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
February 19, 2026
Royal Sonesta Hotel, 40 Edwin H. Land Blvd., Cambridge, MA
Wednesday, February 18
6:30pm
Dinner
Thursday, February 19

Paper session format: 25 min presentation; 15 min discussion; 5 min Q&A
Panel session format: 20 min presentation; 25 min discussion; 20 min Q&A
8:00am
Breakfast
8:30am

Monetary Policy, Bank Regulation and the Secular Decline of Bank Balance Sheet Lending

Greg Buchak, Stanford University and NBER
Gregor Matvos, Northwestern University and NBER
Tomasz Piskorski, Columbia University and NBER
Amit Seru, Stanford University and NBER

Discussant:
Anil K Kashyap, University of Chicago and NBER
9:15am

Securities Losses and the Bank Collateral Channel of Monetary Transmission

Mariassunta Giannetti, Stockholm School of Economics
Martina Jasova, Barnard College
Caterina Mendicino, European Central Bank
Dominik Supera, Columbia University

Discussant:
David Thesmar, Massachusetts Institute of Technology and NBER
10:00am
Break
10:30am

Rewiring Repo

Jin-Wook B. Chang, Board of Governors of the Federal Reserve System
Elizabeth Klee, Federal Reserve Board of Governors
Vladimir Yankov, Federal Reserve Board of Governors

Discussant:
Yiming Ma, Columbia University and NBER
11:15am

Hidden Risk

Daniel Barth, Federal Reserve Board of Governors
Phillip J. Monin, Federal Reserve Board of Governors
Emil Siriwardane, Harvard University and NBER
Adi Sunderam, Harvard University and NBER

Discussant:
Vikas Agarwal, Georgia State University
12:00pm
Lunch
1:30pm

Geoeconomic Competition and Capital Reallocation in Global FX Funding

Amy W. Huber, University of Pennsylvania
Yu An, Johns Hopkins University

Discussant:
Christopher Clayton, Yale University and NBER
2:15pm
Break
2:45pm

Panel on Bank Deposit and Fragility

Banking on Inattention

Xu Lu, University of Washington
Lingxuan Sean Wu, New York University

Deposit Competition Beyond Rates

Matteo Benetton, University of California, Berkeley
Benjamin M. Hébert, Stanford University and NBER
Timothy McQuade, University of California, Berkeley and NBER

Earnings Information Spillovers and Depositor Contagion

Qi Chen, Duke University
Itay Goldstein, University of Pennsylvania and NBER
Rahul Vashishtha, Duke University
Benda Yin, Hong Kong University of Science and Technology (HKUST)

Discussant:
Mark L. Egan, Harvard University and NBER
4:30pm
Adjourn