Held on February 17-18, 2016 at Princeton University, this conference explored the macroeconomic and policy implications of new markets and instruments. Can financial innovation make markets more efficient, or does it increase financial instability? 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. Videos, papers presented, and corresponding slides from are posted below. Selected photos from the conference are here.
Read the conference summary.
Videos, Papers, & Slides
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Dinner Talk: Federal Reserve Independence
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“The Power and Independence of the Federal Reserve”
Peter Conti-Brown, Wharton School of Business
(Slides) -
Session I: Asset Prices, Banks, and Capital
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Chair: Maryam Farboodi, Princeton University
“Payment and Asset Prices”
Monika Piazzesi and Martin Schneider, Stanford University
(Paper | Slides)
Discussant: Saki Bigio, Columbia Business School (Slides)“Banks are Not Intermediaries of Loanable Funds, and Why This Matters”
Michael Kumhof, Bank of England
(Paper | Slides | Video)
Discussant: Philipp Schnabl, NYU Stern School of Business (Slides)“Equity Recourse Notes: Creating Counter-cyclical Bank Capital”
Jeremy Bulow, Stanford Business School
(Paper | Slides | Video)
Discussant: Charles Calomiris, Columbia University (Slides)Christensen, Princeton University
William Kirby, Harvard Business School
[slides]
Daniel Rosen, Rhodium Group
[slides]
Moderator: Jean-Christophe de Swaan, Princeton UniversityVideo: Payment and Asset Prices
Video: Banks are Not Intermediaries of Loanable Funds, and Why This Matters
Video: Equity Recourse Notes: Creating Counter-cyclical Bank Capital
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Keynote Address: Monetary Policy and Financial Stability
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Introduction: Markus Brunnermeier, Princeton
"Monetary Policy and Financial Stability in the Modern Economy"
Lord Adair Turner, Chairman, INET
(Slides)Video: Monetary Policy and Financial Stability in the Modern Economy
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Session II: Financial Innovation in Practice (Policy Panel)
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Moderator: Atif Mian, Princeton University
"Financial Innovation in Practice: Sovereign, Mortgage and Student Debt Markets"
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 UniversityVideo: Financial Innovation in Practice: Sovereign, Mortgage and Student Debt Markets
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Session III: Credit Supply & College Tuition and Common Ownership
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Chair: Motohiro Yogo, Princeton University
“Credit Supply and College Tuition,”
David Lucca, New York Federal Reserve Bank
(Paper | Slides)
Discussant: Christopher Palmer, Haas School of Business, University of California Berkeley (Slides)“Anti-Competitive Effects of Common Ownership"
Martin Schmalz, University of Michigan
(Paper)
Discussant: Mauricio Larrain, Columbia Business School (Slides)Video: Credit Supply and College Tuition
Keynote Speaker
Lord Adair Turner, Institute for New Economic Thinking