ECB Conference on Financial Stability and Macroprudential Policy 2025
10 and 11 June 2025
Frankfurt am Main
Hybrid event
The European Central Bank (ECB) and the Federal Reserve Bank of New York (NY Fed) are organising their annual Conference on Nonbank Financial Institutions (NBFIs) as a full-day event on 10 June 2025. The conference aims to bring together academics, central bankers and market participants to present and discuss new research on NBFIs of particular interest to central banks.
In conjunction, on 11 June, the ECB is organising its 7th annual financial stability and macroprudential policy conference. This conference will cover broader questions related to financial stability and macroprudential policy. Its aim is to bring together academics, central bankers and market participants to present and discuss new research on financial stability and macro-finance topics of particular interest to central banks.
Programme
* indicates the presenter
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ECB/Fed NY Annual Conference on Non-Bank Financial Institutions
- 9:00
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Registration and coffee
- 9:30
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Welcome address / opening remarks
Cornelia Holthausen, European Central Bank
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Session I: Non-bank lending to firms
Chair: Cornelia Holthausen, European Central Bank
- 9:35
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Who Needs Banks?
- Sabrina Ben Saïd*, University of Wisconsin – Madison
- Cyril Monnet, University of Bern
- Erwan Quintin, University of Wisconsin – Madison
Discussant: Giorgia Piacentino, USC
- 10:15
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Zombie Lending to U.S. Firms
- Giovanni Favara, Board of Governors of the Federal Reserve System
- Camelia Minoiu*, Federal Reserve Bank of Atlanta
- Ander Perez-Orive, Board of Governors of the Federal Reserve System
Discussant: Christian Kubitza, European Central Bank
- 10:55
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Coffee break
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Session II: Fire-sales
Chair: Simone Manganelli, European Central Bank
- 11:10
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Fire Sales of Safe Assets
- Gabor Pinter*, Bank of International Settlements
- Emil Siriwardane, Harvard Business School
- Danny Walker, Bank of England
Discussant: Veronica De Falco, Imperial College London
- 11:50
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Similar Investors
- Co-Pierre Georg, Frankfurt School of Finance and Management
- Diane Pierret*, University of Luxembourg
- Sascha Steffen, Frankfurt School of Finance and Management
Discussant: Andreas Rapp, Board of Governors of the Federal Reserve System
- 12:30
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Buffet lunch
- 13:30
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Panel discussion
- Douglas Elliott, Oliver Wyman
- Mariassunta Giannetti, Stockholm School of Economics
- Itay Goldstein, Wharton Finance - University of Pennsylvania
Moderator: Nicola Cetorelli, Federal Reserve Bank of New York
- 14:45
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Coffee break
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Session III: Non-banks, markets and monetary policy
Chair: Luc Laeven, European Central Bank
- 15:00
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Financial Intermediary Funding Constraints and Segmented Markets
- Samuel J. Hempel, Office of Financial Research, US Department of the Treasury
- Dasol Kim, Office of Financial Research, US Department of the Treasury
- Russ Wermers*, Smith School of Business, University of Maryland
Discussant: Florian Heider, SAFE, Goethe University
- 15:40
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The Insurer Channel of Monetary Policy
Divya Kirti* and Akshat V. Singh, both International Monetary Fund
Discussant: Fulvia Fringuellotti, Federal Reserve Bank of New York
- 16:20
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Coffee break
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Session IV: Banks and non-banks
Chair: Katrin Assenmacher, European Central Bank
- 16:35
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What Do Lead Banks Learn from Leveraged Loan Investors?
- Max Bruche*, Humboldt University of Berlin
- Ralf R. Meisenzahl, Federal Reserve Bank of Chicago
- David X. Xu, Southern Methodist University
Discussant: Simon Mayer, Carnegie Mellon University
- 17:15
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Synthetic, but How Much Risk Transfer?
- Alex Osberghaus, University of Zurich, Swiss Finance Institute
- Glenn Schepens, European Central Bank
Discussant: Rainer Haselmann, Goethe University
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Dinner – by invitation only
- 19:00
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Dinner speech
Randy Kroszner, Bank of England
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7th Annual Financial Stability and Macroprudential Policy Conference
- 8:30
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Registration and coffee
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Session I: Banking sector policies and policy interactions
Chair: Livio Stracca, European Central Bank
- 9:00
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How Do High Interest Rates Affect Banks: the Role of Loan Losses and Macroprudential Policy
Romain Bouis, Sumaiyah Mirza and Erlend Nier*, all International Monetary Fund
Discussant: José-Luis Peydró, Imperial College London
- 9:45
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Global risk-mitigating effects of local bank supervisors
- Seung Jung Lee, Board of Governors of the Federal Reserve System
- Lucy Qian Liuy, International Monetary Fund
- Viktors Stebunovsz*, Board of Governors of the Federal Reserve System
Discussant: Brunella Bruno, Bocconi University
- 10:30
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Coffee break
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Session II: Systemic risk and financial crises
Chair: John Fell, European Central Bank
- 11:00
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A macroeconomic model of banks' systemic risk taking
- Jorge Abad*, Banco de España
- David Martinez-Miera, Universidad Carlos III
- Javier Suarez, CEMFI
Discussant: Alonso Villacorta, University of California, Santa Cruz
- 11:45
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Climate Minsky Moments and Endogenous Financial Crises
- Matthias Kaldorf, Deutsche Bundesbank
- Matthias Rottner*, Bank for International Settlements and Deutsche Bundesbank
Discussant: Ghassane Benmir, IE University and Business School
- 12:30
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Buffet lunch
- 14:00
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Keynote speech
Thomas Phillippon, NYU Stern School of Business
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Session III: Real estate markets and financial stability
Chair: Philipp Hartmann, European Central Bank
- 15:00
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Mortgage Structure, Financial Stability, and Risk Sharing
- Vadim Elenev, Johns Hopkins Carey
- Lu Liu*, Wharton
Discussant: Javier Suarez, CEMFI
- 15:45
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Coffee break
- 16:15
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Asset Prices, Collateral and Bank Lending – The Case of Covid-19 and Real Estate
Aoife Horan, Barbara Jarmulska and Ellen Ryan*, all European Central Bank
Discussant: Thorsten Beck, Florence School of Banking and Finance
- 17:00
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When Refinancing meets Monetary Tightening – Heterogeneous Impacts on Spending and Debt via Mortgage Modifications
Philippe Bracke, Matthew Everitt, Martina Fazio, and Alexandra Varadi*, all Bank of England
Discussant: Jean-David Sigaux, European Central Bank
- 17:45
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Closing remarks and end of conference
This programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet / intranet.
General information
European Central Bank
Press Room, Main Building
Sonnemannstraße 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Markus Behn, European Central Bank
- Johannes Breckenfelder, European Central Bank
- Madalen Castells Jauregui, European Central Bank
- Nicola Cetorelli, Federal Reserve Bank of New York
- Fulvia Fringuellotti, Federal Reserve Bank of New York
- Maurizio Habib, European Central Bank
- Christoph Kaufmann, European Central Bank
- Angela Maddaloni, European Central Bank
- Livio Stracca, European Central Bank
Novak Novakovic
+49 69 1344 23646
novak.novakovic@ecb.europa.eu
Daniela Pollastrini
+49 69 1344 97855
daniela.pollastrini@ecb.europa.eu