Fifth Annual Conference


2016 JRCPPF Conference

What are the macroeconomic and policy implications of new markets and instruments? Can financial innovation make markets more efficient, or does it increase financial instability? The Julis-Rabinowitz Center for Public Policy and Finance's Fifth Annual Conference took a closer look at mortgage design, sovereign debt design, and bank debt design (such as cocos and other derivatives), among other topics. Lord Adair Turner, former chairman of Britain's Financial Services Authority and author of the new book "Between Debt and the Devil," was the conference's keynote speaker. Links to all the presentation slides, papers and videos are provided below.


Wednesday, February 17, 2016
“The Power and Independence of the Federal Reserve”
Peter Conti-Brown, Wharton School of Business

Session I

Chair: Maryam Farboodi, Princeton University

9 am
“Payment and Asset Prices”
Monika Piazzesi and Martin Schneider, Stanford University
(Paper | Slides | Video)
Saki Bigio, Columbia Business School

9:55 am
“Banks are Not Intermediaries of Loanable Funds, and Why This Matters”
Michael Kumhof, Bank of England
(Paper | Slides | Video)
Philipp Schnabl, NYU Stern School of Business

10:50 am
“Equity Recourse Notes: Creating Counter-cyclical Bank Capital”
Jeremy Bulow, Stanford Business School
(Paper | Slides | Video)
Charles Calomiris, Columbia University

Lunch and Keynote Address

Introduction: Markus Brunnermeier, Princeton

12:05 pm

"Monetary Policy and Financial Stability in the Modern Economy"
Lord Adair Turner, Chairman, INET
(Slides | Video)

Session II: Policy Panel

Moderator: Atif Mian, Princeton University

2 pm
"Financial Innovation in Practice: Sovereign, Mortgage and Student Debt Markets" (Video)
Susan Wachter, Wharton School of the University of Pennsylvania (Slides)
Ashoka Mody, Princeton University (Slides)
Miguel Palacios, Owen Graduate School of Management, Vanderbilt University (Slides)
Christopher Neilson, Princeton University


Session III

​Chair: Motohiro Yogo, Princeton University

3:40 pm
“Credit Supply and College Tuition,”
David Lucca, New York Federal Reserve Bank
(Paper | Slides | Video)
Christopher Palmer, Haas School of Business, University of California Berkeley

4:35 pm
“Anti-Competitive Effects of Common Ownership"
Martin Schmalz, University of Michigan
Mauricio Larrain, Columbia Business School,


Keynote Speaker

Lord Adair Turner

Lord Adair Turner
Institute for New Economic Thinking