Last Updated:
8/6/2013
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 conference provided a frank and critical assessment of all papers presented and to take stock of where we are and where we should be heading. The workshop took place over 8 full days, August 7 – 14, 2013. On August 10 and 11, the workshop gets a bit more formal with discussants, a conference dinner and a special keynote dinner speaker, Jim Bullard, president and chief executive officer, St Louis Fed.
Wednesday, 08/07/13
10:00 AM
Session 1: Limelight on Dark Markets: An Experimental Study of Liquidity and Information
Aleks Berentsen, University of Basel and Federal Reserve Bank of St. Louis
Michael McBride, University of California, Irvine
Guillaume Rocheteau, University of California, Irvine
11:00 AM
Session 2: A Tractable Monetary Model Under General Preferences
Russell Tsz-Nga Wong, Bank of Canada
12:30 PM
Lunch and Presentations
Excess Reserve and Economic Activity
Scott Dressler, Villanova University
2:00 PM
Session 3: Endogenous Market Structure with Costly Transactions
Briana Chang, University of Wisconsin, Madison
Shengxing Zhang, New York University
3:15 PM
Session 4: Asset Prices and Potential GDP
David Andolfatto, Federal Reserve Bank of St. Louis
Fernando Martin, Federal Reserve Bank of St. Louis
4:30 PM
Session 5: A Search-Theoretic Model of the Term Premium
Thanasis Geromichalos, University of California, Davis
Lucas Herrenbrueck, University of California, Davis
Kevin Salyer, University of California, Davis
Thursday, 08/08/13
10:00 AM
Session 1: Repos, Fire Sales and Bankruptcy Costs
Gaetano Antinolfi, Federal Reserve Board of Governors and Washington University St. Louis
Francesca Carapella, Federal Reserve Board of Governors
Charlie Kahn, University of Illinois at Urbana-Champaign
Antoine Martin, Federal Reserve Bank of New York
David Mills, Federal Reserve Board of Governors
Ed Nosal, Federal Reserve Bank of Chicago
11:00 AM
Session 2: Bid-Ask Spreads and the Decentralized Interdealer Markets: Core and Peripheral Dealers
Artem Neklyudov, Carnegie Mellon University
12:30 PM
Lunch and Presentations
Daniela Puzzello, Indiana University
The Robustness of Money: Theory and Evidence
Inflation Tax in the Lab: An Experimental Study of Posted Prices and Directed Search with Costly Money
Nejat Anbarci, Deakin University
Richard Dutu, University of Paris X
Nicholas Feltovich, Monash University
2:00 PM
Session 3: Credit Card Acceptance and Product Quality
Adrian Masters, University of Albany, SUNY
3:15 PM
Session 4: Paper or Plastic? Money and Credit as Means of Payment
Sébastien Lotz, LEMMA, University of Paris 2
Cathy Minhao Zhang, Purdue University
4:30 PM
Session 5: A Quasi-Walrasian Model of Money
Nicola Amendola, Università di Roma, Tor Vergata
Leo Ferraris, Università di Roma, Tor Vergata
Friday, 08/09/13
10:00 AM
Session 1: Sticky Prices with Coexistence of Money and Costly Credit
Qian Liu, International Monetary Fund
Liang Wang, University of Hawaii at Manoa
11:00 AM
Session 2: Credit Crunches in a New Monetarist Economy
Luis Araujo, Michigan State University and São Paulo School of Economics – FGV
Raoul Minetti, Michigan State University
12:30 PM
Lunch and Presentations
Gabriele Camera, University of Basel and Chapman University
On the Uniqueness of Directed Search Equilibrium
Jaehong Kim, Purdue University and University of Basel
Ben Lester, Federal Reserve Bank of Philadelphia
Over-the-Counter Markets with Continuous Valuations
Pierre-Olivier Weill, University of California, Los Angeles
2:00 PM
Session 3: Lending Competition and Endogenous Credit Supply: A General Equilibrium Theory of Loan Sales
Kevin X D Huang, Vanderbilt University
Zhe Li, Shanghai University of Finance and Economics
Jianfei Sun, Shanghai Jiao Tong University
3:15 PM
Session 4: Customer Relationship and Sales
Shouyong Shi, University of Toronto
4:30 PM
Session 5: Optimal Monetary Policies for Private Money Economies
David Andolfatto, Federal Reserve Bank of St. Louis
Aleksander Berentsen, University of Basel and Federal Reserve Bank of St. Louis
Chris Waller, Federal Reserve Bank of St. Louis
Saturday, 08/10/13
10:00 AM
Session 1: Banking, Liquidity and Bank Runs in an Infinite Horizon Economy
Mark Gertler, New York University
Nobu Kiyotaki, Princeton University
Discussant
Marcello Miccoli, Banca D’Italia
11:30 AM
Session 2: Banks as Secret Keepers
Tri Vi Dang, University of Mannheim and Yale University
Bengt Holstrom, Massachusetts Institute of Technology
Gary Gorton, Yale University
Guillermo Ordonez, University of Pennsylvania
Discussant
Doug Diamond, University of Chicago
