Policy Sessions

Policy session 1
Tapping the Brakes: Are Less Active Markets Also Safer Markets?
Presenter: Joseph Stiglitz, University Professor, Columbia University [Presentation] pdf
Andrew Kuritzkes, Chief Risk Officer, State Street Corporation [Presentation] pdf
Rishi Narang, Founding Principal, T2AM LLC
Moderator: Albert "Pete" Kyle, Charles E. Smith Chair Professor of Finance, University of Maryland

video Joseph Stiglitz interview
video Session Highlights

Stiglitz in the News
Stiglitz Calls High-Speed Trading 'Front Running,' Suggests Tax
How Innovation May Make Wall Street Less Efficient
The Problems of HFT, Joe Stiglitz Edition
Proliferation of New Products Also Drives U.S. Stock Market Complexity—SEC

Policy session 2
Adding Fuel to the Engine: Will More Private Liquidity Yield a Safer, More Efficient Financial System?
Presenter: Franklin Allen, Nippon Life Professor of Finance and Economics, Wharton School, University of Pennsylvania [Presentation] pdf
Simon Davis, Senior Manager Group Treasury, Royal Bank of Scotland [Presentation] pdf
Mark Van Der Weide, Deputy Director, Division of Banking Supervision and Regulation, Board of Governors of the Federal Reserve System
Moderator: Charles Plosser, President and CEO, Federal Reserve Bank of Philadelphia

video Franklin Allen interview

Policy session 3
Greasing the Skids: Was Quantitative Easing Needed to Unstick Markets? Or Has It Merely Sped Us toward the Next Crisis?

Panel chair: David E. Altig, Executive Vice President and Research Director, Federal Reserve Bank of Atlanta
Allan H. Meltzer, The Allan H. Meltzer University Professor of Political Economy, Carnegie Mellon University's Tepper School of Business
Jeremy Stein, Member, Board of Governors of the Federal Reserve System [Presentation]
David Zervos, Chief Market Strategist, Jefferies LLC [Presentation] pdf

video Session highlights

video Complete session

video Allen Meltzer and David Zervos interview

Stein in the News
Fed's Stein: Low Risk Premia May Mean Monetary Policy Too Lax
Monetary Policy Can Be Backup Tool to Control Risk: Fed's Stein

Policy session 4
Seeing Clearly: Will We View the Next Curve in the Road with More Information?

Panel Chair: Andreas Lehnert, Deputy Director, Office of Financial Stability Policy and Research, Board of Governors of the Federal Reserve System [Presentation] pdf
Robert Bushman, Forensic Accounting Distinguished Professor, Kenan-Flagler Business School, University of North Carolina–Chapel Hill [Presentation] pdf
Patricia C. Mosser, Deputy Director, Office of Financial Research, U.S. Department of the Treasury [Presentation] pdf
Til Schuermann, Partner, Division of Finance and Risk and Public Policy, Oliver Wyman [Presentation] pdf


Opening remarks video offsite
Janet Yellen,
Chair, Board of Governors of the Federal Reserve System

Yellen in the News
Yellen Says More Capital Would Help Biggest, Most-Complex Banks
Yellen: Fed Considering Fixes for Short-Term Wholesale Funding Market

Keynote address pdf
Edward DeMarco, Senior Deputy Director, Federal Housing Finance Agency

video Edward DeMarco interview

Research Papers

Research paper 1
"Has the U.S. Finance Industry Become Less Efficient? On the Theory and Measurement of Financial Intermediation" offsite
Thomas Philippon, Associate Professor of Finance, Stern School of Business, New York University
Discussant: Joseph G. Haubrich, Vice President and Economist, Federal Reserve Bank of Cleveland [Presentation] pdf
Moderator: Robert Eisenbeis, Chief Monetary Economist, Cumberland Advisors
Research paper 2
Liquidity Policies and Systemic Risk
Tobias Adrian, Senior Vice President and Head of Capital Markets Function, Federal Reserve Bank of New York [Presentation] pdf
Discussant: Larry Wall, Executive Director, Center for Financial Innovation and Stability, Federal Reserve Bank of Atlanta [Presentation] pdf
Moderator: Sheila Tschinkel, Distinguished Visiting Scholar of Economics, Emory University