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2026 Financial Stability Conference

The Federal Reserve Bank of Cleveland and the Yale Program on Financial Stability invite you to attend the 14th annual Financial Stability Conference to take place in person in Cleveland, Ohio, and virtually on November 19–20, 2026.

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Agenda
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Please contact: financial.stability.conference@clev.frb.org

About the event

The Federal Reserve Bank of Cleveland and the Yale Program on Financial Stability invite you to attend the 14th annual Financial Stability Conference to take place in person in Cleveland, Ohio, and virtually on November 19–20, 2026.

Keynote speakers

  • Cornelia Holthausen, Director General, Macro Prudential Policy and Financial Stability, European Central Bank
  • Nancy E. Wallace, Professor and Chair of the Real Estate Group, Lisle and Roslyn Payne Chair in Real Estate Capital Markets, and Co-Chair, Fisher Center for Real Estate and Urban Economics, University of California Berkeley, Haas School of Business

With remarks by Beth M. Hammack, President and CEO, Federal Reserve Bank of Cleveland.

Register now. The deadline for registration to attend in person is 11:59 pm EST, Monday, November 9, 2026. Registration for virtual attendance is open throughout the conference.

Agenda

All Times in Eastern Standard Time (EST)

Thursday, November 19, 2026

8:00–8:45 am

Registration and Breakfast
8:45–8:50 am

Welcome

Peter Zimmerman, Research Economist, Federal Reserve Bank of Cleveland
8:50–9:00 am

Opening Remarks

Beth M. Hammack, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
9:00–10:00 am

Panel Session: Technology

Moderator: Chris Hughes, Senior Fellow, Institute on Race, Power, and Political Economy, The New School, Co-Founder and Chair, Economic Security Project, Ph.D. Student, University of Pennsylvania, Wharton School of Business

Richard Berner, Clinical Professor of Management Practice, Finance, Co-Director, Stern Volatility and Risk Institute, New York University, Leonard N. Stern School of Business
Nicole Kagan, Head of Markets & Research, Kalshi
Fabio M. Natalucci, Managing Director and Chief Executive Officer, Andersen Institute for Finance and Economics
10:00–10:15 am

Break
 

Paper Session: Market Discipline
10:15–11:00 am
Rating Without Market Discipline

Giacomo Ricciardi, PhD Student, Columbia Business School
Xuelin Li, Assistant Professor of Finance, Columbia Business School
Sangmin S. Oh, Assistant Professor of Finance, Columbia Business School
Discussant: Christian Lundblad, Richard Levin Distinguished Professor of Finance, Kenan Institute of Private Enterprise and Kenan-Flagler Business School, The University of North Carolina at Chapel Hill
11:00–11:45 am
Bailout Expectations, Default Risk and the Dynamics of Bank Credit Spreads

Luigi Falasconi, Research Economist, Federal Reserve Bank of Minneapolis
Discussant: TBA
11:45 am–1:00 pm

Lunch
1:00–2:00 pm

Keynote

Cornelia Holthausen, Director General, Macroprudential Policy and Financial Stability, European Central Bank
2:00–2:15 pm

Break
 

Paper Session: Bank Fragility
2:15–3:00 pm
Reaching for Duration

Pascal Paul, Senior Economist, Federal Reserve Bank of San Francisco
Thomas M. Mertens, Senior Vice President and Associate Director of Research, Federal Reserve Bank of San Francisco
Andres Schneider, Assistant Professor of Finance, University of Miami Herber Business School
Discussant: TBA
3:00–3:45 pm
Bank Runs in the Digital Era

Juan Cruz Llambias, PhD Student, University of Pennsylvania
Guillermo Ordonez, Joseph M. Cohen Term Professor of Economics, Professor of Finance, University of Pennsylvania
Edoardo Rainone, Advisor, Directorate General of Economics, Research and Statistics, Bank of Italy
Discussant: J. Anthony Cookson, Smeal Chair Professor of Finance, Smeal College of Business, Penn State University
3:45–4:00 pm