12:45 PM
Lunch
1:30 PM
Session 3: Financial Frictions, Investment Delay and Asset Market Interventions
Shouyong Shi, University of Toronto
Christine Tewfik, University of Toronto
Discussant
Alberto Trejos, INCAE
3:00 PM
Session 4: Unemployment and Household Unsecured Debt
Zach Bethune, University of California, Santa Barbara
Guillaume Rocheteau, University of California, Irvine
Peter Rupert, University of California, Santa Barbara
Discussant
Allen Head, Queen's University
4:30 PM
Session 5: Housing and Liquidity
Chao He, University of Wisconsin – Madison
Randy Wright, University of Wisconsin – Madison
Zhu Yu, University of Wisconsin – Madison
Discussant
Saki Bigio, Columbia University
6:00 PM
Reception
Sunday, 08/11/13
7:00 PM
Dinner
Keynote Dinner Speaker
Jim Bullard, Federal Reserve Bank of St. Louis
9:30 AM
Session 1: Moral-Hazard Credit Cycles with Risk-Averse Agents
Roger Myerson, University of Chicago
Discussant
Paco Buera, Federal Reserve Bank of Chicago and University of California at Los Angeles
11:00 AM
Session 2: Competing with Asking Prices
Ben Lester, Federal Reserve Bank of Philadelphia
Ludo Visschers, Universidad Carlos III
Ronald Wolthoff, University of Toronto
Discussant
Benoit Julien, University of New South Wales
12:15 PM
Lunch
1:15 PM
Session 3: Scarce Collateral, the Term Premium and Quantitative Easing
Steve Williamson, Washington University St. Louis and Federal Reserve Banks of Richmond and St. Louis
Discussant
Jeff Campbell, Federal Reserve Bank of Chicago
2:30 PM
Session 4: An Attractive Monetary Model with Surprising Implications for Optima: Two Examples
Neil Wallace, Pennsylvania State University
Discussant
Chris Waller, Federal Reserve Bank of St. Louis
Monday, 08/12/13
10:00 AM
Session 1: Debt Overhang and Monetary Policy
Jim Bullard, Federal Reserve Bank St. Louis
11:00 AM
Session 2: Mandatory Disclosure and Contagion for Interrelated Banks
Fernando Alvarez, University of Chicago
Gadi Barlevy, Federal Reserve Bank of Chicago
12:30 PM
Lunch and Presentations
Allen Head, Queen's University
Mobility, Neighborhoods and the Distribution of House Prices and Income
Huw Lloyd-Ellis, Queen's University
Derek G Stacey, Ryerson University
Derek G Stacey, Ryerson University
Information, Commitment and Separation in Illiquid Housing Markets
2:00 PM
Session 3: Bank Deposit Insurance: Implications for Bank Portfolios and Equilibrium Valuation of Risky Assets
Stephen F Leroy, University of California, Santa Barbara
Hrishikesh Singhania, University of California, Santa Barbara
3:15 PM
Session 4: Trading and Information Diffusion in Over-the-Counter Markets
Ana Babus, Federal Reserve Bank of Chicago
Péter Kondor, Central European University
4:30 PM
Session 5: Banking Crises and the Role of Bank Coalitions
Daniel Sanches, Federal Reserve Bank of Philadelphia
Tuesday, 08/13/13
10:00 AM
Session 1: Asset Pricing Frictions in Fragmented Markets
Emiliano Pagnotta, New York University
11:00 AM
Session 2: A Model of Monetary Exchange in Over the Counter Markets
Ricardo Lagos, New York University
Shengxing Zhang, New York University
12:30 PM
Lunch and Presentations
Lucas Herrenbrueck, University of California, Davis
Quantitative Easing and the Liquidity Channel of Monetary Policy
A Model of TFP with Capital and Labor Frictions
Feng Dong, Washington University St. Louis
2:00 PM
Session 3: Central Counterparties and Strategic Reduction of Systemic Risk
James Chapman, Bank of Canada
Russell Tsz-Nga Wong, Bank of Canada
3:15 PM
Session 4: Asset Classes
Nicolas Jacquet, University of Adelaide and Singapore Management University
4:30 PM
Session 5: Rational Opacity
Cyril Monnet, University of Bern
Erwan Quintin, University of Wisconsin
Wednesday, 08/14/13
10:00 AM
Session 1: A Theory of Dynamic Overinvestment
André Kurmann, Federal Reserve Board of Governors
Stanislav Rabinovich, Amherst College
11:00 AM
Session 2: Optimal Leverage Limits
Cyril Monnet, University of Bern
Borghan Narajabad, Federal Reserve Board of Governors
12:30 PM
Lunch and Presentations
Bank Promotions and Credit Quality
Kinda Hachem, University of Chicago
Alejandro Komai, University of California, Irvine
Inflation and Consumer Spending Patters: A Mechanism Design Approach
Tai-Wei Hu, Northwestern University
Cathy Minhao Zhang, Purdue University
2:00 PM
Session 3: Liquidity Provision, Interest Rates and Unemployment
Guillaume Rocheteau, University of California, Irvine
Antonio Rodriguez-Lopez, University of California, Irvine
3:15 PM
Session 4: A Model of Monetary Policy and Banks
Javier Bianchi, University of Wisconsin
Saki Bigio, Columbia University
