Annual Oxford Saïd-VU SBE Macro-finance Conference 2025

Oxford Saïd-VU SBE Macro-finance Conference
Money, Liquidity, and Financial Stability on June 19-20, 2025
at Tinbergen Institute Amsterdam.

Keynote Speakers
Anil Kashyap, University of Chicago
Herakles Polemarchakis, University of Warwick

Policy Panel Speakers
Guido Ascari, De Nederlandsche Bank
Fiorella De Fiore, Bank for International Settlements

PROGRAM

Click here for the full program (PDF)
19 June – 20 June 2025
Session format: 25 minutes presentation, 12 minutes discussion, 8 minutes Q&A

Thursday June 19, 2025, Indicated time as CET (Central European Time)

09:30-09:55 Welcome coffee

09:55-10:00 Opening remarks: Remco Zwinkels (Vrije Universiteit Amsterdam and Tinbergen Institute)

Session I: Money, Banks, and Monetary Policy

10:00-10:45 The heterogeneous bank lending channel of monetary policy Jorge Abad (Banco de España), Saki Bigio (UCLA), Salomon Garcia-Villegas (Banco de España), Joel Marbet (Banco de España), and Galo Nuño (Banco de España, CEPR and CEMFI) Discussant: Felix Corell (Vrije Universiteit Amsterdam and Tinbergen Institute)

10:45-11:30 Dissecting bond market – transmission of monetary policy Chuck Fang (Drexel University) and Kairong Xiao (Columbia University) Discussant: Alexey Ivashchenko (Vrije Universiteit Amsterdam)

11:30-12:15 Bank liquidity, interbank rate setting and heterogeneous lending responses Tianxi Wang (University of Essex) Discussant: Alex P. Vardoulakis (Federal Reserve Board)

12:15-13:30 Lunch break

Session II: Currencies, Exchange Rates, and International Finance

13:30-14:15 Inelastic financial markets and foreign exchange interventions Paula Beltran (International Monetary Fund) and Chang He (University of Virginia) Discussant: Yao Chen (Erasmus University Rotterdam and Tinbergen Insitute)

14:15-15:00 China’s overseas lending in global financial cycles Zhengyang Jiang (Kellogg School of Management, Northwestern University) Discussant: Kieran James Walsh (ETH Zürich, KOF Swiss Economic Institute)

15:00-15:45 Foreign exchange interventions and intermediary constraints Alex Ferreira (University of São Paulo), Rory Mullen (Warwick Business School), Giovanni Ricco (Ecole Polytechnique, Univerisity of Warwick, OFCE, CEPR), Ganesh Viswanath-Natraj (Warwick Business School), and Zijian Wang (Warwick Business School) Discussant: Chang He (University of Virginia)

15:45-16:30 Coffee Break

16:30-17:20 Panel Discussion

Navigating inflation dynamics in uncertain times Panel speakers: Guido Ascari (De Nederlandsche Bank and University of Pavia) Fiorella De Fiore (Bank for International Settlements and CEPR) Mediator: Dimitrios Tsomocos (Saïd Business School, St Edmund Hall, University of Oxford)

17:20-18:30 Drinks at Tinbergen Institute

19:00-21:30 Conference dinner

Friday June 20, 2025, Indicated time as CET (Central European Time)

Session III: Quantitative Easing and Quantitative Tightening

10:00-10:45 The fiscal cost of quantitative easing Adrien d’Avernas (Stockholm School of Economics), Antoine Hubert de Fraisse (HEC Paris), Liming Ning (University of Chicago, Booth School of Business), and Quentin Vandeweyer (University of Chicago, Booth School of Business) Discussant: Paolo Varraso (University of Rome Tor Vergata)

10:45-11:30 QE, QT, bank liquidity risk management and non-bank funding: Evidence from U.S. administrative data R. Matthew Darst (Federal Reserve Board), Sotirios Kokas (University of Essex), Alexandros Kontonikas (University of Essex), Jose-Luis Peydro (Imperial College London and CEPR) and Alexandros P. Vardoulakis (Federal Reserve Board) Discussant: Ali Uppal (Imperial College London)

