Board of Governors of the Federal Reserve System

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Conference Program

Thursday, September 15, 2011

8:15 a.m.

Continental Breakfast

8:45 a.m.

Opening Remarks by Chairman Ben S. Bernanke

9:00 a.m.

Non-Core Bank Liabilities and Financial Vulnerability (PDF) | HTML

Author: Joon-Ho Hahm, Yonsei University; Hyun Song Shin (presenter), Princeton University; Kwanho Shin, Korea University

Discussant: Stijn Claessens, International Monetary Fund

10:00 a.m.

Governments as Shadow Banks: The Looming Threat to Financial Stability (PDF) | HTML

Author: Viral Acharya (presenter), NYU Stern School of Business

Discussant: Tobias Adrian, Federal Reserve Bank of New York 

11:00 a.m.

Coffee Break

11:30 a.m.

The Impact of a Liquidity Shock on Bank Lending: The Case of the 2007 Collapse of the Private-Label RMBS Market (PDF) | HTML

Authors: Paul Calem, Federal Reserve Board; Francisco Covas (presenter), Federal Reserve Board; Jason Wu, Federal Reserve Board

Discussant: Elena Loutskina, University of Virginia Darden School

12:30 p.m.


1:45 p.m.

Lunch Address by Governor Daniel K. Tarullo

2:15 p.m.

Leverage Regulation and Macroeconomic Dynamics

Authors: Ian Christensen, Bank of Canada; Césaire Meh (presenter), Bank of Canada; Kevin Moran, Université Laval

Discussant: Jae Sim, Federal Reserve Board

3:15 p.m.

Coffee Break

3:45 p.m.

A Shot at Regulating Securitization

Authors: John Kiff, International Monetary Fund; Michael Kisser (presenter), Norwegian School of Economics and Business

Discussant: Erik Heitfield, Federal Reserve Board

4:45 p.m.

Rating Shopping in the CMBS Market (PDF) | HTML

Author: Andrew Cohen (presenter), Federal Reserve Board

Discussant: Bo Becker, Harvard Business School

5:45 p.m.

Reception (by invitation only)

6:30 p.m.

Conference Dinner (by invitation only)

Friday, September 16, 2011

8:00 a.m.

Continental Breakfast

8:45 a.m.

Systemic Risk from Real Estate and Macro-prudential Regulation (PDF) | HTML

Authors: Franklin Allen (presenter), Wharton School of the University of Pennsylvania; Elena Carletti, European University Institute

Discussant: Stijn Van Nieuwerburgh, NYU Stern School of Business

9:45 a.m.

Taming SIFIs (PDF) | HTML

Authors: Xavier Freixas, Universitat Pompeu Fabra; Jean-Charles Rochet (presenter), Zurich University and TSE

Discussant: Itay Goldstein, Wharton School of the University of Pennsylvania

10:45 a.m.

Coffee Break

11:15 a.m.

Capital Regulation and Tail Risk

Authors: Enrico Perotti, University of Amsterdam and CEPR; Lev Ratnovski (presenter), International Monetary Fund; Razvan Vlahu, De Nederlandsche Bank

Discussant: Adam Zawadowski, Boston University

12:15 p.m.


1:30 p.m.

Panel Discussion: Policy Perspectives on Regulation of Systemic Risk

Panelists: Lewis Alexander, Federal Reserve Bank of New York; Franklin Allen, Wharton School of the University of Pennsylvania; Nellie Liang, Federal Reserve Board; Jeremy Stein, Harvard University

3:30 p.m.


    *Attendance to the conference is by invitation only.

Last update: April 19, 2012