Fourteenth Annual International Banking Conference

The Role of Central Banks in Financial Stability:  How Has It Changed?

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November 10–11, 2011

 

In conjunction with the European Central Bank, the Federal Reserve Bank of Chicago will hold its fourteenth annual International Banking Conference on November 10–11, 2011, at the Bank. The purpose of the annual conference is to address important current issues affecting international financial markets. This year, we will examine the changing role of central banks in pursuing financial stability.

 

Prior to the recent financial crisis, there were significant differences across countries in how and to what extent financial stability was pursued by central banks. In some countries, the central bank had an explicit stability objective but did little to actively manage stability other than to ensure liquidity access, out of fear that more active involvement might distort markets. In other countries, the central bank prepared formal stability reports and/or pursued financial stability more actively. Following the global financial crisis, significant reforms have been initiated in many countries to address financial stability more directly, frequently focusing on macroprudential policy frameworks in which central banks play a more active role.

 

As at past conferences, the emphasis of the conference will be on the implications for public policy. The conference will feature keynote presentations by 

 

  • Peter Praet, European Central Bank
  • Willem Buiter, Citigroup
  • Janet Yellen, Board of Governors of the Federal Reserve System. 

 

We are also interested in examining a number of important issues associated with the recent change in emphasis at central banks with regard to financial stability. For example: What were the cross-country differences in emphasis on financial stability in the past? Did these differences appear to affect the extent of the adverse impact of the crisis on individual countries? Can systemic risk be measured and identified? What alternative macroprudential policy tools have been introduced to address systemic risk? Have views changed on how to address sources of financial instability, including asset bubbles? What are perceived to be the major future threats to financial stability? Did the financial sector grow too big within the pre-crisis financial architecture from a social cost–benefit perspective? Might the pursuit of financial stability have adverse societal welfare implications if certain financial activities or innovations are limited or prohibited? How potentially effective might recently introduced reforms be at achieving their stated goals? What major “gaps” still exist? These and related issues will be addressed at the two-day conference.


As usual, the makeup of the conference will truly be international. Participants from some 35 countries regularly participate in the conference and include representatives of central banks, regulatory and supervisory agencies, financial institutions, trade associations and academic institutions from around the globe.  

 
We invite you to participate in this important event. Additional information, including updates to the agenda, will be posted on this website as it becomes available.


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11/10/11
9:00 AM
Registration and Continental Breakfast
9:40 AM
Welcoming Remarks
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Peter Praet, Member of the Executive Board, European Central Bank
10:00 AM
Session 1<br />The Role of Central Banks in Financial Stability: Historical Review and Critique
Moderator
Douglas D Evanoff, Reserve Bank of Chicago
Speakers
Nellie Liang, Board of Governors of the Federal Reserve System
Martin Hellwig, Max Planck Institute, Bonn
Takeo Hoshi, University of California, San Diego
Carlos A Vegh, University of Maryland
12:00 PM
Luncheon and Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote Speaker
Peter Praet, Member of the Executive Board, European Central Bank
2:00 PM
Session 2<br /> Macroprudential Policies and Regulation: How to Address Systemic Risk
Moderator
Manfred Kremer, European Central Bank
Speakers
Tobias Adrian, Federal Reserve Bank of New York
Mathias Drehmann, Bank for International Settlements
Jeremy C Stein, Harvard University
Commentator
Richard Berner, U.S. Department of the Treasury
3:45 PM
Break
4:00 PM
Session 3<br />Central Banks and Asset Price Bubbles
Moderator
Cornelia Holthausen, European Central Bank
Presenters
Kenneth N Kuttner, Williams College
Annette Vissing-Jorgensen, Northwestern University
Takatoshi Ito, Tokyo University
Commentator
Andrew Filardo, Bank for International Settlements
5:45 PM
Reception
6:45 PM
Dinner and Keynote Address
Introduction
Daniel G Sullivan, Executive Vice President and Director of Research, Federal Reserve Bank of Chicago
Keynote Speaker
Willem H Buiter, Chief Economist, Citigroup
11/11/11
7:30 AM
Registration and Continental Breakfast
8:15 AM
Session 4<br />Current, Past and Potential Future Threats to Financial Stability
Moderator
Michael Pomerleano, World Bank
Speakers
Asli Demirgüç-Kunt, World Bank
Giancarlo Corsetti, Cambridge University
Ronald I McKinnon, Stanford University
Commentator
Liliana Rojas-Suarez, Center for Global Development, Washington, DC
10:00 AM
Break
10:15 AM
Session 5<br />The Social Productivity of the Financial Sector
Moderator
David Marshall, Federal Reserve Bank of Chicago
Presenters
Ross Levine, Brown University
Josh Lerner, Harvard Business School
Alexander A Popov, European Central Bank
Commentator
, Williams College
12:15 PM
Luncheon and Keynote Address
Introduction
Charles L Evans, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote Speaker
Janet L Yellen, Vice Chair , Board of Governors of the Federal Reserve System
2:15 PM
Session 6<br />Open Issues in the Regulatory Debate: Failure Resolutions, Bailouts, Moral Hazard and Market Discipline
Moderator
John Boyd, University of Minnesota
Speakers
Edward J Kane, Boston College
Joseph P Hughes, Rutgers University
Reint Gropp, European Business School
David A Skeel, University of Pennsylvania Law School
4:00 PM
Break
4:15 PM
Session 7<br />Policy Panel: Where to from Here?
Moderator
George G Kaufman, Loyola University Chicago
Speakers
Benjamin M Friedman, Harvard University
Richard C Koo, Nomura Research Institute
Frederic Mishkin, Columbia University
Athanasios Orphanides, Central Bank of Cyprus
Richard Portes, London Business School
Anne C Sibert, Birkbeck College and Monetary Policy Committee at the Central Bank of Iceland
6:00 PM
Reception
 
