Preliminary Program

All morning and evening sessions take place in room Bern (first floor, above hotel lobby). 

All parallel sessions take place either in room Zurich or room Geneva (ground and first floor, castle).

Monday June 29 (Monetary Theory)

7:00-8:30          Breakfast

8:30-9:15         Limited Participation, Unemployment, and Inflation

                        Authors: Yuet-Yee Linda Wong (Binghamton University)

9:15-10:00       Breaking Up With M: Cashless Limits Under Limited Commitment

                        Authors: Tai-Wei Hu (Bristol University), Guillaume Rocheteau (University of California)

10:00-10:30     Coffee break 

10:30-11:15     De Pecunia Non Est Disputandum

                        Authors: Guillaume Plantin (Sciences Po-CEPR), Jean Barthélemy (BdF), Eric Mengus (HEC Paris-CEPR)

11:15-12:00     On the Essentiality of Money over Credit with Perfect Monitoring

                        Authors: Ohik Kwon (Korea University)

12:00-13:30     Lunch

15:00-16:00     Coffee break  

16:00-16:45     Momentary Money

                        Authors: James J. McAndrews (Wharton Financial Institutions Center)

16:45-17:30     The Evolution of the Corporate Bond Market: A Theoretical Analysis
    Authors: Benjamin Lester (Federal Reserve Bank of Philadelphia), Mahyar Kargar (University of Illinois Urbana-Champaign),
    Semih Üslü (Johns Hopkins University), Pierre-Olivier Weill (UCLA, NBER and CEPR) 

17:40-18:10         Room Geneva

Fiat Money with a Finite Horizon: Theory and Experimental Evidence

Authors: Daniela Puzzello (Indiana University), Janet Hua Jiang (Bank of Canada), Peter Norman (University of North Carolina),
Bruno Sultanum (University of Essex), Randall Wright (Zhejiang University & Wisconsin School of Business)

Room Zurich

International Currency Dominance

Authors: Daniel Sanches (FRB Philadelphia), Joseph Abadi (FRB Philadelphia), Jesús Fernández-Villaverde (Penn, NBER, and CEPR)

18:10-18:40         Room Geneva

Endogenous Search Intensity, Price Dispersion and Business Cycle

Authors: Han Han (Peking University), Yufeng Chen (Peking University),
Randall Wright (Zhejiang University and Wisconsin School of Business), Yu Zhu (Renmin University of China)

Room Zurich

Money Creation in a Neoclassical Economy: Equilibrium Multiplicity and the Liquidity Trap

Authors: Hugo van Buggenum (KOF-ETH Zürich), Lukas Altermatt (University of Essex), Lukas Voellmy (Swiss National Bank)

18:40-19:10         Room Geneva

Helicopter Drop, Redistribution, and Welfare in Decentralized Monetary Economy

Authors: So Kubota (Tohoku University), Kazuya Kamiya (Kobe University)

Room Zurich

The Monetary Dilemma: A Fundamental Trade-off between Efficiency and Stability

Authors: Diego Zuniga (Bank of Canada)

19:10-20:30      Dinner

20:30-21:15       Evening session

Dry Firms, Deep Recessions: Corporate Payouts and Aggregate Dynamics

Authors: Miguel H. Ferreira (Queen Mary University of London), Timo Haber (De Nederlandsche Bank), Hanbaek Lee (University of Cambridge)

Tuesday June 30: (CBDC and Digital Money)

7:00-8:30          Breakfast

8:30-9:15           Stablecoins, Currency Digitalization and Optimal Policy

Authors: Sylvia Xiaolin Xiao (Peking University)

9:15-10:00         Decentralized Exchanges for Stablecoins

Authors: Natalia Rostova (EDHEC Business School), Wenqian Huang (Bank for International Settlements), Zhaogang Song (Johns Hopkins University)

10:00-10:30      Coffee break 

10:30-11:15       On the Optimal Level of Stablecoins

Authors: Wei Cui (University College London), Jianjun Miao (Zhejiang University), Yu Zhu (Renmin University)

11:15-12:00       Are Stablecoins Stable?