Break
4:00–5:00 pm

Panel Session: Markets

Moderator: Andrew Metrick, Janet L. Yellen Professor of Finance and Management, Yale School of Management and Director, Yale Program on Financial Stability

Giulio Girardi, Principal Financial Economist, Office of Risk Assessment, U.S. Securities and Exchange Commission
Shyam Rajan, Global Head of Fixed Income, Citadel Securities
Brian Sack, Head of Macro Strategy, Balyasny Asset Management
5:00–7:00 pm

Reception Hosted at the Federal Reserve Bank of Cleveland

Friday, November 20, 2026

8:00–8:30 am

Registration and Breakfast
8:30–8:45 am

Welcome and Opening Remarks
8:45–9:45 am

Keynote

Nancy E. Wallace, Professor and Chair of the Real Estate Group, Lisle and Roslyn Payne Chair in Real Estate Capital Markets, Co-Chair, Fisher Center for Real Estate and Urban Economics, University of California Berkeley, Haas School of Business
9:45–10:00 am

Break
 

Paper Session: Central Bank Interventions
10:00–10:45 am
Emergency Lending and Moral Hazard

John Kandrac, Board of Governors of the Federal Reserve System
Bernd Schlusche, Board of Governors of the Federal Reserve System
Discussant: Chase P. Ross, Assistant Professor of Finance, University of Florida, Warrington College of Business
10:45–11:30 am
Dissecting Treasury Market Resilience

Wenhao Li, Assistant Professor of Finance and Business Economics, Marshall School of Business, University of Southern California
Kristy Jansen, Assistant Professor of Finance and Business Economics, Marshall School of Business, University of Southern California
Lukas Schmid, Professor of Finance and Business Economics, Marshall School of Business, University of Southern California
Discussant: Jonathan Wallen, Assistant Professor of Finance, Stephen M. Ross School of Business, University of Michigan
11:30–11:45 am

Break
11:45 am–12:45 pm

Panel: Institutions

Moderator: Joseph Haubrich, Economist Emeritus, Federal Reserve Bank of Cleveland

Steven Kelly, Senior Adviser, Federal Deposit Insurance Corporation
Al Moffitt, Global Treasurer, J.P. Morgan Chase
Jeffery Zhang, Assistant Professor, University of Michigan, Law School
12:45–1:45 pm

Closing Remarks and Lunch

Scientific committee

  • Matteo Crosignani, Federal Reserve Bank of New York
  • Thomas Eisenbach, Federal Reserve Bank of New York
  • Mila Getmansky Sherman, University of Massachusetts Amherst, Isenberg School of Management
  • Kristoph Kleiner, Indiana University, Kelly School of Business
  • Albert "Pete" Kyle, University of Maryland, Robert H. Smith School of Business
  • Christian Lundblad, The University of North Carolina at Chapel Hill, Keenan-Flagler Business School
  • Yueran Ma, The University of Chicago Booth School of Business
  • Alan Moreira, New York University Stern School of Business
  • Angela Vossmeyer, Claremont McKenna College
  • Chase P. Ross, University of Florida, Warrington College of Business
  • Jonathan Wallen, Harvard Business School
  • Fahad Saleh, University of Florida, Warrington College of Business
  • Giorgia Piacentino, University of Southern California, Marshall School of Business
  • Joel Shapiro, University of Oxford, Said Business School
  • Daniel Rabetti, National University of Singapore
  • J. Anthony Cookson, Penn State University, Smeal College of Business
  • Liyan Yang, University of Toronto, Joseph L. Rotman School of Management
  • Burton Hollifield, Carnegie Mellon University, Tepper School of Business
  • Jonathan E. Payne, Princeton University, Julis-Rabinowitz Center for Public Policy and Finance
  • Dean Corbae, University of Wisconsin Madison

When and where

November 19–20, 2026
Cleveland, Ohio

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