Conference Organizers

Douglas Evanoff
Cornelia Holthausen
George Kaufman
Manfred Kremer

 

 

 

Last Updated: 12/01/2011


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Hotel and Area Information

theWit Hotel
201 N State St
Chicago ,  IL   60601
Website

 

Rate:  $190.00 + 15.4% hotel occupancy tax
Cut-off date:  Friday, October 21 Please reserve your room in a timely matter to ensure availability. Reservations made after the cut-off date will be subject to availability and prevailing rate.


Reservations:  Please call theWit directly at (866) 318-1514 and request the group rate for the Federal Reserve Bank Annual International Banking Conference.  A major credit card is required at the time of booking to confirm the room reservation.


Ultra hip hotel in the thriving theater district of Chicago. This property is about a 10-15 minute walk to the Chicago Fed. Sleeping rooms feature custom designed furnishings and efficient workspace including a desktop Jack Pack that allows for extensive connectivity, plus a 42 inch flat screen high definition TV, iPod docking station, full stocked refreshment center and spa inspired bathroom. The hotel itself features a spa and several restaurants including the Roof, the 27th floor indoor/outdoor lounge featuring soaring panoramic views, innovative menus, roaring firepits, live music, even telescopes.

The Union League Club
65 W Jackson Blvd
Chicago ,  IL   60604
Website

 

Rate: $173.00 + 20% surcharge
Cut-off date:  Wednesday, October 12  Reservations made after the cut-off date will be subject to availability and prevailing rate.


Reservations:  Please call the Union League Club at (312) 427-7800 and request the group rate for the Federal Reserve Bank Annual International Banking Conference.  A major credit card is required at the time of booking to confirm the reservation.

 

Guest of the Union League Club can enjoy all of the club's amenities including it's art collection, library and multiple level gym with a 5 lane lap pool, racquet ball, squash and basketball courts, a golf practice room and much more.

Club Quarters
111 W Adams St
Chicago ,  IL   60603

Website

 

Room rate: $124/standard + 15.4% hotel occupancy tax
Reservations: Please call member services  at (203) 905-2100 during business hours and use group code FRB119 for the special conference rate. You will need a credit card to guarantee the reservation.
Cut-off date:  October 10


Club Quarters, Central Loop is located at the corner of Adams and Clark Streets beside the famous Rookery Building and in the center of the Central Loop, just minutes from Michigan Avenue. It is just one and 1/2 blocks from the Chicago Fed and a short walk to the Symphony Center, the Art Institute, Board of Trade, the Willis Tower, the River Front and Grant Park. It boasts the popular Elephant & Castle Pub and Restaurant, serving a combination of British classics and North American favorites coupled with a list of over 100 beers and an extensive list of Scotch whiskeys. Each floor features complimentary chilled bottled water to go.  For other amenities, please visit their website.


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Background Information

Information on previous International Banking Conferences.


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