Videos of the CEBRA 2021 Annual Meeting

Held virtually on July 7 – 9, hosted by MIT GCFP

More videos will be made available in the coming weeks. All available videos are linked in the title.

Opening remarks by Deborah Lucas (MIT) and
High-Level Panel: “The shifting boundaries between monetary and fiscal policy”

Organizer: MIT Golub Center for Finance and Policy (GCFP)
Chair: Deborah Lucas (MIT)
Panelists: Refet Gürkaynak (Bilkent University), Carmen Reinhart (World Bank), and Paul Tucker (Harvard University)

CBDC Presentations

Organizers: Central Bank Research Association (CEBRA) and MIT Digital Currency Initiative (DCI)
Raphael Auer (Bank for International Settlements) “CBDC approaches around the world: trends, drivers, and lessons learned”
Neha Narula (MIT DCI) “Separation of Roles and Data in a CBDC”

High-Level Panel: “CBDC and the future of payments”

Organizers: Central Bank Research Association (CEBRA) and MIT Digital Currency Initiative (DCI)
Chair/Panelist: Jim Cunha (Federal Reserve Bank of Boston)
Panelists: Bénédicte Nolens (BIS Innovation Hub) and Henry Ohlsson (Riksbank).

Fireside chat with Ben Bernanke (former Chairman of the Federal Reserve)

Organizer: MIT Golub Center for Finance and Policy (GCFP)
Moderator: Deborah Lucas (MIT)
Guest: Ben Bernanke (Brookings Institution)

High-Level Panel: “Central banking after the pandemic: The challenges of inequality and inclusive growth”

Organizer: MIT Golub Center for Finance and Policy (GCFP)
Chair: Athanasios Orphanides (MIT Sloan School of Management)
Panelists: James Bullard (Federal Reserve Bank of St. Louis), Olli Rehn (Bank of Finland), and Zeti Aziz (Formerly Bank Negara Malaysia)


Track A: International Economics

COVID-19 Crisis and International Financial Architecture
Organizer: CEBRA’s International Finance and Macroeconomics Program (IFM)
Chair: Chenyue Hu (UC Santa Cruz)
1. “Deadly debt crises: COVID-19 in emerging markets” Gabriel Mihalache (Stony Brook University) joint with Yan Bai and Cristina Arellano
2. “When the panic broke out: COVID-19 and investment funds’ portfolio rebalancing around the world” Massimiliano Affinito (Bank of Italy) joint with Raffaele Santioni (Bank of Italy)
3. “Epidemics, Infrastructural Disparities and FinTech Adoption” Orkun Saka (Sussex University & London School of Economics)
4. “Sovereign Debt Standstills” Cesar Sosa-Padilla (University of Notre Dame) joint with Juan Carlos Hatchondo and Leonardo Martinez

Choices of Currencies for Use in Financial Transactions
Organizer: Federal Reserve Bank of New York
Chair: Linda Goldberg (Federal Reserve Bank of New York)
1. “Digital Money as a Unit of Account and Monetary Policy in Open Economies” Daisuke Ikeda (Bank of Japan)
DiscussantKenza Benhima (University of Lausanne)
2. “International Trade and the Currency Composition of Corporate Debt” Yang Jiao (Fudan University) joint with Ohyun Kwon and Jae-Whak Roh
DiscussantValentina Bruno (American University, Kogod School of Business)
3. “Trade Finance and the Durability of the Dollar” Rosen Valchev (Boston College) joint with Ryan Chahrour
DiscussantSaleem Bahaj (Bank of England)