Authors: Chao Gu (University of Missouri), Yu Zhu (Renmin University)

12:00-14:00      Lunch

15:30-16:00     Coffee break 

16:30-17:15     Medium of Exchange in Blockchain Economy

                        Authors: Zhengge Zhou (University of Western Australia), Agostino Capponi (Columbia University)

17:30-18:00         Room Geneva

Central-Bank Digital Currency, Deposit Insurance and Risk Sharing in a Monetary Union

Authors: Mariana Rojas-Breu (U Paris-Panthéon-Assas), Régis Breton (BdF), Julien Duc (Nantes U)

Room Zurich

Optimal Shadow Banking Contracts and Fragility

Authors: Xuesong Huang (Lingnan College and Sun Yat-sen University), Todd Keister (Federal Reserve Bank of New York and Rutgers University),
Ziyu Xing (Hunan University)

18:00-18:30         Room Geneva

Central Bank Digital Currency Adoption

Authors: Taizen Mori (Western Ontario)

Room Zurich

Providing Liquidity to Stressed Financial Markets: Resurrecting the Classical Theory of the Lender of Last Resort

Authors: Yu Zhu (Renmin University), Fabrizio Mattesini (Rome Tor Vergata), Ed Nosal (FRB Atlanta)

18:30-19:00         Room Geneva

The Dynamics of CBDC 

Authors: Makoto Watanabe (KIER), Cyril Monnet (UoBern and Gerzensee), Yota Isobe (Kyoto University)

Room Zurich

The Riskiness of Risk-free Credit: How Run-proof Demand-deposits Backed by Safe Assets Increase the Risk of Financial Crisis

Authors: My Sasson (University of Bern)

19:00-20:30      Dinner

20:30-21:15      Evening session

Optimal Central Bank Balance Sheets with Incomplete Markets

Authors: Zachary Bethune (Rice)

Wednesday July 1: (Financial Stability)

7:00-8:30          Breakfast

8:30-9:15           Target Allocation Funds, Strategic Complementarities, and Market Fragility

Authors: Chuck Fang (Drexel University), Itay Goldstein (Wharton School and NBER)

9:15-10:00         Demand Deposits versus Equity Trading for Liquidity Risk Sharing: Lab Evidence

Authors: Janet Jiang (Bank of Canada), Johan de Jong (U of Alicante), John Duffy (U of California)

10:00-10:30      Coffee break 

10:30-11:15       Runs on Tokenized Debts

Authors: Luis Araujo (Michigan State & Sao Paulo), Ryuichiro Izumi (Wesleyan), Fabrizio Mattesini (Rome Tor Vergata)

11:15-12:00       Tokenizing Cross-Border Payments in a World with Limited Trust

Authors: Jonathan Chiu (BoC), Thorsten Koeppl (Queen's), Cyril Monnet (Bern&Gerzensee)

12:00-13:30      Lunch

15:00-16:00      Coffee break 

16:30-17:15     Money and Banking as Insurance

                        Authors: Florian Madison (Claremont McKenna College), Fan Liang (Loyola Marymount University), 

        Randall Wright (Zhejiang University and Wisconsin School of Business)

17:30-18:00         Room Geneva

Repo Collateral Reuse and Liquidity Windfalls

Authors: Georgios Angelis Alexiou (European Central Bank), Sofia M. Perreira (European Central Bank),
Victor Rodriguez-Gomes (European Central Bank)

Room Zurich

Monetary Policy Transmission with Endogenous Reserve Supply

Authors: Ethan Cohen (University of Minnesota and Federal Reserve Bank of Minneapolis), Kristina Bluwstein (Bank of England),
Michael McLeay (Bank of England), Jacob Stevens (Bank of England)

18:00-18:30         Room Geneva

Endogenous Repo Price Dispersion and Monetary Policy Transmission

Authors: Fengfan Xiang (Western Ontario)

Room Zurich

Liquidity Regulation and Bank Funding Costs

Authors: Haonan Zhou (The University of Hong Kong), Iñaki Aldasoro (Bank for International Settlements),
Sebastian Doerr (Bank for International Settlements, CEPR)

