Call for Papers: 2023 Financial Stability Conference
Conference dates
16 Nov 2023 - 17 Nov 2023
Location
Federal Reserve Bank of Cleveland
Description
Call for Papers
2023 Financial Stability Conference
Financial Stability in Times of Macroeconomic Uncertainty
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 invite the submission of research and policy-oriented papers for the 2023 Financial Stability Conference on November 16–17, 2023. The conference will be held in Cleveland, Ohio. Virtual attendance is also available.
On the heels of the banking panics that led to the collapse of Silicon Valley Bank and takeover of Credit Suisse, the financial system once again faces a novel set of challenges that have generated uncertainty throughout the global economy. These challenges pose risks to output, employment, and inflation and are joined by the risks stemming from resultant fiscal and monetary policies. These risks develop in the context of rapidly evolving markets and institutions, with cryptocurrencies, stablecoins, CBDCs, artificial intelligence, and many other fintech developments changing the face of finance.
The eleventh annual Financial Stability Conference organized by the Federal Reserve Bank of Cleveland and the Office of Financial Research will explore these issues.
Keynote speakers will be Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University and Randall S. Kroszner, Norman R. Bobins Professor of Economics, University of Chicago Booth School of Business and External Member of the Financial Policy Committee, Bank of England.
Conference Format
The conference will bring together policymakers, market participants, and researchers in two types of sessions:
1. Policy Discussions
These sessions include keynote addresses and panel discussions in which participants from industry, regulatory agencies, and academia share their insights.
2. Research Forums
These forums follow the format of an academic workshop and comprise sessions to discuss submitted papers.
Topics
We welcome submissions of research on topics related to potential financial stability risks faced by financial markets and institutions, sources of financial system resilience, and related public policy. Conference topics include but are not limited to the following:
• Macroprudential and Monetary Policy
As monetary policy fights inflation yet faces prospects of an economic downturn, the place of macroprudential and stability tools becomes increasingly important. What risks will surface in the new environment, what data will make these risks apparent, and what tools will preserve stability? Are there implications for the governance of both the private and public sectors? Irrespective of the policy environment, what frontier risks are emerging with the constant changes in technology and organizations?
We welcome papers on topics including
o Interactions between macroprudential and monetary policy
o Inflation, macroprudential supervision, and financial stability
o Risks from rising interest rates and quantitative tightening
o Macroprudential impacts on diverse populations
o International regulatory competition and cooperation
o Financial stability councils and central banks and policy coordination with divided responsibility
o Policy uses of big data, text data, and new data
o Regtech and regulatory sandboxes
• Financial Institutions
A riskier macroeconomic environment poses challenges for financial institutions and their supervisors. Risk-management tools and strategies will be tested by inflation and output fluctuations and by new regulations designed to mitigate vulnerabilities. Network effects, including interactions with a rapidly evolving fintech and crypto sector, may lead to further risks at a systemic level. How are institutions adapting to these risks and associated regulatory changes? How prepared are regulators and policymakers? Are existing microprudential and macroprudential toolkits sufficient?
We welcome papers on topics including
o Effects of capital and liquidity regulation
o Transition and physical risks arising from climate change
o Risk management and implicit models of risk
o Resilience to supply chain and operational disruptions
o Valuation and liquidity risks for illiquid assets
o Cybersecurity
o Effects and determinants of financial exclusion and disintermediation
o Use and misuse of algorithms
• Financial Markets
Inflation and the associated responses of central banks around the world have contributed to stress to financial markets that has not been seen in the recent past. Financial stability threats may arise from resulting reallocations through volatility spikes, fire sales, and financial contagion. The continued development of algorithms, decentralized finance (DeFi) and complex artificial intelligence have the potential to add novel risks to financial markets. To what extent do investors recognize these risks, and how does recognition affect investors’ allocations? How does opacity resulting from deficiencies in reporting, risk management, and operation standards for these risks affect investor behavior?
