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2015 Summer Workshop on Money, Banking, Payments and Finance


Monday, August 10

10:00 – 11:00 “Screening and Adverse Selection in Frictional Markets”
Benjamin Lester (FRB Philadelphia)
Ali Shourideh (UPenn ‐ Wharton)
Venky Venkateswaran (NYU ‐ Stern)
Ariel Zetlin‐Jones (Carnegie Mellon)
11:00 – 12:00 “Search, Clientele, and Dealer Networks”
Artem V. Neklyudov (Lausanne)
Batchimeg Sambalaibat (Oklahoma ‐ Price)
12:00 – 13:30 Lunch
13:30 – 14:30 “Livin' on the Edge with Ratings: Liquidity, Efficiency and Stability”
Jonathan Chiu (Bank of Canada)
Thor Koeppl (Queen's)
14:30 – 15:30 “Banking Panics and Protracted Recessions”
Daniel Sanches (FRB Philadelphia)
15:30 – 16:00 Break
16:00 – 17:00 “Bank Runs in Monetary Economies”
David Andolfatto (FRB St. Louis)
Aleksander Berentsen (Basel)
Fernando Martin (FRB St. Louis)
17:00 – 17:30 “Preventing Bank Runs”
David Andolfatto (FRB St. Louis)
Ed Nosal (FRB Chicago)
Bruno Sultanum (Penn State)
17:30 – 18:00 “Adverse Selection and Liquidity in Asset Markets: To pool or not to pool”
Ayushi Bajaj (UC Irvine)

Tuesday, August 11

10:00 – 11:00 “Endogenous Market Making and Network Formation”
Briana Chang (Wisconsin) Shengxing Zhang (LSE)
11:00 – 12:00 “Constrained Efficiency with Search and Information Frictions”
S. Mohammad R. Davoodalhosseini (Penn State)
12:00 – 13:30 Lunch
13:30 – 14:30 “Dispersion in Relative Prices: Evidence and Theory”
Greg Kaplan (Princeton)
Guido Menzio (UPenn)
Leena Rudanko (FRB Philadelphia)
Nico Trachter (FRB Richmond)
14:30 – 15:30 “Excess Reserves and Monetary Policy Normalization”
Roc Armenter (FRB Philadelphia)
Benjamin Lester (FRB Philadelphia)
15:30 – 16:00 Break
16:00 – 17:00 “Repurchase Agreements”
Piero Gottardi (EUI)
Vincent Maurin (EUI)
Cyril Monnet (Bern)
17:00 – 17:30 “Collateral, Rehypothecation, and Efficiency”
Charles M. Kahn (UIUC)
Hye Jin Park (UIUC)
17:30 – 18:00 “Credit Conditions and House Prices”
Asgerdur Petursdottir (New South Wales)

Wednesday, August 12

10:00 – 11:00 “Regulating Over the Counter Financial Markets: Implications for Inflation and Unemployment Dynamics”
Pedro Gomis‐Porqueras (Deakin)
11:00 – 12:00 “Interest on Reserves, Interbank Lending, and Monetary Policy: Work in Progress”
Stephen Williamson (FRB St. Louis)
12:00 – 13:30 Lunch
13:30 – 14:30 “Money and Collateral”
Leo Ferraris (Università di Roma, Tor Vergata)
Fabrizio Mattesini (Università di Roma, Tor Vergata)
14:30 – 15:30 “The Maturity Structure of Inside Money”
Burton Hollifield (Carnegie Mellon)
Ariel Zetlin‐Jones (Carnegie Mellon)
15:30 – 16:00 Break
16:00 – 17:00 “Long‐Run and Short‐Run Effects of Money Injections”
Guillaume Rocheteau (UC Irvine)
Pierre‐Olivier Weill (UCLA)
Tsz‐Nga Wong (Bank of Canada)
17:00 – 17:30 “Indivisible Goods and Monetary Exchange”
Benoit Julien (New South Wales)
Asgerdur Petursdottir (New South Wales)
Liang Wang (Hawaii at Manoa)
17:30 – 18:00 “A Simple Model of Monetary Exchange with Sticky and Disperse Prices”
Ken Burdett (Upenn)
Alberto Trejos (INCAE)
Randy Wright (Wisconsin)
18:00 – 19:30 Reception

Thursday, August 13

10:00 – 11:00 “Financial Intermediation Chains in a Search Market”
Ji Shen (LSE)
Bin Wei (FRB Atlanta)
Hongjun Yan (Yale School of Management)
11:00 – 12:00 “Exit Strategies and Trade Dynamics in Repo Markets”
Aleksander Berentsen (Basel)
Sébastien Kraenzlin (Swiss National Bank)
Benjamin Müller (Swiss National Bank)
12:00 – 13:30 Lunch
13:30 – 14:30 “A Simple General Equilibrium Model of Large Excess Reserves”
Huberto Ennis (FRB Richmond)
14:30 – 15:30 “On the Origin of Monetary Exchange"
Luis Araujo (FGV)
Vincent Bignon (Banque de France)
Regis Breton (Banque de France)
Braz Camargo (FGV)
15:30 – 16:00 Break
16:00 – 17:00 “Endogenously Procyclical Liquidity, Capital Reallocation, and q”
Melanie Cao (York)
Shouyong Shi(Penn State)
17:00 – 17:30 “Over‐the‐Counter Markets, Intermediation, and Monetary Policy”
Han Han (Wisconsin)
17:30 – 18:00 “Pricing and Liquidity in Decentralized Asset Markets”
Semih Uslu (UCLA)

Friday, August 14

10:00 – 11:00 “Capital Unemployment, Financial Shocks, and Investment Slumps”
Pablo Ottonello (Columbia)
11:00 – 12:00 “Costly Credit and Sticky Prices”
Lucy Liu (IMF)
Liang Wang (Hawaii at Manoa)
Randy Wright (Wisconsin)
12:00 – 13:30 Lunch
13:30 – 14:30 “Capital Pledgeability, Inflation, Output and Unemployment”
Chao Gu (Missouri, Columbia)
Janet Hua Jiang (Bank of Canada)
Liang Wang (Hawaii at Manoa)
14:30 – 15:30 “Fiscal Games on a Monetary Turf: How Financial Market Conditions Determine the Supply of Liquid Assets”
Thanasis Geromichalos (UC Davis)
Lucas Herrenbrueck (Simon Fraser)
15:30 – 16:00 Break
16:00 – 17:00 “Warehouse Banking”
Jason Roderick Donaldson (WUSTL ‐ Olin)
Giorgia Piacentino (WUSTL ‐ Olin)
Anjan Thakor (WUSTL ‐ Olin)
17:00 – 17:30 “Endogenous Intermediation in Over‐the‐Counter Markets”
Ana Babus (FRB Chicago)
Tai‐Wei Hu (Northwestern)
17:30 – 18:00 “Liquidity as a Residual Store of Value”
Alessandro Mennuni (Southampton)