Conference: The Credit Channel of Monetary Policy in the 21st Century - June 14-15, 2007

A recent Atlanta Fed conference explored how monetary policy is transmitted in the context of a modern financial system now featuring the substantial presence of nonbanks and asset-backed securitization.

Thursday, June 14

"Expectations, Asset Prices, and Monetary Policy: The Role of Learning" pdf document
Simon Gilchrist, Boston University and Masashi Saito, Bank of Japan

Discussant
Bill Dupor, Ohio State University

"Optimal Monetary Policy under Sudden Stops" pdf document
Vasco Curdia, Federal Reserve Bank of New York

Discussant
Guido Lorenzoni, Massachusetts Institute of Technology

"The Bank Capital Channel of Monetary Policy" pdf document
Skander Van den Heuvel, University of Pennsylvania

Discussant
Jose Jorge, University of Porto

"Bank Core Deposits and the Mitigation of Monetary Policy"
Lamont Black, Federal Reserve Board, Diana Hancock, Federal Reserve Board, and Wayne Passmore, Federal Reserve Board

Discussant
Jerry Dwyer, Federal Reserve Bank of Atlanta
Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?pdf document
Alessandro Calza, European Central Bank, Tommaso Monacelli, Bocconi University, and Livio Stracca, European Central Bank

Discussant
Andreas Lehnert, Federal Reserve Board
Bank Geographic Diversification and Sensitivity of Lending to Monetary Shockspdf document
Rocco Huang, University of Amsterdam

Discussant
Egan Zakrajsek, Federal Reserve Board
 
Friday, June 15

The Financial Accelerator and the Credit Channel Links off-site image
Ben Bernanke, Chairman, Federal Reserve Board of Governors

"Asset-Price Driven Business Cycle and Monetary Policy" pdf document
Vincenzo Quadrini, University of Southern California

Discussant
Karsten Jeske, Federal Reserve Bank of Atlanta

"Agency Conflicts, Asset Substitution, and Securitization" pdf document
Yingjin Hila Gan, Lehman Brothers, Inc., and Christopher Mayer, Columbia University

Discussant
William Lang, Federal Reserve Bank of Philadelphia

"The Role of Interbank Markets in Monetary Policy: A Model with Rationing" pdf document
Xavier Freixas, University Pompeu Fabra & CEPR, and Jose Jorge, University of Porto

Discussant
David Skeie, Federal Reserve Bank of New York