We welcome papers on topics including
o Tail risks and uncertainty
o Contagion, networks, and interconnectedness
o Implications of artificial intelligence
o Links between real and financial sectors
o Payment system stress and innovation
o Digital currencies, including CBDCs
o Smart contracts and blockchain technology
o High-frequency trading
o CCPs, clearinghouses, and derivatives markets
o Short-term funding, securities financing, and collateralization
• Real Estate
Real estate is often one of the sectors most affected by financial instability. Construction and housing play a major role in the transmission of monetary policy, and real estate-based lending remains a major activity of banks, insurance companies, and mortgage companies. A complex and active securities market ties together financial institutions and markets in both residential and commercial real estate.
We welcome papers on topics including
o Risks from rising rates and quantitative tightening
o Systemic risk in RMBS, CMBS, and associated derivatives markets
o Macroprudential tools aimed at housing risk such as LTV limits
o Short-term funding market issues associated with agency collateral
Scientific Committee
Allen N. Berger, University of South Carolina
Nina Boyarchenko, Federal Reserve Bank of New York
Janice Eberly, Northwestern University
Stefano Giglio, Yale University
Anna Kovner, Federal Reserve Bank of New York
Arvind Krishnamurthy, Stanford University
Guillermo L. Ordoñez, University of Pennsylvania
René M. Stulz, The Ohio State University
Nancy E. Wallace, University of California, Berkeley
Paul S. Willen, Federal Reserve Bank of Boston
Stijn Van Nieuwerburgh, Columbia University
Annette Vissing-Jørgensen, Board of Governors of the Federal Reserve System
Paper Submission Procedure
The deadline for submissions is Wednesday, July 5, 2023. Please submit completed papers through ConfTool https://www.conftool.pro/financial-stability-2023/ Notification of acceptance will be provided by Thursday, September 7, 2023. Final conference papers are due on Wednesday, November 1, 2023. In-person paper presentations are preferred; presenters must follow any relevant COVID-19 protocols in place for entry at the time of the conference. Questions should be directed to financial.stability.conference@clev.frb.org.
2023 Financial Stability Conference
Financial Stability in Times of Macroeconomic Uncertainty
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 invite the submission of research and policy-oriented papers for the 2023 Financial Stability Conference on November 16–17, 2023. The conference will be held in Cleveland, Ohio. Virtual attendance is also available.
On the heels of the banking panics that led to the collapse of Silicon Valley Bank and takeover of Credit Suisse, the financial system once again faces a novel set of challenges that have generated uncertainty throughout the global economy. These challenges pose risks to output, employment, and inflation and are joined by the risks stemming from resultant fiscal and monetary policies. These risks develop in the context of rapidly evolving markets and institutions, with cryptocurrencies, stablecoins, CBDCs, artificial intelligence, and many other fintech developments changing the face of finance.
The eleventh annual Financial Stability Conference organized by the Federal Reserve Bank of Cleveland and the Office of Financial Research will explore these issues.
Keynote speakers will be Jeremy Stein, Moise Y. Safra Professor of Economics, Harvard University and Randall S. Kroszner, Norman R. Bobins Professor of Economics, University of Chicago Booth School of Business and External Member of the Financial Policy Committee, Bank of England.
Conference Format
The conference will bring together policymakers, market participants, and researchers in two types of sessions:
1. Policy Discussions
These sessions include keynote addresses and panel discussions in which participants from industry, regulatory agencies, and academia share their insights.
2. Research Forums
These forums follow the format of an academic workshop and comprise sessions to discuss submitted papers.
Topics
We welcome submissions of research on topics related to potential financial stability risks faced by financial markets and institutions, sources of financial system resilience, and related public policy. Conference topics include but are not limited to the following:
• Macroprudential and Monetary Policy
As monetary policy fights inflation yet faces prospects of an economic downturn, the place of macroprudential and stability tools becomes increasingly important. What risks will surface in the new environment, what data will make these risks apparent, and what tools will preserve stability? Are there implications for the governance of both the private and public sectors? Irrespective of the policy environment, what frontier risks are emerging with the constant changes in technology and organizations?
