CfP Deadline Date:
July 6, 2021
Conference Event:
November 17-19, 2021
Event Location:
Online
Organizer(s):
Federal Reserve Bank of Cleveland and the Office of Financial Research
The disruptions associated with the coronavirus pandemic of 2020, coming just more than a decade after the Great Financial Crisis of 2007–2009, awakened the public and policymakers alike to the dangers of shocks from within and outside of the financial system. These disruptions provided a live-fire stress test for reforms adopted following the Great Financial Crisis, ushering in a new set of responses whose long-term impacts remains to be determined. It drew attention to vulnerabilities in the financial system. Some were foreseen, while other emerged unexpectedly. This year seems an opportune time to not only reflect on the efficacy of these and other past actions, but also to seek reforms to confront the challenges of a new normal, for which once-in-a-lifetime disruptions may come every decade.
We welcome submissions of research on topics related to potential financial stability risks facing financial markets and institutions, sources of financial system resilience, and related public policy. Conference topics include but are not limited to the following:
Fiscal and Monetary Responses and Financial Stability
In 2020, policymakers responded to the economic fallout from the pandemic with tools both new and old. Monetary policy, macroprudential tools, and fiscal policy have been active parts of the policy toolkit. As the economy begins its return to a new normal, it is critical to understand whether the implementation of these tools was effective and whether implementation produced any unintended consequences. Looking forward, which of these tools deserve a permanent place in the fight against financial crises? To what extent are the effectiveness of these tools moderated by the low interest rate environment, large central bank balance sheets, and large sovereign debt? […]Financial Stability: Shocks and Vulnerabilities
The pandemic provided a major shock to the financial system, revealing both expected and unexpected vulnerabilities. How well did early warning systems and financial stability monitoring efforts prepare regulators, policymakers, and the public in anticipating both the financial shocks that accompanied the pandemic and in assessing financial sector vulnerabilities that exacerbated the effects of these shocks? What lessons did we learn about risk models and about markets, institutions, and the plumbing of the system that will help prepare for the next crisis? […]Financial Instability Externalities
One major marker of financial instability is its broad systemic impact. Such impacts can be described by externalities related to spillovers and neighborhood effects. Trouble in one sector often has an impact in another, and externalities are in some cases not fully internalized by involved parties. The need to make individuals take account of these circumstances generates one of the classic justifications for government intervention, be it rules, regulations, or direct market involvement. What previously unseen spillovers did the coronavirus pandemic uncover? […]
Further information:
Conference Format
To develop these themes, the conference will bring together a mix of policymakers, market participants, and researchers in two types of sessions:
- Policy Discussions
These sessions include keynote addresses and panel discussions in which participants from industry, regulatory agencies, and academia share their insights.- Research Forums
These forums follow the format of an academic workshop and include sessions to discuss submitted papers.Paper Submission Procedure
The deadline for submissions has been extended to Tuesday, July 6, 2021. Please submit end complete papers through Conference Maker at 2021 Financial Stability Conference. Notification of acceptance will be provided by September 15, 2021. Final conference papers are due on November 1, 2021. Questions about the call for papers or the conference can be directed to financial.stability.conference@clev.frb.org.
Link CfP & Conference: 2021 Financial Stability Conference: Planning for Surprises, Learning from Crises