Summer Workshop on Money, Banking, Payments and Finance
August 8 – 19, 2011
The economic research department of the Federal Reserve Bank of Chicago held a summer workshop on money, banking, payments and finance. This workshop presented experts from academia and policy institutions from around the world to discuss recent developments in the field. The goal of the conference is 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, 08/08/11
1:30 PM
Session 1: Implications of Risk-Shifting Models of Bubbles
Gadi Barlevy, Federal Reserve Bank of Chicago
2:30 PM
Session 2: Credit Markets, Limited Commitment and Government Debt
Steve Williamson, Washington University in St. Louis
4:00 PM
Session 3: Marriage Markets, Markets and Money: A Coasian Theory of Household Formation
Ken Burdett, University of Pennsylvania
Mei Dong, Bank of Canada
Ling Sun, University of Toronto
Randy Wright, University of Wisconsin
Tuesday, 08/09/11
10:30 AM
Session 1: Liquidity Hoarding
Douglas Gale, New York University
Tanju Yorulmazer, Federal Reserve Bank of New York
11:30 AM
12:30 PM
Lunch
1:30 PM
Session 3: A Network-Based Analysis of Over-the-Counter Markets
Michael Gofman, University of Wisconsin
2:45 PM
Session 4: Adverse Selection and Liquidity Distortion in Decentralized Markets
Briana Chang, Northwestern University
4:00 PM
Session 5: Liquidity, Productivity and Efficiency
Ehsan Ebrahimy, University of Chicago
Wednesday, 08/10/11
10:30 AM
Session 1: Screening, Lending Intensity and the Aggregate Response to a Bank Tax
Kinda Hachem, University of Chicago Booth School of Business
11:30 AM
Session 2: Firms, Bank Loans, and Monetary Policy
Cyril Monnet, University of Bern
Daniel Sanches, Federal Reserve Bank of Philadelphia
12:30 PM
Lunch
1:30 PM
Session 3: Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales and Flight to Quality
Veronica Guerrieri, University of Chicago Booth School of Business
Rob Shimer, University of Chicago
2:45 PM
Session 4: Optimal Unconventional Monetary Policy
Chao Gu, University of Missouri
Joe Haslag, University of Missouri
4:00 PM
Session 5: On the Welfare Effect of Credit Arrangements
Jonathan Chiu, Bank of Canada
Mei Dong, Bank of Canada
Enchuan Shao, Bank of Canada
5:30 PM
Reception
Thursday, 08/11/11
9:30 AM
Session 1: Learning to Love Money
Tingwen Liu, University of Illinois
Dennis O'Dea, University of Illinois
Sergey Popov, Centre for Advances Studies in Higher School of Economics (HSE)
10:30 AM
Session 2: Experimental Evidence of Bank Runs as Pure Coordination Failures
Jasmina Arifovic, Simon Fraser University
Janet Jiang, Bank of Canada and University of Manitoba
Yiping Xu, University of International Business and Economics
11:45 AM
Session 3: Generic Information Aggregation in a Large, Two-stage, Two-good, Cournot Market
Tai-Wei Hu, Northwestern University
Neil Wallace, Pennsylvania State University
Friday, 08/12/11
10:00 AM
Session 1: Inflation and Welfare with Search and Price Dispersion
Liang Wang, University of Hawaii
11:00 AM
Session 2: Understanding the Distributional Impact of Long-run Inflation
YiLi Chien, Purdue University
Gabriele Camera, Purdue University
12:30 PM
Session 3: Government Policy Response to War-expenditure Shocks
Fernando Martin, Simon Fraser University
Monday, 08/15/11
1:30 PM
Session 1: More Perils of Taylor Rules
Marco Bassetto, Federal Reserve Bank of Chicago
Chris Phelan, University of Minnesota
2:30 PM
Session 2: Credit Crunches, Asset Prices and Technological Change
Luis Araujo, Michigan State University
