October 6-7, 2023
Wharton Conference on Liquidity and Financial Fragility

2023 Conference Program

Conference presentations will take place in Steinberg Hall – Dietrich Hall (SHDH) room 350, located at 3620 Locust Walk. The reception and dinner will take place in Huntsman Hall on the 8th floor, located at 3730 Walnut St.

OCTOBER 6, 2023

8:30 – 9:30am Breakfast
9:30am – 12:00pm Session 1: New Perspectives on Bank Fragility
Chair: Joao Gomes (Wharton)
Survival of the Biggest: Large Banks and Financial Crises
Matthew Baron (Cornell Johnson), Moritz Schularick (Kiel Institute), Kaspar Zimmermann (Leibniz Institute for Financial Research SAFE)
Discussant: Adi Sunderam (Harvard Business School)
Social Media as a Bank Run Catalyst
Anthony Cookson (University of Colorado Boulder), Corbin Fox (James Madison University), Javier Gil-Bazo (Universitat Pompeu Fabra), Juan Filipe Imbet (Université Paris Dauphine), Chris Schiller (Arizona State University)
Discussant: Jennifer Dlugosz (Federal Reserve Board)
Bank Fragility when Depositors are the Asset
Valentin Haddad (UCLA), Barney Hartman-Glaser (UCLA), Tyler Muir (UCLA)
Discussant: Gregor Matvos (Northwestern Kellogg)
12:00 – 1:00pm Lunch
1:00 – 2:40pm Session 2: Policies for Financial Stability
Chair: Jane Li (Columbia Business School)
Preventing Runs with Redemption Fees
Xuesong Huang (Sun Yat-sen University), Todd Keister (Rutgers University)
Discussant: Cecilia Parlatore (NYU Stern)
Smooth Versus Harsh Regulatory Interventions and Policy Equivalence
Linda Schilling (Olin Business School)
Discussant: Elu von Thadden (University of Mannheim)
2:40 – 3:00pm Break
3:00 – 4:40pm Session 3: Liquidity Creation and the Real Economy
Chair: Urban Jermann (Wharton)
Endogenous Liquidity and Capital Reallocation
Wei Cui (University College London), Randy Wright (University of Wisconsin-Madison), Yu Zhu (Bank of Canada)
Discussant: Vish Visvanathan (Duke Fuqua)
Canary in the Coal Mine: Bank Liquidity Shortages and Local Economic Activity
Rajkamal Iyer (Imperial College), Shohini Kundu (UCLA Anderson), Nikos Paltalidis (Durham University Business School)
Discussant: Alexi Savov (NYU Stern)
5:00 – 6:00pm Reception
6:00 – 8:00pm Dinner – Keynote Speaker: Thomas Philippon (NYU Stern)

OCTOBER 7, 2023

8:00 – 9:00am Breakfast
9:00 – 10:40am Session 4: Deposit Insurance and Uninsured Depositors
Chair: Maryam Farboodi (MIT Sloan)
The Fundamental Role of Uninsured Depositors in the Regional Banking Crisis
Briana Chang (University of Wisconsin-Madison), Ing-Haw Cheng (University of Toronto), Harrison Hong (Columbia University)
Discussant: Viral Acharya (NYU Stern)
Bailing out (Firms’) Uninsured Deposits: A Quantitative Analysis
Aaron Pancost (University of Texas at Austin), Roberto Robatto (University of Wisconsin-Madison)
Discussant: Eduardo Davila (Yale)
10:40 – 11:00am Break
11:00am – 12:40pm Session 5: Money and Speculation
Chair: Burton Hollifield (Carnegie Mellon University)
When Money Dies: The Dynamics of Speculative Hyperinflations
Guillaume Rocheteau (University of California, Irvine)
Discussant: Quentin Vandeweyer (Chicago Booth)
Leverage and Stablecoin Pegs
Gary Gorton (Yale SOM), Elizabeth Klee (Federal Reserve Board), Chase Ross (Federal Reserve Board), Sharon Ross (Federal Reserve Board), Alexandros Vardoulakis (Federal Reserve Board)
Discussant: Christine Parlour (Berkeley Haas)
12:40 – 1:30pm Lunch
1:30 – 4:00pm Session 6: Monetary Policy and the Financial Sector
Chair: Amy Wang Huber (Wharton)
Monetary Policy Operations: Theory, Evidence, and Tools for Quantitative Analysis
Ricardo Lagos (New York University), Gaston Navarro (Federal Reserve Board)
Discussant: Annette Vissing-Jorgensen (Federal Reserve Board)
Monetary Policy and Fragility in Corporate Bond Funds
John Kuong (INSEAD), James O’Donovan (City University of Hong Kong), Jinyuan Zhang (UCLA Anderson)
Discussant: Yiming Ma (Columbia Business School)
The Zero-Beta Interest Rate
Sebastian Di Tella (Stanford University), Benjamin Hébert (Stanford University), Pablo Kurlat (USC), Qitong Wang (USC)
Discussant: Nikolai Roussanov (Wharton)
4:00pm Adjourn

Organizing Committee

  • Vincent Glode (Wharton)
  • Itay Goldstein (Wharton)
  • Guillermo Ordonez (Department of Economics)
  • Yao Zeng (Wharton)