Oxford from above

Oxford NuCamp-Saïd Macro-finance Conference

Money, credit and financial stability

The conference will be held on 5 and 6 April 2019 at Cohen Quad, Exeter College, University of Oxford. It is jointly organised by the Nuffield College Centre for Applied Macro Policy (NuCamp) and Saïd Business School, University of Oxford.

The conference has selected 12 high-quality papers from over 150 submissions worldwide. 

Keynote Speaker

Ricardo Reis, London School of Economics

Opening remarks

Charles Goodhart, FMG and London School of Economics

Topics include:

  • Bank credit and fiat money
  • Monetary policy, macroprudential policy, and financial stability
  • The balance sheet transformation of banks and shadow banks, financial intermediation and liquidity
  • Systemic risk, contagion, default and financial crises
  • International monetary system and the global financial cycles


Martin Ellison (Department of Economics and Nuffield College, Oxford)
Dimitrios Tsomocos (Saïd Business School and St Edmund Hall, Oxford)
Xuan Wang (Saïd Business School and Exeter College, Oxford)

Download the programme

Programme - Friday 5th April

08:50 - 09:40

Registration and coffee

09:40 - 10:00

Opening remarks

Charles Goodhart, FMG and London School of Economics

10:00 - 10:50

Mixed signals: investment distortions in general equilibrium with adverse selection

R. Matthew Darst  (Fed Board) with Ehraz Refayet (US Treasury)

Discussant: Ji Yan (City University of Hong Kong)

10:50 - 11:40

Financial stability, endogenous liquidity, and monetary policy transmission at the interest rate lower bound

Xuan Wang (Saïd Business School, University of Oxford) and Dimitrios P. Tsomocos (Saïd Business School, University of Oxford) 

Discussant: Martin Ellison (University of Oxford)

11:40 - 12:30

Going with the flows- net borrowing, debt service and the transmission of credit booms

Mathias Drehmann (BIS) with Mikael Juselius (Bank of Finland) and Anton Korinek (University of Virginia)

Discussant: Sang Lee (University of Oxford and Bilkent University)

12:30 - 14:00


14:00 - 14:50


Ricardo Reis (London School of Economics)

14:50 - 15:40

Interbank trading, collusion, and financial regulation

Michael Gofman (University of Rochester) with Dean Corbae (University of Wisonsin – Madison)

Discussant: Shengxing Zhang (London School of Economics)

15:40 - 16:10

Coffee break

16:10 - 17:00

A financial stability analysis for the Chilean economy

J-F. Martinez (Central Bank of Chile) with E. Kazakova (University of Wisconsin – Madison), M. Udara Peiris (ICEF, HSE) and Dimitrios P. Tsomocos (Saïd Business School, University of Oxford)

Discussant: Genevieve Nelson (University of Oxford)

17:00 - 17:50

European spreads at the interest rate lower bound

Laura Coroneo (University of York) with Sergio Pastorello (University of Bologna)

Discussant: Ilaria Piatti (Saïd Business School, University of Oxford)


Dinner at Exeter College (by invitation only)

Programme - Saturday 6th April

09:20 - 10:10

Dynamic asset-backed security design

Kathy Yuan (London School of Economics) with Emre Ozdenoren (London Business School) and Shengxing Zhang (London School of Economics)

Discussant: Mario Milone (UCSD and Imperial College)

10:10 - 11:00

Beyond Pangloss: Financial sector origins of excessive output

Michael McMahon (University of Oxford) with Frederic Malherbe (University College London)

Discussant: M. Udara Peiris (ICEF, HSE)

11:00 - 11:30

Coffee break

11:30 - 12:20

(Why) do central banks  care about their profits?

Martin Schmalz (Saïd Business School, University of Oxford) with Igor Goncharov (Lancaster University) and Vasso Ioannidou (Lancaster University)

Discussant: Oren Sussman (Saïd Business School, University of Oxford)

12:20 - 13:10

International coordination of macro-prudential and monetary policies

Enisse Kharroubi (BIS)

Discussant: Tatjana Schulze (Saïd Business School, University of Oxford)

13:10 - 14:40


14:40 - 15:30

Collateral runs

Alexandros P. Vardoulakis (Fed Board) with Sebastian Infante (Fed Board)

Discussant: Kostas Zachariadis (Queen Mary University of London)

15:30 - 16:20

Central bank communication and the yield curve

Gyuri Venter (Copenhagen Business School) with Matteo Leombroni (Stanford University), Andrea Vedolin (Boston University) and Paul Whelan (Copenhagen Business School)

Discussant: Julian Ashwin (University of Oxford)