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
Federal Reserve Bank of Kansas City

BRENT BUNDICK
Research Associate
Federal Reserve Bank of Kansa City

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

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

Financial Crises in Historical Perspective

The Subprime Turmoil: What's Old, What's New, and What's Next
CHARLES CALOMIRIS
Professor, Graduate School of Business
Columbia University

Discussant:
MICHAEL BORDO
Professor
Rutgers University

General Discussion

The Role of Incentives and Asymmetric Information in Financial Crises

The Panic of 2007
GARY B. GORTON
Professor
Yale University

Discussant:
BENGT HOLMSTRÖM
Professor
Massachusetts Institute of Technology

General Discussion

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

Financial Intermediaries, Financial Stability and Monetary Policy
HYUN SONG SHIN
Professor
Princeton University

Discussant:
JOHN LIPSKY
First Deputy Managing Director
International Monetary Fund

Luncheon Address

MARIO DRAGHI
Governor, Bank of Italy

General Discussion

The Role of Liquidity in Financial Crises

The Role of Liquidity in Financial Crises
FRANKLIN ALLEN
Professor
The Wharton School, University of Pennsylvania

ELENA CARLETTI
Professor
Center for Financial Studies, University of Frankfurt

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

General Discussion

Implications for Regulation and Prudential Supervision

Rethinking Capital Regulation
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

Discussant:
JEAN-CHARLES ROCHET
Professor
University of Toulouse

General Discussion

Central Banks and Financial Crises

Central Banks and Financial Crises
WILLEM H. BUITER
Professor, European Institute
London School of Economics and Political Science

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