Conferences & Events

Conference information
• Center for Financial Innovation and Stability
• Center for the Economic Analysis of Risk

The Atlanta Fed's Center for Financial Innovation and Stability and Georgia State University's Center for the Economic Analysis of Risk organized the conference "Financial Stability and the Coronavirus Pandemic," which was held online over October 19, 21, and 23, 2020. The workshop's goal was to bring together economists, finance professionals, risk management professionals, and regulators to discuss the effect of the pandemic on the financial system and the tools to moderate that impact.

Monday, October 19
	Session I: Investment Funds and the Corporate Bond Market Chair: Chester Spatt, Carnegie Mellon University
10:30 a.m.	"Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets" Authors: Antonio Falato, Federal Reserve Board, Itay Goldstein, University of Pennsylvania, and Ali Hortaçsu, University of Chicago Discussant: Yi Li, Board of Governors of the Federal Reserve System
11:10	"Does Mutual Fund Illiquidity Introduce Fragility into Asset Prices? Evidence from the Corporate Bond Market" Authors: Hao Jiang, Michigan State University, Yi Li, Board of Governors of the Federal Reserve System, Zheng Sun, University of California, Irvine, and Ashley Wang, Board of Governors of the Federal Reserve System Discussant: Shiyang Huang, the University of Hong Kong)
11:50	"Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds" Authors: Shiyang Huang, the University of Hong Kong, Wenxi Jiang, the Chinese University of Hong Kong, Xiaoxi Liu, Bank for International Settlements, and Xin Liu, Renmin University of China Discussants: Antonio Falato, Federal Reserve Board
Wednesday, October 21
	Session II: Large Corporate Loan Markets Chair: Larry D. Wall, Federal Reserve Bank of Atlanta
10:30 a.m.	"Nonbank Lending and Credit Cyclicality" Authors: Quirin Fleckenstein, New York University, Manasa Gopal, Georgia Institute of Technology, Germán Gutiérrez, New York University, and Sebastian Hillenbrand, New York University Discussant: Tumar Kapan, International Monetary Fund
11:10	"Liquidity Insurance vs. Credit Provision: Evidence from the COVID-19 Crisis" Authors: Tumer Kapan, International Monetary Fund, and Camelia Minoiu, Federal Reserve Board Discussant: Pascal Paul, Federal Reserve Bank of San Francisco
11:50	"The Credit Line Channel" Authors: Daniel L. Greenwald, MIT Sloan School of Management, John Krainer, Board of Governors of the Federal Reserve, and Pascal Paul, Federal Reserve Bank of San Francisco Discussant: Manasa Gopal, Georgia Institute of Technology
Friday, October 23
	Session III: Corporate Bond Market, COVID-19 and the Fed's Intervention Chair: Glenn Harrison, Georgia State University
10:30 a.m.	"Corporate Bond Liquidity During the COVID-19 Crisis" Authors: Mahyar Kargar, University of Illinois at Urbana-Champaign, Benjamin Lester, Federal Reserve Bank of Philadelphia, David Lindsay, University of California, Los Angeles, Shuo Liu, Tsinghua University, Pierre-Olivier Weill, University of California, Los Angeles, and Diego Zúñiga, University of California, Los Angeles Discussant: Bin Wei, Federal Reserve Bank of Atlanta
11:10	"Corporate Bond Purchases After COVID-19: Who Did the Fed Buy and How Did the Markets Respond?" Authors: Thomas Flanagan, University of Michigan, and Amiyatosh Purnanandam, University of Michigan Discussant: Mahyar Kargar, University of Illinois at Urbana-Champaign
11:50	"The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF" Authors: Simon Gilchrist, New York University, Bin Wei, Federal Reserve Bank of Atlanta, Vivian Z. Yue, Emory University, and Egon Zakrajšek, Bank for International Settlements Discussant: Amiyatosh Purnanandam, University of Michigan