Optimal Bank Liquidity Regulation

FRIDAY, February 9, 2018

Panel #1: Optimal Design

• Moderator: David Emmel (Goldman Sachs)
• Marc Saidenberg (E&Y)
• Charles Calomiris (Columbia Business School and Columbia SIPA)
• Kathryn Judge (Columbia Law School)

Paper Session #1: Liquidity Regulation: Impact and Interactions

• Moderator: Christine Cumming (Columbia SIPA)
• Asani Sarkar (Federal Reserve Bank of New York), "Impact of the LCR on Banks' Liquidity and Maturity Transformation"
• Jamie Coen (London School of Economics) and Caterina Lepore (Bank of England), "Taking Regulation Seriously: Fire Sales Under Solvency and Liquidity Constraints"

Discussants:

• Sergey Chernenko (Purdue University)
• Adam Ashcraft (Federal Reserve Bank of New York)

Paper Session #2: Consequences: Liquidity Regulation, Banking, and Shadow Banking

• Moderator: Patricia Mosser (Columbia SIPA)
• Pedro Gete (IE Business School), “Liquidity Regulation in Mortgage Markets: The Regulatory Premium Channel and The Rise of Nonbanks"
• Yi Li (Federal Reserve Board), "Reciprocal Lending Relationships in Shadow Banking"

Discussants:

• Larry Wall (Federal Reserve Bank of Atlanta)
• Seth Carpenter (UBS)

Paper Session #3: Measuring Costs and Benefits

• Moderator: Giorgia Piacentino (Columbia Business School)
• Skander J. Van den Heuvel (Federal Reserve Board), “The Welfare Effects of Bank Liquidity and Capital Requirements”
• Sam Miller (Bank of England), “Bank Liability and the Cost of Debt”

Discussants:

• Burcu Duygan-Bump (Federal Reserve Board)
• Francisco Covas (The Clearing House Association)

Panel #2: Liquidity Regulation, Money Markets, and Monetary Policy

• Moderator: William Nelson (The Clearing House Association)
• Lou Crandall (Wrightson ICAP)
• Todd Keister (Rutgers University)
• Holdger Neuhaus (European Central Bank and Federal Reserve Bank of New York)