*Carnegie-Rochester-NYU Conference on Public Policy*
**
*CALL FOR PROPOSALS*
**
*“The Macroeconomics of Liquidity in Capital Markets and the Corporate
Sector” *
**
*November 11-12, 2016*
**
The *Carnegie-Rochester-NYU Conference on Public Policy* is now
soliciting papers for a conference on “The Macroeconomics of Liquidity
in Capital Markets and the Corporate Sector." The conference will be
held at *Carnegie Mellon University* on November 11-12, 2016. The papers
and comments are slated for publication in the July 2017 issue of the
*/Journal of Monetary Economics. /*
*//*
Liquidity creation has been migrating away from traditional supervised
depository institutions. Since the 2008-09 financial crisis the
migration has gone beyond money markets and broker-dealers within bank
holding companies to other non-bank financial entities. Open-ended
mutual funds are increasingly important for financing and liquidity
provision in corporate bond markets and in other fixed income markets.
There is a commensurate increase in the demand for money in mutual funds
to help provide liquidity. The corporate sector too has exhibited
striking growth in its appetite to hold liquid assets. The Carnegie
Rochester NYU conference seeks proposals to understand and assess the
macroeconomic causes and consequences of the economy-wide transition in
the supply and demand for liquidity, with the goal of guiding financial
and macroeconomic policy. Proposals should employ advances in financial-
and macro-economics to address current policy questions. Theoretical,
empirical, quantitative, institutional, and historical perspectives are
welcome.
Topics of particular interest are: 1) the macro-finance economics of
liquidity creation in capital markets, 2) the macro-economics of the
demand for liquidity in the corporate sector with reference to taxes and
investment in productive capital, 3) intermediary asset pricing,
liquidity creation and the macro-economy, 4) opacity and transparency in
the provision, management and regulation of liquidity, 5) search models
of liquidity in capital markets, 6) recent trends in the liquidity of
corporate bonds, 7) causes of the recent migration of liquidity creation
from banks to mutual funds, 8) systemic risk as liquidity risk, and the
resulting consequences for macro-prudential policy in capital markets,
9) the co-movement of credit risk and liquidity risk, 10) indexing
aggregate liquidity risk, 11) hedging liquidity risk, 12) the SEC's new
regulatory proposals for swing pricing and limiting illiquid securities
and leverage in mutual funds, and the SEC's final regulatory ruling to
prevent runs on money market funds, 13) the macro-economic consequences
of bank capital and leverage requirements, liquidity coverage ratios,
supplemental leverage ratios, net stable funding ratios, and numerical
floors for repo and reverse repo for limiting banks' use of short-term
wholesale funding, 14) the potential role of Divisia monetary aggregates
for monitoring aggregate liquidity and financial stability, and 15) the
interpretation and use for macro-prudential policy of the TED spread as
an indicator of illiquidity in money markets.
The editors invite detailed abstracts of no more than two pages
describing the proposed research paper. (If a preliminary version of the
paper is available, authors may include it with their abstract.)
*Proposals should be submitted electronically* to Sue North, Editorial
Assistant for the */Journal of Monetary Economics/*, no later than
*Monday, April 4, 2016* at north_at_simon.rochester.edu
<mailto:north_at_simon.rochester.edu>.
The editors, in collaboration with the Carnegie-Rochester Advisory
Board, will make the final selection of papers to be included in the
Conference. Authors will be notified by Monday, April 18, 2016 if their
paper has been selected. Authors will receive an honorarium of $2500 and
be expected to present their paper at the Conference. The papers should
represent original research not presented or published elsewhere. Since
the papers are intended for publication, authors will not be able to
publish or reprint the work elsewhere without the permission of the
editors and publisher. Please note that the editors will contact authors
only if their paper is accepted.
Received on Wed Jan 06 2016 - 07:19:53 EST