18:30-19:00         Room Geneva

Market Choice in Asset Trading: The Role of Collateral

Authors: Lukas Altermatt (University of Essex), Piero Gottardi (University of Essex)

Room Zurich

Traditional vs. Shadow Banking in a Monetary Economy

Authors: Thomar P. van Hees (Tor Vergata University of Rome)

19:00-20:30      Dinner

20:30-21:15       Evening session

Bills of Exchange in a Supply Chain

Authors: Piero Gottardi (University of Essex), Shengxing Zhang (CMU)

Thursday July 2: (Payments, Open Banking, and International Finance)

7:00-8:30          Breakfast

8:30-9:15          Delay in Wholesale Payments

Authors: Stephen Williamson (Western Ontario)

9:15-10:00        Optimal Design of Credit History Disclosure: Public Mandates vs Open Banking

Authors: Inkee Jang (Hanyang University), Kee-Youn Kang (University of Liverpool)

10:00-10:30      Coffee break 

10:30-11:15       Instant Payments, Fraud, and Optimal Consumer Protection

Authors: Yuteng Cheng (BoC), Charles Kahn (University of Illinois), Francisco Rivadeneyra (BoC)

11:15-12:00       Payment Fraud and Welfare

Authors: Qi Li (Pennsylvania State)

12:00-13:30      Lunch

16:30-17:15     Liquidity Provision and Optimal Policy in the Open Economy

                        Authors: Dirk Niepelt (University of Bern and CEPR)

17:30-18:00         Room Geneva

Payment Innovations and Currency Competition in Trade

Authors: Jiaqi Li (Bank of Canada), Lu Han (Bank of Canada)

Room Zurich

Geopolitics and the Payment Demand for Reserve: Theory and Evidence from PRC&U.S.

Authors: Russell Tsz-Nga Wong (FRB Richmond), Mengbo Zhang (Shanghai University Fin&Eco)

18:00-18:30         Room Geneva

Open Banking: Inclusion, Pricing, and Efficienc

Authors: Ziqi Qiao (University of Wisconsin-Madison), Yuteng Cheng (Bank of Canada), Kee-Youn Kang (University of Liverpool)

Room Zurich

Geoeconomic Pressure and the Harmonization of Global Finance: Evidence from Secondary Sanctions

Authors: Andre Poyser (Auckland University of Technology)

18:30-19:00         Room Geneva

Stablecoins, Banks, and Credit

Authors: Yudong Rao (Washington University in St. Louis)

Room Zurich

Violent Conflict and Cross-Border Lending

Authors: Mikhail Mamonov (Toulouse Business School), Ralph De Haas (EBRD, KU Leuven, and CEPR), Alexander Popov (European Central Bank, CERGE-EI, and CEPR), Iliriana Shala (Deutsche Bundesbank and Goethe University)

19:00-20:30      Dinner

20:30-21:15       Evening session

Intermediation and Imperfect Credit
Authors: Randall Wright (Zhejiang University and Wisconsin School of Business), Grace Xun Gong (Zhejiang University), Ziqi Qiao (University of Wisconsin),
Yuet-Yee Wong (Binghamton University)

Friday July 3: (Contracts)

7:00-8:30          Breakfast

8:30-9:15          Beyond Risk: Firm Financing and Interest Rates

Authors: Nicholas Kozeniauskas (Bank of Portugal and Universidade Católica Portuguesa), Miguel H. Ferreira (Queen Mary University of London)

9:15-10:00        Regulation and Intermediation in Over-the-Counter Markets

Authors: Nicole Fleskes (Rice University)

10:00-10:30      Coffee break 

10:30-11:15      Dealers as Record Keepers        

Authors: Vincent Maurin (HEC Paris), John Kuong (CUHK)

11:15-12:00      The Private Enforcer: Algorithmic Deterrence and the Shadow Tax on Insider Trading

Authors: Tingyi Lin (Central University of Finance and Economics), Ruoran Lai (Sun Yat-sen University), Weiyu Qi (University of Chicago), Karl Yu (Boston College)

12:00-13:30      Lunch