Policy Tools across Risk-On and Risk-Off Periods
Organizer: MIT Sloan School of Management
Chair: Agustin Samano (University of Minnesota/Federal Reserve Bank of Minneapolis)
1. “Capital Flows at Risk: Taming Ebbs and Flows” Lucyna Gornicka (International Monetary Fund) joint with Gaston Gelos, Robin Koepke, Ratna Sahay, Silvia Sgherri
DiscussantEddie Gerba (Bank of England)
2. “Spillovers at the Extremes: Macroprudential Tools and Vulnerability to the Global Financial Cycle” Karlye Dilts Stedman (Federal Reserve Bank of Kansas City) joint with Anusha Chari, Kristin Forbes (MIT Sloan School of Management)
DiscussantEddie Gerba (Bank of England)
3. “Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?” Katharina Bergant (International Monetary Fund) joint with Francesco Grigoli, Niels-Jakob Hansen, and Damiano Sandri
DiscussantAgustin Samano
4. “Monetary Policy Independence and the Strength of the Global Financial Cycle” Christian Friedrich (Bank of Canada) joint with Pierre Guerin and Danilo Leiva-Leon
DiscussantAgustin Samano

Global Shocks and Financial Conditions in Emerging Markets
Organizer: MIT Sloan School of Management
Chair: Eli Remolona (Asia School of Business)
1. “Addressing Spillovers from Prolonged U.S. Monetary Policy Easing” Stephen Cecchetti and Umang Rawat (Brandeis International Business School) joint with Machiko Narita, and Ratna Sahay
2. “Spillover effects of ECB and Fed forward guidance” Triwit Ariyathugun (Asia School of Business) joint with Sui-Jade Ho (Bank Negara Malaysia)
3. “What drives cross-border bank flows?” Veronica Bayangos (Bangko Sentral ng Pilipinas) joint with Ramon Moreno
4. “Exchange rate pass-through to import prices in Thailand: Evidence from micro data” Nuwat Nookhwun joint with Tosapol Apaitan, Pym Manopimoke and Jettawat Pattararangrong (Bank of Thailand)

Capital flows, Corporate Debt Developments, and (Mis)allocation
Organizers: Organisation for Economic Co-operation and Development (OECD)
Co-Chairs: Caroline RouletEtienne Lepers, and Guido Franco (All OECD)
1. “Corporate credit booms, financial constraints, and the investment nexus” Bruno Albuquerque (Bank of England)
DiscussantEnisse Kharroubi (Bank of International Settlements)
2. “Capital flows: the role of fund manager portfolio reallocation” Carlos Canon (Bank of England) joint with Georgia Bush and Daniel Gray
DiscussantChristoph Kaufmann (ECB)
3. “Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms” Alessandro Rebucci (Johns Hopkins University) joint with Peter Bednarek, Daniel Marcel te Kaat, and Chang Ma
DiscussantLaura Alfaro (Harvard Business School)

International Trade and Macroeconomics
Organizer: CEBRA’s International Trade and Macroeconomics Program (ITM)
Chair: Jose Fillat (Federal Reserve Bank of Boston)
1. “Market Concentration and Import Penetration” Sebastian Heise (Federal Reserve Bank of New York) joint with Mary Amiti
DiscussantLuciana Juvenal (IMF)
2. “The Causal Effect of the Dollar on Trade” Tim Schmidt-Eisenlohr (Federal Reserve Board) joint with Sai Ma
DiscussantGeorgios Georgiadis (ECB)
3. “Organizational capacity and firm profitability: evidence from multinationals” Katarzyna Bilicka (Utah State University) joint with Daniela Scur (Cornell University)
DiscussantAnna Gumpert (University of Munich)

Track B – Covid19: Impact and Long-Run Response

Liquidity and Solvency of Enterprises in the Pandemic
Organizer: Central Bank of Ireland
Chair: Fang Yao (Central Bank of Ireland)
1. “Will Schumpeter Catch Covid-19” Anne Epaulard (Paris Dauphine University – PSL) joint with Mathieu Cros and Philippe Martin
DiscussantFederico Huneeus (Central Bank of Chile)
2. “Are you a Zombie? A Supervised Learning Method to Classify Unviable Firms and Identify the Determinants” Angela De Martiis (University of Bern, Institute for Financial Management) joint with Thomas Heil and Franziska Peter
DiscussantAnne Epaulard (Paris Dauphine University – PSL)
3. “The Distribution of Crisis Credit and Firm Indebtedness” Federico Huneeus (Central Bank of Chile) joint with Mauricio Larrain, Joe Kaboski, Sergio Schmukler, Mario Vera
DiscussantAngela De Martiis (University of Bern, Institute for Financial Management)

Global Private and Public Sector Indebtedness – Risks and Policies
Organizer: European Central Bank
Co-Chairs: Georgios Georgiadis and Magdalena Grothe (European Central Bank)
1. “Debt Crises Fast and Slow” Giancarlo Corsetti (University of Cambridge) joint with Fred Maeng
DiscussantPaola Di Casola (Sveriges Riksbank)
2. “Supply of Sovereign Safe Assets and Global Interest Rates” Samer Shousha (Federal Reserve Board) joint with Thiago Ferreira
DiscussantRana Sajedi (Bank of England)
3. “Zombies at large? Corporate debt overhang and the Macroeconomy” Martin Kornejew (University of Bonn) joint with Òscar Jordà, Moritz Schularick, and Alan M. Taylor
DiscussantRyan Banerjee (Bank of International Settlement)

Central Bank Policies and Sovereign Debt Markets
Organizer: MIT Sloan School of Management
Chair: Peter Praet
1. “Euro area sovereign bond risk premia during the Covid-19 pandemic” Stefano Corradin (European Central Bank ) joint with Niklas Grimm and Bernd Schwaab (ECB)
2. “Unexpected Supply Effects of Quantitative Easing and Tightening” Stefania D’Amico (Federal Reserve Bank of Chicago) joint with Tim Seida
3. “Collateral Framework: Liquidity Premia and Multiple Equilibria” Yvan Lengwiler (University of Basel) joint with Athanasios Orphanides (MIT Sloan School of Management)
4. “The constraint on public debt when r < g but g < m” Ricardo Reis (London School of Economics)

Reshaping the Economy: Blueprints and Policy Challenges
Organizer: Bank of Japan
Chair: Daisuke Ikeda (Bank of Japan)
1. “Digitalization, Heterogeneous Agents, and Wealth Inequality” Takuji Fueki (Bank of Japan) joint with Ichiro Muto, Fumitaka Nakamura and Makoto Nirei
2. “Monetary Policy Strategies for the European Central Bank” Christopher J Erceg (IMF) and Zoltan Jakab (IMF) joint with Jesper Lindé 
3. “Climate Regulation, Firm Emissions, and Green Takeovers” Glenn Schepens (European Central Bank) joint with Olivier De Jonghe, Klaas Mulier
4. “Star Charities, Director Networks and Firm Performance” Jagdish Tripathy (Bank of England) joint with Saleem Bahaj, Andrew Blake, Angus Foulis, Andrew G. Haldane, Gabor Pinter

Bond Markets during the COVID-19
Organizer: Bank of Israel
Chair: Sigal Ribon (Bank of Israel)
1. “Sovereign Bonds and Flight to Safety: Implications of Pandemic for Sovereign Debt Markets in G-7 and E-7” Toan Luu Duc Huynh (WHU Otto Beisheim School of Management) joint with Muhammad Ali Nasir, Thi Ngoe Lan Le, Yosra Ghabri
DiscussantMariano Croce (Bocconi University)
2. “Central exchanges for government bonds?” Daniel Nathan (Bank of Israel) joint with Ari Kutai and Milena Wittwer
DiscussantSebastian Infante (Federal Reserve Board)
3. “Corporate Bond Liquidity during the COVID-19 Crisis” Mahyar Kargar (University of Illinois Urbana-Champaign) joint with Benjamin Lester, David Lindsay, Shuo Liu, Pierre-Olivier Weill, and Diego Zuniga
DiscussantBo Becker (Stockholm School of Economics)

Implications of Large Global Shocks on Macro Modelling
Organizer: Bank of Finland
Co-Chairs: Esa Jokivuolle and Juha Kilponen (Bank of Finland)
1. “Global Uncertainty” Efrem Castelnuovo (University of Padova)
DiscussantAmbrogio Cesa-Bianchi (Bank of England)
2. “COVID-19, Scarring and Fiscal Policy” Michaela Elfsbacka Schmöller (Bank of Finland)
DiscussantEfrem Castelnuovo (University of Padova)
3. “A Counterfactual Economic Analysis of Covid-19 Using a Threshold Augmented Multi-Country Model” Alessandro Rebucci (Johns Hopkins University)
DiscussantAntti Ripatti (Helsinki University)

Track C – Monetary Policy and Macro Finance

Fiscal-monetary Interactions when Interest Rates are Low
Organizer: Bank for International Settlements (BIS)
Chair: Boris Hofmann (BIS)
1. “Fiscal regimes and the exchange rate” Paolo Cavallino (Bank for International Settlements) joint with Enrique Alberola, Carlos Cantu, and Nikola Mirkov
DiscussantJesper Lindé (IMF)
2. “Public Liquidity Demand and Central Bank Independence” Guillaume Plantin (Sciences Po) joint with Jean Barthélemy (DG des Études et des Relations Internationales) and Eric Mengus (HEC Paris)
DiscussantDmitry Matveev (Bank of Canada)
3. “Who is afraid of Eurobonds?” Anna Rogantini Picco (Sveriges Riksbank) joint with Francesco Bianchi and Leonardo Melosi
DiscussantVivien Lewis (Deutsche Bundesbank)

The Macroeconomic Effects of Macroprudential Policy
Organizer: Norges Bank
Chair: Knut Are Aastveit (Norges Bank)
1. “Macroprudential Taxes, Ratios, and Rents: Equivalences and Not-Quite Equivalences” Anton Korinek (University of Virginia) joint with Daniel Harper
DiscussantJosef Schroth (Bank of Canada)
2. “Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers” Luc Laeven (European Central Bank) joint with Carlo Altavilla and Jose-Luis Peydro
DiscussantLucyna Gornicka (International Monetary Fund)
3. “Mortgage regulation and financial vulnerability at the household level” Ella Getz Wold (Norges Bank) joint with Knut Are Astveit and Ragnar Enger Juelsrud
DiscussantStephanie Johnson

Monetary Policy and Macro Finance
Organizer: CEBRA’s Monetary Policy and Macro Finance (MPMF)
Chair: Markus Brunnermeier
1. “Should the ECB Adjust its Strategy in the Face of a Lower r*?” Philippe Andrade (Federal Reserve Bank of Boston ) joint with Jordi Gali, Herve Le Bihan, and Julien Matheron
2. “Monetary Policy with Opinionated Markets” Alp Simsek (MIT) joint with Ricardo Caballero (MIT)
DiscussantJenny Tang (Federal Reserve Bank of Boston)
3. “Debt as Safe Asset” Markus Brunnermeier (Princeton University) joint with Sebastian Merkel and Yuliy Sannikov

Financial Conditions and Policy Responses during the COVID-19 Pandemic
Organizer: Banco de España
Chair: Eva Ortega Eslava (Banco de España)
1. “The Term Structure of Interest Rates in a Heterogeneous Monetary Union” James Costain (Banco de España) joint with Galo Nuño, Carlos Thomas
DiscussantWalker Ray (London School of Economics)
2. “Corporate QE in Europe during the COVID-19 crisis and debt overhang” Balint Horvath (University of Bristol) joint with Asli Demirgüç-Kunt and Harry Huizinga
DiscussantCamelia Minoiu (Federal Reserve Board)
3. “COVID-19 and SME Failures” Nicholas Sander (Bank of Canada) joint with Pierre-Olivier Gourinchas, Sebnem Kalemli-Ozcan and Veronika Penciakova
DiscussantEmanuele Tarantino (LUISS and EIEF)

Theoretical Advances on Bank Behaviour in the Context of Unconventional Monetary Policy
Organizer: Oesterreichische Nationalbank (OENB)
Chair: Michael Sigmund (OENB)
1. “Optimal Design of Funding for Lending Programs” David Arseneau (Federal Reserve Board) joint with David Rappoport
DiscussantDiana Bonfim (Banco de Portugal)
2. “A Model of QE, Reserve Demand and the Money Multiplier” Ellen Ryan (ECB) joint with Karl Whelan
DiscussantJean-Stephane Mesonnier (Banque de France)
3. “Optimal Bank Behaviour under unconventional Monetary Policy” Michael Sigmund (OENB) joint with Robert Ferstl and Maria T. Valderrama
DiscussantRomina Ruprecht (University of Basel)

Integrated Policy Frameworks
Organizer: IMF’s Monetary and Capital Markets Department (MCM)
Chair: Christopher J Erceg (IMF)
1. “Understanding Growth-at-Risk: A Markov Switching Approach” Dario Caldara (Federal Reserve Board) joint with Danilo Cascaldi-Garcia, Pablo Cuba-Borda, and Francesca Loria
DiscussantKarlye Dilts Stedman (Federal Reserve Bank of Kansas City)
2. “Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort” Martina Jasova (Barnard College, Columbia University) joint with Luc Laeven, Caterina Mendicino, Jose-Luis Peydro, and Dominik Supera
DiscussantJuan Pablo Medina (Universidad Adolfo Ibanez)
3. “A Quantitative Model for the Integrated Policy Framework” Pawel Zabczyk (International Monetary Fund) joint with Tobias Adrian, Christopher J Erceg, Marcin Kolasa, Jesper Lindé, and Jianping Zhou
DiscussantOliver de Groot (University of Liverpool Management School & CE)

Track D – The Inflation Process, Monetary Policy, and Communication

Inflation: Drivers and Dynamics
Organizer: Federal Reserve Bank of Cleveland’s Center for Inflation Research
Co-Chairs: Raphael Schoenle and Robert Rich (both Federal Reserve Bank of Cleveland)
1. “Selection in Information Acquisition and Monetary Non-Neutrality” Hassan Afrouzi (Columbia University) joint with Choongryul Yang
2. “Anchoring of Inflation Expectations: Do Inflation Target Formulations Matter?” Christoph Grosse-Steffen (Banque de France)
3. “Macroeconomic Expectations and Credit Card Spending” Martin Kanz (World Bank) joint with Misha Galashin (UCLA), and Ricardo Perez-Truglia(Berkeley Haas)
4. “Anchored Inflation Expectations and the Slope of the Phillips Curve” Peter Lihn Jørgensen (Copenhagen Business School) joint with Kevin Lansing (Federal Reserve Bank of San Francisco)

Central Bank Communication in Turbulent Times
Organizer: Bank of Korea
Chair: Byoung-Ki Kim (Bank of Korea)
1. “Federal Reserve Communication and the COVID-19 Pandemic” Jonathan Benchimol (Bank of Israel) joint with Sophia Kazinnik and Yossi Saadon
2. “Central Bank Communication with Non-Experts – A Road to Nowhere?” Michael Ehrmann (European Central Bank) joint with Alena Wabitsch
3. “The Delphic forward guidance puzzle in New Keynesian models” Yuichiro Waki (Aoyama Gakuin University and University of Queensland) joint with Ippei Fujiwara (Keio University)
4. “Financial Stability Governance and Central Bank Communications” Juan M. Londono (Federal Reserve Board) joint with Stijn Claessens and Ricardo Correa

Inflation Challenges after COVID-19
Organizer: MIT Sloan School of Management
Co-Chairs: Sergio Rebelo (Northwestern University) and Roberto Rigobon (MIT)
1. “What can trend inflation tell us about long-term inflation expectations?” Juan Angel Garcia (European Central Bank) joint with Aubrey Poon
2. “Oil prices, gasoline prices and inflation expectations” Lutz Kilian (Federal Reserve Bank of Dallas) joint with Xiaoqing Zhou
3. “Epidemics in the Neoclassical and New Keynesian Models” Sergio Rebelo (Northwestern University) joint with Martin Eichenbaum and Mathias Trabandt
4. “Personal Inflation Experience and Households’ Choices” Jan Toczynski (University of Zurich and the Swiss Finance Institute) joint with Christoph Basten and Merike Kukk

Distributional Effects of Monetary Policy
Organizer: The Asian Bureau of Finance and Economic Research (ABFER)
Chair: Sumit Agarwal (National University of Singapore)
1. “Five Facts about the Distributional Income Effects of Monetary Policy” Anna Rogantini Picco (Sveriges Riksbank), joint with Niklas Amberg, Thomas Jansson, and Mathias Klein
2. “Heterogeneous Labor Market Effects of Monetary Policy” Michael Weber (University of Chicago), joint with David Matsa and Nittai Bergman
3. “Inequality During the COVID-19 Pandemic: The Case of Savings from Mortgage Refinancing” Paolina C. Medina (Texas A&M University), joint with Sumit Agarwal, Souphala Chomsisengphety, Hua Kieferz, and Leonard C. Kiefer
4. “Monetary Policy and Inequality” Jose-Luis Peydro (Imperial College, UPF-CREI), joint with Asger Lau Andersen, Niels Johannesen and Mia Jørgensen
Closing remarksBernard Yeung (National University of Singapore)

The Challenge and Opportunity of Central Bank Communication with the General Public
Organizer: The Centre for Economic Policy Research (CEPR)
Chair: Michael McMahon (University of Oxford)
1. “The Hidden Heterogeneity of Inflation and Interest Rate Expectations and its Implications” Lena Dräger (Leibniz University Hannover) joint with Damjan Pfajfar and Michael Lamla
DiscussantPhilippe Andrade (Federal Reserve Bank of Boston)
2. “Would Households Understand Average Inflation Targeting?” Emanuel Moench (Deutsche Bundesbank, Goethe University Frankfurt) joint with Lora Pavlova, Mathias Hoffmann, and Guido Schultefrankenfeld
DiscussantDmitri Vinogradov (University of Glasgow)
3. “The Effects of Forward Guidance: A Survey-Based Calibration Approach” Mirko Wiederholt (Sciences Po) joint with Christopher Roth and Johannes Wohlfart
DiscussantLaura Gáti (Boston College)

Price Setting and Inflation
Organizer: European Central Bank (ECB)
Chair: Chiara Osbat (ECB)
1. “Empirical Investigation of a Sufficient Statistic for Monetary Shocks” Erwan Gautier (Banque de France) joint with Fernando Alvarez, Andrea Ferrara, Hervé Le Bihan and Francesco Lippi
2. “Measuring Price Selection in Microdata – It’s Not There” Peter Karadi (European Central Bank) joint with Raphael Schoenle and Jesse Wursten
3. “Unit Cost Expectations and Uncertainty: Firms’ Perspectives on Inflation” Brent Meyer (Federal Reserve Bank of Atlanta ) joint with Nicholas Parker and Xuguang Simon Sheng
4. “Tax thy neighbour: Corporate tax pass-through into downstream retail prices in a monetary union” Timo Reinelt (University of Mannheim) joint with Luca Dedola and Chiara Osbat

Track E – Markets, Banking, and Financial Stability

Banking, Imperfect Competition, and the Macroeconomy
Organizer: Federal Reserve Bank of St. Louis
Chair: Miguel Faria-e-Castro (Federal Reserve Bank of St. Louis)
1. “A Quantitative Theory of Relationship Lending” Kyle Dempsey (Ohio State University) joint with Miguel Faria-e-Castro
2. “The Reserve Supply Channel of Unconventional Monetary Policy” William Diamond (Wharton School, University of Pennsylvania) joint with Yiming Ma (Columbia Business School) and Zhengyang Jiang (Kellogg School of Management)
3. “A Macroeconomic Model with Heterogeneous Banks” Rustam Jamilov (London Business School)
4. “Intermediary Loan Pricing” Pierre Mabille (INSEAD) joint with Olivier Wang(NYU Stern)

