New Economic Thinking for an

Evolving Financial System

The “Evolving Financial System” conference is kindly hosted by the De Nederlandsche Bank (DNB) and generously supported by the University of Groningen’s faculty of Economics and Business. Organizers: Young Scholars Initiative INET Financial Stability Research Program JongDNB Location: De Nederlandsche Bank, Westeinde 1, Amsterdam Registration: http://fs24.formsite.com/inet/form10/index.html Day 1, Monday, November 10 08:15 – 09:00 Arrival and Reception with Coffee 09:00 – 09:30 Welcoming Remarks

Jan Marc Berk Marshall Auerback

09:30 – 10:30 Identifying the Key Theoretical and Policy Issues

Lord Adair Turner [via Skype] Stephen Kinsella, Daniel Neilson, Jan Marc Berk

10:30 – 10:45 Coffee Break 10:45 – 11:25 Keynote: Human Behavior in Money and Finance Cars Hommes, University of Amsterdam 11:25 – 12:15 The Complexity Approach to Financial Stability

Cars Hommes, Lex Hoogduin, Franjo Weissing, Co-Pierre Georg

12:15 – 13:00 Lunch

       

                                                                                                                                    13:00 – 15:00 Workshops

Workshop 1: Introduction to Agent Based Modeling Wander Jager

Workshop 2: Laboratory Experiments in Macroeconomics Cars Hommes

Workshop 3: Stock-Flow Consistent Modeling Antoine Godin

Workshop 4: Financial Linkages, Network Dynamics and Big Data Co-Pierre Georg

Workshop 5: A Legal Perspective on European Payment Systems Agnieszka Janczuk

15:15 – 16:15 Breakout presentations

Session 1: New Challenges in Banking Regulation Asgeir B. Torfason Session 2: Rethinking the European Monetary Union Jens Nordvig [via Skype] Session 3: Inequality and Financial Stability Laura de Carvalho Session 4: Evolutionary Dynamics, Lessons from Biology Franjo Weissing Session 5: The Links between Fiscal and Monetary Policy Dirk Ehnts

16:20 - 17:15 Student Presentations

Session 1 Anatomy of Bank Distress: The Information Content of Accounting Fundamentals Within and Across Countries - Janko Cizel | Can banks save each other? Banking Co-operation with Internalized Systemic Risk - Asgeir Torfason, Martina Jasova, Irene Sanchez-Arjona

       

                                                                                                                                    Session 2 Resurrecting the Special Drawing Rights in the Dollar-

Based International Monetary System - Henri Erti | Integrating climate goals into financial regulation: The Why and the How - Jakob Thomä

Session 3 Does Narrow Banking Drain Liquidity? - Simas Kucinskas |

Finance And Growth: Understanding The Switch From Virtuous To Bad Cycles In The Finance-Growth Relationship - Eliana Lauretta

Session 4 Do Macroeconomic Shocks Affect Intuitive Inflation

Forecasting? - An Experimental Investigation - Marvin Deversi | Trust and credit freezes in an agent-based bilayer network model of the interbank market - Nicholas Scholtes

Session 5 The Economic Environment as a Predictor of Monetary

Economic Thought and Policy - Pim Kastelein | Legal Limits of Financial Regulation in European Union - Ravi Tripathi

17:15 – 17:30 Wrap-up Day 1: Stephen Kinsella 17:30 – 19:00 Reception with Drinks Day 2, Tuesday, November 11: 08:30 – 09:10 Coffee 09:10 – 9:30 Opening Day 2

Daniel Neilson, Stephen Kinsella 9:30 – 11:00 Monetary Policy Operations and Strategy

Silvie Verkaart, Toshitaka Sekine, Oliver Burrows 11:00 – 11:15 Coffee Break 11:15 – 12:00 Policy Issues for Financial Stability

Aerdt Houben 12:00 – 13:00 Lunch

       

                                                                                                                                    13:00 – 14:00 Including the Financial Sector when Studying the Real

Economy Lex Hoogduin, Dirk Bezemer

14:00 – 15:30 Modeling Stocks and Flows in European Economies:

England, Ireland, Iceland, and the Netherlands Oliver Burrows, Stephen Kinsella, Gylfi Zoega, Joan Muyskens

15:30 – 15:45 Coffee Break 15:45 – 17:00 Legal Structures and Financial Structures: Implications of

Law for Financial Stability Dan Awrey, Kristrun Heimisdottir, Agnieszka Janczuk

17:10 – 18:00 Closing Panel: Lessons Learned

Daniel Neilson, Lex Hoogduin 18:00 Official End