserve Bank of St. Louis
Tobias Adrian, Federal Reserve Bank of New York