2023 Financial Stability Conference

Registration and Breakfast

8:00 am–8:30 am

Welcome and Opening Remarks | video

8:30 am–9:00 am

Chair: Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland

Panel: Macroprudential and Monetary Policy | video

9:00 am–10:00 am

Moderator: Deborah J. Lucas, Sloan Distinguished Professor of Finance and Director of the MIT Golub Center for Finance and Policy, MIT Sloan School of Management

Panelists:
Michael Feroli, Managing Director and Chief U.S. Economist, J.P. Morgan | presentation
María Soledad Martinez Pería, Chief of the Macro-Financial Division of the Research Department, International Monetary Fund | presentation
Carolin Pflueger, Associate Professor, University of Chicago Harris School of Public Policy | presentation

Break

10:00 am–10:15 am

Paper Session: Macroprudential and Monetary Policy | video

Monetary Tightening and U.S. Bank Fragility in 2023: Mark-to-Market Losses and Uninsured Depositor Runs? | paper | presentation

10:15 am–11:00 am

Gregor Matvos, Howard Berolzheimer Chair in Finance, Northwestern University 
Erica Xuewei Jiang, Assistant Professor of Finance and Business Economics, University of Southern California Marshall School of Business
Tomasz Piskorski, Edward S. Gordon Professor of Real Estate in the Finance Division, Columbia Business School
Amit Seru, Steven and Roberts Denning Professor of Finance, Stanford Graduate School of Business; Senior Fellow, Hoover Institution

Discussant: Rebecca Zarutskie, Deputy Associate Director of Program Direction, Board of Governors of the Federal Reserve System | presentation

Monetary Transmission Through Bank Securities Portfolios | paper | presentation

11:00 am–11:45 am

Pascal Paul, Senior Economist, Federal Reserve Bank of San Francisco
Daniel Greewald, Assistant Professor of Finance, New York University Stern School of Business
John R. Krainer, Principal Economist, Board of Governors of the Federal Reserve System

Discussant: Pablo D’Erasmo, Economic Advisor and Economist, Federal Reserve Bank of Philadelphia | presentation

Luncheon and Keynote | video

11:45 am–1:00 pm

Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland

Randall S. Kroszner, Norman R. Bobins Professor of Economics, University of Chicago Booth School of Business | presentation | speech

Break

1:00–1:15 pm

Paper Session: Financial Institutions | video

Social Media as a Bank Run Catalyst | paper | presentation

1:15 pm–2:00 pm

J. Anthony Cookson, Professor of Finance, University of Colorado Leeds School of Business
Corbin Fox, Assistant Professor of Finance and Business Law, James Madison University
Javier Gil-Bazo, Associate Professor of Finance, Universitat Pompeu Fabra and Barcelona School of Economics
Juan Imbet, Assistant Professor of Finance, Université Paris Dauphine–PSL
Christoph M. Schiller, Assistant Professor of Finance, W.P. Carey School of Business at Arizona State University

Discussant: Anna Kovner, Director of the Financial Stability Policy Research Division, Federal Reserve Bank of New York | presentation

Banking on Uninsured Deposits | paper | presentation

2:00 pm–2:45 pm

Olivier Wang, Assistant Professor of Finance, New York University Stern School of Business
Itamar Drechsler, Ervin Miller and Arthur M. Freedman Professor of Finance and Co-Director of the Rodney L. White Center for Financial Research, Wharton School of the University of Pennsylvania
Philipp Schnabl, Martin J. Gruber Professor in Asset Management and Professor of Finance, New York University Stern School of Business
Alexi Savov, Marcus Nadler Professor of Finance, New York University Stern School of Business

Discussant: Sorin M. Sorescu, Professor and Director of the Adam C. Sinn `00 Center for Investment Management Foreman R. and Ruby Bennett Chair in Business Administration Texas A&M University | presentation

Break

2:45 pm–3:00 pm

Panel: Financial Institutions | video

3:00 pm–4:00 pm

Moderator: Eric Rosengren, Visiting Scholar, MIT Sloan School of Management

Panelists:
Rosalind Bennett, Executive Program Director of the Center for Financial Research, Federal Deposit Insurance Corporation | presentation
Meyrick Chapman, Principal, Hedge Analytics | presentation
David Scharfstein, Edmund Cogswell Converse Professor of Finance and Banking, Harvard Business School | presentation

End of Conference Day 1

4:00 pm

Reception Hosted at the Federal Reserve Bank of Cleveland

4:00 pm–6:00 pm

Registration and Breakfast

8:00 am–8:25 am

Welcome

8:25 am–8:30 am

Chair: Dasol Kim, Research Principal, Office of Financial Research at the US Department of the Treasury

Opening Remarks | video

8:30 am–8:45 am

James Martin, Acting Director, Office of Financial Research at the US Department of the Treasury

Keynote | video

8:45 am–9:40 am

James Martin, Acting Director, Office of Financial Research at the US Department of the Treasury

Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University | presentation

Break

Paper Session: Financial Markets | video

The Collateral Link Between Volatility and Risk Sharing | paper | presentation

Sebastian Infante Bilbao, Chief of the Money Market Analysis Section, Board of Governors of the Federal Reserve System
Guillermo Ordoñez, Professor of Economics and Finance, University of Pennsylvania

Discussant: Yiming Ma, Associate Professor of Finance, Columbia University | presentation

Intermediation Networks and Derivative Market Liquidity: Evidence from CDS Markets | paper | presentation

10:45 am–11:30 am

Stathis Tompaidis, Professor of Finance, Department of Information, Risk, and Operations Management, University of Texas at Austin McCombs School of Business
Mark Paddrik, Associate Director of Financial Institutions, Office of Financial Research at the US Department of the Treasury

Discussant: Bernard Herskovic, Assistant Professor of Finance, University of California, Los Angeles | presentation

Lunch

11:30 am–Noon

Panel: Financial Markets | video

Noon–1:00 pm

Moderator: Mila Getmansky Sherman, Professor and Judith Wilkinson O’Connell Faculty Fellow and Associate Director of CISDM Finance, University of Massachusetts Amherst Isenberg School of Management

Jean Helwege, Professor and Anderson Chair in Finance, University of California, Riverside
Andreas Schrimpf, Head of Financial Markets, Bank of International Settlements | presentation

Break

1:00 pm–1:15 pm

Paper Session: Real Estate | video

Measuring the Climate Risk Exposure of Insurers | paper | presentation

1:15 pm–2:00 pm

Hyeyoon Jung, Financial Research Economist, Federal Reserve Bank of New York
Robert Engle, Professor Emeritus of Finance and Codirector of the Volatility and Risk Institute, New York University Stern School of Business
Shan Ge, Assistant Professor of Finance, New York University Stern School of Business
Xuran Zeng, Junior Research Scientist, New York University Stern School of Business

Discussant: Celso Brunetti, Assistant Director, Program Direction Section, Research and Statistics, Board of Governors of the Federal Reserve System | presentation

The Value of Renegotiation Frictions: Evidence from Commercial Real Estate | paper | presentation

2:00 pm–2:45 pm

Robert J. Kurtzman, Principal Economist, Board of Governors of the Federal Reserve System
David Glancy, Principal Economist, Board of Governors of the Federal Reserve System
Lara Loewenstein, Research Economist, Federal Reserve Bank of Cleveland

Discussant: Alexei Tchistyi, Associate Professor of Real Estate, Cornell SC Johnson College of Business | presentation

Closing Remarks

2:45 pm

Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland