The Fifteenth New York Fed/NYU Stern Conference on Financial Intermediation

June 10-11, 2021

An online conference jointly sponsored by the Federal Reserve Bank of New York
and the Salomon Center of NYU Stern School of Business

Registration Link

PROGRAM



Thursday, June 10

                    Theory Session
                    Chair: Philipp Schnabl, NYU Stern
 
12:00 p.m.   Taming a Minsky Cycle
                     Emmanuel Farhi, Harvard University
                     Iván Werning, MIT
                     Discussant: Nina Boyarchenko, FRB of New York
 
12:40 p.m.    Let the Worst One Fail: A Credible Solution to the
                    Too-Big-To-Fail Conundrum

                    Thomas Philippon, NYU Stern
                    Olivier Wang, NYU Stern
                    Discussant: Jason Roderick Donaldson, Olin Business School,
                    WUSTL

1:20 p.m.     Break
 
                   Lending Channel Session
                   Chair: Anna Kovner, Federal Reserve Bank of New York
 
1:30 p.m.    Monetary Transmission through Bank Balance
                  Sheet Synergies

                   William Diamond, Wharton
                   Zhengyang Jiang, Northwestern Kellogg
                   Yiming Ma, Columbia Business School
                   Discussant: Mark Egan, Harvard Business School

2:10 p.m.     Can the Federal Reserve Effectively Target Main
                   Street? Evidence from the 1970's Recession

                    John Kandrac, Federal Reserve Board
                    Discussant: Gary Richardson, UC Irvine
 
2:50 p.m.     Break

                    Lightning Rounds, Section I

3:00 p.m.     Bad News Bankers: Underwriter Reputation and
                   Contagion in Pre-1914 Sovereign Debt Markets

                   Sasha Indarte, Wharton
 
3:20 p.m.      Private Credit Under Political Influence: Evidence
                    from France

                    Anne-Laure Delatte, Dauphine University
                    Adrien Matray, Princeton University
                    Noemie Pinardon Touati, HEC Paris
 
3:40 p.m.     Unearthing Zombies
                   Nirupama Kulkarni, CAFRAL (promoted by RBI)
                   S. K. Ritadhi, Ashoka University
                   Siddharth Vij, Terry College of Business,
                   University of Georgia

                   Katherine Waldock, Columbia Law School
 
                   End of Day One (4:00 p.m.) 

Friday, June 11
                   Financial Response to Crisis Session
                   Chair: Simone Lenzu, NYU Stern
 
12:00 p.m    Indirect Costs of Government Aid and Intermediary
                  Supply Effects: Lessons From the Paycheck Protection
                  Program

                  Tetyana Balyuk, Goizueta iness School, Emory University
                  Nagpurnanand Prabhala, Carey Business School, JHU
                  Manju Puri, Duke Fuqua
                  Discussant: Joao Granja, Chicago Booth
 
12:40 p.m.  Who Supplies PPP Loans (and Does It Matter)? Banks,
                  Relationships, and the Covid Crisis

                  Lei Li, Federal Reserve Board
                  Phil Strahan, Carroll School of Management,
                  Boston College

                  Discussant: James Vickery, Federal Reserve Bank
                  of Philadelphia  

                  Household Finance & Discrimination Session
                  Chair: Kristian Blickle, Federal Reserve Bank of New York
 
1:30 p.m.    How Costly Is Noise? Data and Disparities in
                  Consumer Credit

                  Laura Blattner, Stanford GSB
                  Scott Nelson, Chicago Booth
                  Discussant: Ansgar Walther, Imperial College London
 
2:10 p.m.    In the Red: Overdrafts, Payday Loans and the
                  Underbanked

                  Marco Di Maggio, Harvard Business School
                  Angela Ma, Harvard Business School
                  Emily Williams, Harvard Business School
                  Discussant: Theresa Kuchler, NYU Stern
 
2:50 p.m.    Break
 
                  Lightning Rounds, Section II
 
3:00 p.m.    Pricing of Climate Risk Insurance: Regulatory Frictions
                  and Cross-Subsidies

                  Ishita Sen, Harvard Business School
                  Ana-Maria Tenekedijeva, Federal Reserve Board
 
 3:20 p.m.   Bank Liquidity Provision Across the Firm Size Distribution
                  Gabriel Chodorow-Reich, Harvard University
                  Olivier Darmouni, Columbia Business School
                  Stephan Luck, Federal Reserve Bank of New York
                  Matthew Plosser, Federal Reserve Bank of New York
 
3:40 p.m.    The Effect of Principal Reduction on Household Distress:
                  Evidence from Mortgage Cramdowns

                  Jacelly Cespedes, Carlson School of Management,
                  University of Minnesota

                  Carlos Parra, PUC-Chile
                  Clemens Sialm, McCombs School of Business, UT Austin
 
4:00 p.m    Closing Remarks 


CONFERENCE ORGANIZERS
Anna Kovner, Federal Reserve Bank of New York
Kristian Blickle, Federal Reserve Bank of New York
Philipp Schnabl, NYU Stern
Simone Lenzu, NYU Stern
 
PROGRAM COMMITTEE
Florian Heider, European Central Bank
Fritzi Niepmann, Board of Governors
Giorgia Piacentino, Columbia Business School
Greg Udell, Indiana Kelly
Isil Erel, OSU Fisher
Itay Goldstein, Wharton
James Vickery, Federal Reserve Bank of Philadelphia
João Santos, Federal Reserve Bank of New York
José-Luis Peydro, Imperial College London
Kairong Xiao, Columbia Business School
Lamont Black, DePaul Driehaus
Laura Blattner, Stanford GSB
Linda Goldberg, Federal Reserve Bank of New York
Manuel Adelino, Duke Fuqua
Margarita Tsoutsoura, Cornell
Johnson Martin Oehmke, LSE
Martin Schmalz, Oxford University
Matteo Crosignani, Federal Reserve Bank of New York
Matthew Baron, Cornell Johnson
Mitchell Berlin, Federal Reserve Bank of Philadelphia
Neeltje van Horen, Bank of England
Phil Strahan, Carroll School of Management, Boston College
Ricardo Correa, Board of Governors
Sam Hanson, Harvard Business School
Sascha Steffen, Frankfurt School of Finance & Management
Steven Ongena, University of Zurich
Tanju Yorulmazer, Koç University
Thomas Mertens, Federal Reserve Bank of San Francisco
Tobias Berg, Frankfurt School of Finance & Management
Victoria Ivashina, Harvard Business School
Yiming Ma, Columbia Business School