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Summer Workshop on Money, Banking, Payments and Finance

The economic research department 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, 08/06/12
10:30 AM
Session 1: Debt, Inflation and Central Bank Independence
Fernando Martin, Federal Reserve Bank of St. Louis
11:30 AM
Session 2: Monetary Policy, Asset Prices and Liquidity in Over-the-Counter Markets
Thanasis Geromichalos, University of California, Davis
Lucas Herrenbrueck, University of California, Davis
12:30 PM
1:30 PM
Session 3: Clearing with Two-Sided Limited Commitment
Cyril Monnet, University of Bern
Thomas Nellen, Swiss National Bank
2:30 PM
Session 4: Market Crashes, Deleverage and Macroeconomic Activity
Carlos Garriga, Federal Reserve Bank of St. Louis
Rodolfo Manuelli, Washington University
Adrian Peralta-Alva, Federal Reserve Bank of St. Louis
4:00 PM
Session 5: Pledgability and Liquidity
Venky Venkateswaran, Penn State University
Randy Wright, University of Wisconsin
Tuesday, 08/07/12
10:30 AM
Session 1: Information Costs and International Currencies
Cathy Zhang, University of California at Irvine
11:30 AM
Session 2: Avoidance and Mitigation of Public Harm
Ruilin Zhou, Penn State University
12:30 PM
Lunch and Presentations

Presentations will be 30 minutes each.

Credit Crunches in Decentralized Economies: Flight to Quality or to Captivity?
Luis Araujo, Michigan State University
Raoul Minetti, Michigan State University
Open Market Operations, Distrubution and Market Segmentation
Babak Mahmoudi, Queen's University
The Extrinsic Value of Convertible Money Holdings
Allan Hernandez, University of Costa Rica
2:45 PM
Session 3: The Good, the Bad and the Ugly: An Inquiry into the Causes and Nature of Credit Cycles
Kiminori Matsuyana, Northwestern University
3:45 PM
Session 4: Money and Social Norms
Luis Araujo, Michigan State University
Daniela Puzzello, Indiana University
5:00 PM
Session 5: On the Co-essentiality of Money and Credit
Chao Gu, University of Missouri
Fabrizio Mattesini, University of Rome
Randy Wright, University of Wisconsin
Wednesday, 08/08/12
10:30 AM
Session 1: Private Liquidity Provision and the Role of Banking Regulation
Cyril Monnet, University of Bern
Daniel Sanches, Federal Reserve Bank of Philadelphia
11:30 AM
Session 2: Bank Moral Hazard, Default Spirals and Optimal Entry Regulation
Wei-Cheng Chen, Washington University
12:30 PM
1:30 PM
Session 3: Credit Checks and Labor Market Matching
Daphne Chen, Florida State University
Dean Corbae, University of Wisconsin
2:30 PM
Session 4: Dealers' Insurance, Market Structure and Liquidity
Francesca Carapella, Federal Reserve Board of Governors
Cyril Monnet, University of Bern
4:00 PM
Session 5: On the Optimal Supply of Liquidity with Borrowing Constraints
Francesco Lippi, Einaudi Institute for Economics and Finance
Nico Trachter, Einaudi Institute for Economics and Finance
Thursday, 08/09/12
10:30 AM
Session 1: Subsidizing Price Discovery
Braz Camargo, Fundação Getúlio Vargas - São Paulo
Teddy Kim, University of Iowa
Ben Lester, Federal Reserve Bank of Philadelphia
11:30 AM
Session 2: On the Optimality of a Dominant Unit of Account
Matthias Doepke, Northwestern University
Martin Schneider, Stanford University
12:30 PM
Lunch Presentations

Each presentation will be 30 minutes.

Informative Advertising in Directed Search Models
Pedro Gomis-Porqueras, Monash University
Benoît Julien, University of New South Wales
Chengsi Wang, University of New South Wales
On the Existence of Counterfeiting in Competitive Search Equilibrium
Ben Fung, Bank of Canada
Enchuan Shao, Bank of Canada
Redistributive Effects of Inflation in a Model of Money and Capital
Paola Boel, Bowdoin College
2:45 PM
Session 3: Endogenous Liquidity and the Business Cycle
Saki Bigio, New York University
3:45 PM
Session 4: Limited Commitment and the Legal Restrictions Theory of the Demand for Money
Leo Ferraris, University of Rome
Fabrizio Mattesini, University of Rome
5:00 PM
Session 5: External Financing and the Role of Financial Frictions over the Business Cycle: Measurement and Theory
Ali Shourideh, Wharton School
Ariel Zetlin-Jones, University of Minnesota
Friday, 08/10/12
10:30 AM
Session 1: Dynamic Asset Markets with Adverse Selection and Information Loss
Michael Choi, University of Wisconsin
11:30 AM
Session 2: Monetary Policy and Asset Prices: A Mechanism Design Approach
Tai-Wei Hu, Northwestern University
Guillaume Rocheteau, University of California at Irvine
12:30 PM
1:30 PM
Session 3: A Model of Moral-Hazard Credit Cycles
Roger Myerson, University of Chicago
2:30 PM
Session 4: Communication and Money in Repeated Games on Networks
Alex Wolitsky, Stanford University
4:00 PM
Session 5: Adaptive Learning and Monetary Exchange
Ryan Baronowski, University of California at Irvine
Saturday, 08/11/12
9:30 AM
Session 1: Liquidity and Fragility in OTC Credit Derivative Markets
Andy Atkeson, University of California at Los Angeles
Andrea Eisfeldt, University of California at Los Angeles
Pierre-Olivier Weill, University of California at Los Angeles
Briana Chang, University of Wisconsin
10:45 AM
Session 2: Stability and Efficiency of a Financial Architecture with Too Interconnected to Fail Institutions
Michael Gofman, University of Wisconsin
Charlie Kahn, University of Illinois at Urbana-Champaign
12:00 PM
12:30 PM
Session 3: On the Distributional Effects of Monetary Policy
Guillaume Rocheteau, University of California at Irvine
Jonathan Chiu, Bank of Canada
1:15 PM
Session 4: Keynes in a Nutshell: A New Monetarist Approach
Steve Williamson, Washington University
Cyril Monnet, University of Bern
3:15 PM
Session 5: Equilibrium Price Distributions and Inflation
Ken Burdett, University of Pennsylvania
Guido Manzio, University of Pennsylvania
Allen Head, Queen's University
4:45 PM
Session 6: Shi-Trejos-Wright Meets Duffie-Garleanu-Pedersen
Alberto Trejos, INCAE Business School
Randy Wright, University of Wisconsin
Huberto Ennis, Federal Reserve Bank of Richmond
6:00 PM
7:00 PM
Dinner and Speaker
The Optimality of Inflation in 'Pure Currency' Economies: A Conjecture
Neil Wallace, Penn State University
Event Information
Event Contact
Ed Nosal
(312) 322-6070
08/06/12  - 08/11/12
Registration Deadline
Wednesday, August 1, 2012

Federal Reserve Bank of Chicago
230 S LaSalle St
Chicago, IL 60604

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