Summer Workshop on Money, Banking, Payments, and Finance

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Summer Workshop on Money, Banking, Payments, and Finance

August 15-19, 2022

Federal Reserve Board, Washington, D.C.

The Board of Governors will host the 2022 Summer Workshop on Money, Banking, Payments, and Finance on August 15-19, 2022, in Washington, D.C.

For more than 20 years, the workshop has provided a platform for the exchange of ideas and promotion of greater interaction between economists working on money, banking, payment, and finance.

Scientific committee: Zach Bethune (Rice University), Braz Camargo (FGV), Athanasios Geromichalos (UC-Davis), Kinda Hachem (UVA-Darden), Lucas Herrenbrueck (SFU), Ben Lester (FRB-Philadelphia), Fernando Martin (FRB-St. Louis), Fabrizio Mattesini (Rome, Tor Vergata), Cyril Monnet (Bern, Study Center Gerzensee), Ed Nosal (FRB-Atlanta), Daniel Sanches (FRB-Philadelphia), Bruno Sultanum (FRB-Richmond), Ariel Zetlin-Jones (Carnegie Mellon), Cathy Zhang (Purdue).

Workshop Organizers: Garth Baughman (FRB), Francesca Carapella (FRB), Borghan Narajabad (FRB), Romina Ruprecht (FRB), Alexandros Vardoulakis (FRB).

Agenda

Monday, August 15

9:30 a.m. - 10:40 a.m.

Welcome coffee

10:40 a.m. - 10:50 a.m.

Welcome remarks

Matthew Eichner, Director RBOPS

10:50 a.m. - 11:00 a.m.

Opening remarks

Governor Christopher J. Waller

Morning session

Fintech

Chair: Pedro Gomis Porqueras (Queensland University of Technology)

11:00 a.m. - 11:45 a.m.

Blockchain Economics

Joseph Abadi (FRB Philadelphia)
Markus Brunnermeier (Princeton University)

11:45 a.m. - 12:30 p.m.

The Economics of Cryptocurrencies in a General Equilibrium Framework

Enchuan Shao (University of Sasketchewan)

12:30 p.m. - 2:00 p.m.

Lunch break

Afternoon session

Liquidity I

Chair: Sylvia Xiaolin Xiao (Peking University)

2:00 p.m. - 2:45 p.m.

The Geography of Bank Deposits and the Origins of Aggregate Fluctuations

Shohini Kundu (UCLA)
Seongjin Park (University of Chicago)
Nishant Vats (University of Chicago)

2:45 p.m. - 3:30 p.m.

Disintermediating the Federal Funds Market

Tsz-Nga Wong (FRB Richmond)
Mengbo Zhang (UCLA)

3:30 p.m. - 4:00 p.m.

Coffee break

4:00 p.m. - 4:45 p.m.

On the Inherent Fragility of DeFi Lending

Jonathan Chiu (Bank of Canada)
Emre Ozdenoren (London Business School)
Kathy Yuan (IMF, LSE, FMG)
Shengxing Zhang (LSE, CFM)

4:45 p.m. - 5:30 p.m.

Distributed Ledger Technologies and Digital Assets

Jean Flemming (FRB)
David E. Rappoport (FRB)

Tuesday, August 16

Morning session

Intermediation I

Chair: Mariana Rojas-Breu (Université Paris II, Panthéon-Assas)

9:00 a.m. - 9:45 a.m.

Debt-Constrained Monetary Economies

Matteo Duca (University of Rome Tor Vergata)

9:45 a.m. - 10:30 a.m.

Intermediation and Debt Limits

Yuet-Yee Wong (Binghamton University)
Randall Wright (Zhejiang University, UW Madison, FRB Minneapolis)

10:30 a.m. - 11:00 a.m.

Coffee break

11:00 a.m. - 11:45 a.m.

Mixing QE and Interest Rate Policies at the Effective Lower Bound: Micro Evidence from the Euro Area

Christian Bittner (Goethe University)
Alexander Rodnyansky (Presidential Office of Ukraine, University of Cambridge)
Farzad Saidi (University of Bonn)
Yannick Timmer (FRB)

11:45 a.m. - 12:30 p.m.

Unconventional Monetary Policy Transmission through Banks and Shadow Banks

Sriya Anbil (FRB)
Alyssa Anderson (FRB)
Ethan Cohen (FRB)
Romina Ruprecht (FRB)

12:30 p.m. - 2:30 p.m.