Raoul Minetti, Michigan State University
4:00 PM
Session 3: Repurchase Agreements
Cyril Monnet, University of Bern
Borghan Narajabad, Rice University
Tuesday, 08/16/11
10:30 AM
Session 1: Equilibrium Selection in a Fundamental Model of Money
Luis Araujo, Michigan State University
Bernardo Guimaraes, Sao Paulo School of Economics
11:30 AM
Session 2: Coexistence of Money and Higher Return Assets and its Social Value
Guillaume Rocheteau, University of California-Irvine
12:30 PM
Lunch
1:30 PM
Session 3: Central Bank Liquidity Policies in Interbank Markets
Jonathan Chiu, Bank of Canada
Miguel Molico, Bank of Canada
2:45 PM
Session 4: Gift Exchange versus Monetary Exchange: Experimental Evidence
John Duffy, University of Pittsburgh
Daniela Puzzello, University of Illinois
4:00 PM
Session 5: Search, Distributions, Monetary and Fiscal Policy
Amy Sun, Queen's University
Wednesday, 08/17/11
10:30 AM
11:30 AM
Session 2: Search and the Dynamics of House Prices and Construction
Allen Head, Queen's University
Huw Lloyd-Ellis, Queen's University
Amy Sun, Queen's University
12:30 PM
Lunch
1:30 PM
Session 3: Undue Diligence
David Andolfatto, Federal Reserve Bank of St. Louis
Aleks Berentsen, University of Basel
2:45 PM
Session 4: The Welfare Costs of Inflation in Competitive Markets: A Long-run and Politico-Economic Analysis
Scott Dressler, Villanova University
4:00 PM
Session 5: Housing Price Bubbles
Chao He, University of Wisconsin
Guillaume Rocheteau, University of California-Irvine
Randy Wright, University of Wisconsin
Yu Zhu, University of Wisconsin
Thursday, 08/18/11
9:00 AM
Weberfest: A Two Day Conference in Honor of Warren Weber
A Model of Commodity Money with Minting and Melting
A Model of Commodity Money with Minting and Melting
Angela Redish, University of British Columbia
Warren Weber, Federal Reserve Bank of Minneapolis
10:00 AM
Knowledge Growth and the Allocation of Time
Robert Lucas, University of Chicago
Benjamin Moll, Princeton University
11:30 AM
Information Insensitive Securities: The True Benefits of Central Counterparties
Francesca Carapella, Board of Governors of the Federal Reserve System
David Mills, Board of Governors of the Federal Reserve System
12:30 PM
Lunch
2:00 PM
Panel: Does the Dodd-Frank Act Effectively Address Too-Big-to-Fail?
Moderator
Art Rolnick, University of Minnesota
Panelists
David Altig, Federal Reserve Bank of Atlanta
V V Chari, University of Minnesota
Arthur Murton, Federal Deposit Insurance Corporation
Gary Stern, Former President, Federal Reserve Bank of Minneapolis
3:45 PM
Getting It Wrong: How Faulty Monetary Statistics Undermine the Fed, the Financial System and the Economy
Bill Barnett, University of Kansas
5:00 PM
Banking: A Mechanism Design Approach
Fabrizio Mattensini, University of Rome
Cyril Monnet, Federal Reserve Bank of Philadelphia
Randy Wright, University of Wisconsin
6:00 PM
Reception
Friday, 08/19/11
7:00 PM
Dinner and Speaker
Narayana Kocherlakota, President, Federal Reserve Bank of Minneapolis
9:00 AM
Session 1: Trade Dynamics in the Market for Federal Funds
Gara Afonso, Federal Reserve Bank of New York
Ricardo Lagos, New York University
10:00 AM
Session 2: How Amsterdam Got Fiat Money
Will Roberds, Federal Reserve Bank of Atlanta
Stephen Quinn, Texas Christian University
11:30 AM
Session 3: Enriching Information to Prevent Bank Runs
Ricardo Cavalcanti, Graduate School of Economics, Getulio Vargas Foundation (EPGE-FGV)
P K Monteiro, Graduate School of Economics, Getulio Vargas Foundation (EPGE-FGV)
11:30 AM
Last Updated: 08/04/2011
