Symposium Introduction
Gordon H. Sellon Jr., Senior Vice President and Director of Research, and Brent Bundick, Research Associate, Federal Reserve Bank of Kansas City |
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Opening
Remarks
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BEN S. BERNANKE
Chairman, Board of Governors of the Federal Reserve System
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| Preface |
MARTIN FELDSTEIN
Professor, Harvard University, and President Emeritus, National Bureau of Economic Research |
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| Financial Crises in Historical Perspective |
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Author:
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CHARLES CALOMIRIS
Professor, Graduate School of Business, Columbia University
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Paper:
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The Subprime Turmoil: What’s Old, What’s New, and What’s Next
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Discussant:
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Michael Bordo
Professor, Rutgers University
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| General Discussion |
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| The Role of Incentives and Asymmetric Information in Financial Crises |
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Author:
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GARY B. GORTON
Professor, Yale University
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Paper:
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The Panic of 2007
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Discussant:
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Bengt HolmstrÖm
Professor, Massachusetts Institute of Technology
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| General Discussion |
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| Asset Prices and the Credit Cycle: The Role of the Macroeconomic Environment |
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Author:
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HYUN SONG SHIN
Professor, Princeton University
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Paper:
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Financial Intermediaries, Financial Stability and Monetary Policy
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Discussant:
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John Lipsky
First Deputy Managing Director, International Monetary Fund
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| General Discussion |
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Luncheon
Address
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MARIO DRAGHI
Governor, Bank of Italy
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General Discussion |
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| The Role of Liquidity in Financial Crises |
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Authors:
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FRANKLIN ALLEN
Professor, The Wharton School, University of Pennsylvania
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ELENA CARLETTI
Professor, Center for Financial Studies, University of Frankfurt
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Paper:
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The Role of Liquidity in Financial Crises
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Discussant:
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PETER R. FISHER
Managing Director and Co-head of Fixed Income, BlackRock
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| General Discussion |
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| Implications for Regulation and Prudential Supervision |
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Author:
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ANIL K. KASHYAP
Professor, Graduate School of Business, University of Chicago
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RAGHURAM G. RAJAN
Professor, Graduate School of Business, University of Chicago
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JEREMY C. STEIN
Professor, Harvard University
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| Paper: |
Rethinking Capital Regulation
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Discussant:
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JEAN-CHARLES ROCHET
Professor, University of Toulouse
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| General Discussion |
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| Central Banks and Financial Crises |
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Author:
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WILLEM H. BUITER
Professor, European Institute, London School of Economics and Political Science
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| Paper: |
Central Banks and Financial Crises
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| Discussant: |
ALAN S. BLINDER
Professor, Princeton University
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YUTAKA YAMAGUCHI
Former Deputy Governor, Bank of Japan
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| General Discussion |
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| Overview and Concluding Remarks |
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STANLEY FISCHER
Governor, Bank of Israel
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| Participants |
