Federal Reserve System "Day-Ahead" Conference - January 3, 2019

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Hosted by the Research Department of the Federal Reserve Bank of Atlanta

The 12th annual Day-Ahead Conference on Financial Markets and Institutions is an opportunity for productive interaction in advance of the 2019 ASSA meeting and the sharing of policy-relevant research among economists in the Federal Reserve System, at other central banks, and in academia.

Agenda

Session 1: Monetary Policy
"Credit Easing versus Quantitative Easing: Evidence from Corporate and Government Bond Purchase Programs"
Stefania D'Amico, Federal Reserve Bank of Chicago
Iryna Kaminska, Bank of England
Discussant: David Lando, Copenhagen Business School

"Negative Policy Rates and Bank Asset Allocation: Evidence from the Italian Credit and Security Registers"
Margherita Bottero, Bank of Italy
Camelia Minoiu, Federal Reserve Board
José-Luis Peydró, ICREA (the Catalan Institution for Research and Advanced Studies), Universitat Pompeu Fabra, CREI (Centre de Recerca en Economia Internacional), and the Barcelona Graduate School of Economics
Andrea Polo, Universitat Pompeu Fabra
Andrea Presbitero, the International Monetary Fund
Enrico Sette, Bank of Italy
Discussant: David Arseneau, Federal Reserve Board

Session 2: Capital Regulation and Welfare
"The Welfare Effects of Bank Liquidity and Capital Requirements" [Presentation Adobe PDF file format]
Skander van den Heuvel, Federal Reserve Board
Discussant: Pascal Paul, Federal Reserve Bank of San Francisco [Discussion Adobe PDF file format]

"Bank Capital Regulation and Endogenous Shadow Banking Crises" [Presentation Adobe PDF file format]
Johannes Poeschl, Dansmark Nationalbank
Xue Zhang, Manheim University
Discussant: Francesco Ferrante, Federal Reserve Board [Discussion Adobe PDF file format]

Session 3: Bail-In, Bail-Out, or Just Bail?
"Sharing the Pain? Credit Supply and Real Effects of Bank Bail-ins" [Presentation Adobe PDF file format]
Thorsten Beck, Cass Business School and the Center for Economic and Policy Research
Samuel Da-Rocha-Lopes, European Banking Authority & NOVA School of Business and Economics
Andre F. Silva, Cass Business School and the International Monetary Fund
Discussant: Joao Santos, Federal Reserve Bank of New York [Discussion Adobe PDF file format]

"Bank Bailouts, Bail-ins, or No Regulatory Intervention? A Dynamic Model and Empirical Tests of Optimal Regulation" [Presentation Adobe PDF file format]
Allen N. Berger, University of South Carolina
Charles Himmelberg, Goldman Sachs
Raluca Roman, Federal Reserve Bank of Philadelphia
Sergey Tsyplakov, University of South Carolina
Discussant: Paul Glasserman, Columbia University [Discussion Adobe PDF file format]

Session 4: Dealers
"Collateral Runs" [Presentation Adobe PDF file format]
Sebastian Infante, Federal Reserve Board
Alexandros Vardoulakis, Federal Reserve Board
Discussant: Lixin Huang, Georgia State University [Discussion Adobe PDF file format]

"Securities Financing and Asset Markets: New Evidence" [Presentation Adobe PDF file format]
Tomas Breach, Federal Reserve Bank of Chicago
Thomas King, Federal Reserve Bank of Chicago
Discussant: Gary Gorton, Yale University [Discussion Adobe PDF file format]

Session 5: Short-Term Funding
"Reciprocal Lending Relationships in Shadow Banking" [Presentation Adobe PDF file format]
Yi Li, Federal Reserve Board
Discussant: Victoria Ivashina, Harvard University [Discussion Adobe PDF file format]

"Short-Term Rates and Large Fed Balance Sheet" [Presentation Adobe PDF file format]
Beth Klee, Federal Reserve Board
Ed Nosal, Federal Reserve Bank of Atlanta
Discussant: Roc Armenter, Federal Reserve Bank of Philadelphia [Discussion Adobe PDF file format]