Integration or Fragmentation of Global Banking
Organizer: International Banking Research Network (IBRN)
Chair: Linda Goldberg (Federal Reserve Bank of New York)
1. “Intraday Liquidity Around the World” James Chapman (Bank of Canada) joint with B. Kabadjova, A. Badev, E. Benos, F. Cepeda-Lopez, J. Chapman, M. Diehl, I. Duca-Radu, R. Garratt, R. Heijmans, A. Kosse, A. Martin, T. Nellen, T. Nilsson, J. Paulick, A. Pustelnikov, F. Rivadeneyra, S. Testi
2. “Risk Sharing and Amplification in the Global Financial Network” Leslie Shen (Federal Reserve Board) joint with Tony Zhang
3. “How Do Global Systemically Important Banks Lower Capital Surcharges?” Marcelo Rezende (Federal Reserve Board) joint with Jared Berry and Akber Khan
4. “Exports of Financial Services in the Internet Era” Edoardo Chiarotti (Economics at the Graduate Institute, Geneva) joint with Stela Rubínová
Discussant: Ursula Vogel (Deutsche Bundesbank)

Bank Competition and Financial Stability amid the Rise of FinTech
Organizer: Sveriges Riksbank
Co-Chairs: Christoph Bertsch and Xin Zhang (Sveriges Riksbank)
1. “The Rise of Finance Companies and Fintech Lenders in Small Business Lending” Manasa Gopal (Georgia Institute of Technology) joint with Philipp Schnabl
DiscussantAdrian Alter (IMF)
2. “Stress Testing Banks’ Digital Capabilities: Evidence from the COVID-19 Pandemic” Vesa Pursiainen (University of St. Gallen) joint with Alan Kwan, Chen Lin, and Mingzhu Tai
DiscussantXiang Li (Halle Institute for Economic Research)
3. “Information Technology and Bank Competition” Xavier Vives (IESE Business School) joint with Zhiqiang Ye
DiscussantToni Ahnert (The Bank of Canada, CEPR)

Interconnectedness, Bond Market Liquidity and Financial Stability
Organizer: Financial Stability Board (FSB)
Chair: Matteo Aquilina (FSB)
1. “The Value of Internal Sources of Funding Liquidity: U.S. Broker-Dealers and the Financial Crisis” Adam Copeland (NY Fed) joint with Cecilia Caglio, Antoine Martin
DiscussantNarahari Phatak (FSB)
2. “Liquidity support and distress resilience in bank-affiliated mutual funds” Angela Maddaloni (European Central Bank) joint with Giulio Bagattini and Falko Fecht
DiscussantMelina Ludolph (Humboldt University Berlin)
3. “Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity” Yiming Ma Zeng (Columbia University) joint with Yao Zeng, Kairong Xiao
DiscussantCarolyn Sissoko (Bristol Business School)

Banking and Macroeconomic Policy
Organizer: Center for Pacific Basin Studies at the Federal Reserve Bank of San Francisco
Chair: Zheng Liu (Federal Reserve Bank of San Francisco)
1. “Bank-Runs, Contagion and Credit Easing” Javier Bianchi (Federal Reserve Bank of Minneapolis) joint with Manuel Amador
2. “Sovereign-Bank Diabolic Loop: The Government Procurement Channel” Diana Bonfim (Banco de Portugal joint with Miguel A. Ferreira, Francisco Queiro, Sujiao (Emma) Zhao
3. “Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms” Cecilia Caglio (Federal Reserve Board) joint with Matthew Darst and Sebnem Kalemli-Ozcan (UMD)
4. “Targeted Reserve Requirements for Macroeconomic Stabilization” Mark M. Spiegel (Federal Reserve Bank of San Francisco) joint with Zheng Liu and Jingyi Zhang

Track F – Innovation, Green Finance, and Digital Currencies

The Impact of Climate Change on Inflation and Monetary Policy
Organizer: Deutsche Bundesbank
Co-chairs: Christoph Meinerding and Emanuel Mönch (both Deutsche Bundesbank)
1. “No country is an island. International cooperation and climate change” Maria Sole Pagliari (Banque de France) joint with Massimo Ferrari (European Central Bank)
2. DiscussantFrancesca Diluiso (Mercator Research Institute on Global Commons and Climate Change)
3. “Extreme Weather and the Macroeconomy” Christian Matthes (Indiana University) joint with Toan Phan (Federal Reserve Bank of Richmond) and Hee Soo Kim (Indiana University)
DiscussantMiles Parker (European Central Bank)
4. “Policy Interaction and the Transition to Clean Technology” Josselin Roman (Paris Dauphine University – PSL) joint with Ghassane Benmir (LSE)
DiscussantValerio Nispi Landi (Bank of Italy)

