Conference on Stable Funding

September 27, 2013
September 27, 2013
8:00 a.m. Breakfast
8:30 a.m. Opening Remarks: Eric Rosengren, President, Federal Reserve Bank of Boston

9:00 a.m.

Session on Stable Funding (Chair: James McAndrews)

Lead Paper: Stability of Funding Models: An Analytical Framework PDF
Thomas Eisenbach, Federal Reserve Bank of New York
Todd Keister, Rutgers University
James McAndrews, Federal Reserve Bank of New York
Tanju Yorulmazer, Federal Reserve Bank of New York (presenter)
Presentation PDF

Liquidity: Connecting Theory and Policy PDF
Laura Kodres, International Monetary Fund

European Banks Funding: Recent Trends and Issues PDF
Paolo Angelini, Banca d’Italia

10:30 a.m.

Break

11:00 a.m. Session on Runs and Opacity (Chair: Richard Berner)

Lead Paper: Do Depositors Monitor Banks? PDF
Rajkamal Iyer, Massachusetts Institute of Technology (presenter)
Manju Puri, Duke University
Nicholas Ryan, Harvard University
Presentation PDF

Securities Lending: Runs and Opacity PDF
Frank Keane, Federal Reserve Bank of New York

The History of Bank Runs: Lessons for “Stable Funding” PDF
Andreas Lehnert, Federal Reserve Board

12:30 p.m. Lunch and Keynote Address on Liquidity Risk: Beth Hammack, Global Funding, Goldman Sachs

2:00 p.m. Session on Liquidity Premiums (Chair: Tanju Yorulmazer)

Lead Paper: Money Creation and the Shadow Banking System PDF
Adi Sunderam, Harvard Business School (presenter)
Presentation PDF

The Liquidity Premium: A Theoretical Potpourri PDF
Douglas Gale, New York University

Liquidity Considerations in Treasury Debt Management Practices
Matt Rutherford, U.S. Treasury

3:30 p.m.

Break

4:00 p.m.

Policy Panel (Chair: Tobias Adrian)

Macroprudential Policies in the U.S.
Richard Berner, Office of Financial Research

Regulatory Developments for Bank Capital and Liquidity
Lance Auer, Federal Reserve Bank of New York

Regulation of Margins and Haircuts
Matt Eichner, Federal Reserve Board

The Bank of England’s Macroprudential Policy Framework
David Aikman, Bank of England

5:30 p.m. Reception
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