Quantifying the "Too Big to Fail" Subsidy Workshop | Federal Reserve Bank of Minneapolis

Quantifying the "Too Big to Fail" Subsidy Workshop

Monday, November 18
12:30 p.m.	Welcome and Conference Overview Ron Feldman, EVP Supervision, Regulation and Credit and Senior Policy Advisor Federal Reserve Bank of Minneapolis
12:40-1:45 p.m.	Keynote Address: Darrell Duffie [Presentation] Dean Witter Distinguished Professor of Finance Stanford University Graduate School of Business
1:45-2:15 p.m.	Session 1: Quantifying the TBTF Subsidy via Credit Rating Uplift [Presentation] Quantifying Structural Subsidy Values for Systemically Important Financial Institutions Kenichi Ueda, International Monetary Fund
2:15-2:35 p.m. 2:35-2:55 p.m. 2:55-3:15 p.m.	Discussant 1: Philip Strahan, Boston College [Presentation] Discussant 2: Michael Foley, Moody’s Investors Service [Presentation] Q & A
3:15-3:30 p.m.	Break
3:30-4:00 p.m.	Session 2: Quantifying the TBTF Subsidy via Structural/Option Pricing Models [Presentation] The Value of Implicit Guarantees Zoe Tsesmelidakis, University of Oxford Oxford-Man Institute of Quantitative Finance
4:00-4:20 p.m. 4:20-4:40 p.m. 4:40-5:00 p.m.	Discussant 1: Robert McDonald, Kellogg School of Management, Northwestern University [Presentation] Discussant 2: Joseph Noss, Bank of England [Presentation] Q & A
5:00-5:45 p.m.	Reception
5:45-7:45 p.m.	Dinner and President’s Remarks: Too Big to Fail: The Role of Metrics Narayana Kocherlakota, President Federal Reserve Bank of Minneapolis
Tuesday, November 19
7:45-8:15 a.m.	Continental Breakfast
8:15-8:30 a.m.	Overview of Day 2 Ron Feldman, Federal Reserve Bank of Minneapolis
8:30-9:00 a.m.	Session 3a: Quantifying the TBTF Subsidy via Price Regressions [Presentation] The End of Market Discipline? Investor Expectations of Implicit State Guarantees Deniz Anginer, World Bank and Virginia Tech
9:00-9:20 a.m. 9:20-9:40 a.m. 9:40-10:00 a.m.	Discussant 1: Andrew Atkeson, UCLA [Presentation] Discussant 2: Bryan Kelly, University of Chicago Q & A
10:00-10:15 a.m.	Break
10:15-10:45 a.m.	Session 3b: Quantifying the TBTF Subsidy via Price Regressions [Presentation] Deposit Rate Advantages at the Largest Banks Stefan Jacewitz, Federal Deposit Insurance Corporation
10:45-11:05 a.m. 11:05-11:25 a.m. 11:25-11:45 a.m.	Discussant 1: Don Morgan, Federal Reserve Bank of New York [Presentation] Discussant 2: V.V. Chari, University of Minnesota and Federal Reserve Bank of Minneapolis [Presentation] Q & A
11:45-12:00 p.m.	Wrap Up Ron Feldman, Federal Reserve Bank of Minneapolis