Tenth ECB Annual Research Conference 2025
ECB Annual Research Conference joint with Stanford's Hoover Institution on “The Next Financial Crisis?”
17 and 18 September 2025
Frankfurt am Main - Hybrid event
The tenth ECB Annual Research Conference is organised jointly with Stanford’s Hoover Institution and brings together policymakers and academics to discuss how current regulations, supervisory practices, (conventional and unconventional) monetary policy, and technological innovations shape financial fragility.
Introduction by
ECB President Christine Lagarde
Programme
* indicates the presenter
- 9:30
-
Welcome
Christine Lagarde, President, European Central Bank
- 9:45
-
Keynote lecture ‒ The Next Financial Crisis?
Raghuram Rajan, University of Chicago - Booth School of Business
Chair: Luc Laeven, European Central Bank
- 10:45
-
Coffee break
-
Session 1: Non-banks
Chair: Amit Seru, Stanford University - Hoover Institution
- 11:30
-
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
- 12:30
-
Lunch
- 14:00
-
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
- 15:00
-
Coffee break
-
Session 2: Banks
Chair: Ross Levine, Stanford University - Hoover Institution
- 15:30
-
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
- 16:30
-
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
- 17:30
-
End of day one
-
Session 3: Central banks and regulation
Chair: Marie Hoerova, European Central Bank
- 9:00
-
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 and EIEF
- 10:00
-
Noisy Experts? 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, CEMFI
- Claudia Buch, Chair of the Supervisory Board of the ECB
- 11:00
-
Coffee break
- 11:45
-
Policy panel “Monetary policy and financial stability”
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
- 12:45
-
Farewell
Amit Seru, Stanford University - Hoover Institution
- 13:00
-
End of conference
This programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet / intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet / intranet.
General information
European Central Bank
Main Building
Press Room
Sonnemannstrasse 20
60314 Frankfurt am Main
Germany
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Luc Laeven, Marie Hoerova, Justyna Ferstl, all European Central Bank
- Ross Levine, Amit Seru, all Stanford University - Hoover Institution
Justyna Ferstl
ARConference@ecb.europa.eu