Poster Session 1 and Lunch

Fisher vs Keynes: Does an Interest Rate Hike Cause Inflation to Increase or Decrease?
Marieh Azizirad (Simon Fraser University)

Does the Federal Reserve's Mission as a Bank Supervisor Hinder Its Mission as the Lender of Last Resort?
Mehdi Beyhaghi (FRB Richmond)
Jeffrey R. Gerlach (FRB Richmond)

The Labor Market Power Channel of Monetary Policy
Anastasia Burya (Columbia University)
Rui C. Mano (IMF)
Yannick Timmer (FRB)
Anke Weber (IMF)

Negative Nominal Interest Rates and Monetary Policy
Duhyeoung Kim (University of Western Ontario)

Unconventional Monetary Policy Transmission and Bank Market Power
Amina Enkhbold (Bank of Canada)

Cash Demand, Use, and Access – COVID-19 and Beyond: Insights from Bank of Canada Network Data and Surveys of Consumers and Merchants
Heng Chen (Bank of Canada)
Walter Engert (Bank of Canada)
Christopher S. Henry (Bank of Canada)
Kim P. Huynh (Bank of Canada)
Angelika Welte (Bank of Canada)

An Economic Model of Consensus on Distributed Ledgers
Hanna Halaburda (NYU)
Zhiguo He (University of Chicago)
Jiasun Li (George Mason University)

Central Bank Digital Currency with Heterogeneous Bank Deposits
Remo Nyffenegger (University of Basel)

Decomposing Gender Differences in Bankcard Credit Limits
Nathan Blascak (FRB Philadelphia)
Anna Tranfaglia (FRB)

Bank Funding Risk, Reference Rates, and Credit Supply
Harry Cooperman (FRB New York)
Darrel Duffie (Stanfort GSB)
Stephan Luck (FRB New York)
Zachry Wang (Stanford GSB)

Central Bank Digital Currency (CBDC) and Monetary Policy with Heterogeneous Agents
Adib Rahman (University of Hawaii, Manoa)
Liang Wang (University of Hawaii, Manoa)

Afternoon session

Money I

Chair: Joseph Haslag (University of Missouri, Columbia)

2:30 p.m. - 3:15 p.m.

A Microfounded Approach to Dollarization and Government Policy

Florian Madison (Claremont McKenna College)

3:15 p.m. - 4:00 p.m.

Hegemony or Harmony? A Unified Framework for International Monetary System

Tao Liu (Central University of Finance and Economics)
Dong Lu (Renmin University of China)
Liang Wang (University of Hawaii, Manoa)

4:00 p.m. - 4:30 p.m.

Coffee break

4:30 p.m. - 5:15 p.m.

Learning and Money Adoption

Michael Choi (UC Irvine)
Fan Liang (Loyola Marymount University)

Wednesday, August 17

Morning session

Liquidity II

Chair: Garth Baughman (FRB)

9:00 a.m. - 9:45 a.m.

Digital Platforms: Payments and the Provision of Privacy

Pedro Gomis-Porqueras (Queensland University of Technology)
Zijian Wang (Wilfrid Laurier University)

9:45 a.m. - 10:30 a.m.

Good Collateral, Bad Money

Gary B. Gorton (Yale University)
Elisabeth Klee (FRB)
Chase P. Ross (FRB)
Sharon Y. Ross (Office for Financial Research)
Alexandros P. Vardoulakis (FRB)

10:30 a.m. - 11:00 a.m.

Coffee break

11:00 a.m. - 11:45 a.m.

Liquidity, Capital Pledgeability and Inflation Redistribution

Paola Boel (FRB Cleveland)
Julián Díaz (Loyola University)
Daria Finocchiaro (Sveriges Riksbank)

11:45 a.m. - 12:30 p.m.

Banking Market Power, the Deposit Channel of Monetary Policy and Capital

Allen Head (Queen’s University)
Timothy Kam (Australian National University)
Sam Ng (Australian National University)
Guangqian Pan (University of Sydney)

12:30 p.m. - 2:00 p.m.

Lunch break

Afternoon session

Intermediation II

Chair: Romina Ruprecht (FRB)

2:00 p.m. - 2:45 p.m

Inside Money and Monetary Policy

Fabrizio Mattesini (University of Rome Tor Vergata)
Cyril Monnet (University of Bern, Study Center Gerzensee)

2:45 p.m. - 3:30 p.m.

Adverse Selection and Small Business Finances

Fan Liang (Loyola Marymount University)

3:30 p.m. - 4:00 p.m.

Coffee break

4:00 p.m. - 4:45 p.m.

Financial Intermediaries and the Macroeconomy: Evidence from a High-Frequency Identification

Pablo Ottonello (University of Michigan)
Wenting Song (Bank of Canada)

4:45 p.m. - 5:30 p.m.

Narrow Banks

Stephen Williamson (University of Western Ontario)

Thursday, August 18

Morning session

Liquidity III

Chair: Alexandros Vardoulakis (FRB)

9:00 a.m. - 9:45 a.m.

Asymmetric Information and the Liquidity Role of Assets

Athanasios Geromichalos (UC Davis)
Lucas Herrenbrueck (Simon Fraser University)
Zijian Wang (Wilfrid Laurier University)

9:45 a.m. - 10:30 a.m.

Search and Inventory in the Over-the-Counter Market

Chengjie Diao (Queen’s University)
Evan Dudley (Queen’s University)
Hongfei Sun (Queen’s University)

10:30 a.m. - 11:00 a.m.

Coffee break

11:00 a.m. - 11:45 a.m.

