April 16, 2010
The 2007-2009 financial crisis has brought to the fore old and new fundamental questions about the macroeconomic policy framework.
Questions of particular interest include how to adapt macroeconomic policies to the buildup of systemic risk, is there a need for macro prudential regulation, and if so, what should its objectives and tools be?
The IMF Research Department is organizing an academic workshop, where leading economists will present their work on these issues to shed light on some of these questions. In particular, speakers will cover approaches to measure systemic risk, tools to limit systemic externalities, and ways to model interactions between financial and real variables.
The website contains papers and web links to papers that will be considered at the workshop. The views expressed in these papers are those of the authors only, and the presence of them, or of links to them, on the IMF website does not imply that the IMF, its Executive Board, or its management endorses or shares the views expressed in the papers.
| Systemic Risk and Macro Prudential Tools | |
|---|---|
| Friday, April 16, 2010 | |
| 9:00 a.m. | Opening Remarks by Olivier Blanchard, Economic Counselor and Director, Research Department |
| 9:15-10:55 a.m. | Session I — Measuring and Preventing Systemic Externalities |
|
Chair 1. Measuring Systemic Risk, Viral Acharya (New York University), Lasse Pedersen (NYU), Thomas Philippon (NYU), and Matthew Richardson (NYU) Discussant 2. Managing Credit Booms and Busts: A Pigouvian Taxation Approach, Olivier Jeanne (Johns Hopkins University), and Anton Korinek (University of Maryland) Discussant |
|
| 10:55-11:10 a.m. | Coffee Break |
| 11:10 a.m.-12:50 p.m. | Session II — Dealing with Systemic Externalities |
Chair Rodrigo Valdes (Senior Advisor, Western Hemisphere Department) 1. A New Capital Regulation for Large Financial Institutions, Oliver Hart (Harvard), and Luigi Zingales (University of Chicago) Discussant 2. Contingent Debt Currency, Markus Brunnermeier (Princeton), Arvind Krishnamurthy (Northwestern University), and Guido Lorenzoni (MIT) Discussant |
|
| 12:50-2:20 p.m. | Luncheon—IMF Gallery (by invitation only) |
| 2:20-4:00 p.m. | Session III — Modeling Macro–Financial Linkages |
|
Chair 1. A Macroeconomic Model with a Financial Sector, Markus Brunnermeier (Princeton), and Yuliy Sannikov (Princeton) Discussant 2. Financial Intermediation and Credit Policy in Business Cycle Analysis, Mark Gertler (NYU), and Nobuhiro Kiyotaki (Princeton) Discussant |
|
For further information please contact Helen Hwang (hhwang@imf.org).
