Maintaining Stability in a Changing Financial System



Foreword
THOMAS M. HOENIG
President, Federal Reserve Bank of Kansas City


The Contributors

Symposium Introduction

Gordon H. Sellon Jr., Senior Vice President and Director of Research, and Brent Bundick, Research Associate, Federal Reserve Bank of Kansas City

   

Opening
Remarks

BEN S. BERNANKE
Chairman, Board of Governors of the Federal Reserve System

   
Preface MARTIN FELDSTEIN
Professor, Harvard University, and President Emeritus, National Bureau of Economic Research
   

Financial Crises in Historical Perspective
   

Author:

CHARLES CALOMIRIS
Professor, Graduate School of Business, Columbia University

   

Paper:

The Subprime Turmoil: What’s Old, What’s New, and What’s Next

   

Discussant:

Michael Bordo 
Professor, Rutgers University

   
General Discussion

The Role of Incentives and Asymmetric Information in Financial Crises
   

Author:

GARY B. GORTON
Professor, Yale University

   

Paper:

The Panic of 2007

   

Discussant:

Bengt HolmstrÖm
Professor, Massachusetts Institute of Technology

   
General Discussion

Asset Prices and the Credit Cycle: The Role of the Macroeconomic Environment
   

Author:

HYUN SONG SHIN
Professor, Princeton University

   

Paper:

Financial Intermediaries, Financial Stability and Monetary Policy

   

Discussant:

John Lipsky
First Deputy Managing Director, International Monetary Fund

   
General Discussion

Luncheon
Address

MARIO DRAGHI
Governor, Bank of Italy


General Discussion

The Role of Liquidity in Financial Crises
   

Authors:

FRANKLIN ALLEN
Professor, The Wharton School, University of Pennsylvania

   
 

ELENA CARLETTI
Professor, Center for Financial Studies, University of Frankfurt

   

Paper:

The Role of Liquidity in Financial Crises

   

Discussant:

PETER R. FISHER
Managing Director and Co-head of Fixed Income, BlackRock

   
General Discussion

Implications for Regulation and Prudential Supervision
   

Author:

ANIL K. KASHYAP
Professor, Graduate School of Business, University of Chicago

   
 

RAGHURAM G. RAJAN
Professor, Graduate School of Business, University of Chicago

   
 

JEREMY C. STEIN
Professor, Harvard University

   
Paper:

Rethinking Capital Regulation

   

Discussant:

JEAN-CHARLES ROCHET
Professor, University of Toulouse

   
General Discussion

Central Banks and Financial Crises
   

Author:

WILLEM H. BUITER
Professor, European Institute, London School of Economics and Political Science

   
Paper:

Central Banks and Financial Crises

   
Discussant:

ALAN S. BLINDER
Professor, Princeton University

   
 

YUTAKA YAMAGUCHI
Former Deputy Governor, Bank of Japan

   
General Discussion

Overview and Concluding Remarks
   
 

STANLEY FISCHER 
Governor, Bank of Israel


Participants