European Central Bank Annual Research Conference joint with Stanford's Hoover Institution on “The Next Financial Crisis?”

Welcome

Christine Lagarde, President, European Central Bank

Keynote lecture ‒ The Next Financial Crisis?

Raghuram Rajan, University of Chicago - Booth School of Business

Chair: Luc Laeven, Director General Research, European Central Bank

Coffee Break

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Session 1: Non-banks

Chair: Amit Seru, Hoover Institution & Graduate School of Business - Stanford University

Where Do Banks End and NBFIs Begin?

Viral V. Acharya*, New York University,

Nicola Cetorelli, Federal Reserve Bank of New York, and

Bruce Tuckman, New York University - Stern School of Business

Discussants: Tomasz Piskorski, Columbia Business School and

David Scharfstein, Harvard Business School

Lunch

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Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Fund Runs

Johannes Breckenfelder, European Central Bank and

Marie Hoerova*, European Central Bank

Discussants: Jean-Charles Rochet, Toulouse School of Economic and

Philipp Schnabl, New York University Stern School of Business

Coffee Break

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Session 2: Banks

Chair: Ross Levine, Hoover Institution

Bank Runs and Interest Rates 

Falk Brauning, Federal Reserve Bank of Boston and

Victoria Ivashina*, Harvard University

Discussants: Emil Verner, MIT Sloan School of Management and

José Manuel Campa, Chairperson of the European Banking Authority

Interest Rate Risk and Cross-Section Effects of Micro-Prudential Regulation

Juliane Begenau*, Graduate School of Business - Stanford University,

Vadim Elenev, Johns Hopkins University and

Tim Landvoigt, University of Pennsylvania - The Wharton School

Discussants: Augustin Landier, HEC and

Markus Brunnermeier, Princeton University

End of day one

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Session 3: Central banks and regulation 

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Unintended Consequences of QE: Real Estate Prices and Financial Stability

Tobias Berg*, Goethe University Frankfurt,

Rainer Haselmann, Goethe University Frankfurt,

Thomas Kick, Deutsche Bundesbank, and

Sebastian Schreiber, Goethe University Frankfurt

Discussants: Amir Sufi, University of Chicago - Booth School of Business and

José-Luis Peydró, LUISS and EIEF

Noisy Experts? Discretion in Regulation

Sumit Agarwal, National University of Singapore,

Bernardo C. Morais, Federal Reserve Board of Governors,

Amit Seru, Stanford University - Hoover Institution, and

Kelly Shue*, Yale University

Discussants: Rafael Repullo, CEMFI and

Claudia Buch, Chair of the Supervisory Board of the ECB

Coffee Break

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Policy panel “Monetary policy and financial stability”

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank

Panellists: Pierre-Olivier Gourinchas, International Monetary Fund and

Klaas Knot, formerly President, De Nederlandsche Bank and Financial Stability Board

Farewell

Amit Seru, Stanford University - Hoover Institution

End of conference

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