Workshops



Workshop The Micro and Macro of Financial Intermediation

October 6-7, 2025

Monday, October 6th, 2025

Opening remarks

Stephany Griffith-Jones, Vicepresidenta


“Macroeconomic and Monetary Policy Implications of Limited Participation”

Juan Martín Morelli (FED New York)

Discussant: Mario Giarda (Central Bank of Chile)


“The Macroeconomic Implications of Coholding”

Michael Boutros (University of Toronto) and Andrew Mijakovic (European University Institute)

Discussant: Enzo Cerletti (Central Bank of Chile)


“Debt and Liquid Wealth: Evidence from Pension Fund Withdrawals”

Patricio Toro (Central Bank of Chile), Borja Larraín (PUC), Tomas Cortés (Central Bank of Chile), and Enzo Cerletti (Central Bank of Chile)

Discussant: Jorge Sabat (Universidad Andrés Bello, Chile)


“When is Less More? Bank Arrangements for Liquidity vs Central Bank Support”

Viral Acharya (New York University, Stern)


“Interest Rate Risk and Cross-Sectional Effects of Micro-Prudential Regulation”

Vadim Elenev (John Hopkins University), Juliane Begenau (Standford University), and Tim Landvoigt (University of Pennsylvania)

Discussant: Maximiliano San Millan (Central Bank of Chile)


"Bank Deposit Pricing in the Euro Area"

Ugo Albertazzi (ECB), Finn Faber (ECB), Alessandro Gavazza (LSE), Oana Maria Georgescu (ECB), and Ernest Lecomte (ECB)

Discussant: Carlos Madeira (Central Bank of Chile)


Tuesday, October 7th, 2025

“QE, Bank Liquidity Risk Management, and Non-Bank Funding: Evidence from U.S. Administrative Data”

Alexandros Vardoulakis (FED Board), Darst Mattew (FED Board), Sotirio Kokas (Essex), Alexandros Kontonikas (Essex), and José-Luis Peydro (UPF)

Discussant: Juan Pablo Gorostiaga (Pontificia Universidad Católica de Chile)


“The Collateral Channel and Bank Credit”

Horacio Sapriza (FED), Vladimir Yankov (FED Board), and Arun Gupta (FED Board)

Discussant: Mauricio Larraín (Universidad de los Andes, Chile)


"Bank Market Power and Credit Allocation"

Rebecca de Simone (University of Michigan) and Felipe Brugués (ITAM)

Discussant: Augusto Orellana (Pontificia Universidad Católica de Chile)


“Open Payment Systems and Retail Stock Market Access: Evidence from India’s UPI”

Meghana Ayyagari (George Washington University), Pulak Ghosh (IIM Bangalore), Nirupama Kulkarni (CAFRAL, Reserve Bank of India), and Yuxi (Lance) Cheng (University of Liverpool)

Discussant: André Stenzel (Universidad de los Andes, Chile)


“Macroprudential Policies and Market Competition in Mortgage Lending Markets: Evidence from Chile”

Pedro Roje (Central Bank of Chile)

Discussant: Jorge Ale-Chilet (Universidad de los Andes, Chile)


“Integrated Intermediation and Fintech Market Power”  

Vera Chau (Geneva Finance Research Institute), Greg Buchak (Standford), and Adam Jørring (University of Massachusetts Amherst)

Discussant: Ramiro de Elejalde (Central Bank of Chile)


 
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