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Day 1
See the agenda for timing of specific conference segments.
Day 2
See the agenda for timing of specific conference segments.
Event Details
Date & Time
May 6-7, 2026
May 6-7, 2026
Audience
This in-person conference was open to the public.
This in-person conference was open to the public.
Media
This conference was on the record and open to media to attend in person. For media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.
PREVIOUS PROGRAMS: 2024, 2025.
This conference was on the record and open to media to attend in person. For media inquiries, please contact Ellen Simon at Ellen.Simon@ny.frb.org.
Location
Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045
Conference Organizers
Stephan Luck, Federal Reserve Bank of New York
Program Committee
Matthew Baron, Georgetown University, McDonough School of Business
Christopher Hanes, Binghamton University
Matt Jaremski, Utah State University
Peter Koudijs, NYU Stern School of Business
Sarah Quincy, Vanderbilt University
Gary Richardson, University of California, Irvine
Jonathan Rose, Federal Reserve Bank of Chicago
Paul Schmelzing, Boston College and Hoover Institution
PREVIOUS PROGRAMS: 2024, 2025.
Agenda
Agenda
| Wednesday, May 6 | |
| 9:00am–9:30am | Gold Vault Tour (by invitation only) |
| Opening Remarks | |
| 9:35am–9:45am | Kartik Athreya, Director of Research and Head of the Research and Statistics Group, Federal Reserve Bank of New York (00:00:16 in video) |
| Morning Session I | |
| 9:45am–10:35am | When Capture Fails: Political Realignment and Bank Entry Regulation in the Great Depression
(00:11:10 in video) Sarah Quincy (Vanderbilt University and NBER) | Presentation Chenzi Xu (University of California, Berkeley, NBER, and CEPR) Discussant: Eugene White (Rutgers University and NBER) | Presentation |
| 10:35am–11:25am | Credit Crunch in Housing Under Regulation Q
(01:01:52 in video) Pauline Liang (Stanford Graduate School of Business) | Presentation Discussant: Jonathan Rose (Federal Reserve Bank of Chicago and Federal Reserve System Historian) | Presentation |
| 11:25am–11:40am | Coffee Break |
| Morning Session II | |
| 11:40am–12:30pm | Information Flows and Asset Pricing: Evidence from the U.S. State
Default of the 1840s (01:58:16 in video) Huixin Bi (Federal Reserve Bank of Kansas City) | Presentation Gary Richardson (University of California, Irvine, and NBER) Nora Traum (Institute of Applied Economics, HEC Montréal) Discussant: John Wallis (University of Maryland and NBER) | Presentation |
| 12:30pm–2:00pm | Lunch |
| Afternoon Session | |
| 2:00pm–2:50pm | Wholesale Funding Crises since 1800
(02:50:47 in video) Rustam Jamilov (University of Oxford and CEPR) | Presentation Tobias König (University of Bonn) Sami K. Mahmood (National University of Singapore) Karsten Müller (National University of Singapore) Farzad Saidi (University of Bonn and CEPR) Discussant: Matthew Baron (Georgetown University, McDonough School of Business) | Presentation |
| 2:50pm–3:40pm | Like Taxi Drivers Disappearing in the Rain? Historical Evidence on the Usability of Liquidity Buffers (03:42:39 in video) Mark Carlson (Federal Reserve Board of Governors) | Presentation Kilian Rieder (Oesterreichische Nationalbank (Eurosystem) and CEPR) Discussant: Ellis W. Tallman (Federal Reserve Bank of Cleveland, Emeritus) | Presentation |
| 3:40pm–4:00pm | Coffee Break |
| 4:00pm–5:00pm | Keynote: Peter Conti-Brown (Class of 1965 Associate Professor of Financial Regulation, Wharton School of the University of Pennsylvania) (04:35:42 in video) | Presentation |
| 5:00pm–6:00pm | Reception |
| 6:00pm | Conference Dinner (by invitation only) |
| Thursday, May 7 | |
| 9:00am–9:30am | Gold Vault Tour (by invitation only) |
| Morning Session I | |
| 9:40am–10:30am | Birth of a Modern Money Market: The Federal Reserve and Interest Rate Determination on the Eve of the Great Depression
(00:00:22 in video) Mark Carlson (Federal Reserve Board of Governors) Christopher Hanes (Binghamton University) | Presentation Discussant: Sriya Anbil (Federal Reserve Board of Governors) | Presentation |
| 10:30am–11:20am | Monetary Policy Shocks and Financial Stability: Evidence from the
Great Depression
(00:53:20 in video) Matthew Jaremski (Utah State University and NBER) Kris Mitchener (Santa Clara University, CEPR, and NBER) | Presentation Gary Richardson (University of California, Irvine and NBER) Angela Vossmeyer (Claremont McKenna College and NBER) Discussant: Todd E. Messer (Federal Reserve Board of Governors) | Presentation |
| 11:20am–11:40am | Coffee Break |
| Morning Session II | |
| 11:40am–12:30pm | The Costs of Financial Crises in the United States
(01:45:28 in video) Joseph Hoon (National University of Singapore) Chang Liu (National University of Singapore) Karsten Müller (National University of Singapore) Jonathan Payne (Princeton University) | Presentation Zhongxi Zheng (National University of Singapore) Discussant: François Velde (Federal Reserve Bank of Chicago) | Presentation |
| 12:30pm–2:00pm | Lunch |
| Afternoon Session | |
| 2:00pm–2:50pm | Holding Bankers Liable: Personal Guarantees and Risk-Taking in Security Underwriting
(02:39:50 in video) Peter Koudijs (NYU Stern School of Business) Eva Mulder (Erasmus School of Economics, Rotterdam) | Presentation Discussant: Eric Hilt (Wellesley College and NBER) | Presentation |
| 2:50pm–3:40pm | Global Housing Returns, Discount Rates, and the Emergence of
the Safe Asset, 1465–2024 (03:30:39 in video) Paul Schmelzing (Boston College, Carroll School of Management, and Hoover Institution, Stanford) | Presentation Discussant: Allison Shertzer (Federal Reserve Bank of Philadelphia) | Presentation |
| 3:40pm–4:00pm | Closing Remarks |
