The Impact of Extraordinary Monetary Policy on the Financial Sector - December 1–2, 2016
|Thursday, December 1, 2016|
|Registration and continental breakfast|
|9:00||QE and the Bond Market
Chair: Nikolay Gospodinov, Federal Reserve Bank of Atlanta
"The Federal Reserve's Portfolio and Its Effect on Interest Rates"
Alex Boote, Jeff Huther, Jane Ihrig, Beth Klee, and Richard Sambasivam, Federal Reserve Board
"Transmission of Quantitative Easing: The Role of Central Bank Reserves"
Jens H.E. Christensen, Federal Reserve Bank of San Francisco
Signe Krogstrup, International Monetary Fund
|11:30||"QE Auctions of Treasury Bonds"
Zhaogang Song, Johns Hopkins University
Haoxiang Zhu, Massachusetts Institute of Technology
|1:30||Impact on Banks and Insurers
Chair: Glenn W. Harrison, Georgia State University
"The Effect of Central Bank Liquidity Injections on Bank Credit Supply"
Luisa Carpinelli, Bank of Italy
Matteo Crosignani, Federal Reserve Board
"A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers"
Elia Berdin, International Center for Insurance Regulation
Cosimo Pancaro, European Central Bank
Christoffer Kok, European Central Bank
|4:00||Extraordinary Impact on Countries and Financial Markets
"FX Interventions in Brazil: A Synthetic Control Approach"
Marcos Chamon, International Monetary Fund
Márcio Garcia, Pontifical Catholic University of Rio de Janeiro
Laura Souza, Itaú Unibanco
"Collateral Flows and Balance Sheet(s) Space"
Manmohan Singh, International Monetary Fund
|Friday, December 2, 2016|
|8:30 a.m.||Continental breakfast|
|9:00||Interaction of monetary policy and financial sector
Chair: Larry Wall, Federal Reserve Bank of Atlanta
"Optimal Monetary Policy in a Collateralized Economy"
Gary Gorton, Yale University
Ping He, Tsinghua University
"Credit Expansion and Credit Misallocation"
Alexander Bleck, University of British Columbia
Xuewen Liu, Hong Kong University of Science and Technology
Chair: John C. Robertson, Federal Reserve Bank of Atlanta
"Monetary Stimulus and Bank Lending"
Indraneel Chakraborty, University of Miami
Itay Goldstein, University of Pennsylvania
Andrew MacKinlay, Virginia Polytechnic Institute and State University
|1:30||Bank Lending (continued)
"Does a Larger Menu Increase Appetite? Collateral Eligibility and Bank Risk-Taking"
Sjoerd Van Bekkum, Erasmus School of Economics
Marc Gabarro, Erasmus School of Economics
Rustom M. Irani, University of Illinois at Urbana-Champaign
"Life below Zero: Bank Lending under Negative Policy Rates"
Florian Heider, European Central Bank
Farzad Said, Stockholm School of Economics
Glenn Schepens, European Central Bank