Conference

Workshop on Monetary and Financial History

May 12-13, 2025

Federal Reserve Board, Washington, D.C.

This in-person workshop on monetary and financial history will be hosted at the Board of Governors of the Federal Reserve System in Washington, D.C., on May 12-13, 2025. This annual Federal Reserve System workshop provides an opportunity for researchers to meet and discuss topics drawn from historical experience that not only help us to understand the past but also offer lessons and insights for today (see the 2022 and 2024 (PDF) programs). Professor Marc Flandreau of the University of Pennsylvania will give a keynote address.

Program committee: Sriya Anbil, Mark Carlson, Sergio Correia, and Colin Weiss

Agenda

Monday, May 12

Breakfast

Welcome Remarks

Did the U.S. Really Grow Out of Its World War II Debt
Julian Acalin (IMF) and Laurence Ball (Johns Hopkins University)
Discussant: Christopher Hanes (State University of New York at Binghamton)

Golden Fetters or Credit Boom Gone Bust? A Reassessment of Capital Flows in the Interwar Period
Lukas Diebold (Universidad Carlos III de Madrid)
Discussant: Kris Mitchener (Santa Clara University)

Coffee Break

The Effect of Enhanced Supervision on Banking Stability
Haelim Anderson (Bank Policy Institute) and Edward Kim (University of Michigan)
Discussant: David Wheelock (FRB St. Louis)

Lunch

Housing Is the Financial Cycle: Evidence from 100 Years of Local Building Permits
Gustavo Cortes (University of Florida) and Cameron LaPoint (Yale University)
Discussant: Jonathan Rose (FRB Chicago, FRB St. Louis)

Is Mortgage Amortization Optimal? Evidence from the Great Depression
Asaf Bernstein (University of Colorado at Boulder), Peter Koudijs (NYU), and Sarah Quincy (Vanderbilt University)
Discussant: Raven Malloy (FR Board of Governors)

Coffee and Snack Break

Resilience Amid Panic: A Story of Bank Runs without Failures in a Pre-Central Bank Era
Gonçalo Almeida (University Pompeu Fabra), Diana Bonfim (Banco de Portugal), and Ricardo Duque Gabriel (FR Board of Governors)
Discussant: Stephan Luck (FRB New York)

Narrow Banking in 18th-Century Amsterdam
Stein Berre (FRB New York) and Christiaan van Bochove (Utrecht University)
Discussant: Will Roberds (FRB Atlanta)

Reception and Dinner
Keynote Speech from Marc Flandreau (University of Pennsylvania)

Tuesday, May 13

Breakfast

Does Options Trading Matter for Risk Management? Insights from the 1936 Options Ban on U.S. Futures Market
Fiona Hoellmann (Universität Münster) and Elissa Iorgulescu (Universität Münster)
Discussant: Toomas Laarits (NYU)

U.S. Treasury Convenience Spread: 1860–2024
Clemens Lehner (Columbia University), Joathan Payne (Princeton University), and Balint Szoke (FR Board of Governors)
Discussant: Marc Weidenmeir (Chapman University)

Coffee Break

Central Bank Profitability and Inflation: Evidence from 350 Years of Central Bank History
Anna Grodecka-Messi (Sveriges Riksbank), Martin Kliem (Deutsche Bundesbank), and Gernot Müller (University of Tübingen)
Discussant: William English (Yale University)

Lunch

Women, Property Rights, and Financial Inclusion
Purnoor Tak (London Business School)
Discussant: Carola Frydman (Northwestern University)

Debt Maturity in the 18th Century: Were Consols Optimal?
Satyajit Chatterjee (FRB Philadelphia), Michale Dotsey (FRB Philadelphia), and Grey Gordon (FRB Richmond)
Discussant: Jonathan Payne (Princeton University)

Adjourn

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Last Update: April 10, 2025