Evaluating Macroprudential Tools: Complementarities and Conflicts

This fourth annual conference jointly sponsored by the OFR and the Financial Stability Oversight Council provided a venue for assessing and critiquing the state of the art in measuring and analyzing the factors contributing to financial stability, as well as the threats to it. The goal was to provoke new thinking about the data, research, and policy issues regulators and supervisors face, focused on the challenges in developing, evaluating, and improving financial stability tools. The conference had four panels (on stress testing, resolution, liquidity regulation, and margins and haircuts). Each panel featured a mix of academics, officials, and market participants.

Logo of the OFR and FSOC conference held on January 30, 2015

Conference Agenda

8:45 a.m.
Welcome and Introduction

Sarah Bloom Raskin, U.S. Department of the Treasury | remarks

9:00 a.m.
Session 1 — Stress Testing: Where to go from here?

Andreas Lehnert, Office of Financial Stability Policy and Research, Board of Governors of the Federal Reserve System

Stefan Walter, European Central Bank | presentation
Virginie Traclet, Bank of Canada | presentation
Til Schuermann, Oliver Wyman | presentation
Kostas Tsatsaronis, Bank for International Settlements

10:30 a.m.
10:45 a.m.
Session 2 - Resolution and Recovery: Next Steps

David Nebhut, Office of the Comptroller of the Currency

Arthur Murton, Federal Deposit Insurance Corporation
H. Rodgin Cohen, Sullivan & Cromwell
Wallace Turbeville, Demos
Ceyla Pazarbasioglu, International Monetary Fund | presentation

12:15 p.m.
Keynote Lunch Speaker

Governor Daniel Tarullo, Board of Governors of the Federal Reserve System | remarks

1:30 p.m.
Session 3 - Liquidity Regulation: How much is enough, or too much?

Jack Reidhill, Federal Deposit Insurance Corporation

Jainaryan Sooklal, Federal Reserve Bank of New York
Joseph Abate, Barclays Capital | presentation
Daniel Janki, GE and GE Capital
Charles Calomiris, Columbia University Graduate School of Business | presentation

3:00 p.m.
3:15 p.m.
Session 4 - Margins and Haircuts: Limits to leverage and potential unintended consequences

Mark Flannery, Securities and Exchange Commission

Sean Campbell, Board of Governors of the Federal Reserve System | presentation
Murray Pozmanter, Depository Trust & Clearing Corporation
Haoxiang Zhu, MIT Sloan School of Management | presentation