Third Annual Federal Reserve Short-Term

Funding Markets Conference

September 25, 2020 | 8:50 a.m. to 4:30 p.m. EDT

Keynote Address

Private Money Production Without Banks
Gary Gorton, Yale School of Management
Opening Remarks (8:50am – 9:00am)
Russ Wermers, Director, Center for Financial Policy
Session I (9am – 10:20am): Liability Structure of Financial Intermediaries
Debt versus Equity in Liquidity Provision 
Yiming Ma, Columbia
Kairong Xiao, Columbia
Yao Zeng, University of Washington
Discussant: Briana Chang, UW-Madison
Liability Structure and Risk-Taking: Evidence from the Money Market Fund Industry
Ramin Baghai, Stockholm School of Economics
Mariassunta Giannetti, Stockholm School of Economic
Ivika Jäger, Stockholm School of Economic
Discussant: Marco Cipriani, New York Fed

Session II (10:40am – 12pm): Liquidity Provision by Central Bank
Overcoming Borrowing Stigma: The Design of Lending-of-Last-Resort Policies
Yunzhi Hu, University of North Carolina
Hanzhe Zhang, Michigan State University
Discussant: Matteo Crosignani, NY Fed                    
Interbank Networks in the Shadows of the Federal Reserve Act
Haelim Anderson, FDIC
Selman Erol, Carnegie Mellon
Guillermo Ordonez, University of Pennsylvania
Discussant: Ye Li, Ohio State University
Lunch and Keynote Speech (12pm – 1:30pm)
Private Money Production without Banks
Gary Gorton, Yale School of Management

Session III (1:30pm – 2:50pm): Short-Term Interest Rates
Regulatory Effects on Short-Term Interest Rates
Angelo Ranaldo, University of St. Gallen
Patrick Schaffner, University of St. Gallen
Michalis Vasios, Norges Bank Investment Management
Discussant: Miklos Vari, IMF
Determinants of Short-Term Corporate Yield Spreads: Evidence from the Chinese Commercial Paper Market
Jing-Zhi Huang, Penn State University
Bibo Liu, Tsinghua University
Zhan Shi, Tsinghua University
Discussant: Jack Bao, University of Delaware
Session IV (3:10pm – 4:30pm): Funding Conditions for Banks and Dealers

The Passthrough of Treasury Supply to Bank Deposit Funding
Wenhao Li, USC-Marshall
Yiming Ma, Columbia
Yang Zhao, Stanford
Discussant: Aaron Pancost, UT Austin
Securities Financing and Asset Markets: New Evidence
Tomas Breach, UC Berkeley
Thomas King, Chicago Fed
Discussant: Mattia Landoni, Boston Fed
Program Committee: Jack Bao (University of Delaware), Sergey Chernenko (Purdue), Emily Gallagher (University of Colorado), Itay Goldstein (Wharton), Gary Gorton (Yale), Sebastian Infante Bilbao (Federal Reserve Board), Wei Jiang (Columbia), Lei Li (Federal Reserve Board), Marco Macchiavelli (Federal Reserve Board), Lawrence Schmidt (MIT Sloan), Philipp Schnabl (NYU), Andre Silva (Federal Reserve Board), Allan Timmermann (UCSD), Haoxiang Zhu (MIT Sloan), and Francesca Zucchi (Federal Reserve Board).

Conference Organizers: Yi Li (Federal Reserve Board), Russell Wermers (University of Maryland), and Alex Zhou (Federal Reserve Board). We thank Kristen Fanarakis (University of Maryland) for her help with conference logistics.

Conference History: This conference series was originally conceived of by Song Han (Federal Reserve Board) and Russ Wermers. The inaugural conference was held on April 6, 2018 in memory of Song. 
See previous years’ program here: 2018, 2019

Conference Papers: