Monetary Economics.

• Position: Program and Working Group Meetings

Members of the NBER's Monetary Economics Program met at the Federal Reserve Bank of New York on March 1-2. Faculty Research Fellows Amir Kermani of the University of California, Berkeley and Jennifer La'O of Columbia University organized the meeting. These researchers' papers were presented and discussed:

* Itamar Drechsler, Alexi Savov, and Philipp Schnabl, New York University and NBER, "Banking on Deposits: Maturity Transformation without Interest Rate Risk"

* Julian Kozlowski, New York University, and Laura Veldkamp and Venky Venkateswaran, New York University and NBER, "The Tail that Keeps the Riskless Rate Low" (NBER Working Paper No. 24362)

* Chen Lian, MIT, and Yueran Ma, Harvard University, "Anatomy of Corporate Borrowing Constraints"

* Francisco J. Buera, Washington University in St. Louis, and Sudipto Karmakar, Banco de Portugal, "Real...