Agenda - San Francisco Fed

Date

Thursday, June 25, 2015 – Friday, June 26, 2015

Thursday, June 25

8:30 – 10:00 am	Session Chair: Stuart Gabriel, University of California at Los Angeles
SESSION 1	REAL ESTATE FINANCE
Paper 1	First-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 2	Cost 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 3	Aggregation 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 am	Session Chair: John V. Duca, Federal Reserve Bank of Dallas
SESSION 2	FINANCIAL INTERMEDIATION, COMPETITION AND RISK
Paper 1	An 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 2	Intermediaries 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 3	Financial 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 am	Session Chair: Scott Frame, Federal Reserve Bank of Atlanta
SESSION 3	GOVERNMENT INVOLVEMENT IN U.S. HOUSING FINANCE
Paper 1	Government-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 2	Understanding 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 3	Passthrough 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 am	Session Chair: Santiago Carbo-Valverde, Bangor University and CUNEF
SESSION 4	MONEY AND MACROECONOMIC POLICY
Paper 1	Money 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 2	QE 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 3	The 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 pm	Session Chair: Diana Hancock, Board of Governors of the Federal Reserve System
SESSION 5	MORTGAGE DEFAULT
Paper 1	Default 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 2	Can’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 3	Social 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 pm	Session Chair: Timothy Opiela, De Paul University
SESSION 6	POLICY, REGULATION, AND RISK-PREVENTION: THE EUROPEAN CASE
Paper 1	Risky 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 2	Modeling 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 3	Tourist 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 pm	Session Chair: Larry Wall, Federal Reserve Bank of Atlanta
SESSION 7	CREDIT AVAILABILITY AND BANK OWNERSHIP
Paper 1	The 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 2	Collateral, 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 3	Cyclicality 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 pm	Session Chair: Mary Tian, Board of Governors of the Federal Reserve System
SESSION 8	BANK BAILOUTS AND RISK PREVENTION
Paper 1	Bank 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 2	Are 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 3	The 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 am	Session Chair: Rawley Heimer, Federal Reserve Bank of Cleveland
SESSION 9	REGULATION, INVESTMENT AND UNCERTAINTY
Paper 1	Low 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 2	The 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 3	Does 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 am	Session Chair: Wilko Bolt, De Nederlandsche Bank
SESSION 10	BANK MANAGEMENT: REVENUE AND RISK
Paper 1	Non-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 2	Incentive 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 3	Do 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 am	Session Chair: Francesco Ferrante, Board of Governors of the Federal Reserve System
SESSION 11	LENDING POLICY AND INFORMATION ASYMMETRIES
Paper 1	Mortgage 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 2	Risky 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 3	How 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 am	Session Chair: Pinar Uysal, Federal Reserve Bank of Richmond
SESSION 12	EQUITY, DEBT AND RISK
Paper 1	Macroeconomic 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 2	Monitoring 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 3	Risk 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)