Agenda
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Sunday, May 18 |
Conference information | ||
| 6:00 p.m. | Opening reception and dinner | ||
| Monday, May 19 | |||
| 7:30 a.m. | Breakfast | ||
| 8:30 |
Welcome Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta |
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| 8:45 |
Keynote Philip N. Jefferson, Vice Chair, Board of Governors of the Federal Reserve System Moderator: Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta |
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| 9:45 |
Research Spotlight 1: "Bank Capital and the Growth of Private Credit" Presenter: David Scharfstein, Professor of Finance and Banking, Harvard University Moderator: W. Scott Frame, Senior Vice President and Deputy Head of Research, Bank Policy Institute |
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| 10:30 | Break | ||
| 10:50 |
Policy Session 1: The rise of nonbanks in credit markets Nonbank financial intermediaries (NBFIs) are becoming increasingly active participants in credit markets, operating in parallel or competing with traditional lenders. Furthermore, bank loans in part support NBFI asset growth, linking regulated intermediaries to unregulated ones. This session will discuss how much of a systemic risk NBFIs pose to financial markets and their connections to the regulated banking sector. Given the risks and vulnerabilities associated with NBFIs as alternatives to bank credit, are banks and nonbanks complements or substitutes in the provision of credit? How much credit risk has migrated to NBFIs, and have banks' exposures to credit and funding risks declined as a result? The session will also discuss how policymakers might envision a regulatory framework for NBFIs and the role nonbanks could play for the implementation and transmission of monetary policy. Moderator: Andreas Lehnert, Director, Financial Stability, Board of Governors of the Federal Reserve System Panelist: Ana Arsov, Former Head of Financial Institutions and Private Credit, Moody's Panelist: Nicola Cetorelli, Head of Financial Intermediation, Federal Reserve Bank of New York Panelist: Elisabeth de Fontenay, Karl W. Leo Distinguished Professor of Law, Duke University Panelist: Liz Oakes, External Member, Financial Policy Committee, Bank of England |
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| Luncheon buffet |
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| 1:15 |
Policy Session 2: The increasing role of nonbank institutions in the Treasury and money markets Although the structure of the Treasury market, which is dominated by nonbank financial institutions, is efficient in normal times, periods of market stress can challenge its resilience. This session will assess the scope of nonbanks' footprint in the Treasury and money markets, and it will examine their increasing role for the smooth intermediation and functioning of these markets. The session will also discuss the sources of demand by money market funds, stable-coin funds, and relative-value hedge funds for short- and long-dated Treasuries. What are the implications—and potential risks—for financial stability and monetary policy transmission? The panel will also evaluate recent proposals to extend, via centrally cleared trades, the standing repo facility to a wider set of nonbank market participants as well as encouraging more direct all-to-all trading in repo and Treasury markets. Moderator: Lorie K. Logan, President and Chief Executive Officer, Federal Reserve Bank of Dallas Panelist: Lou Crandall, Chief Economist, Wrightson ICAP Panelist: Deirdre K. Dunn, Head of Global Rates, Citigroup Global Markets Inc. Panelist: Nate Wuerffel, Head of Market Structure, BNY |
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| 6:00 | Reception | ||
| 7:00 |
Keynote and Dinner Michael Schwarz, Corporate Vice President and Chief Economist, Microsoft Moderator: Paula Tkac, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta |
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| Tuesday, May 20 | |||
| Breakfast | |||
| 9:00 |
Welcome back Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta |
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| 9:05 |
Policy Session 3: The evolving market for bank funding Digital financial service provision has been growing, and this growth has increased competition among banks as well as between banks and nonbanks. Additionally, the trend toward faster payments combined with the substantial influence of social media has created the potential for banks to experience large, unexpected fund outflows. This session will consider pertinent questions around this topic. Is a shifting environment causing banks to lose access to low-cost, stable funding, or have banks successfully adapted to these changes? To the extent that banks are losing access, what are the implications for banks' asset portfolios? How should central banks and bank supervisors respond to the change? Furthermore, how should regulatory authorities respond to any implied change in the roles of banks and nonbanks? Moderator: Nellie Liang, Former Under Secretary for Domestic Finance, US Treasury Department Panelist: Stasie Kostova, Executive Vice President and Treasurer, Comerica Panelist: Margaret E. Tahyar, Partner and Head of Financial Institutions Practice, Davis Polk Panelist: Lawrence J. White, Robert Kavesh Professor of Economics, Stern School of Business, New York University |
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| 10:20 | Break | ||
| 10:50 |
Research Spotlight 2: "Asset Purchase Rules: How QE Transformed the Bond Market" Presenter: Tyler Muir, Associate Professor of Finance, UCLA Anderson School of Management Moderator: TBD |
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| 11:35 | Luncheon buffet | ||
| 1:00 p.m. |
Policy Session 4: Central banks’ operational framework—putting monetary policy into practice Several central banks have revised their operational framework for implementing monetary policy. These revisions have resulted in three different approaches to managing the policy interest rate: a demand-driven approach, a supply-driven approach, and a hybrid of both. In this session, the impact that these different liquidity approaches have on the transmission of monetary policy, bank and nonbank overnight lending, and financial stability will be discussed. Operational frameworks' effects on balance sheet normalization will also be discussed. Moderator: David Beckworth, Senior Research Fellow, The Mercatus Center at George Mason University Panelist: Claudio Borio, Former Head of the Monetary and Economic Department, Bank for International Settlements Panelist: Imène Rahmouni-Rousseau, Director General Market Operations, European Central Bank Panelist: Patricia Zobel, Head of Macroeconomic Research and Market Strategy, Guggenheim Partners |
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| 6:00 | Reception | ||
| 7:00 |
Keynote and Dinner Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco Beth M. Hammack, President and Chief Executive Officer, Federal Reserve Bank of Cleveland Moderator: Raphael Bostic, President and Chief Executive Officer, Federal Reserve Bank of Atlanta |
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| 7:45 |
Closing remarks Paula Tkac, Executive Vice President and Director of Research, Federal Reserve Bank of Atlanta |
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Wednesday, May 21 |
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| 6:00 a.m. | Breakfast and adjournment (breakfast served through 10 a.m.) | ||