The Impact of Extraordinary Monetary Policy on the Financial Sector - December 1–2, 2016


Thursday, December 1, 2016
8:15 a.m. Registration and continental breakfast
8:50 Welcome
9:00 QE and the Bond Market
Chair: Nikolay Gospodinov, Federal Reserve Bank of Atlanta

"The Federal Reserve's Portfolio and Its Effect on Interest Rates" PDF document
Alex Boote, Jeff Huther, Jane Ihrig, Beth Klee, and Richard Sambasivam, Federal Reserve Board

"Transmission of Quantitative Easing: The Role of Central Bank ReservesPDF document
Jens H.E. Christensen
, Federal Reserve Bank of San Francisco
Signe Krogstrup, International Monetary Fund
11:00 Break
11:30 "QE Auctions of Treasury Bonds"
Zhaogang Song
, Johns Hopkins University
Haoxiang Zhu, Massachusetts Institute of Technology
12:30 p.m. Lunch
1:30 Impact on Banks and Insurers
Chair: Glenn W. Harrison, Georgia State University

"The Effect of Central Bank Liquidity Injections on Bank Credit Supply" PDF document
Luisa Carpinelli, Bank of Italy
Matteo Crosignani, Federal Reserve Board

"A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European InsurersPDF document
Elia Berdin, International Center for Insurance Regulation
Cosimo Pancaro
, European Central Bank
Christoffer Kok, European Central Bank
3:30 Break
4:00 Extraordinary Impact on Countries and Financial Markets

"FX Interventions in Brazil: A Synthetic Control Approach" PDF document
Marcos Chamon, International Monetary Fund
Márcio Garcia, Pontifical Catholic University of Rio de Janeiro
Laura Souza, Itaú Unibanco

"Collateral Flows and Balance Sheet(s) SpacePDF document
Manmohan Singh, International Monetary Fund
5:00 Reception
5:45 Dinner
Friday, December 2, 2016
8:30 a.m. Continental breakfast
9:00 Interaction of monetary policy and financial sector
Chair: Larry Wall, Federal Reserve Bank of Atlanta

"Optimal Monetary Policy in a Collateralized EconomyPDF document
Gary Gorton, Yale University
Ping He, Tsinghua University

"Credit Expansion and Credit MisallocationPDF document
Alexander Bleck
, University of British Columbia
Xuewen Liu, Hong Kong University of Science and Technology
11:00 Break
11:30 Bank Lending
Chair: John C. Robertson, Federal Reserve Bank of Atlanta

"Monetary Stimulus and Bank LendingPDF document
Indraneel Chakraborty
, University of Miami
Itay Goldstein, University of Pennsylvania
Andrew MacKinlay, Virginia Polytechnic Institute and State University
12:30 p.m. Lunch
1:30 Bank Lending (continued)

"Does a Larger Menu Increase Appetite? Collateral Eligibility and Bank Risk-TakingPDF document
Sjoerd Van Bekkum
, Erasmus School of Economics
Marc Gabarro, Erasmus School of Economics
Rustom M. Irani, University of Illinois at Urbana-Champaign

"Life below Zero: Bank Lending under Negative Policy RatesPDF document
Florian Heider
, European Central Bank
Farzad Said, Stockholm School of Economics
Glenn Schepens, European Central Bank
3:30 Adjournment