The Hoover Institution and the European Central Bank cohost the European Central Bank Annual Research Conference on “The Next Financial Crisis?” on September 17-18, 2025.
The tenth European Central Bank Annual Research Conference is organized jointly with Stanford’s Hoover Institution and brings together policymakers and academics to discuss how current regulations, supervisory practices, (conventional and unconventional) monetary policy, and technological innovations shape financial fragility.
This conference is by invitation only.
Wednesday, 17 September 2025 | ||
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Time | Content | Presenters |
9:30 AM |
Welcome |
Christine Lagarde, President, European Central Bank |
9:45 AM |
Keynote lecture ‒ The Next Financial Crisis? |
Raghuram Rajan, University of Chicago - Booth School of Business Chair: Luc Laeven, Director General Research, European Central Bank |
10:45 AM |
Coffee Break |
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|
Session 1: Non-banks |
Chair: Amit Seru, Hoover Institution & Graduate School of Business - Stanford University |
|
11:30 AM |
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 |
12:30 PM |
Lunch |
-- |
2:00 PM |
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 |
3:00 PM |
Coffee Break |
-- |
Session 2: Banks |
Chair: Ross Levine, Hoover Institution |
|
3:30 PM |
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 |
4:30 PM |
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 |
5:30 PM |
End of day one |
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Thursday, 18 September 2025 | ||
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Time | Content | Presenters |
|
Session 3: Central banks and regulation |
-- |
9:00 AM |
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 |
10:00 AM |
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 |
11:00 AM |
Coffee Break |
-- |
11:45 PM |
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 |
12:45 PM |
Farewell |
Amit Seru, Stanford University - Hoover Institution |
1:00 PM |
End of conference |
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* An asterisk indicates the presenting author.
If you have any questions about the event, contact Hoover Prosperity Program, HooverProsperity@stanford.edu.