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2021 Financial Stability Conference: Planning for Surprises, Learning from Crises

East 6th Street
Cleveland
OH
44114

What

Financial Stability: Planning for Surprises, Learning from Crises

When

November 17 – November 19, 2021

Where

Virtual Conference

Organized by the Federal Reserve Bank of Cleveland and the Office of Financial Research


The Federal Reserve Bank of Cleveland and the Office of Financial Research are hosting their annual financial stability conference, Financial Stability: Planning for Surprises, Learning from Crises to be held virtually, November 17–19, 2021.

Register to Attend

Upon registering, you will receive a confirmation email containing additional instructions to join the virtual conference.

Scientific Committee

Simon Gilchrist, New York University
Paul Glasserman, Columbia Business School
Zhiguo He, University of Chicago
Maureen O’Hara, Cornell University
Nagpurnanand Prabhala, Johns Hopkins University
Hyun Song Shin, Bank for International Settlements

November 17, 2021

All times in EDT

Welcome

11:15-11:20 am
Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland

Opening Remarks

11:20-11:30 am
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland

Panel: Fiscal and Monetary Responses and Financial Stability

11:30 am-12:30 pm
Moderator: Anil Kashyap, Stevens Distinguished Service Professor of Economics and Finance, University of Chicago Booth School of Business

Panelists
Claudia M. Buch, Vice President, Deutsche Bundesbank
Michael Faulkender, Professor of Finance, Robert H. Smith School of Business at the University of Maryland
Ida Wolden Bache, Deputy Governor, Norges Bank

Q&A

Break

12:30-12:40 pm

Keynote Address

12:40-1:20 pm
Introduction: Loretta J. Mester
Governor Christopher J. Waller, Board of Governors of the Federal Reserve System

Q&A

Break

1:20-1:30 pm

Paper Session: Fiscal and Monetary Responses and Financial Stability

1:30-3:00 pm
Discussant: Simon Gilchrist, Professor of Economics, New York University

Dissecting Mechanisms of Financial Crises: Intermediation and Sentiment
Wenhao Li, Assistant Professor of Finance and Business Economics, University of Southern California Marshall School of Business
Arvind Krishnamurthy, John S. Osterweis Professor of Finance, Stanford Graduate School of Business

Adverse Selection Dynamics in Privately Produced Safe Debt Markets
Nathan Foley-Fisher, Principal Economist, Board of Governors of the Federal Reserve System
Gary B. Gorton, Frederick Frank Class of 1954 Professor of Finance, Yale School of Management
Stéphane Verani, Principal Economist, Board of Governors of the Federal Reserve System

Credit Allocation and Macroeconomic Fluctuations
Karsten Müller, Assistant Professor of Finance, National University of Singapore Business School
Emil Verner, Class of 1957 Career Development Professor, Assistant Professor of Finance, MIT Sloan School of Management

Q&A

November 18, 2021

All times in EDT

Welcome

11:15-11:20 am
Dasol Kim, Senior Economist, Office of Financial Research

Opening Remarks

11:20-11:30 am
Dino Falschetti, Director, Office of Financial Research

Panel: Financial Stability: Shocks and Vulnerabilities

11:30 am-12:30 pm
Moderator: Chester Spatt, Pamela R. and Kenneth B. Dunn Professor of Finance, David A. Tepper School of Business at Carnegie Mellon University

Panelists
Mark J. Flannery, Bank of America Eminent Scholar in Finance, University of Florida Warrington College of Business
Gregory Hopper, Global Head of Enterprise Risk, Golden Sachs Group
Ananth Madhavan, Managing Director and Global Head of Research for ETF and Index Investing, BlackRock

Q&A

Break

12:30-12:40 pm

Keynote Address

12:40-1:20 pm
Introduction: Dasol Kim, Senior Economist, Office of Financial Research
Viral Acharya, C.V. Starr Professor of Economics, New York University Leonard N. Stern School of Business

Q&A

Break

1:20-1:30 pm

Paper Session: Financial Stability: Shocks and Vulnerabilities

1:30-3:00 pm
Discussant: Zhiguo He, Fuji Bank and Heller Professor of Finance and Jeuck Faculty Fellow, University of Chicago Booth School of Business

Liquidity Coinsurance in Syndicated Loan Markets
Vladimir L. Yankov, Senior Economist, Board of Governors of the Federal Reserve System
Filip Zikes, Principal Economist, Board of Governors of the Federal Reserve System

(In)efficient repo markets
Tobias Dieler, Assistant Professor of Finance, University of Bristol
Loriano Mancini, Associate Professor of Finance, Swiss Finance Institute and the Institute of Finance at USI, Lugano
Norman Schürhoff, Swiss Finance Institute Professor of Finance, Université de Lausanne

Hedge funds and the Treasury cash-futures disconnect
R. Jay Kahn, Research Economist, Office of Financial Research
Daniel J. Barth, Senior Economist, Board of Governors of the Federal Reserve System

Q&A

November 19, 2021

All times in EDT

Welcome

11:15-11:30 am
Joseph Haubrich, Senior Economic and Policy Advisor, Federal Reserve Bank of Cleveland

Panel: Financial Instability Externalities

11:30 am-12:30 pm
Moderator: Patricia Mosser, Director of the MPA Program in Economic Policy Management, Senior Research Scholar, Columbia School of International and Public Affairs

Panelists
Michael Fratantoni, Chief Economist, Senior Vice President of Research and Industry Technology, Mortgage Bankers Association
Alexandra Friedman, Deputy Director of the Office of Cybersecurity and Critical Infrastructure Protection, US Department of the Treasury
Billy Pizer, Vice President for Research and Policy Engagement, Resources for the Future
Emin Gün Sirer, Founder and CEO, Ava Labs

Q&A

Break

12:30-12:40 pm

Paper Session: Financial Instability Externalities

12:40-2:10 pm
Discussant: Nagpurnanand Prabhala, Francis J. Cary Jr. Endowed Professor in Business, Professor of Finance, Johns Hopkins Carey Business School

Cyberattacks on Small Banks and the Impact on Local Banking Markets
Francesco Vallascas, Professor of Finance, Durham University
Ivan Lim, Assistant Professor of Finance, Durham University
Fabian Gogolin, Lecturer/Assistant Professor of Finance and Accounting, Leeds University Business School

Banking on Carbon: Corporate Lending and Cap-and-Trade Policy
Sumudu Watugala, Assistant Professor of Finance, Cornell University’s S. C. Johnson College of Business
Ivan T. Ivanov, Principal Economist, Board of Governors of the Federal Reserve System
Mathias S. Kruttli, Senior Economist, Board of Governors of the Federal Reserve System

Counterparty Choice, Bank Interconnectedness, and Systemic Risk
Dasol Kim, Senior Economist, Office of Financial Research
Andrew Ellul, Professor of Finance, Fred T. Greene Chair in Finance, Indiana University’s Kelley School of Business and Office of Financial Research

Q&A

Closing Remarks

2:10–2:15 pm
Joseph Haubrich

Virtual Networking Session

2:15–3:00 pm