2021 Financial Stability Conference: Planning for Surprises, Learning from Crises

The Federal Reserve Bank of Cleveland and the Office of Financial Research hosted the annual financial stability conference on November 17-19, 2021 virtually.

The disruptions associated with the SARS-CoV-2 (COVID-19) pandemic, coming just a decade after the Great Financial Crisis of 2007-2009, alerted the public and policymakers alike to the dangers of shocks from within and outside of the financial system. The disruptions provided a live-fire stress test for postcrisis reforms, ushering in a new set of responses whose long-term impacts remain to be determined. It has drawn attention to vulnerabilities in the financial system. Some of these were foreseen, while others emerged unexpectedly. It was an opportune time not only to reflect on the efficacy of these and other past interventions but also to seek reforms to confront the challenges of a new normal, wherein once-in-a-lifetime disruptions may occur every decade.

The conference brought together policymakers, industry representatives, and scholars from economics, engineering, finance, and related fields.

We welcomed submissions of research topics related to financial market dynamics, systemic risk, and related public policy.