Sponsored by:

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Organized by: Itay Goldstein and Guillermo Ordonez

Wharton School,
8th Floor, Jon M. Huntsman Hall,
3730 Walnut Street, Philadelphia PA 19104

Friday, October 12th 2018

8:30 – 9:30 Breakfast
9:30 – 11:10 Session 1: Bank Risk Taking
Chair: Todd Keister (Rutgers)
Optimal Bank Regulation In the Presence of Credit and Run Risk
Anil Kashyap (Chicago), Dimitrios Tsomocos (Oxford) and Alexandros Vardoulakis (Federal Reserve Board)
Discussant: Enrico Perotti (University of Amsterdam)
Judging Banks’ Risk by the Profits they Report
Ben Meiselman (Johns Hopkins), Stefan Nagel (Chicago) and Amiyatosh Purnanandam (Michigan)
Discussant: Rene Stulz (Ohio State)
11:10 – 11:30 Break
11:30 – 13:10 Session 2: Cryptocurrencies
Chair: Asani Sarkar (NY Fed) 

Is Bitcoin Really Un-Tethered?

John Griffin (Texas Austin) and Amin Shams (Texas Austin)
Discussant: Nick Roussanov (Wharton)

Some Simple Bitcoin Economics
Linda Schilling (Ecole Polytechnique CREST) and Harald Uhlig (Chicago)
Discussant: Aleh Tsyvinski (Yale)
13:10 – 14:30 Lunch
14:30 – 17:20 Session 3: Fire Sales
Chair: Adriano Rampini (Duke)
Do rating agencies deserve some credit? Evidence from transitory shocks to credit risk
Oleg Gredil (Tulane), Nishad Kapadia (Tulane) and Jung Lee (Tulane)
Discussant: Chester Spatt (Carnegie Mellon)
Leverage-induced Fire Sales and Stock Market Crash
Jiangze Bian (UIBE), Zhiguo He (Chicago), Kelly Shue (Yale) and Hao Zhou (Tsinghua)
Discussant: Vish Viswanathan (Duke)
How I Learned to Stop Worrying and Love Fire Sales
Pablo Kurlat (Stanford)
Discussant: Eduardo Davila (NYU)
19:00 Dinner – Keynote Speaker: Narayana Kocherlakota (Rochester)
Keynote Slides (PDF)

Saturday, October 13th 2018

7:30 – 8:30 Breakfast
8:30 – 10:10 Session 4: Government Intervention and Lending
Chair: Toni Ahnert (Bank of Canada)

Bank Balance Sheet Capacity and the Limits of Shadow Banks

Greg Buchak (Chicago), Gregor Matvos (Texas Austin), Tomasz Piskorski (Columbia) and Amit Seru (Stanford)
Discussant: Alexi Savov (NYU)

Unconventional Monetary Policy and Bank Lending Relationships
Christophe Cahn (Banque de France), Anne Duquerroy (Banque de France) and William Mullins (UC San Diego)
Discussant: Jose Luis Peydro (Pompeu Fabra)
10:10 – 10:30 Break
10:30 – 12:10 Session 5: Housing Booms and Busts
Chair: Tim Landvoigt (Wharton)

The Real Effects of Credit Booms and Busts

Simon Gilchrist (NYU), Michael Siemer (Federal Reserve Board) and Egon Zakrajsek (Federal Reserve Board)
Discussant: Victoria Ivashina (Harvard)

The Financial Transmission of Housing Bubbles: Evidence from Spain
Alberto Martin (CREI), Enrique Moral-Benito (Bank of Spain) and Tom Schmitz (Bocconi)
Discussant: Manuel Adelino (Duke)
12:10 – 13:10 Lunch
13:10 – 16:00 Session 6: Information in Financial Markets
Chair: Sebastian Infante (Board of Governors)

Market Power and Price Informativeness

Marcin Kacperczyk (Imperial), Jaromir Nosal (Boston College) and Savitar Sundaresan (Imperial)
Discussant: Kathy Yuan (LSE)

Marketmaking with Search and Information Frictions
Ben Lester (Philadelphia Fed), Ali Shourideh (Carnegie Mellon), Venky Venkateswaran (NYU) and Ariel Zetlin-Jones (Carnegie Mellon)
Discussant: Willie Fuchs (Texas Austin).
Where Has All the Big Data Gone?
Maryam Farboodi (MIT), Adrien Matray (Princeton) and Laura Veldkamp (Columbia)
Discussant: Ben Golub (Harvard)
16:00 Adjourn

Program Committee

Itamar Drechsler (Wharton)
Huberto Ennis (Richmond Fed)
Xavier Freixas (UPF)
Vincent Glode (Wharton)
Gary Gorton (Yale)
Zhiguo He (Chicago)
Jakub Kastl (Princeton)
Todd Keister (Rutgers)
Pablo Kurlat (Stanford)
Matteo Maggiori (Harvard)
Robert McDonald (Northwestern)
Jaromir Nosal (Boston College)
Martin Oehmke (LSE)
Christian Opp (Wharton)
George Pennacchi (Illinois)
Adriano Rampini (Duke)
Philipp Schnabl (NYU)
Luke Taylor (Wharton)
Venky Venkateswaran (NYU Stern)
Annette Vissing-Jorgensen (Berkeley)
Russ Wermers (Maryland)
Randy Wright (Wisconsin)
Motohiro Yogo (Princeton)

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