Conference on Advances in Financial Research


Friday, October 6, 2017


Federal Reserve Bank of San Francisco
101 Market Street
San Francisco, CA94105

Welcome and Introductory Remarks

Session 1. Monetary Policy Transmission

Financial Heterogeneity and the Investment Channel of Monetary Policy

Thomas Winberry, University of Chicago

Adrien Auclert, Stanford University

Download paper (pdf, 910 kb)

Banking on Deposits: Maturity Transformation without Interest Rate Risk

Alexi Savov, New York University

Monika Piazzesi, Stanford University

Download paper (pdf, 1.1 mb)

Session 2. Asset Pricing and the Macroeconomy

Uncertainty Shocks as Second-Moment News Shocks

Ian Dew-Becker, Northwestern University

Kyle Jurado, Duke University

Download paper (pdf, 816 kb)

Discount Rates and Employment Fluctuations

Jaroslav Borovicka, New York University

Martin Schneider, Stanford University

Download paper (pdf, 377 kb)

Session 3. Financial Markets and the Fed

The Economics of the Fed Put

Annette Vissing-Jorgensen, University of California at Berkeley

David Lucca, Federal Reserve Bank of New York

Download paper (pdf, 472 kb)

Fearing the Fed: How Wall Street Reads Main Street

Dongho Song, Boston College

Mikhail Chernov, University of California at Los Angeles

Download paper (pdf, 790 kb)

Session 4. Safe Assets

Does Precautionary Savings Drive the Real Interest Rate? Evidence from the Stock Market

Emil Siriwardane, Harvard Business School

Hanno Lustig, Stanford University

Download paper (pdf, 348 kb)

Conference Organizer:

Thomas M. Mertens

Program Committee:

Michael D. Bauer
Kevin J. Lansing
Pascal Paul