2025 Financial Stability Conference

Registration and Breakfast

8:45–8:50 am

Welcome

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

Opening Remarks

Beth M. Hammack, President and Chief Executive Officer, Federal Reserve Bank of Cleveland

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

Break

Paper Session: Markets

Business. Liquidity and Information Cycles

Gorkem Bostanci, Assistant Professor of Economics, University of British Columbia
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

Credit Surfaces and Economic Uncertainty | Paper

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

Discussant: Leland E. Farmer, Associate Professor of Economics, University of Virginia

Lunch

Keynote

Break

Paper Session: Institutions

Bank Financing of Global Supply Chains

Camelia Minoiu, Research Economist and Adviser, Federal Reserve Bank of Atlanta
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

Nonlinear Bank Capital Regulation | Paper

Karl Schulz, Assistant Professor of Economics, Ludwig Maximilian University of Munich
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 

Break

Panel: Institutions

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 
Marc Saidenberg, Principal, Financial Service, Ernst & Young LLP
Daniel Tarullo, Nomura Professor of International Finance Regulatory Practice, Harvard Law School [Virtual]

Reception Hosted at the Federal Reserve Bank of Cleveland

Registration and Breakfast

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

Keynote

Philip N. Jefferson, Vice Chair, Federal Reserve Board of Governors

Break

Paper Session: Technology

Inflation expectation and cryptocurrency investment | Paper

Artem Streltsov, Assistant Professor of Finance, SUNY Buffalo
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

Stablecoins and Safe Asset Prices | Paper

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

Discussant: Ariel Zetlin-Jones, Associate Professor of Economics, Carnegie Mellon University, Tepper School of Business

Break

Panel: Technology

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

Closing Remarks and Lunch

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