# 2021 Conference

##  2021 Conference Details

**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**](https://docs.google.com/forms/d/e/1FAIpQLSfSWw_O2jsf5NaK0vp_2ZuUkyZggoW0YqhgsVK_EZszsPWTcQ/viewform)

**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 Schoo**l
*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