Open Economy Implications of CBDC
Organizer: Bank of England
Chair: Michael Kumhof (Bank of England)
1. “Central bank digital currency in an open economy” Massimo Minesso Ferrari (ECB) joint with Arnaud Mehl, Livio Stracca
DiscussantAmmu George (National University of Singapore) 
2. “Central Bank Digital Currency with Adjustable Interest Rate in Small Open Economies” Ammu George (National University of Singapore) joint with Taojun Xie and Joseph D. Alba
DiscussantMassimo Minesso Ferrari (ECB)
3. “Central bank digital currencies, exchange rates and gross capital flows” Andrej Sokol (ECB) joint with Michael Kumhof, Phurichai Rungcharoenkitkul and Marco Pinchetti

The Economics of Digital Currencies
Organizer: Central Bank Research Association (CEBRA)
Chair: Jonathan Chiu (Bank of Canada)
1. “Lightning Network Economics: Channels” Paolo Guasoni (Dublin City University) joint with Gur Huberman (Columbia Business School) and Clara Shikhelman
DiscussantMaarten van Oordt (Bank of Canada)
2. “Decentralized Exchanges” Alfred Lehar (University of Calgary) joint with Christine Parlour
DiscussantAgostino Capponi (Columbia University)
3. “Decentralized Stablecoins and Collateral Risk” Ganesh Viswanath-Natraj (University of Warwick) joint with Roman Kozhan
DiscussantOliver Gloede (Swiss National Bank)

Central Bank Digital Currencies
Organizers: The European Money and Finance Forum (SUERF) and Central Bank Research Association (CEBRA)
Chair: Raphael Auer (Bank for International Settlements)
1. “Agent-Based Simulation of Central Bank Digital Currencies” Amanah Ramadiah (Financial Network Analytics Ltd) joint with Kimmo Soramaki
DiscussantZijian Wang (University of Western Ontario)
2. “Credit Lines, bank deposits or CBDC? Competition and efficiency in modern payment systems” Martin Schneider (Stanford University) joint with Monika Piazzesi
DiscussantKunal Khairnar (Toulouse School of Economics)
3. “Best Before? Expiring Central Bank Digital Currency and Loss Recovery” Yu Zhu (Bank of Canada) joint with Charles M. Kahn, Maarten R.C. van Oordt
DiscussantZamid Aligishiev (International Monetary Fund)

Sustainable Finance and Fiscal-monetary Policies
Organized by: Leibniz Institute SAFE
Chair: Loriana Pelizzon (SAFE)
1. “Skills and Sentiment in Sustainable Investing” Alexander Kronies (Copenhagen Business School) joint with Andreas Brøgger
DiscussantFarshid Abdi (UMass Amherst)
2. “Firm Commitments” Marcin Kacperczyk (Imperial College London ) joint with Patrick Bolton
DiscussantAleksandra Rzeznik (York University)
3. “A Theory of Socially Responsible Investment” Martin Oehmke (London School of Economics) joint with Marcus Opp
DiscussantStefano Pegoraro (University of Notre Dame)

Fintech and Financial Inclusion
Organizer: Bank for International Settlements (BIS)
Chair: Leonardo Gambacorta (Bank for International Settlements)
1. “Which Lenders Are More Likely to Reach Out to Underserved Consumers: Banks versus Fintechs versus Other Nonbanks?” Julapa Jagtiani (FRB Philadelphia) joint with Erik Dolson
2. “Technology Adoption and the Bank Lending Channel of Monetary Policy Transmission” Xiang Li (Halle Institute for Economic Research) joint with Iftekhar Hasan
3. “The Real Effects of Mobile Money: Evidence from a Large- Scale Fintech Expansion” Manasa Patnam (IMF) joint with Weijia Yao
4. “Women and Fintech: Are gender gaps closing?” Mahima Vasishth (University of California, Irvine) joint with Ratna Sahay, Purva Khera, Sumiko Ogawa