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2025 Financial Stability Conference

Financial Stability in a Time of Rapid Economic and Technological Change

The Federal Reserve Bank of Cleveland hosted their thirteenth annual financial stability conference on November 20–21, 2025. This year’s conference, Financial Stability in a Time of Rapid Economic and Technological Change, held in Cleveland, Ohio. Virtual attendance was available.

Agenda
View and download the full agenda
Questions?
If you have a question, please contact financial.stability.conference@clev.frb.org

Agenda

Thursday, November 20, 2025 EST

8:00–8:45 am

Registration and Breakfast

8:45–8:50 am

Welcome

Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland 
8:50–9:00 am

Opening Remarks | video | remarks

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

Panel: Markets

Moderator: Chester Spatt, Pamela and Kenneth Dunn Professor of Finance, Carnegie Mellon University Tepper School of Business

Jason Cummins, Head of Research, Chief U.S. Economist, Brevan Howard Asset Management 
Michael Harris, Vice Chairman, Global Head of Capital Markets, New York Stock Exchange
Mark Spindel, Founder and Chief Investment Officer, Potomac River Capital, Senior Advisor, FM Investments

*This session was not recorded per Chatham house rules
10:00–10:15 am

Break
 

Paper Session: Markets | video | transcript
10:15–11:00 am

Business. Liquidity and Information Cycles

Gorkem Bostanci, Assistant Professor of Economics, University of British Columbia | slides
Guillermo L. Ordoñez, Professor of Economics and Finance, University of Pennsylvania

Discussant: Nagpurnanand Prabhala, Professor of Finance, Francis J. Carey Jr., Endowed Professor of Business, The Johns Hopkins University Carey Business School
11:00–11:45 am

Credit Surfaces and Economic Uncertainty | Paper

David E. Rappoport, Principal Economist, Federal Reserve Board of Governors | slides
John Geanakoplos, James Tobin Professor of Economics, Yale University

Discussant: Leland E. Farmer, Associate Professor of Economics, University of Virginia | slides
11:45 am–1:00 pm

Lunch
1:00–2:00 pm

Keynote: Tracing the Sources of Fragility in the Financial System | video | transcript

Itay Goldstein, Joel S. Ehrenkranz Family Professor of Finance and Economics, Chair, Finance Department, Wharton School, University of Pennsylvania | slides
2:00–2:15 pm

Break
 

Paper Session: Institutions | video | transcript
2:15–3:00 pm

Bank Financing of Global Supply Chains

Camelia Minoiu, Research Economist and Adviser, Federal Reserve Bank of Atlanta | slides
Laura Alfaro, Warren Alpert Professor of Business Administration, Harvard Business School
Mariya Brussevich, Professor of Economics, Instituto Brasiliero de Mercado de Capitas, Rio de Janeiro
Andrea F. Presbitero, Deputy Division Chief of Research, International Monetary Fund

Discussant: Felipe E. Saffie, Assistant Professor of Business Administration, University of Virginia Darden School of Business | slides
3:00–3:45 pm

Nonlinear Bank Capital Regulation | Paper

Karl Schulz, Assistant Professor of Economics, Ludwig Maximilian University of Munich | slides
Maximilian Jager, Assistant Professor of Finance, Frankfurt School of Finance & Management

Discussant: Chotibhak (Pab) Jotikashtira, Professor of Finance and Huffington Chair, Edwin L. Cox School of Business, Southern Methodist University | slides
3:45–4:00 pm

Break
4:00–5:00 pm

Panel: Institutions | video | transcript

Moderator: W. Scott Frame, Senior Vice President, Deputy Head of Research, Bank Policy Institute

Mark Jeffrey Flannery, Bank of America Eminent Scholar in Finance, University of Florida, Warrington College of Business | slides
Marc Saidenberg, Principal, Financial Service, Ernst & Young LLP
Daniel Tarullo, Nomura Professor of International Finance Regulatory Practice, Harvard Law School
5:00–7:00 pm

Reception Hosted at the Federal Reserve Bank of Cleveland

Friday, November 21, 2025 EST

8:00–8:30 am

Registration and Breakfast
8:30–8:45 am

Welcome and Opening Remarks

Peter Zimmerman, Research Economist, Federal Reserve Bank of Cleveland
Edward S. Knotek II, Senior Vice President and Director of Research, Federal Reserve Bank of Cleveland
8:45–9:45 am

Keynote: AI, the Economy, and Financial Stability | video

Philip N. Jefferson, Vice Chair, Federal Reserve Board of Governors
9:45–10:00 am

Break
 

Paper Session: Technology | video | transcript
10:00–10:45 am

Inflation expectation and cryptocurrency investment | Paper

Artem Streltsov, Assistant Professor of Finance, SUNY Buffalo | slides
Lin William Cong, The Rudd Family Endowed Chair Professor of Management and Professor of Finance, Johnson Graduate School of Management, Cornell SC Johnson College of Business
Pulak Ghosh, Professor of Decision Sciences, Finance and Public Policy, Indian Institute of Management Bangalore
Jiasun Li, Robert D. Johnson Associate Professor of Finance, Costello College of Business at George Mason University
Qihong Ruan, Cornell University

Discussant: Russell Wong, Senior Economist, Federal Reserve Bank of Richmond | slides
10:45–11:30 am

Stablecoins and Safe Asset Prices | Paper

Rashad Ahmed, Economist, Anderson Institute for Finance and Economics | slides
Iñaki Aldasoro, Principal Economist, Bank for International Settlements

Discussant: Ariel Zetlin-Jones, Associate Professor of Economics, Carnegie Mellon University, Tepper School of Business | slides
11:30–11:45 am

Break
11:45 am–12:45 pm

Panel: Technology | video | transcript

Moderator: Til Schuermann, Partner, Global Head of Finance and Risk, Oliver Wyman

Hilary Allen, Professor of Law, American University, Washington College of Law
Lewis Rinaudo Cohen, Partner, Cahill Gordon & Reindel LLP
Timothy G. Massad, Research Fellow, Harvard Kennedy School, Mossaver-Rahmani Center for Business and Government and Director, M-RCBG's Digital Assets Policy Project at Harvard Kennedy School
12:45–1:45 pm

Closing Remarks and Lunch

Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland

Scientific Program Reviewers

  • Will Cong, Cornell SC Johnson College of Business
  • Victoria Ivashina, Harvard Business School
  • Chotibhak Jotikasthira, Southern Methodist University, Cox School of Business
  • Anton Korinek, University of Virginia, Darden School of Business
  • Nagpurnanand Prabhala, Johns Hopkins Carey Business School
  • Gregory Nini, Drexel University, LeBow College of Business
  • Gregory F. Udell, Indiana University, Kelly School of Business
  • Anthony Lee Zhang, University of Chicago Booth School of Business
  • Alex Zhou, Southern Methodist University, Cox School of Business

When and where

November 20– 21, 2025
Cleveland, Ohio and Hybrid

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