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
Andrew Metrick, Janet L. Yellen Professor of Finance and Management and Director of the Yale Program on Financial Stability, Yale School of Management
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
Nathanael Benjamin, Executive Director, Financial Stability Strategy and Risk, Bank of England
Nicola Cetorelli, Head of Financial Intermediation, Federal Reserve Bank of New York
Paul Hiebert, Director of Financial Stability Analysis, Financial Stability Board
Imène Rahmouni-Rousseau, Director General, Market Operations, European Central Bank
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, Executive Fellow and Lecturer in the Practice of Management, Yale School of Management
John Schwartz, Global Head of Sovereign Financing, J.P. Morgan
Sigurd Ulland, Policy and Market Analysis Advisor, Federal Reserve Bank of New York
3:00 PM
Break
3:30 PM
Panel 4: Liquidity Provision and Financial Market Utilities
Moderator
Ketan B. Patel, Senior Policy Advisor and Head of Financial Markets Risk Analysis, Federal Reserve Bank of Chicago
Panelists
Ann Shuman, Managing Director and General Counsel, Depository Trust and Clearing Corporation
Jeffery Zhang, Assistant Professor of Law, University of Michigan
Haoxiang Zhu, Gordon Y Billard Associate Professor of Management and Finance, 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, took place Thursday, February 19, 2026. The theme for the 2026 event was Liquidity Provision to Nonbanks, and this conference featured 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
- Liquidity Provision and 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.
