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The Thirteenth Conference of the ECB-CFS Research Network on "Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments" took place on 27-28 September 2010 in�Frankfurt and�was hosted by the�European Central Bank.

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Papers, Presentations and Speeches:

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OPENING REMARKS
Jean-Claude Trichet (European Central Bank)�
Macro-prudential Regulation as an Approach to Contain Systemic Risk: Economic Foundations, Diagnostic Tools and Policy Instruments

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Keynote Speech 1: Gertrude Tumpel-Gugerell (European Central Bank)
The Interplay of Banking, Financial Intermediation and Regulation

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Keynote Speech 2: Robert Engle (NYU Stern Business School)

NYU Stern Systemic Risk Ranking
Volatility, Tails and Tails for Systemic Risk Measurement
Presentation

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Session�1: MEASURING SYSTEMIC RISK

Chair: Philipp Hartmann (European Central Bank)

Baeho Kim (Korea University Business School): Systemic Risk: What Defaults Are Telling Us (joint with Kay Giesecke, Stanford University)
Presentation

Jian Yang (University of Colorado): Finding Systemically Important Financial Institutions around the Global Credit Crisis: Evidence from Credit Default Swaps (joint with Yinggang Zhou, Chinese University of Hong Kong)
Presentation

Discussant: Mathias Drehmann (Bank for International Settlements)
Presentation

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Session�2: Applied research into the sources, transmission channels and real effects of financial crises

Chair: Alberto Giovannini (Unifortune)

Erlend Nier (International Monetary Fund): What Caused the Global Financial Crisis? (joint with Ouarda Merrouche, Worldbank)
Presentation

Pierre Monnin (Swiss National Bank): The Impact of Banking Sector Stability on the Real Economy (joint with Terhi Jokipii, Swiss National Bank)
Presentation

Sujit Kapadia (Bank of England): Overview of RAMSI (Risk Assessment Model of Systemic Institutions)
Presentation

Discussant: Laurent Clerc (Banque de France)
Presentation

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Keynote Speech 3: Anil Kashyap (University of Chicago) A Macroprudential Approach to Financial Regulation
Presentation

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Session�3: Macro-prudential measures to contain systemic risk

Chair: Mauro Grande (European Central Bank)

Anton Korinek (University of Maryland): Managing Credit Booms and Busts: A Pigouvian Taxation Approach (joint with Olivier Jeanne, Johns Hopkins University and CEPR)
Presentation

Julien Bengui (University of Maryland): Systemic Risk and Inefficient Debt Maturity
Presentation

Discussant: Sudipto Bhattacharya (London School of Economics and CEPR)
Presentation

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Dinner Address: V�tor Const�ncio (Vice President, European Central Bank)
Macro-prudential Supervision in Europe

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Session�4: Countering pro-cyclical banking systems � capital regulation, dynamic provisioning and monetary policy

Chair: Jan-Pieter Krahnen (University of Frankfurt and CFS)

Ignazio Angeloni (European Central Bank): Prudential Regulation and Monetary Policy with Fragile Banks (joint with Ester Faia, University of Frankfurt)
Presentation

Jose Fillat (Federal Reserve Bank of Boston): Addressing the Pro-cyclicality of Capital Requirements with a Dynamic Loan Loss Provision System (joint with Judit Montoriol-Garriga, Federal Reserve Bank of Boston)
Presentation

Discussant: Pierre-Richard Ag�nor (University of Manchester)
Presentation

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Keynote Speech 4: John Geanakoplos (Yale University)
The Leverage Cycle and Financial-Macroeconomic Stability
Presentation

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Session�5: Incorporating financial instability in aggregate models

Chair: Xavier Freixas (Universitat Pompeu Fabra and CEPR)

Yuliy Sannikov (Princeton University): A Macroeconomic Model with a Financial Sector (joint with Markus K. Brunnermeier, Princeton University and CEPR)
Presentation

Frederic Boissay (European Central Bank): Liquidity and Financial Fragility
Presentation

Discussant: P�ter Kar�di (Magyar Nemzeti Bank)
Presentation

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