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The Economics of Payments IV |
| April 1-2, 2010 |
| Thursday, April 1, 2010 | |
| 8:15 a.m. | Breakfast |
| 8:45 a.m. | Introductory Remarks Lauren Hargraves, Federal Reserve Bank of New York |
| 9:00 a.m. | Invited Lecture: Payment system governance - a neglected systemic risk? Ross Anderson, University of Cambridge Introduction: Richard Sullivan, Federal Reserve Bank of Kansas City |
| 10:00 a.m. | Break |
| 10:30 a.m. | Session I: Theories of Payment Cards Chair: Robert Hunt, Federal Reserve Bank of Philadelphia Optimal Interchange Fees for Card Payments and Cash Withdrawals  Marianne Verdier, Université Paris Ouest Nanterre Discussant: Sujit “Bob” Chakravorti, Federal Reserve Bank of Chicago Pricing Payment Cards Özlem Bedre, Toulouse School of Economics and Ecole Polytechnique, Paris, and Emilio Calvano, Bocconi University Discussant: Zhu Wang, Federal Reserve Bank of Kansas City |
| 12:00 p.m. | Lunch |
| 2:00 p.m. | Session II: Calibrations of Retail Payment Theories Chair: Mark Manuszak, Board of Governors of the Federal Reserve System Regulation and the Market for Checks Semih Tumen, University of Chicago Discussant: Gene Amromin, Federal Reserve Bank of Chicago Who Gains and Who Loses from Credit Card Payments? Theory and Calibrations Scott Schuh, Oz Shy, and Joanna Stavins, Federal Reserve Bank of Boston Discussant: Irina Telyukova, University of California, San Diego |
| 3:30 p.m. | Coffee Break |
| 4:00 p.m. | Session III: Empirical Studies of Retail Payments Chair: Fumiko Hayashi, Federal Reserve Bank of Kansas City Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Penalty Fees Victor Stango, University of California, Davis, and Jonathan Zinman, Dartmouth College Discussant: Wilko Bolt, De Nederlandsche Bank Demand for Currency, New Technology and the Adoption of Electronic Money: Evidence using Individual Household Data from Japan Hiroshi Fujiki, Bank of Japan, and Migiwa Tanaka, Hong Kong University of Science and Technology Discussant: Elizabeth Klee, Board of Governors of the Federal Reserve System |
| 5:30 p.m. | Reception |
| Friday, April 2, 2010 | |
| 8:30 a.m. | Continental Breakfast |
| 9:00 a.m. | Session I: Disruptions in Wholesale Payment Systems Chair: Richard Porter, Federal Reserve Bank of Chicago Bank Behavior and Risks in CHAPS during the Financial Turmoil of 2008 Evangelos Benos, Rod Garratt, Anne Wetherilt, and Peter Zimmerman, Bank of England Discussant: Viral Acharya, New York University Disruptions in Large Value Payment Systems: An Experimental Approach Klaus Abbink, University of Amsterdam; Ronald Bosman and Ronald Heijmans, De Nederlandsche Bank; and Frans van Winden, University of Amsterdam Discussant: Olivier Armantier, Federal Reserve Bank of New York |
| 10:30 a.m. | Break |
| 11:00 a.m. | Invited Lecture: OTC Derivatives Ada Li and Theo Lubke, Federal Reserve Bank of New York Introduction: James McAndrews, Federal Reserve Bank of New York |
| 12:00 p.m. | Lunch |
| 1:30 p.m. | Session II: Theories of Wholesale Payments Chair: David Mills, Board of Governors of the Federal Reserve System Liquidity Needs in Economies with Interconnected Financial Obligations Julio Rotemberg, Harvard Business School Discussant: Charles M. Kahn, University of Illinois The Emergence and Future of Central Counterparties Thorsten Koeppl, Queen's University, and Cyril Monnet, Federal Reserve Bank of Philadelphia Discussant: Ed Nosal, Federal Reserve Bank of Chicago |
| 3:00 p.m. | Break |
| 3:30 p.m. | Session III: Collateral in Settlement Systems Chair: Travis Nesmith, Board of Governors of the Federal Reserve System Collateral Pool Settlement System Marius Jurgilas and Tomohiro Ota, Bank of England Discussant: Thomas Nellen, Swiss National Bank |
| 4:15 p.m. | Close |
| Conference Location Federal Reserve Bank of New York 33 Liberty Street 12th Floor Conference Center New York, New York |
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