PROGRAMME 2023
(all times are EST)
27th April
Thursday
11.45
Registration and Lunch
12.30
OPENING REMARKS
Ronnie Sadka, Boston College
12.45
Session on THE PLUMBING OF SOVEREIGN BOND MARKETS
Session Chair: Paolo Pasquariello, University of Michigan
Collateral Choice
Benedikt Ballensiefen, University of St. Gallen, Swiss Finance Institute, & World Bank Group
Discussant: Zhaogang Song, Johns Hopkins University
Bond Scarcity and the Term Structure
Ruggero Jappelli, Leibniz Institute for Financial Research SAFE & Goethe University Frankfurt (joint with Loriana Pelizzon and Marti Subrahmanyam)
Discussant: Zhiguo He, Chicago Booth
Securities Lender of Last Resort: On the Causal Effects of Central Banks’ Securities Lending Facilities
Stefan Greppmair, Deutsche Bundesbank (joint with Stephan Jank)
Discussant: Nina Boyarchenko, Federal Reserve Bank of New York
15.00
COFFEE BREAK
16.00
Policy Panel on SOVEREIGN BOND MARKETS IN UNSTABLE TIMES
Moderator: Marti Subrahmanyam, NYU Stern
Panellists:
Jeremy Stein, Harvard University
Marvin Loh, State Street
George Fischer, Fidelity
Guido Galassi, MTS Markets
17.15
END OF WORKS
28th April
Friday
10.00
CONTINENTAL BREAKFAST
10.30
Session on FINANCIAL INTERMEDIARIES AND SOVEREIGN BOND MARKETS
Session Chair: Loriana Pelizzon, Leibniz Institute for Financial Research SAFE, Goethe University Frankfurt & Ca’ Foscari University of Venice
Intermediary Market Power and Capital Constraints [Preliminary - not to be cited]
Milena Wittwer, Boston College (joint with Jason Allen)
Discussant: Chaojun Wang, University of Pennsylvania
Intermediary Balance Sheets and the Treasury Yield Curve
Wenxin Du, Chicago Booth & Federal Reserve Bank of New York (joint with Benjamin Hébert and Wenhao Li)
Discussant: Pierluigi Balduzzi, Boston College
Leverage Regulations and Treasury Market Participation: Evidence from Credit Line Drawdowns
Marcelo Rezende, Federal Reserve Board (joint with Giovanni Favara and Sebastian Infante)
Discussant: José Faias, Católica Lisbon School of Business & Economics
12.45
LUNCH
13.45
Session on SOVEREIGN BOND MARKETS IN AN UNSTABLE WORLD
Session Chair: Rui Albuquerque, Boston College
Central Banker to the World: Foreign Reserve Management and U.S. Money Market Liquidity
R. Jay Kahn, Federal Reserve Board (joint with Ron Alquist and Karlye Dilts Stedman)
Discussant: Colin Ward, University of Minnesota
Sovereign Bond Restructuring: Commitment vs. Flexibility [Supplementary appendix]
Lukas Kremens, University of Washington (joint with Jason Roderick Donaldson and Giorgia Piacentino)
Discussant: Adi Sunderam, Harvard University
Internationalizing Like China
Christopher Clayton, Yale School of Management (joint with Amanda Dos Santos, Matteo Maggiori and Jesse Schreger)
Discussant: Kai Zhao, University of Connecticut
16.00
CLOSING REMARKS
16.15
END OF CONFERENCE
