Financial Market Frictions and Systemic Risks
Organized by Wenxin Du, Alp Simsek, Chester S. Spatt, and Mao Ye
Supported by the Office of Financial Research through an interagency agreement with the National Science Foundation
September 18-19, 2025
Washington Marriott Capitol Hill, 175 L Street NE, Washington, DC
Format: 30 minutes for authors, 20 minutes for discussants and 10 minutes for general Q&A
Break
Break
Thursday, September 18
7:45 am
Continental Breakfast
8:15 am
Opening remarks
8:30 am

Sophisticated Borrowing Constraints and Macroeconomic Dynamics

Al-Mahdi Ebsim, New York University
Chen Lian, University of California, Berkeley and NBER
Yueran Ma, University of Chicago and NBER
Pablo Ottonello, University of Maryland, College Park and NBER
Diego J. Perez, New York University and NBER

Discussant:
Adriano A. Rampini, Duke University and NBER
9:30 am
Break
9:45 am

Pension Fund Investments and Liquidity

Joshua Rauh, Stanford University and NBER
Aleksandar Andonov, University of Amsterdam
Kristy A. E. Jansen, University of Southern California

Discussant:
Nathan Foley-Fisher, Federal Reserve Board of Governors
10:45 am
Break
11:00 am

Anatomy of Option Retail Trading

Xing Huang, Washington University in St Louis
Philippe Jorion, University of California, Irvine
Christopher Schwarz, University of California, Irvine

Discussant:
Robert Battalio, University of Notre Dame
12:00 pm
Lunch
1:30 pm

Too-many-to-ignore: Regional Bank CRE Risk and Externalities

Franz J. Hinzen, Dartmouth College
Felipe Severino, Dartmouth College

Discussant:
Alexei Tchistyi, Cornell University
2:45 pm
Break
3:00 pm

The Implications of Instant Payment Systems on the Banking System

Yiming Ma, Columbia University and NBER
Yao Zeng, University of Pennsylvania and NBER

Discussant:
Charles Kahn, University of Illinois Urbana-Champaign
4:00 pm
Break
4:15 pm

Household Preferences, Security Design, and Volatility Prices

Laurent E. Calvet, EDHEC Business School
Claire Celerier, University of Toronto
Gordon Y. Liao, Circle
Boris Vallee, Harvard University

Discussant:
Ian Dew-Becker, Federal Reserve Bank of Chicago
5:15 pm
Adjourn
6:00 pm
Reception and Group Dinner
Friday, September 19
8:00 am
Continental Breakfast
8:30 am

Buybacks

Darrell Duffie, Stanford University and NBER
Michael Fleming, Federal Reserve Bank of New York
Or Shachar, Federal Reserve Bank of New York
Peter van Tassel Samuel Wycherley, Stanford University

Discussant:
Julia Selgrad, University of Chicago
9:30 am
Break
9:45 am

Asset Purchase Rules: How QE Transformed the Bond Market

Valentin Haddad, University of California, Los Angeles and NBER
Alan Moreira, New York University and NBER
Tyler Muir, University of California, Los Angeles and NBER

Discussant:
Charles W. Calomiris, Columbia University and NBER
10:45 am
Break
11:00 am
Panel on the Treasury Market
Moderator:
Wenxin Du, Harvard University and NBER
Panelists:
Michael Fleming, Federal Reserve Bank of New York
Nellie Liang, Brookings Institution
Joshua Younger, Tudor Investment Corporation

(the panel will not be livestreamed)
12:30 pm
Lunch
1:30 pm

The Economics of Market-Based Deposit Insurance

Shohini Kundu, University of California, Los Angeles
Edward T. Kim, University of Michigan
Amiyatosh Purnanandam, University of Texas at Austin

Discussant:
Eduardo Dávila, Yale University and NBER
2:30 pm
Break
2:45 pm

New Evidence on the Causes of Historical Banking Crises and the Effects of Policy Interventions

Matthew Baron, Georgetown University
Luc Laeven, European Central Bank
Julien Pénasse, University of Luxembourg

Discussant:
Samuel Hanson, Harvard University and NBER
3:45 pm
Closing remarks and adjourn