SI 2026 Capital Markets and the Economy
Organized by Janice C. Eberly and Deborah J. Lucas
July 13-15, 2026
Royal Sonesta Hotel, Charles Suites, 40 Edwin H. Land Blvd., Cambridge, MA
Room: University BC
Monday, July 13
12:00 pm
Lunch
1:00 pm

Financial Sanctions and the Global Payments Network

Gregor Matvos, Northwestern University and NBER
Brent Neiman, The University of Chicago and NBER

Discussant:
Oleg Itskhoki, Harvard University and NBER
1:50 pm

Synthetic, But How Much Risk Transfer?

Alex Osberghaus, University of Zurich
Glenn Schepens, European Central Bank

Discussant:
James Vickery, Federal Reserve Bank of Philadelphia
2:40 pm
Break
2:55 pm

Regulatory Arbitrage within the Firm

Nicola Cetorelli, Federal Reserve Bank of New York
Shohini Kundu, University of California, Los Angeles

Discussant:
Juliane Begenau, Stanford University and NBER
3:45 pm

Quantifying Deregulation and its Economic Effects: A Large Language Model Approach

Matteo Iacoviello, Federal Reserve Board of Governors
Danilo Cascaldi-Garcia, Federal Reserve Board of Governors

Discussant:
Joseph Kalmenovitz, University of Rochester
4:35 pm
Adjourn
Tuesday, July 14
12:00 pm
Lunch
1:00 pm

The Insurance Protection Gap

Parinitha R. Sastry, University of Pennsylvania
Therese C. Scharlemann, Federal Reserve Board of Governors
Ishita Sen, Harvard University
Ana-Maria Tenekedjieva, Arizona State University

Discussant:
Anthony A. DeFusco, University of Wisconsin - Madison and NBER
1:50 pm

Risk Premia, Limited Firm Insurance, and Heterogeneous Earnings Risk

Maarten Meeuwis, Washington University in St. Louis
Dimitris Papanikolaou, Northwestern University and NBER
Lawrence D.W. Schmidt, University of California, San Diego and NBER

Discussant:
Susanto Basu, Boston College and NBER
2:40 pm
Break
2:55 pm

Target Allocation Funds, Strategic Complementarities, and Cross-Market Fragility

Chuck Fang, Drexel University
Itay Goldstein, University of Pennsylvania and NBER

Discussant:
Jonathan A. Parker, Massachusetts Institute of Technology and NBER
3:45 pm

The Deposit Franchise and the Risk-Taking Channel of Monetary Policy

Ricardo Duque Gabriel, Federal Reserve Board
Ziang Li, Imperial College London
Ali Uppal, Imperial College London

Discussant:
Arvind Krishnamurthy, Stanford University and NBER
4:35 pm
Adjourn
Wednesday, July 15
12:00 pm
Lunch
1:00 pm

Option Exercise Games and a Duopolistic q Theory of Investment

Min Dai, The Hong Kong Polytechnic University
Zhaoli Jiang, The Hong Kong Polytechnic University
Neng Wang, Cheung Kong Graduate School of Business

Discussant:
Kerry Back, Rice University
1:50 pm

State Ownership, Asset Prices, and Monetary Policy Transmission: A Tale of Two Sectors

Frederico Belo, INSEAD
Dapeng Hao, Tsinghua University
Xiaoji Lin, University of Minnesota
Zhigang Qiu, Renmin University of China
Jincheng Tong, University of Toronto

Discussant:
Jiang Wang, Massachusetts Institute of Technology and NBER
2:40 pm
Break
2:55 pm

Monetary Policy and Investment Plans

Julia Selgrad, The University of Chicago
Kerry Y. Siani, Massachusetts Institute of Technology

Discussant:
Jeremy C. Stein, Harvard University and NBER
3:45 pm

The Liquidity Promise of QE

Matteo Leombroni, Boston College
Lira Mota, Massachusetts Institute of Technology
Felix Corell, Vrije Universiteit Amsterdam
Melina Papoutsi, European Central Bank
Federic Holm-Hadulla, European Central Bank

Discussant:
Wenxin Du, Harvard University and NBER
4:35 pm
Adjourn