This grant provides support to the Yale Program on Financial Stability (YPFS), a research and professional training program that exposes financial regulators to the best current theory and global practice in macroprudential regulation. Grant funds provide three years of support for the program’s summer school. Supported activities include a two-week Systemic Risk Symposium that brings regulators together with senior researchers to analyze past cases of regulatory intervention in such areas as asset crashes, liquidity crises, and the shadow banking sector; an academic conference on Fighting a Financial Crisis in which program participants serve as discussants of new, cutting-edge academic research; a Ph.D. dissertation workshop to expose students to regulatory datasets and career paths; and a Financial Crisis Forum that brings in highly regarded financial regulators like Ben Bernanke, Tim Geithner, Hank Paulson, and Stanley Fisher to discuss macroprudential regulation and the challenges and obstacles that stand in the way of effective regulatory intervention during financial crises.
Led by Professor Andrew Metrick, the Yale Program on Financial Stability is the only program of its kind. Its continued success holds the potential to build bridges between the academic and regulatory communities, spur further research, and equip the next generation of financial regulators with the tools they need to better fight future financial crises.