Capital Regulation and Shadow Finance: A Quantitative Analysis

Hyunju Lee (Ryerson University)
Sunyoung Lee (Seoul National University)
Radoslaw Paluszynski (University of Houston)

11:45 a.m. - 12:30 p.m.

Systemic Bank Runs without Aggregate Risk: How a Misallocation of Liquidity May Trigger a Solvency Crisis

Lukas Altermatt (University of Essex)
Hugo van Buggenum (ETH Zürich)
Lukas Voellmy (Swiss National Bank)

12:30 p.m. - 2:30 p.m.

Poster Session 2 and Lunch

Non-Neutrality of Money Creation and Credit Extension in a Search Economy
Markus Althanns (ETH Zürich)
Hugo van Buggenum (ETH Zürich)
Hans Gersbach (ETH Zürich)

Currency Competition and Currency Union in a Multi-Country Multi-Currency Search Model
Jinny Chih-Yi Chen (National Central University)

Adverse Selection, Moral Hazard and Interbank Market Fragility
Yuteng Cheng (Bank of Canada)

Consumer Search, Markups and Entry
Wing Miriam Feng (Independent Researcher)

Bank Specialization and the Design of Loan Contracts
Marco Giometti (Universidad Carlos III de Madrid)
Stefano Pietrosanti (Bank of Italy)

Central Bank Digital Currency: Financial Inclusion vs Disintermediation
Jeremie Banet (UC Irvine)
Lucie Lebeau (FRB Dallas)

How the Cryptocurrency Market is Connected to the Financial Market
Sang Rae Kim (Yale University)

The Crypto Carry Trade
Nicolas Christin (Carnegie Mellon University)
Bryan R. Routledge (Carnegie Mellon University)
Kyle Soska (University of Illinois)
Ariel Zetlin-Jones (Carnegie Mellon University)

Learning from Prices, Credit Cycles, and Macroprudential Policies
Yeow Hwee Chua (Nanyang Technological University, Stanford GSB)
Zu Yao Hong (University of Maryland)

A Monetary Model of Cryptocurrency
Peter Zimmermann (FRB Cleveland)

Afternoon session

Shocks and Fluctuations

Chair: Pamela Labadie (George Washington University)

2:30 p.m. - 3:15 p.m.

Labor Market Shocks and Monetary Policy

Serdar Birinci (FRB St. Louis)
Fatih Karahan (FRB New York)
Yusuf Mercan (University of Melbourne)
Kurt See (Bank of Canada)

3:15 p.m. - 4:00 p.m.

Endogenous Liquidity and Volatility

Guillaume Rocheteau (UC Irvine), Lu Wang (UC Irvine)

4:00 p.m. - 4:30 p.m.

Coffee break

4:30 p.m. - 5:15 p.m.

General Equilibrium with Multiple Liquid Assets

Lukas Altermatt (University of Essex)
Kohei Iwasaki (Osaka University)
Randall Wright (Zhejiang University, UW Madison, FRB Minneapolis)

5:15 p.m. - 6:00 p.m.

Some New Monetarist Arithmetic

Chao Gu (University of Missouri)
Randall Wright (Zhejiang University, UW Madison, FRB Minneapolis)

6:00 p.m.

Reception

Friday, August 19

Morning session

Money III

Chair: Peter Zimmerman (FRB Cleveland)

9:00 a.m. - 09:45 a.m.

Is Money Essential? An Experimental Approach

Janet Hua Jiang (Bank of Canada)
Peter Norman (University of North Carolina)
Daniela Puzzello (Indiana University)
Bruno Sultanum (FRB Richmond)
Randall Wright (Zhejiang University, UW Madison, FRB Minneapolis)

9:45 a.m. - 10:30 a.m.

Liquidity, Collective Moral Hazard, and Government Bailouts

Wumian Zhao (Purdue University)

10:30 a.m. - 11:00 a.m.

Coffee break

11:00 a.m. - 11:45 a.m.

Fiscal Dominance

Fernando M. Martin (FRB St. Louis)

11:45 a.m. - 12:30 p.m.

Platforms, Tokens, and Interoperability

Markus Brunnermeier (Princeton University)
Jonathan Payne (Princeton University)

12:30 p.m. - 2:00 p.m.

Lunch break

Afternoon session

CBDC

Chair: Christopher Henry (Bank of Canada)

2:00 p.m. - 2:45 p.m.

Central Bank Account for All: Efficiency and Risk-Taking

Cyril Monnet (University of Bern, Study Center Gerzensee)
Asgerdur Petursdottir (University of Bath)
Mariana Rojas-Breu (Université Paris II, Panthéon-Assas)

2:45 p.m. - 3:30 p.m.

Central Bank Digital Currency and Privacy

Sylvia Xiaolin Xiao (Peking University)

3:30 p.m.

Closing remarks

David Mills, Associate Director RBOPS

Last Update: July 08, 2022

Board of Governors of the Federal Reserve System

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Summer Workshop on Money, Banking, Payments, and Finance