2022 Financial Stability Conference
Frontier Risks, a New Normal, and Policy Challenges
The Federal Reserve Bank of Cleveland and the Office of Financial Research will host their 10th annual financial stability conference, Financial Stability: Frontier Risks, a New Normal, and Policy Challenges, November 17-18, 2022 in a hybrid format.
Agenda
Scientific Committee
- Jennie Bai, Georgetown University
- Christa Bouwman, Texas A&M University
- Wenxin Du, The University of Chicago Booth School of Business
- Kinda Hachem, University of Virginia Darden School of Business
- Kathleen Hanley, Lehigh University
- Luc Laeven, Tilburg University
- Elena Loutskina, University of Virginia Darden School of Business
- Andreea Minca, Cornell University
- Alan Taylor, University of California Davis
day 1 - Thursday, November 17, 2022
All times in EST
Registration and Continental Breakfast
8:30-9:35 am
Welcome
9:35-9:40 am
Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland
Opening Remarks | video
9:40-9:55 am
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
Panel: Macroprudential and Monetary Policy | video
9:55–11:10 am
Moderator: Narayana Kocherlakota, Lionel W. McKenzie Professor of Economics, University of Rochester | presentation
Panelists
Bill Nelson, Executive Vice President and Chief Economist, Bank Policy Institute | presentation
Sujit Kapadia, Head of the Division of Market-Based Finance, European Central Bank | presentation
Steve Williamson, Professor and Stephen A. Jarislowsky Chair in Central Banking, Western University; Fellow, Bank of Canada | presentation
Break
11:10–11:20 am
Paper Session: Macroprudential and Monetary Policy | video
11:20–12:10 pm
Moderator and Discussant: Greg Phelan, Senior Researcher, Office of Financial Research | presentation
Bank Runs, Fragility, and Credit Easing
Javier Bianchi, Monetary Advisor, Federal Reserve Bank of Minneapolis | paper | presentation
Manuel Amador, Curtis L. Carlson Professor of Economics, University of Minnesota; Monetary Advisor, Federal Reserve Bank of Minneapolis
Crash Narratives
Dasol Kim, Research Principal, Office of Financial Research | paper | presentation
William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies, Faculty Director of the International Center for Finance, Yale School of Management
Robert J. Shiller, Sterling Professor of Economics, Yale University
Lightning Round: Macroprudential and Monetary Policy | video
12:10-12:40 pm
Unintended Consequences of Holding Dollar Assets
Robert Czech, Senior Research Economist, Bank of England | paper | presentation
Shiyang Huang, Associate Professor of Finance, University of Hong Kong Business School
Dong Lou, Professor of Finance, London School of Economics
Tianyu Wang, Associate Professor, Tsinghua University
Open Banking: Credit Market Competition When Borrowers Own the Data
Jing Huang, Assistant Professor of Finance, Texas A&M University | paper | presentation
Zhiguo He, Fuji Bank and Heller Professor of Finance and Jeuck Faculty Fellow, University of Chicago Booth School of Business
Jidong Zhou, Professor of Economics, Yale University
The Financial Origins of Non-Fundamental Risk
Sanjay R. Singh, Visiting Fellow, Federal Reserve Bank of San Francisco | paper | presentation
Sushant Acharya, Senior Research Advisor, Bank of Canada
Keshav Dogra, Senior Economist, Federal Reserve Bank of New York
Luncheon and Keynote | video
12:40-2:00 pm
Introduction: Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland
Tobias Adrian, Financial Counselor and Director of the Monetary and Capital Markets Department, International Monetary Fund | presentation
Paper Session: Financial Institutions | video
2:00-2:50 pm
Moderator and Discussant: Peter Zimmerman, Research Economist, Federal Reserve Bank of Cleveland | presentation
Cyberattacks and Financial Stability: Evidence from a Natural Experiment
Antonis Kotidis, Economist, Board of Governors of the Federal Reserve System | paper | presentation
Stacey Schreft, Office of Financial Research Deputy Director for Research and Analysis, US Treasury Office of Financial Research
Bank Funding Risk, Reference Rates, and Credit Supply
Stephan Luck, Financial Research Economist, Federal Reserve Bank of New York | paper | presentation
Harry Cooperman, Research Analyst, Federal Reserve Bank of New York
Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University
Zachry Wang, PhD Student, Stanford University
Yilin David Yang, Assistant
Professor of Finance, City
University of Hong Kong
Lightning Round: Financial Institutions | video
2:50–3:20 pm
Shock Absorbers and Transmitters: The Dual Role of Bank Specialization
Sotirios Kokas, Associate Professor in Finance, University of Essex | paper | presentation
Rajkamal Iyer, Associate Professor of Finance, Imperial College
Alexander Michaelides, Professor of Finance, Imperial College
José-Luis Peydró, Professor of Finance, Imperial College
Neglected No More: Housing Markets, Mortgage Lending, and Sea Level Rise
Philip Mulder, Researcher, US Treasury Office of Financial Research | paper | presentation
Benjamin J. Keys, Rowan Family Foundation Professor of Real Estate and Finance, Wharton School of the University of Pennsylvania
Dissecting Climate Risks: Are They Reflected in Stock Prices?