11:30-12:00 Coffee break

12:00-13:00 Plenary talk: Anil Kashyap, University of Chicago, Booth School of Business, on Risks and instability in the U.S. Treasury market

13:00-14:00 Lunch break

Session IV: Liquidity and Banking Stability

14:00-14:45 Optimal banking arrangements: Liquidity creation without financial fragility Maxi Guennewig (University of Bonn) and Yuliyan Mitkov (University of Bonn) Discussant: Natalie Kessler (Vrije Universiteit Amsterdam and Tinbergen Institute)

14:45-15:30 Do higher interest rates make the banking system safer? Evidence from bank leverage Ali Uppal (Imperial College London) Discussant: Wolf Wagner (Rotterdam School of Management and CEPR)

15:30-16:15 Bank runs in the digital era Juan Cruz Llambias (University of Pennsylvania) and Guillermo Ordoñez (University of Pennsylvania) Discussant: Yuliyan Mitkov (University of Bonn)

16:15 Closing remarks

TOPICS
The Saïd Business School at the University of Oxford and the School of Business and Economics at Vrije Universiteit Amsterdam jointly invite submissions to the Oxford Saïd - VU SBE Macro-finance Conference. The conference will be held over two days (June 19-20, 2025) at Vrije Universiteit Amsterdam, with support from Tinbergen Institute. We welcome high-quality submissions at the intersection of financial intermediation and macroeconomics, both theoretical and empirical research. Topics of interest include but are not limited to:

• Inflation, debt sustainability, and monetary policy normalisation
• Monetary policy, macroprudential policy, and fiscal policy
• Credit, banks, money, and bankruptcy risks
• International finance, sovereign debt, and exchange rates
• Climate risks and the macro-financial implications

ORGANISERS
Oren Sussman (Saïd Business School, Oxford)
Dimitrios Tsomocos (Saïd Business School and St. Edmund Hall, University of Oxford)
Xuan Wang (VU Amsterdam /Tinbergen Institute)
Remco Zwinkels (VU Amsterdam/Tinbergen Institute)

PROGRAMME COMMITTEE

Saleem Bahaj, UCL and BoE
Matthew Baron, Cornell
Mariano Massimiliano Croce, Bocconi
Pasquale Della Corte, Imperial College
Mathias Drehmann, BIS
Martin Ellison, Oxford (Econ)
Andrea Ferrero, Oxford (Econ)
Hans Gersbach, ETH KOF Swiss Economic Institute
Alexander Guembel, Toulouse School of Economics
Jiri Knesl, Oxford (Saïd)
Christoffer Koch, Empirical Research Partners
Alexandre Jeanneret, USNW Business School
Seung Joo Lee, Oxford (Saïd)
Xavier Mateos-Planas, Queen Mary
Yuliyan Mitkov, Bonn
Thomas Norman, Oxford (Magdalen College)
Ilaria Piatti, Queen Mary
Udara Peiris, Oberlin College
Alessandro Rebucci, Johns Hopkins (Carey)
Greg Phelan, Williams College
Phurichai Rungcharoenkitkul, BIS
Ricardo Reis, LSE
Martin Schmalz, Oxford (Saïd)
Joel Shapiro, Oxford (Saïd)
Norman Seeger, VU Amsterdam and Tinbergen
David Skeie, Warwick Business School
Oren Sussman, Oxford (Saïd)
Dimitrio Tsomocos, Oxford (Saïd and St. Edmun Hall)
Alex Vardoulakis, Fed Board of Governors
Kieran Walsh, ETH KOF Swiss Economic Institute
Xuan Wang, VU Amsterdam and Tinbergen
Kostas Zachariadis, Queen Mary
Francesco Zanetti, Oxford (Econ)
Remco Zwinkels, VU Amsterdam and Tinbergen