A conference jointly sponsored by the Federal Reserve Bank of New York and the Bendheim Center for Finance of Princeton University, with opening remarks by Timothy Geithner, President, Federal Reserve Bank of New York.

Overview
Financial markets experienced extraordinary events in 2007. The increase in delinquency rates in subprime mortgages coupled with the mismatch of the maturity structure of off-balance-sheet conduits and structured investment vehicles (SIV) led to a sudden drying up of the asset-backed commercial paper market, higher money market interest rate spreads, and the failure of several financial institutions, including a classic bank run in the United Kingdom.

This conference brings together experts in liquidity and researchers who analyze the underlying mechanisms that cause liquidity dislocations. The goal is to further the understanding of these mechanisms and to link them to current policy tools.

Contact
Please address any questions to:

tobias.adrian@ny.frb.org
markus@princeton.edu