FSRC Macro-Finance Conference

October 30 - 31, 2025

AUGUST 2-3

October 30 - 31, 2025

NO TRAVEL NEEDED

Ottawa, Canada

LEARN & NETWORK

Learn & Network

About the Event

The Bank of Canada's Financial System Research Centre works to advance high-quality financial system research in Canada, informing policy and improving the economic and financial well-being of Canadians. The Centre showcases the Bank’s latest financial system research and analysis, helping us to build partnerships with researchers outside the Bank. This annual conference highlights financial system research from Canada and around the world, including our own research and the results of our joint research ventures.

This year's theme is "Navigating System-Wide risks: Strengthening Resilience in an Evolving Financial Landscape". 

Agenda


Day 1 | Thursday, October 30

30 October, 2025 08:15

Sign-In and Continental Breakfast

30 October, 2025 08:45

Opening Remarks

by Russell Barnett, Managing Director, Financial Stability Department, Bank of Canada

30 October, 2025 09:00

Session 1: Shocks to Real Sector Balance Sheet / Borrower Credit Risk

"Revolving Credit to SMEs: The Role of Business Credit Cards"

Presenter: Matteo Benetton (University of California, Berkeley)

Discussant: Gregory Weitzner (McGill University)

----------

"Subjective Income Expectations and Household Debt Choices"

Presenter: Francesco D'Acunto (Georgetown University)

Discussant: Davide Melcangi (Federal Reserve Bank of New York)

----------

Session chaired by Katya Kartashova (Bank of Canada)

30 October, 2025 10:30

Refreshment Break

30 October, 2025 11:00

Session 2: Banking Fragility and NBFIs

"Non-Bank Financial Institutions and Banks' Fire-Sale Vulnerabilities"

Presenter: Nicola Cetorelli (Federal Reserve Bank of New York)

Discussant: Emil Siriwardane (Harvard Business School)

----------

"Interest Rate Exposures of Non-Banks: Market Concentration and Monetary Policy Implications"

Presenter: Gabor Pinter (Bank for International Settlements)

Discussant: Yi Li (Federal Reserve Board)

----------

Session chaired by Christian Friedrich (Bank of Canada)

30 October, 2025 12:30

Lunch

30 October, 2025 14:00

Keynote: "Intermediary Balance Sheet Constraints, Bond Mutual Funds' Strategies, and Bond Returns"

Keynote address by Mariassunta Gianetti (Stockholm School of Economics)

Chaired by Sermin Gungor (Bank of Canada)

30 October, 2025 15:00

Refreshment Break

30 October, 2025 15:30

Session 3: Macro-Banking Linkages

"Interest Rate Risk and Cross-Sectional Effects of Micro-Prudential Regulation"

Presenter: Vadim Elenev (Johns Hopkins University)

Discussant: Josef Schroth (Bank of Canada)


----------


Session chaired by Josef Schroth (Bank of Canada)

30 October, 2025 18:00

Dinner (by invitation only)

Day 2 | Friday, October 31

31 October, 2025 08:30

Check-In and Continental Breakfast

31 October, 2025 09:00

Opening Remarks

by Deputy Governor Toni Gravelle (Bank of Canada)

31 October, 2025 09:05

Keynote: "When is Less More? Bank Arrangements for Liquidity vs Central Bank Support"

Keynote address delivered by Viral Acharya (New York University).

Chaired by Toni Gravelle (Bank of Canada).

31 October, 2025 10:00

Session 4: System-Wide Liquidity Stress

"Liquidity Support and Distress Resilience in Bank-Affiliated Mutual Funds" 

Presenter: Falko Fecht (Deutsche Bundesbank)

Discussant: Haibei Zhao (Lehigh University)

----------

"The Bank of England's System-Wide Exploratory Scenario"

Presenter: Martin Arrowsmith (Bank of England)

Discussant: Matthias Sydow (ECB)

----------

Session chaired by Kerem Tuzcuoglu (Bank of Canada)

31 October, 2025 11:30

Refreshment Break

31 October, 2025 11:45

Panel Discussion: Policy Preparedness and Response to Financial System Stress

Moderated by Jing Yang (Bank of Canada), featuring panelists:

- Trish Mosser (Columbia SIPA)

- Jill Cetina (Mays Business School Texas)

- Amar Munipalle (OSFI)

- Sheila Salloum (CDIC)

- Lee Foulger (Bank of England)

31 October, 2025 13:00

Lunch


Accessibility

We strive to provide each participant with a positive experience and a barrier-free environment. Should you require any form of accommodation, please contact us to let us know how we can best support you.

Your Privacy

Personal information collected by the Bank of Canada is protected under the Privacy Act. We will use this information to prepare and plan logistics for the conference. For more information, read the Bank of Canada Protection of Personal Information Policy.

Using this form to register for this conference is voluntary. Contact us if you prefer to register another way.

Contact Us

Bank of Canada
Conferences and Events

conferences@bank-banque-canada.ca