Summer Workshop on Money, Banking, Payments and Finance

Last Updated: 8/6/2013

The economic research department of the Federal Reserve Bank of Chicago is hosting a summer workshop on money, banking, payments and finance. This workshop brings together experts from academia and policy institutions 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. The workshop will take 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.

 


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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
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
  • The Robustness of Money: Theory and Evidence
Daniela Puzzello, Indiana University
  • 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
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
  • On the Uniqueness of Directed Search Equilibrium
Gabriele Camera, University of Basel and Chapman University
Jaehong Kim, Purdue University and University of Basel
  • Over-the-Counter Markets with Continuous Valuations
Ben Lester, Federal Reserve Bank of Philadelphia
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
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
7:00 PM
Dinner
Keynote Dinner Speaker
Jim Bullard, Federal Reserve Bank of St. Louis
08/11/13
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
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
  • Mobility, Neighborhoods and the Distribution of House Prices and Income
Allen Head, Queen's University
Huw Lloyd-Ellis, Queen's University
Derek G Stacey, Ryerson University
  • Information, Commitment and Separation in Illiquid Housing Markets
Derek G Stacey, Ryerson University
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
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
  • Quantitative Easing and the Liquidity Channel of Monetary Policy
Lucas Herrenbrueck, University of California, Davis
  • 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
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
  • Inflation and Consumer Spending Patters: A Mechanism Design Approach
Alejandro Komai, University of California, Irvine
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

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Hotel and Area Information

For Workshop attendees, we have room blocks at Club Quarters Central Loop and the Union League Club. Both properties are within a few blocks of the Chicago Fed.

 

We have a limited number of rooms reserved at each hotel. If you choose either Club Quarters or the Unioin League Club, please let Sandy Schneider know, as soon as possible, your arrival and depature dates.

 

If you choose to stay elsewhere, please make your reservation early as hotel rooms sell-out quickly in August. If you choose to stay elsewhere and need funding for up to 4 nights, the Chicago Fed will reimburse you up to $164.12 per night. You are responsible for making your own reservation and submitting receipts for reimbursement.

 

You may contact Sandy Schneider via email.

Club Quarters Cental Loop
111 W Adams St
Chicago ,  IL   60603

Nightly rate is $164.12 inclusive.

 

The Chicago Fed will cover up to 4 nights at the Club Quarters Central Loop. Please contact Sandy Schneider at via email with your arrival and departure dates. Sandy will send you your confirmation code. You will be responsible for payment upon check-in. Please send your receipt to Sandy post workshop for reimbursement for up to 4 nights.

Union League Club
65 W Jackson Blve
Chicago ,  IL   60604

If you choose the Union League Club, please email Sandy Schneider your arrival and departure dates. Sandy will make your reservation for you and send you your confirmation code. Guests staying at Union League Club are responsible for payment for entire stay. Nightly rate is $186.00 inclusive.


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