We welcome papers on topics including
o Interactions between macroprudential and monetary policy
o Inflation, macroprudential supervision, and financial stability
o Risks from rising interest rates and quantitative tightening
o Macroprudential impacts on diverse populations
o International regulatory competition and cooperation
o Financial stability councils and central banks and policy coordination with divided responsibility
o Policy uses of big data, text data, and new data
o Regtech and regulatory sandboxes
• Financial Institutions
A riskier macroeconomic environment poses challenges for financial institutions and their supervisors. Risk-management tools and strategies will be tested by inflation and output fluctuations and by new regulations designed to mitigate vulnerabilities. Network effects, including interactions with a rapidly evolving fintech and crypto sector, may lead to further risks at a systemic level. How are institutions adapting to these risks and associated regulatory changes? How prepared are regulators and policymakers? Are existing microprudential and macroprudential toolkits sufficient?
We welcome papers on topics including
o Effects of capital and liquidity regulation
o Transition and physical risks arising from climate change
o Risk management and implicit models of risk
o Resilience to supply chain and operational disruptions
o Valuation and liquidity risks for illiquid assets
o Cybersecurity
o Effects and determinants of financial exclusion and disintermediation
o Use and misuse of algorithms
• Financial Markets
Inflation and the associated responses of central banks around the world have contributed to stress to financial markets that has not been seen in the recent past. Financial stability threats may arise from resulting reallocations through volatility spikes, fire sales, and financial contagion. The continued development of algorithms, decentralized finance (DeFi) and complex artificial intelligence have the potential to add novel risks to financial markets. To what extent do investors recognize these risks, and how does recognition affect investors’ allocations? How does opacity resulting from deficiencies in reporting, risk management, and operation standards for these risks affect investor behavior?
We welcome papers on topics including
o Tail risks and uncertainty
o Contagion, networks, and interconnectedness
o Implications of artificial intelligence
o Links between real and financial sectors
o Payment system stress and innovation
o Digital currencies, including CBDCs
o Smart contracts and blockchain technology
o High-frequency trading
o CCPs, clearinghouses, and derivatives markets
o Short-term funding, securities financing, and collateralization
• Real Estate
Real estate is often one of the sectors most affected by financial instability. Construction and housing play a major role in the transmission of monetary policy, and real estate-based lending remains a major activity of banks, insurance companies, and mortgage companies. A complex and active securities market ties together financial institutions and markets in both residential and commercial real estate.
We welcome papers on topics including
o Risks from rising rates and quantitative tightening
o Systemic risk in RMBS, CMBS, and associated derivatives markets
o Macroprudential tools aimed at housing risk such as LTV limits
o Short-term funding market issues associated with agency collateral
Scientific Committee
Allen N. Berger, University of South Carolina
Nina Boyarchenko, Federal Reserve Bank of New York
Janice Eberly, Northwestern University
Stefano Giglio, Yale University
Anna Kovner, Federal Reserve Bank of New York
Arvind Krishnamurthy, Stanford University
Guillermo L. Ordoñez, University of Pennsylvania
René M. Stulz, The Ohio State University
Nancy E. Wallace, University of California, Berkeley
Paul S. Willen, Federal Reserve Bank of Boston
Stijn Van Nieuwerburgh, Columbia University
Annette Vissing-Jørgensen, Board of Governors of the Federal Reserve System
Paper Submission Procedure
The deadline for submissions is Wednesday, July 5, 2023. Please submit completed papers through ConfTool https://www.conftool.pro/financial-stability-2023/ Notification of acceptance will be provided by Thursday, September 7, 2023. Final conference papers are due on Wednesday, November 1, 2023. In-person paper presentations are preferred; presenters must follow any relevant COVID-19 protocols in place for entry at the time of the conference. Questions should be directed to financial.stability.conference@clev.frb.org.