Program

Provision and Pricing of Liquidity Insurance

Program
Thursday, June 11, 2009
8:15 – 8:45 a.m. Continental Breakfast
8:45 – 8:50 a.m. Welcome and Introduction
William C. Dudley, President
Federal Reserve Bank of New York
8:50 – 11:15 a.m.

Session 1
Chair: Rafael Repullo, Professor and Director, CEMFI and Co-Editor, IJCB

Interbank lending, credit risk premia and collateral: theory and policy PDF

Florian Heider, Senior Economist, Financial Research Division, European Central Bank
Marie Hoerova, Economist, Financial Research Division, European Central Bank

Discussant: Ernst-Ludwig von Thadden, Professor, University of Mannheim

Liquidity, Moral Hazard and Interbank Market Collapse PDF

Enisse Kharroubi, Economist, International Macroeconomics Division, Banque de France
Edouard Vidon, Head of International Macroeconomics Division, Banque de France

Discussant:
Tano Santos, Professor, Graduate School of Business, Columbia Business School

Commentator:
Bengt Holmstrom, Professor, Massachusetts Institute of Technology

11:15 – 11:30 a.m. Coffee Break
11:30 – 1:00 p.m. Session 2

Chair: Til Schuermann, Vice President, Financial Intermediation, Federal Reserve Bank of New York and Co-Editor, IJCB

Credit, Asset Prices, and Financial Stress PDF

Miroslav Misina, Bank of Canada
Greg Tkacz, Assistant Chief, Alternative Models and Indicators Division, Bank of Canada

Discussant: Stijn Claessens, Assistant Director, International Monetary Fund

Commentators:
Tobias Adrian, Assistant Vice President, Federal Reserve Bank of New York
Hyun Shin, Professor, Princeton University
1:00 – 2:30 p.m. Lunch
2:30 – 4:00 p.m.

Session 3

Chair: Douglas Gale, Professor, New York University and Co-Editor, IJCB

Strategic Trading in Multiple Assets and the Effects on Market Volatility PDF

Chenghuan Sean Chu, Board of Governors
Andreas Lehnert, Board of Governors
Wayne Passmore, Board of Governors

Discussant: Bruce Carlin, Assistant Professor, UCLA Anderson School of Management

Commentator:
Lasse Pedersen, Professor, Stern School of Business, New York University

4:00 – 4:15 p.m. Coffee Break
4:15 – 5:30 p.m.

Session 4: Panel discussion

Chair: Christine M. Cumming, First Vice President, Federal Reserve Bank of New York

Panelists:
Nigel Jenkinson, Adviser to the Governor, Bank of England
Martin Hellwig, Professor of Economics and Director, Max Planck Institute
Eli M. Remolona, Chief Representative, Representative Office for Asia and the Pacific, Bank for International Settlements

5:30 p.m. End of Program
6:00 p.m. Pre-Dinner Speech
Chair: Charles Bean, Deputy Governor, Bank of England

Guest Speaker
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