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
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