15th Annual Paul Woolley Centre Conference

"Segmented Markets and Macroeconomics"

The Fifteenth Annual Conference of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality took place on 8th-9th June 2023, at the LSE in person.

Research at the Paul Woolley Centre aims to understand capital markets' workings and the social efficiency of allocations these markets achieve. The research departs from the Arrow-Debreu view of frictionless markets and emphasises the role of financial intermediaries (e.g. investment banks, mutual, hedge, and pension funds) in influencing prices and allocations.

The Centre holds a conference each year based on these broad themes to bring together researchers working on such questions, disseminate their research, and stimulate the development of new ideas.

This year's edition of the conference was held jointly with the LSE Centre for Macroeconomics. The central topic was the segmentation of asset markets and its implications for the term structure of interest rates, for exchange rates and UIP/CIP, and for monetary policy and financial stability.

Photos - click for more

Conference speaker talking to Paul Woolley
Conference attendees
Conference room with Ricardo Reis presenting
two women chatting at the conference


Programme - click here (PDF)

Intermediary Balance Sheets and the Treasury Yield Curve
Authors: Wenxin Du, *Benjamin M. Hébert, Wenhao Li (Paper, Slides)
Discussion: Jane Li (Slides)

Monetary Policy, Segmentation, and the Term Structure
Authors: *Rohan Kekre, Moritz Lenel, Federico Mainardi (Paper, Slides)
Discussion: James Costain (Slides)

Exorbitant Privilege and Exorbitant Duty
Pierre-Olivier Gourinchas, *Hélène Rey
Discussion: Christian Heyerdahl Larsen (Slides)

International Capital Markets and Wealth Transfers
Magnus Dahlquist, Christian Heyerdahl-Larsen, *Anna Pavlova, Julien Pénasse
Discussion: Rosen Valchev (Slides)

The Market for Inflation Risk
Saleem Bahaj, Robert Czech, Sitong Ding, *Ricardo Reis (Slides)
Discussion: Nina Boyarchenko

What do financial markets say about the exchange rate?
Mike Chernov, Valentin Haddad, *Oleg Itskhoki (Slides)
Discussion: Ian Martin (Slides)

A Monetary Policy Asset Pricing Model
Ricardo J. Caballero, *Alp Simsek (Paper, Slides)
Discussion: Nicolas Caramp (Slides)

Monetary Policy and Wealth Effects: The Role of Risk and Heterogeneity
Nicolas Caramp, *Dejanir H. Silva (Paper, Slides)
Discussion: Rustam Jamilov

The Geography of Capital Allocation in the Euro Area
Roland Beck, *Antonio Coppola, Angus Lewis, Matteo Maggiori, Martin Schmitz, Jesse Schreger
Discussion: Alexandra Tabova