Board of Governors of the Federal Reserve System

Registration

Introduction
Sam Hempel (Federal Reserve Board)

Deposit Fragility
Session Chair: Jack Bao (University of Delaware)

“Too Big to Fail, Too Small to Survive”
Redouane Elkamhi (University of Toronto) and Yilin (David) Yang (University of Minnesota)
Discussant: Alexandros Vardoulakis (Federal Reserve Board)

“Where Collateral Sleeps”
Gary Gorton (Yale University), Chase Ross (Federal Reserve Board), and Sharon Ross (Federal Reserve Board)
Discussant: Huberto Ennis (Federal Reserve Board of Richmond)

Break

Payments and Money Markets
Session Chair: Pete Kyle (University of Maryland, College Park)

“The Effect of Instant Payments on the Banking System: Liquidity Transformation and Risk-Taking”
Ding Ding (Massachusetts Institute of Technology), Rodrigo Gonzalez (Central Bank of Brazil), Yiming Ma (Columbia University), and Yao Zeng (University of Pennsylvania)
Discussant: Pauline Liang (Stanford University)

“Relationship Dynamics in the Federal Funds Markets”
Sriya Anbil (Federal Reserve Board), Alyssa Anderson (Federal Reserve Board), and Benjamin Eyal (Federal Reserve Board)
Discussant: Adam Copeland (Federal Reserve Bank of New York)

Keynote Session
“How Could the Fed Reduce the Size of its Balance Sheet?”
Introduction: Jay Kahn (Federal Reserve Board)
Keynote Speaker: Darrell Duffie (Stanford University)

Lunch

Consequences of Rising Non-Bank Financial Intermediation
Session Chair: Pablo Slutzky (University of Maryland, College Park)

“The Central Bank’s Balance Sheet and Treasury Market Disruptions”
Adrien d’Avernas (Stockholm School of Economics), Damon Petersen (MIT Sloan), and Quentin Vandeweyer (University of Chicago)
Discussant: Jay Kahn (Federal Reserve Board)

“Bank to Non-Bank Lending and the Reallocation of Credit”
Jian Li (Columbia University), Yiming Ma (Columbia University), Caterina Mendicino (European Central Bank), and Dominik Supera (Columbia University)
Discussant: Nathan Foley-Fisher (Federal Reserve Board)

Break

Central Bank Backstops in Repo Markets
Session Chair: Elizabeth Klee (Federal Reserve Board)

“Public Sector Interventions in the Bund Market: A Repo Market Perspective”
Miguel Ampudia (European Central Bank), Pedro Formoso da Silva (European Central Bank), Simon Hesse (Deutsche Finanzagentur), Alexander Pütz (Deutsche Finanzagentur), Franziska Schobert (Deutsche Bundesbank), Julian von Landesberger (European Central Bank), and Alexander Wohlert (Deutsche Finanzagentur)
Discussant: Stefania D’Amico (Federal Reserve Bank of New York)

“Monetary Policy Transmission with Endogenous Reserve Supply”
Kristina Bluwstein (Bank of England), Ethan Cohen (University of Minnesota), Michael McLeay (Bank of England), and Jacob Stevens (Bank of England)
Discussant: Roc Armenter (Federal Reserve Bank of Philadelphia)

Closing Remarks
Russell Wermers (University of Maryland, College Park)