Conference

Federal Reserve Day-After Conference on Financial Markets and Institutions

January 6, 2027

Federal Reserve Board, Washington, D.C.

The 20th Annual Federal Reserve Day-After (formerly Day-Ahead) Conference on Financial Markets and Institutions will be held at the Federal Reserve Board of Governors on January 6th, 2027. This conference is an opportunity for productive interactions a day after the 2027 ASSA meeting and the sharing of policy-relevant research among economists in the Federal Reserve System, at other central banks, and in academia.

Agenda
Wednesday, January 6, 2027

Registration and Breakfast

Welcoming Remarks

Session 1: Bank Deposits
"How Do Government Guarantees Affect Deposit Supply?"
Thomas Flanagan, Ohio State University
Discussant: Glenn Schepens, European Central Bank

"Deposit Specialization and Lending Behavior"
Kristian Blickle, Federal Reserve Bank of New York
Discussant: Yao Zheng, The Wharton School of University of Pennsylvania

Break

Session 2: Private Credit
"Compete or Coordinate? Private Credit and the Reorganization of Banking Intermediation"
Ly Nguyen, Rice University
Discussant: Young Soo Jiang, Penn State University

"The Fragility of Semi-Liquid Private Credit Funds"
Chuck Fang, Drexel University
Discussant: Christine Dobridge, Federal Reserve Board of Governors

Lunch Talk
"Options for Modernizing the FOMC’s Operating Target Interest Rate"
Sam Schulhofer-Wohl, Federal Reserve Bank of Dallas

Session 3: Short Presentations
"DeFi-ying the Fed? Monetary Policy Transmission to Stablecoin Rates"
Bruno Albuquerque, International Monetary Fund

"The Impact of Financial Literacy: Evidence from a Randomized Trial Linked to Administrative Data"
Andre Jesus de Silva, Federal Reserve Board of Governors

"Banking on Nonbanks"
Benoit Nguyen, European Central Bank

Break

Session 4: Regulation
"Screening Precision, Collateral, and Credit Reallocation"
Angela Maddaloni, European Central Bank
Discussant: Cooper Howes, Federal Reserve Board of Governors

"Financial Liberalizations, Booms, and Crashes"
Max Grimm, Federal Reserve Board of Governors
Discussant: Giovanni Dell’Ariccia, International Monetary Fund

Closing Remarks

 

Organizing Committee
David Arseneau, Federal Reserve Board of Governors
Mark Carlson, Federal Reserve Board of Governors
Pablo D'Erasmo, Federal Reserve Bank of Philadelphia
Diana Hancock, Federal Reserve Board of Governors (Retired)
Camelia Minoiu, Federal Reserve Bank of Atlanta
Roberto Robatto, Federal Reserve Bank of Atlanta
Judit Temesvary, Federal Reserve Board of Governors
Clara Vega, Federal Reserve Board of Governors
James Vickery, Federal Reserve Bank of Philadelphia

Logistics
Regular session: 80 minutes (presentation 25 minutes, discussion 10 minutes, questions 5 minutes)
Short Session: 60 minutes (presentation 15 minutes, questions 5 minutes)

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Last Update: September 22, 2026