Provision and Pricing of Liquidity Insurance - FEDERAL RESERVE BANK of NEW YORK

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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 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 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 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 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