10th June
Tuesday
12.00
Registration
12.30
Welcome and Lunch
Session Chair: Loriana Pelizzon, Leibniz Institute for Financial Research, SAFE and Ca’ Foscari University, Venice
13.30
OPENING REMARKS
Paolo Angelini, Deputy Governor, Banca d’Italia
13.45
KEYNOTE ADDRESS: “Supply and Demand and the Term Structure”
Robin Greenwood, Harvard Business School
14.45
Session 1: SOVEREIGN BOND MARKETS AMID MACRO AND FISCAL POLICY TRENDS
Session Chair: Paolo Pasquariello, Ross School of Business, University of Michigan
Convenience Yield, Inflation Expectations, and Public Debt Growth
by Zhiyu Fu, Jian Li, Yinxi Xie (Indiana University, International Monetay Fund)
Discussant: Benoit Nguyen (European Central Bank)
Monetary Policy and the Secular Decline in Long-term Interest Rates: A Global Perspective
by Boris Hofmann, Zehao Li (The Chinese University of Hong Kong, Shenzhen), Steve Pak, Yeung Wu
Discussant: Luisa Carpinelli (Banca d’Italia)
Fiscal Fatigue and Sovereign Credit Spreads
by Jean-Paul Renne, Kevin Pallara (Banca d’Italia)
Discussant: Patrick Augustin (McGill University)
17.00
Coffee Break
17.20
Panel Discussion: SOVEREIGN DEBT MANAGEMENT IN UNCERTAIN TIMES
Moderator: Marti Subrahmanyam, NYU Stern School of Business
Panellists:
Davide Iacovoni, Director General, Public Debt, Ministry of Economy and Finance, Italy
Siegfried Ruhl, European Commission, Hors Classe Adviser, Directorate General for Budget
Fatos Koc, OECD, Head of Financial Markets Unit
Paul Canty, Co-Head of Policy and Markets, UK Debt Management Office
18.45
END OF WORKS
20.00
Reception and Dinner (by invitation only)
11th June
Wednesday
08.30
Welcome Coffee
09.00
Session 2: CENTRAL BANKS’ INTERVENTION IN SOVEREIGN MARKETS
Session Chair: Giovanni Veronese, Banca d’Italia
Dealers, Information, and Liquidity Crises in Safe Assets
by Win Monroe (Imperial College Business School), Robert Czech
Discussant: Stephen Schaefer (London Business School)
The Fiscal Cost of Quantitative Easing
by Adrien d’Avernas, Antoine Hubert de Fraisse, Liming Ning, Quentin Vandeweyer (University of Chicago Booth)
Discussant: Mariano Max Croce (Università Bocconi)
When Banks Hold Back: Credit and Liquidity Provision
by Carlo Altavilla (European Central Bank), Massimo Rostagno, Julian Schumacher
Discussant: Antonio Diez de los Rios (Bank of Canada)
11.15
Coffee Break
11.30
Session 3: A DEEP DIVE INTO THE DEMAND OF SOVEREIGN BONDS
Session Chair: Martina Cecioni, Banca d’Italia
The Demand for Safe Assets
by Filippo Cavaleri, Angelo Ranaldo (University of Basel, Swiss Finance Institute), Enzo Rossi
Discussant: Federico Nucera (Banca d’Italia)
Anatomy of the Treasury Market: Who Moves Yields?
by Manav Chaudhary, Zhiyu Fu (Washington University in St. Louis), Haonan Zhou
Discussant: Iryna Kaminska (Bank of England
Granular Treasury Demand with Arbitrageurs
by Kristy A.E. Jansen (University of Southern California and De Nederlandsche Bank), Wenhao Li, Lukas Schmid
Discussant: Melina Papoutsi (European Central Bank)
13.45
CLOSING REMARKS
13.50
Lunch
