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