George Skiadopoulos, Professor of Finance, Queen Mary University of London and University of Piraeus | paper | presentation
Renato Faccini, Deputy Head of Research, Danmarks Nationalbank
Rastin Matin, Senior Quantitative Analyst Financial Stability, Danmarks Nationalbank
Break
3:20-3:35 pm
Panel: Financial Institutions | video
3:35–4:50 pm
Moderator: Beverly Hirtle, Director of Research and Head of Research and Statistics, Federal Reserve Bank of New York
Panelists
Andrew Felton, Associate Director, Risk Analytics for Complex Financial Institutions, Federal Deposit Insurance Company
Marc R. Saidenberg, EY Americas Financial Services Regulatory Lead, Principal US Financial Services Consulting, Ernst & Young LLP
Anjan Thakor, Interim Dean, John M. Olin Business School; Director of Doctoral Programs, and CFAR and John E. Simon Professor of Finance, Washington University in St. Louis | presentation
Closing Remarks and Networking
4:50-5:30 pm
Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland
Reception Hosted by the Federal Reserve Bank of Cleveland
5:30–7:30 pm
day 2 - Friday, November 18, 2022
Continental Breakfast
7:45–9:15 am
Welcome
9:15–9:20 am
Dasol Kim, Research Principal, US Treasury Office of Financial Research
Opening Remarks | video
9:20–9:30 am
James Martin, Deputy Director of Operations, Performing the duties of the Director, US Treasury Office of Financial Research
Panel: Financial Markets | video
9:30–10:45 am
Moderator: Mark Carey, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland
Panelists
James Sweeney, Head of Economics, Fundamental Fixed Income, Blackrock
Klaus Loeber, Director for Central Counterparties, European Securities and Markets Authority
Richard Berner, Clinical Professor of Management Practice in the Department of Finance, New York University Leonard N. Stern School of Business
Break
10:45–11:00 am
Paper Session: Financial Markets | video
11:00–11:50 am
Moderator and Discussant: Yi Li, Principal Economist, Board of Governors of the Federal Reserve System | presentation
How Abundant are Reserves? Evidence From the Wholesale Payment System
Gara Afonso, Head of Banking Studies, Federal Reserve Bank of New York | paper | presentation
Darrell Duffie, Adams Distinguished Professor of Management and Professor of Finance, Stanford University
Lorenzo Rigon, PhD Student, Stanford University
Hyun Song Shin, Economic Advisor and Head of Research, Bank for International Settlements
Market Power in Wholesale Funding: A Structural Perspective from the Triparty Repo Market
Amy Huber, Postdoctoral Research Associate, Rice University | paper | presentation
Lightning Round: Financial Markets | video
11:50–12:20 pm
Bank Debt versus Mutual Fund Equity in Liquidity Provision
Kairong Xiao, Associate Professor of Finance, Columbia University | presentation | paper
Yiming Ma, Assistant Professor of Finance, Columbia Business School
Yao Zeng, Assistant Professor of Finance, Wharton School of the University of Pennsylvania
Shocks and Technology Adoption: Evidence from Electronic Payment Systems
Apoorv Gupta, Assistant Professor of Economics, Dartmouth College | paper
Nicolas Crouzet, Associate Professor of Finance, Northwestern University Kellogg School of Management
Filippo Mezzanotti, Associate Professor of Finance, Northwestern University Kellogg School of Management
Intermediary Balance Sheets and the Treasury Yield Curve
Wenxin Du, Professor of Finance, University of Chicago Booth School of Business | paper | presentation
Benjamin Hebert, Associate Professor of Finance, Stanford University
Wenhao Li, Assistant Professor of Finance and Business Economics, University of Southern California Marshall School of Business
Closing Remarks and Box Lunch
12:20 pm
Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland
When and where
November 17 – November 18, 2022
Hybrid Conference