Banner for the Annual Financial Stability Conference

Interest Rate Variability and the Financial Sector

October 19–20, 2023

Organized by the Center for Financial Innovation and Stability at the Federal Reserve Bank of Atlanta and the Center for the Economic Analysis of Risk at Georgia State University.

The Center for Financial Innovation and Stability (Federal Reserve Bank of Atlanta) and the Center for the Economic Analysis of Risk (Georgia State University) are organizing a workshop on Interest Rate Variability and the Financial Sector. We will hold the conference in person at Georgia State University on October 19–20, 2023. The workshop's goal is to bring together economists, finance and risk management professionals, and regulators to discuss the effects of interest rates on the stability of the financial system.

There is no fee for attending the conference, but registration by October 13 is required. Register at


Thursday, October 19
8:30 a.m. Breakfast
8:55 Welcoming remarks

Measuring Bank Interest Rate Risk

Chair: Vladimir Yankov, Federal Reserve Board

Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs?
Erica X. Jiang, University of Southern California
Greg Matvos, Northwestern University
Tomasz Piskorski, Columbia University
Amit Seru, Stanford University

Interest Rate Risk in the U.S. Banking Sector
Azamat Abdymomunov, Richmond Fed
Jeff Gerlach, Richmond Fed
Yuji Skurai, Richmond Fed
10:30 Break
11:00 Measuring Risk Exposures with Equity Data
Chair: Ali Ozdagli, Dallas Fed

Measuring Interest Rate Management by Financial Institutions
Celso Brunetti, Federal Reserve Board
Nathan Foley-Fisher, Federal Reserve Board
Stephane Verani, Federal Reserve Board

Bank Convexity Risk
Martin Cremers, University of Notre Dame
Priyank Gandhi, Rutgers University
Jun Yang, University of Notre Dame
12:30 p.m. Lunch
1:30 Bank Risk Hedging
Chair: Alex Hsu, Georgia Institute of Technology

Do Banks Hedge Using Interest Rate Swaps?
Lihong McPhail, Commodity Futures Trading Commission
Philipp Schnabl, New York University
Bruce Tuckman, New York University

Deposit Convexity, Monetary Policy, and Financial Stability
Emily Greenwald, Dallas Fed
San Schulhofer-Wohl, Dallas Fed
Joshua Younger, New York Fed
3:00 Break
3:30 Fixed Income Mutual Funds
Chair: Gabriele La Spada, New York Fed

Hidden Duration: Interest Rate Derivatives in Fixed Income Funds Adobe PDF file format
Jaewon Choi, University of Illinois at Urbana-Champaign
Minsoo Kim, University of Melbourne
Oliver Randall, University of Melbourne

Similar Investors
Co-Pierre Georg, EDHEC Business School
Diane Pierret, University of Luxembourg
Sascha Steffen, Frankfurt School of Finance & Management
5:00 Keynote: Mark Flannery, University of Florida
5:45 Reception and dinner (invitation only)
Friday, October 20
9:00 a.m. Banks and Monetary Policy
Chair: Marcelo Rezende, Federal Reserve Board

Monetary Policy Transmission through Bank Securities Portfolios
Daniel Greenwald, NYU Stern
John Krainer, Federal Reserve Board
Pascal Paul, San Francisco Fed

Relationship Lending and Monetary Policy Pass-Through
Jin Cao, Norges Bank
Pierre Dubuis, University of Zurich
Karolis Liaudinskas, Norges Bank

Bank's Risk Exposures at the Zero Lower Bound
Andres Schneider, Federal Reserve Board
11:00 Break
11:30 Monetary Policy and Financial Stability: Historical Evidence
Chair: Ralf Meisenzahl, Chicago Fed

Monetary Policy, Inflation, and Crises: Evidence from History and Administrative Data
Gabriel Jimenez, Bank of Spain
Dmitry Kuvshinov, Pompeu Fabra University (UPF), Barcelona GSE
Jose-Luis Peydro, Imperial College, UPF-CREI
Bjorn Richter, Pompeu Fabra University (UPF), Barcelona GSE

Loose Monetary Policy and Financial Stability
Maximilian Grimm, University of Bonn
Oscar Jorda, San Francisco Fed, University of California Davis
Moritz Schularik, University of Bonn
Alan M. Taylor, University of California Davis
1:00 p.m. Lunch
2:00 Consequences of "Leaning Against the Wind"
Chair: Divya Kirti, International Monetary Fund

"Sowing the Wind" Monetary Policy
Jonathan Goldberg, Board of Governors
David Lopez-Salido, Board of Governors

Interest Rate Hikes, Collateral Deterioration, and Search for Yield: Evidence from Shadow Banks Adobe PDF file format
Angela Gallo, Bayes Business School
Barbara Casu, Bayes Business School
3:30 Adjournment