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Session 12: The Dollar’s Special Status

September 5-7, 2019 | Landau Economics Bldg, 579 Serra Mall, Room 134 (A), Stanford

The U.S. dollar plays a unique role as the major reserve currency in the international financial system. The dollar’s status also creates special demand by foreign investors for safe assets denominated in dollars. This SITE session invite papers that explore why the dollar plays this role, and how the dollar’s special status affects exchange rate valuation, international capital flows, the trade balance, etc. We are also interested in papers that explore the role of financial intermediaries in currency markets.

Organizers: Arvind Krishnamurthy (Stanford Graduate School of Business), Hanno Lustig (Stanford Graduate School of Business) and Matteo Maggiori (Harvard University)

In this Session

Sep 5 | 8:30 am to 9:00 am

Check-in | Breakfast

Sep 5 | 9:00 am to 9:45 am

Exchange Rates and Asset Prices in a Global Demand System

Presented by: Moto Yogo (Princeton)
Co-Author(s): Ralph Koijen (Chicago Booth)
Sep 5 | 9:45 am to 10:00 am


Sep 5 | 10:00 am to 10:45 am

A Theory of Term Premiums and Exchange Rates

Presented by: Adi Sunderam (Harvard)
Co-Author(s): Robin Greenwood (Harvard), Sam Hanson (Harvard) and Jeremy Stein (Harvard)
Sep 5 | 10:45 am to 11:15 am


Sep 5 | 11:15 am to 12:00 pm

Credit Supply and Household Debt: Evidence from Brazil

Presented by: Amir Sufi (University of Chicago)
Co-Author(s): Atif Man (Princeton) and Jacopo Ponticelli (Northwestern)
Sep 5 | 12:00 pm to 1:35 pm


Sep 5 | 1:35 pm to 2:30 pm

Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens

Presented by: Matteo Maggiori (Harvard)
Co-Author(s): Antonio Coppola (Harvard), Brent Neiman (University of Chicago) and Jesse Schreger (Columbia)
Sep 5 | 2:30 pm to 3:00 pm


Sep 5 | 3:00 pm to 3:55 pm

The International Medium of Exchange

Presented by: Rosen Valchev (Boston College)
Co-Author(s): Ryan Chahrour (Boston College)
Sep 5 | 3:55 pm to 4:25 pm


Sep 5 | 4:25 pm to 5:20 pm

Banks, Dollar Liquidity, and Exchange Rates

Presented by: Saki Bigio (UCLA)
Co-Author(s): Javier Bianchi (MPLS Fed) and Charles Engel (UWM)
Sep 5 | 6:00 pm


Sep 6 | 8:30 am to 9:00 am


Sep 6 | 9:00 am to 10:00 am

External Debt, Currency Risk, and International Monetary Policy Transmission

Presented by: Ursula Wiridianata (International Monetary Fund)
Sep 6 | 10:00 am to 10:15 am


Sep 6 | 10:15 am to 11:15 am

Global Investors, the Dollar, and U.S. Credit Conditions

Presented by: Tim Schmidt-Eisenlohr (Federal Reserve Board)
Co-Author(s): Friederike Niepmann (Federal Reserve Board)
Sep 6 | 11:15 am to 11:30 am


Sep 6 | 11:30 am to 12:30 pm

Credit Migration and Covered Interest Rate Parity

Presented by: Gordon Liao (Federal Reserve Board)
Sep 6 | 12:30 pm to 1:30 pm


Sep 6 | 1:30 pm to 2:30 pm

Are Intermediary Constraints Priced?

Presented by: Ben Hebert (Stanford)
Co-Author(s): Wenxin Du (University of Chicago) and Amy W. Huber (Stanford)
Sep 6 | 2:30 pm to 2:45 pm


Sep 6 | 2:45 pm to 3:45 pm

US Fiscal Cycle and the Dollar

Presented by: Zhengyang Jiang (Northwestern)
Sep 6 | 3:45 pm to 4:00 pm


Sep 6 | 4:00 pm to 5:00 pm

Currency Choice in Contracts

Presented by: Andres Drenik (Columbia)
Sep 6 | 6:00 pm


Sep 7 | 7:30 am to 8:00 am


Sep 7 | 8:00 am to 9:00 am

Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy

Presented by: Carolin Pflueger (University of Chicago)
Sep 7 | 9:00 am to 9:15 am


Sep 7 | 9:15 am to 10:15 am

Dominant Currency Debt

Presented by: Malamud Semyon (Ecole Polytechnique Fédérale de Lausanne)
Sep 7 | 10:15 am to 10:30 am


Sep 7 | 10:30 am to 11:30 am

Determinants of Sovereign Local Currency Bond Yields: The Case of Asia-Pacific

Presented by: Mikhail Chernov (UCLA)
Co-Author(s): Drew Creal (Notre Dame) and Peter Hoerdahl (BIS)
Sep 7 | 11:30 am to 11:45 am


Sep 7 | 11:45 am to 12:45 pm

Which Investors Matter for Global Equity Valuations and Expected Returns?

Presented by: Robert Richmond (NYU)