Tenth ECB Annual Research Conference 2025

Welcome

Christine Lagarde, President, European Central Bank

Keynote lecture ‒ Monetary policy and financial stability

Raghuram Rajan, University of Chicago - Booth School of Business

Chair: Luc Laeven, European Central Bank

Coffee break

Session 1: Non-banks

Chair: Amit Seru, Stanford University - Hoover Institution

Where Do Banks End and NBFIs Begin?

• Viral V. Acharya, New York University
• Nicola Cetorelli*, Federal Reserve Bank of New York
• Bruce Tuckman, New York University - Stern School of Business

Discussants: 

• Tomasz Piskorski, Columbia Business School
• David Scharfstein, Harvard Business School

Lunch

Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Fund Runs

Johannes Breckenfelder and Marie Hoerova*, both European Central Bank

Discussants: 

• Jean-Charles Rochet, Toulouse School of Economics
• Philipp Schnabl, New York University - Stern School of Business

Coffee break

Session 2: Banks

Chair: Ross Levine, Stanford University - Hoover Institution

Bank Runs and Interest Rates

• Falk Brauning, Federal Reserve Bank of Boston
• Victoria Ivashina*, Harvard University

Discussants:

• Emil Verner, MIT Sloan School of Management
• José Manuel Campa, Chairperson of the European Banking Authority

Interest Rate Risk and Cross-Section Effects of Micro-Prudential Regulation

• Juliane Begenau*, Stanford University - Graduate School of Business 
• Vadim Elenev, Johns Hopkins University 
• Tim Landvoigt, University of Pennsylvania - The Wharton School

Discussants:

• Augustin Landier, HEC
• Markus Brunnermeier, Princeton University

End of day one

Session 3: Central banks and regulation

Chair: Marie Hoerova, European Central Bank

Unintended Consequences of QE: Real Estate Prices and Financial Stability

• Tobias Berg*, Goethe University Frankfurt
• Rainer Haselmann, Goethe University Frankfurt
• Thomas Kick, Deutsche Bundesbank
• Sebastian Schreiber, Goethe University Frankfurt

Discussants:

• Amir Sufi, University of Chicago - Booth School of Business
• José-Luis Peydró, LUISS University and EIEF

Weighted Noise: Discretion in Regulation

• Sumit Agarwal, National University of Singapore
• Bernardo C. Morais, Federal Reserve Board of Governors
• Amit Seru, Stanford University - Hoover Institution
• Kelly Shue*, Yale University

Discussants:

• Rafael Repullo, Centre for Monetary and Financial Studies (CEMFI)
• Claudia Buch, Chair of the Supervisory Board of the ECB

Coffee break

Policy panel “The Next Financial Crisis?”

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank

Panellists: 

• Pierre-Olivier Gourinchas, International Monetary Fund
• Klaas Knot, formerly President, De Nederlandsche Bank and Financial Stability Board

Farewell

Amit Seru, Stanford University - Hoover Institution

End of conference