Annual Macroprudential Conference 30-31 August 2023

The specially commissioned research papers will be presented by:

Antoinette Schoar – Massachusetts Institute of Technology
Adi Sunderam - Harvard University
Oleg Itskhoki – University of California Los Angeles
Patrick Honohan - Peterson Institute for International Economics and former governor Central Bank of Ireland
Janice Eberly – Northwestern
Ralph S.J. Koijen - University of Chicago

This year's keynote speaker is Viral Acharya, New York University.

The conference provides an excellent opportunity for high-ranking policy makers, representatives of the private sector and prominent academics from all over the world to discuss issues in the macroprudential field (broadly defined).

The research papers written especially for this conference will be available for download after the conference.

The conference series is supported by a scientific committee consisting of Anil Kashyap, Nobuhiro Kiyotaki, Arvind Krishnamurthy, Thomas Philippon, Rafael Repullo and Hélène Rey.

The conference is open for invited speakers and guests only.

The full preliminary programme can be found below.

Previous conferences

Conferences in the series were held in Stockholm in 2015, 2016 and 2018 and then hosted by De Nederlandsche Bank in Amsterdam in 2017 and 2022. In 2019 Deutsche Bundesbank hosted a conference in the series.

Links to previous conferences' papers.

Programme

7th Annual Macroprudential Conference, 30-31 August 2023

SESSION I        Anatomy of a run: The Terra Luna crash [PAPER]

Chair: Richard Portes (LBS)
Authors: Antoinette Schoar (MIT), Igor Makarov (LSE) and Jiageng Liu (MIT)  [Slides for presentation]
Discussant: Matthieu Bouvard (TSE)  [Slides for discussion]
Discussant: Carolyn Wilkins (Princeton and Bank of England)  [Slides for discussion]

SESSION II      Blockchain technology and stablecoins in traditional finance [PAPER]

Chair: Martin Flodén (Sveriges Riksbank)
Authors: Adi Sunderam (Harvard) and Eric Budish (University of Chicago)  [Slides for presentation]
Discussant: Markus Brunnermeier (Princeton)  [Slides for discussion]
Discussant: Steven Maijoor (De Nederlandsche Bank) [No slides]

SESSION III     The economics of international sanctions [PAPER]

Chair: Agnès Bénassy-Quéré (Banque de France)
Authors: Oleg Itskhoki (UCLA) and Dmitry Mukhin (LSE)  [Slides for presentation]
Discussant: Luis Garicano (LSE)  [No slides]
Discussant: Elina Ribakova (PIIE)  [Slides for discussion]

SESSION IV      Distinctive features of the Irish banking crisis: a case study [PAPER]

Chair: Karolina Ekholm (Riksgälden, Swedish National Debt Office)
Author: Patrick Honohan (Peterson Institute for International Economics and former governor Central Bank of Ireland) [Slides for presentation]
Discussant: Stefan Ingves (former governor, Sveriges Riksbank)  [No slides]
Discussant: Lorenzo Bini Smaghi (Chairman Société Générale and former ECB Executive Board member)  [No slides]

SESSION V      Keynote speech: Where do banks end and NBFIs begin? [PAPER]

By Viral Acharya (NYU) based on joint work with Nicola Cetorelli (Fed New York) and Bruce Tuckman (NYU)  [Slides for presentation]

SESSION VI      Macro shocks and housing markets [PAPER]

Chair: Marco Pagano (Naples Federico II)
Authors: Janice Eberly (Northwestern) and Gene Amromin (Fed Chicago)  [Slides for presentation]
Discussant: João Cocco (LBS)  [Slides for discussion]
Discussant: Fernando Restoy (FSI)  [Slides for discussion]

SESSION VII      International portfolio frictions [PAPER]

Chair: Nicolas Véron (Bruegel and PIIE)
Authors: Ralph S.J. Koijen (University of Chicago), Wenxin Du (University of Chicago), Alessandro Fontana (EIOPA), Hyun Song Shin (BIS) and Petr Jakubik (IMF)  [Slides for presentation]
Discussant: Guillaume Plantin (Sciences Po)  [Slides for discussion]
Discussant: Daniel Barr (Finansinspektionen, Swedish FSA)  [Slides for discussion]

 SESSION VIII    Policy panel: Rethinking the prudential regulation of banks

Chair: Erik Thedéen (Sveriges Riksbank)
Claudia Buch (Bundesbank)
Elena Carletti (Bocconi University)
Sam Woods (Bank of England)