2026 Joint Conference on Financial Crises
Thursday, 02/19/26
8:00 AM
Breakfast and Registration
9:30 AM
Welcome Remarks
Speaker
Austan Goolsbee, President and Chief Executive Officer, Federal Reserve Bank of Chicago
9:45 AM
Panel 1: Setting the Stage: Academic Panel on Nonbank Liquidity Provision
Moderator
Gene Amromin, Senior Vice President and Director of Financial Policy, Federal Reserve Bank of Chicago
Panelists
Amir Sufi, Bruce Lindsay Distinguished Professor of Economics, Finance and Public Policy, University of Chicago Booth School of Business
Gregor Matvos, Howard Berolzheimer Professor of Finance, Northwestern University Kellogg School of Management
Stijn Claessens, Executive Fellow and Lecturer in Management, Yale School of Management
10:45 AM
Break
11:15 AM
Panel 2: Global Perspectives on Liquidity Provision to Nonbank Financial Institutions
Moderator
Sandra Lee, Policy and Market Analysis Advisor, Federal Reserve Bank of New York
Panelists
Nicola Cetorelli, Head of Financial Intermediation, Federal Reserve Bank of New York
Nathanael Benjamin, Executive Director, Financial Stability Strategy and Risk, Bank of England
Paul Hiebert, Director of Financial Stability Analysis, Financial Stability Board
12:15 PM
Lunch
1:30 PM
Fireside Chat
Keynote Speaker
Gita Gopinath, Gregory and Ania Coffey Professor of Economics, Harvard University
Moderator
Austan Goolsbee, President & CEO, Federal Reserve Bank of Chicago
2:00 PM
Panel 3: Liquidity Distributors: The Role of U.S. Primary Dealers
Moderator
Emma Weiss, Senior Financial Markets Specialist, Federal Reserve Bank of Chicago
Panelists
Bill Martinez, Portfolio Manager, Short-Term Desk, PIMCO
Susan McLaughlin, Lecturer in the Practice of Management, Yale School of Management
Sigurd Ulland, Policy and Market Analysis Advisor, Federal Reserve Bank of New York
3:00 PM
Break
3:30 PM
Panel 4: Emergency Lending to Financial Market Utilities
Moderator
Alessandro Cocco, Senior Policy Advisor, Federal Reserve Bank of Chicago
Panelists
Tim Massad, Research Fellow, Kennedy School of Government, Harvard University
Ann Shuman, Depository Trust and Clearing Corporation
Jeffrey Zhang, Assistant Professor of Law, University of Michigan
Haoxiang Zhu, Massachusetts Institute of Technology
4:30 PM
Closing Remarks
Speaker
Andrew Metrick, Janet L. Yellen Professor of Finance and Management and Director of the Yale Program on Financial Stability, Yale School of Management
5:00 PM
Reception
2026 Joint Conference on Financial Crises
The inaugural Joint Conference on Financial Crises, hosted by the Federal Reserve Bank of Chicago and the Yale University Program on Financial Stability, will take place Thursday, February 19, 2026. The theme for the 2026 event will be Liquidity Provision to Nonbanks, and this conference will feature the following panel discussions:
- Setting the Stage: Academic Panel on Nonbank Liquidity Provision
- Global Perspectives on Liquidity Provision to Nonbank Financial Institutions
- Liquidity Distributors: The Role of U.S. Primary Dealers
- Emergency Lending to Financial Market Utilities
This event provides a unique opportunity to hear from expert practitioners and academics on key issues related to financial crises and liquidity provision.
