Conference

8th Short-Term Funding Markets Conference

May 9, 2025

Federal Reserve Board, Washington, D.C.

Conference history: This conference series was originally conceived of by Song Han (Federal Reserve Board) and Russell Wermers. The inaugural conference was held on April 6, 2018, in memory of Song.

Previous years’ programs: 2022 (PDF), 2023 (PDF), 2024 (PDF)

Program committee: Sriya Anbil (Federal Reserve Board), Jack Bao (University of Delaware), Sergey Chernenko (Purdue University), Adam Copeland (Federal Reserve Bank of New York), Stefania D'Amico (Federal Reserve Bank of New York), Itay Goldstein (University of Pennsylvania), Jay Im (Federal Reserve Board), Wei Jiang (Emory University), Marcin Kacperczyk (Imperial College, London), Yi Li (Federal Reserve Board), Matt McCormick (Federal Reserve Bank of Dallas), Mark Paddrik (Office of Financial Research), Sharon Ross (Federal Reserve Board), André Silva (Federal Reserve Board), Mary Tian (Federal Reserve Board), Allan Timmermann (University of California, San Diego), Quentin Vandeweyer (University of Chicago), Stephane Verani (Federal Reserve Board)

Conference organizers: Sam Hempel (Federal Reserve Board), Jay Kahn (Federal Reserve Board), and Russell Wermers (University of Maryland). For help with conference logistics, we thank Gerald Allen, Lisa Bouchelle, Aisha Burgess, Nalisa Cordero, Lindsay Diokno, Katie Howell, Anthony Naranjo, and Frank Ye.

If you are interested in attending, please email [email protected] for further details.

Agenda, Video, & Materials

Friday, May 9

Registration

8:30– 8:35 a.m.

Introduction
Sam Hempel (Federal Reserve Board)

8:35– 9:15 a.m.

Keynote Session
Keynote Speaker: Roberto Perli (Federal Reserve Bank of New York)
Q&A Moderator: Sam Hempel (Federal Reserve Board)

Break

Banking I
Session Chair: Jack Bao (University of Delaware)

“Synthetic Dollar Funding”
Umang Khetan (University of Iowa)
Discussant: Ricardo Correa (Federal Reserve Board)

“What Quantity of Reserves is Sufficient?”
Yilin (David) Yang (City University of Hong Kong)
Discussant: Sriya Anbil (Federal Reserve Board)

Break

Treasury Markets
Session Chair: Edith Liu (Federal Reserve Board)

“New Evidence on Convenient Asset Demand”
Collin Jones (Cornerstone Research)
Discussant: Matthias Fleckenstein (University of Delaware)

“Granular Treasury Demand with Arbitrageurs”
Kristy Jansen (University of Southern California), Wenhao Li (University of Southern California), and Lukas Schmid (University of Southern California)
Discussant: Jay Kahn (Federal Reserve Board)

Lunch

Banking II
Session Chair: Jonathan Pogach (Federal Deposit Insurance Corporation)

“The Dynamics of Deposit Flightiness and its Impact on Financial Stability”
Kristian Blickle (Federal Reserve Bank of New York), Jian Li (Columbia University), Xu Lu (University of Washington), and Yiming Ma (Columbia University)
Discussant: April Meehl (Office of Financial Research)

“LASH Risk and Interest Rates”
Laura Alfaro (Harvard University), Saleem Bahaj (UCL Economics), Robert Czech (Bank of England), Jonathon Hazell (Massachusetts Institute of Technology), and Ioana Neamtu (Bank of England)
Discussant: Matthew McCormick (Federal Reserve Bank of Dallas)

Break

Repo Markets
Session Chair: Elizabeth Klee (Federal Reserve Board)

“Lending to Hedge Funds: Does Competition Erode Bank Risk Management?”
Christian Bittner (Deutsche Bundesbank) and Stephan Jank (Deutsche Bundesbank)
Discussant: Daniel Barth (Federal Reserve Board)

“A Demand System for the Repo Market: Implications for Repo and Treasury Pricing”
Tobias Linzert (European Central Bank), Benoit Nguyen (European Central Bank), Loriana Pelizzon (Leibniz Institute for Financial Research SAFE), Andrea Poinelli (Deutsche Bundesbank), and Davide Tomio (University of Virginia)
Discussant: Stefania D’Amico (Federal Reserve Bank of New York)

4:50– 5:00 p.m.

Closing Remarks
Russell Wermers (University of Maryland)

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Last Update: April 15, 2025