Financial Stability Conference


Interdisciplinary Approaches to Financial Stability

Thursday and Friday, October 22-23, 2015
Ann Arbor, Michigan

On Thursday and Friday, October 22-23, 2015, regulators, policymakers, financial market participants, and academic researchers from a broad range of disciplines gathered in Ann Arbor, Michigan, to explore “Interdisciplinary Approaches to Financial Stability.”

The conference was explicitly interdisciplinary and cross-sectoral. It explored how methods from diverse fields, such as system analysis, agent-based modeling, and data visualization and security, can be used to better identify, measure, monitor, and mitigate risks in the financial system. The conference also examined how risk is measured, monitored, and mitigated in other sectors and contexts, such as in supply chains and electrical grids; how stakeholders make tradeoffs between stability, efficiency, and innovation in these contexts; and how lessons from these contexts can be applied to the financial system.

The conference was co-hosted by the federal Office of Financial Research and the University of Michigan Center on Finance, Law and Policy, with support from the Smith Richardson Foundation, the University of Michigan College of Engineering, and the Ross School of Business.

Archived video footage from the conference, as well as the speakers’ slides and pre-conference discussion papers prepared by panel moderators, are available by clicking on the links below.

Schedule

Wednesday, October 21 – Pre-conference Events
12:00 – 1:00 p.m. Talk: Sendhil Mullainathan on Machine Learning
University of Michigan School of Information
Ehrlicher Room, 3100 North Quad
105 South State Street, Ann Arbor, MI 48109
As part of the School of Information’s Yahoo! seminar series, Sendhil Mullainathan, Professor of Economics at Harvard University, discussed his recent research on machine learning. This talk was sponsored by the School of Information, Center on Finance, Law, and Policy, and Social, Behavioral, and Experimental Economics seminar.
2:45 – 3:15 p.m. Pre-conference Introduction for Graduate Students and Junior Faculty
University of Michigan Law School, South Hall 1225
University of Michigan Professors Romesh Saigal and Michael S. Barr provided a brief introduction to the conference topics for graduate students and junior faculty members.
3:15 – 6:00 p.m. Student Paper Presentations
University of Michigan Law School, South Hall 1225
Student Presenters:
Abdullah Alshelahi, University of Michigan
W. Allen Cheng, Columbia University
Shan Huang, National University of Singapore
Andrew Kang, University of Michigan
Elaine Wah, University of Michigan
Kai Yuan, Columbia University
Faculty Commenters:
Sugato Bhattacharyya, University of Michigan
Alicia Davis, University of Michigan
Reza Kamaly, University of Michigan
Michael Wellman, University of Michigan
James White, University of Michigan
Christopher Williams, University of Michigan
Thursday, October 22
University of Michigan Law School, Honigman Auditorium- Hutchins Hall room 100
8:00 – 8:30 a.m. Registration
8:30 – 8:45 a.m. Welcome and Conference Overview
Michael S. Barr, University of Michigan
8:45 – 9:30 a.m. Keynote
Richard Berner, Director, Office of Financial Research
9:30 – 11:00 a.m. Panel 1: New Approaches to Understanding Risk
(pre-conference discussion paper)
Moderator: John R. Birge, University of Chicago
Panelists:
J. Doyne Farmer, Institute of New Economic Thinking at Oxford Martin School
Jeffrey Golden, P.R.I.M.E. Finance Foundation
Sendhil Mullainathan, Harvard University
Susan Wachter, University of Pennsylvania
11:00 – 11:15 a.m. Break
11:15 – 12:45 p.m. Panel 2: Responding to Fundamental Challenges
(pre-conference discussion paper)
Moderator: Michael S. Barr, University of Michigan
Panelists:
Jeremy Bulow, Stanford University
Lisa Donner, Americans for Financial Reform
Simon Levin, Princeton University
Hans Morris, Nyca Partners
Michael Wellman, University of Michigan
12:45 – 2:00 p.m. Break
2:00 – 3:30 p.m. Panel 3: Sharing Financial Data – Challenges in a Networked World
(pre-conference discussion paper)
Moderator: Mark Flood, Office of Financial Research
Panelists:
Doug Burdick, IBM Research
John Clippinger, MIT Media Lab/ID3
H.V. Jagadish, University of Michigan
David Saul, State Street
3:30 – 3:45 p.m. Break
3:45 – 4:00 p.m. Welcome
Mark D. West, Dean, University of Michigan Law School
4:00 – 5:00 p.m. Keynote
Paul Tucker, Harvard Kennedy School, former Deputy Governor, Bank of England
Friday, October 23
University of Michigan Law School
8:30 – 8:45 a.m. Welcome and Reconvene
8:45 – 10:15 a.m. Panel 4: Systemic Risks in Non-financial Systems
(pre-conference discussion paper)
Moderator: Paul Tucker, Harvard University, former Deputy Governor, Bank of England
Panelists:
Hung-Po Chao, Energy Trading Analytics
Joshua Epstein, Johns Hopkins University
Sanjoy K. Mitter, Massachusetts Institute of Technology
Elisabeth Pate-Cornell, Stanford University
10:15 – 11:15 a.m. Keynote Conversation: Macroperspectives on Financial Risk and the Global Economy
Lawrence H. Summers, Harvard University
David Wessel, Brookings Institution
11:15 – 12:45 p.m. Panel 5: Measuring, Anticipating, and Testing Systemic Risk in Financial Systems
(pre-conference discussion paper)
Moderator: Amiyatosh Purnanandam, University of Michigan
Panelists:
Sujit Kapadia, Bank of England
Caroline Liesegang, European Central Bank
Matthew Richardson, New York University
Til Schuermann, Oliver Wyman
12:45 – 2:00 p.m. Keynote Address
Andrew Haldane, Chief Economist and Executive Director, Monetary Analysis & Statistics, Bank of England
2:00 – 2:15 p.m. Break
2:15 – 3:00 p.m. Breakout Sessions on Mitigating and Controlling Systemic Risk in Financial Systems
Session Leaders:
Michael Barr, University of Michigan
Diana Farrell, JPMorgan Chase Institute
Paul Glasserman, Columbia University
Stefan Nagel, University of Michigan
Uday Rajan, University of Michigan
Laurie Schaffer, Federal Reserve Board
3:00 – 3:45 p.m. Panel 6: Report Back on Breakout Sessions
(pre-conference discussion paper)
Moderator: Diana Farrell, JPMorgan Chase Institute
Panelists:
Michael Barr, University of Michigan
Paul Glasserman, Columbia University
Stefan Nagel, University of Michigan
Uday Rajan, University of Michigan
Laurie Schaffer, Federal Reserve Board
3:45 – 4:00 p.m. Closing Remarks