skip to main navigation skip to secondary navigation skip to content
Board of Governors of the Federal Reserve System
skip secondary navigation
Federal Reserve Board of Governors


Thursday, June 23, 2011

8:15 a.m.


8:45 a.m.

Introductory Remarks

9:00 a.m.

Invited Lecture: How Amsterdam got fiat money

William Roberds, Federal Reserve Bank of Atlanta, and Stephen Quinn, Texas Christian University

10:00 a.m.


10:30 a.m.

Session I: Studies of Retail Payments I

Fraud, Investments and Liability Regimes in Payment Platforms
Anna Creti, Université Paris Ouest Nanterre and Ecole Polytechnique, and Marianne Verdier, Université Paris Ouest Nanterre

Card acceptance and surcharging: the role of costs and competition
Nicole Jonker, De Nederlandsche Bank

12:00 p.m.


2:00 p.m.

Session II: Understanding Central Counterparties

Competitive Effects vs Novation Gains: Optimum Structure of a Central Counterparty
Hector Perez-Saiz, Bank of Canada

Interoperability between central counterparties
Jürg Mägerle and Thomas Nellen, Swiss National Bank

3:30 p.m.

Coffee Break

4:00 p.m.

Session III: Liquidity and efficiency in financial markets

Repo Runs
Antoine Martin, David Skeie, Federal Reserve Bank of New York, and Ernst-Ludwig von Thadden, University of Mannheim

Private and Public Provision of Liquidity in a Banking Model
Cyril Monnet and Daniel Sanches, Federal Reserve Bank of Philadelphia 

5:30 p.m.


Friday, June 23, 2011

8:30 a.m.

Continental Breakfast

9:00 a.m.

Session I: History of Payment Systems

Bank Liability Insurance Schemes in the United States before 1865
Warren Weber, Federal Reserve Bank of Minneapolis

Modes of Contagion in the Banking Panic of 1930
Erik Heitfield, Gary Richardson, and Shirley Wang, University of California, Irvine

10:30 a.m.


11:00 a.m.

Session II: Models of the Federal Funds Market

Trade Dynamics in the Market for Federal Funds
Gara M. Afonso, Federal Reserve Bank of New York, and Ricardo Lagos, New York University

The first line of defense: The discount window during the early stages of the financial crisis
Elizabeth Klee
, Federal Reserve Board

12:00 p.m.


1:30 p.m.

Session III: Linkages in Payment Systems

Information Asymmetries and Spillover Risk in Settlement Systems 
Elizabeth Foote, London School of Economics and Political Science

Policy Measures to Alleviate Foreign Currency Liquidity Shortages under Aggregate Risk with Moral Hazard
Hiroshi Fujiki, Monetary Affairs Department, Bank of Japan

3:00 p.m.


3:30 p.m.

Session IV: Studies of Retail Payments II

Will that be Cash, Debit, or Credit? How Canadians Pay
Carlos Arango, Kim P. Huynh and Leonard Sabetti , Bank of Canada

Explaining adoption and use of payment instrument by U.S. consumers
Sergei Koulayev
, Boston College, Marc Rysman, Boston University, Scott Schuh, Federal Reserve Bank of Boston and Joanna Stavins, Federal Reserve Bank of Boston

Last update: March 16, 2017