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Summer Workshop on Money, Banking, Payments and Finance

The Financial Markets Group of the Federal Reserve Bank of Chicago hosted a summer workshop on money, banking, payments and finance. This workshop brought together experts from academia and policy institutions around the world to discuss recent developments in the field. The goal of the conference was to provide a frank and critical assessment of all papers presented, and to take stock of where we are and where we should be heading.

Monday, 08/10/09
1:30 PM
Session 1 - Money versus Memory
  • Luis Araujo, Michigan State University
  • Braz Camargo, University of Western Ontario
2:30 PM
Break
2:45 PM
Session 2 - Adverse Selection in Competitive Search Equilibrium
  • Veronica Guerrieri, University of Chicago
  • Rob Shimer, University of Chicago
  • Randy Wright, University of Wisconsin
3:45 PM
Break
4:15 PM
Session 3 - Collateral Policy in a World of Round-the-Clock Payment

Charlie Kahn, University of Illinois at Urbana-Champaign

5:15 PM
Adjourn
Tuesday, 08/11/09
11:30 AM
Session 1 - Market Integration, Information and Contagion
  • Luis Araujo, Michigan State University
  • Raoul Minetti, Michigan State University
  • Daniela Puzzello, University of Illinois at Urbana-Champaign
12:30 PM
Break
1:15 PM
Session 2 - Roll-Over Risk and Market Freezes
  • Viral Acharya, New York University
  • Douglas Gale, New York University
  • Tanju Yorulmazer, Federal Reserve Bank of New York
2:15 PM
Break
2:30 PM
Session 3 - Relationship Lending and the Transmission of Monetary Policy

Kinda Hachem, University of Toronto

3:30 PM
Break
4:00 PM
Session 4 - Non-Cash Payment Methods in a Cashless Economy
  • Eliot Maenner, University of Copenhagen
  • Tao Zhu, Cornell University
5:00 PM
Adjourn
Wednesday, 08/12/09
11:30 AM
Session 1 - A Monetary Theory with Non-degenerate Distributions
  • Guido Menzio, University of Pennsylvania
  • Shouyong Shi, University of Toronto
  • Hongfei Sun, Queen's University
12:30 PM
Break
1:15 PM
Session 2 - Liquidity Needs in Economies with Interconnected Financial Obligations

Julio Rotemberg, Harvard University

2:15 PM
Break
2:30 PM
Session 3 - New Monetarist Economics
  • Steve Williamson, Washington University in St. Louis
  • Randy Wright, University of Wisconsin
5:00 PM
Adjourn
Thursday, 08/13/09
11:00 AM
Session 1 - Really, Really Rational Inattention: Or, How I Learned to Stop Worrying and Love Sticky Prices
  • Allen Head, Queen's University
  • Lucy Qian Liu, Queen's University
  • Guido Menzio, University of Pennsylvania
  • Randy Wright, University of Wisconsin
12:00 PM
Break
12:45 PM
Session 2 - Counterfeiting and Payments
  • Yiting Li, National Taiwan University
  • Guillaume Rocheteau, University of California at Irvine
1:45 PM
Break
2:00 PM
Session 3 - Does Imperfect Recognizability Explain the Coexistence of Money and Higher-Return Assets?

Tai-Wei Hu, Northwestern University

3:00 PM
Break
3:15 PM
Session 4 - Money Holdings, Inflation and Welfare in a Competitive Market

Scott Dressler, Villanova University

4:15 PM
Break
4:30 PM
Session 5 - Growth and the Market for Ideas
  • Jonathan Chiu, Bank of Canada
  • Cesaire Meh, Bank of Canada
  • Randy Wright, University of Wisconsin
5:30 PM
Adjourn
Friday, 08/14/09
10:00 AM
Session 1 - Government Policy and the Microfoundations of Money
Fernando Martin, Simon Fraser University
11:00 AM
Break
11:15 AM
Session 2 - Informal Sector, Government Policy and Institutions

Boragan Aruoba, University of Maryland

Monday, 08/17/09
1:30 PM
Session 1 - Inside versus Outside Bonds
  • Aleks Berentsen, University of Basel
  • Chris Waller, Federal Reserve Bank of St. Louis
2:45 PM
Session 2 - Inflation with Random Consumption and Production Timing

Borghan Narajabad, Rice University

4:15 PM
Session 3 - Delayed Output Response to Technology Shocks in a Monetary Search Model

Ling Sun, University of Toronto

Tuesday, 08/18/09
11:30 AM
Session 1 - Collateral Fluctuations in a Monetary Economy
  • Leo Ferraris, Universidad Carlos III de Madrid
  • Makoto Watanabe, Universidad Carlos III de Madrid
1:15 PM
Session 2 - Understanding Fiscal and Monetary Policy in 2008-2009 through the Fiscal Theory of the Price Level

John Cochrane, University of Chicago

2:30 PM
Session 3 - On Taxation in the Lagos-Wright Model

Peter Norman, University of North Carolina

4:00 PM
Session 4 - Liquidity Shocks and Order Book Dynamics
  • Bruno Biais, Toulouse University
  • Pierre-Olivier Weill, University of California, Los Angeles
Wednesday, 08/19/09
11:30 AM
Session 1 - Settlement and Risk Sharing in the Payment System

Daniel Sanches, Washington University in St. Louis

1:15 PM
Session 2 - A Structural Model of Banking
  • Dean Corbae, University of Texas, Austin
  • Pablo D'Erasmo, University of Maryland
2:30 PM
Session 3 - Money and the Completeness of Markets
  • Nicolas Jacquet, Singapore Management University
  • Serene Tan, National University of Singapore
4:00 PM
Session 4 - Sticky Prices versus Monetary Frictions: An Estimation of Policy Trade-offs
  • Boragan Aruoba, University of Maryland
  • Frank Schorfheide, University of Pennsylvania
Thursday, 08/20/09
11:30 AM
Session 1 - Money and Price Posting under Private Information
  • Mei Dong, Simon Fraser University
  • Janet Hua Jiang, University of Manitoba
1:15 PM
Session 2 - On Informationally Efficient Markets and Efficient Market Outcomes in Monetary Economies

David Andolfatto, Federal Reserve Bank of St. Louis

2:30 PM
Session 3 - The Role of Money in a Model with Frictional Investment Markets
  • Thanasis Geromichalos, University of Pennsylvania
  • Juan Licari, Moody's Economy.com
  • Jose Suarez Lledo, Universitat Autonoma de Barcelona
4:00 PM
Session 4 - Cash Cycles
  • Andrew Clausen, University of Pennsylvania
  • Carlo Strub, University of Basel
Friday, 08/21/09
10:00 AM
Session 1 - Time Varying Preferences and SAD: Evidence from an Asset Pricing Model

Tan Wang, University of British Columbia

11:15 AM
Session 2 - Directed Search, Money and Uniqueness
  • Richard Dutu, Deakin University
  • Stella Huangfu, University of Sydney
  • Benoit Julien, University of New South Wales
Event Information
Event Contact
Ed Nosal
(312) 322-6070
Email
Date
08/10/09  - 08/21/09
Location
Federal Reserve Bank of Chicago
230 S. LaSalle Street
Chicago, IL 60604
Map


Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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