In a financial crisis, the “first responders” in government must be ready to design emergency programs on short notice, quickly identifying each program's key features and avoiding the mistakes made in past crises. For the past 10 years, the Yale Program on Financial Stability (YPFS) has been building a database of crisis interventions and eliciting the lessons of these experiences, gathering these materials in our online platform for the New Bagehot Project, publicly available at https://newbagehot.yale.edu/.
With this research now at critical mass, YPFS is pleased to announce the inaugural “Crisis Response Workshop,” to be held on the campus of Yale University July 7 – 11, 2025. This five-day program is designed for early-to-mid-career employees of government and international agencies with the responsibility of managing systemic risk, designing and implementing macroprudential policy, and responding to financial crises. The first half of the program will contain an overview of international systemic risk regulation and the current practice of macroprudential policy, with an emphasis on how these subjects interact with financial crisis management. The second half of the program surveys five different categories of crisis interventions and shows participants how to use the resources of the New Bagehot Project to do real-time policy design in a crisis.
The program is led by Andrew Metrick, Janet L. Yellen Professor of Finance and Management and director of YPFS. Program sessions will be led by the senior researchers and authors of the New Bagehot Project. In addition to the formal program sessions (shown below), participants will also benefit from discussion with invited lunch and dinner speakers, including a keynote discussion with former Treasury Secretary Timothy Geithner, chairman of the YPFS Advisory Board. The program fee is $10,000 per person including lodging and meals during on-campus sessions. For more information, please contact Alex Hoglen at alexandra.hoglen@yale.edu.
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Program Schedule
| Day 1 | Day 2 | Day 3 | Day 4 | Day 5 | |
|---|---|---|---|---|---|
| Session 1 | Introduction | Financial Stability Regulation | Macroprudential Policy | New Bagehot (Guarantees) | New Bagehot (Capital injection) |
| Session 2 | Introduction | Financial Stability Regulation | Macroprudential Policy | New Bagehot (Emergency liquidity) | New Bagehot (Asset Management) |
| Session 3 | Financial Stability Regulation | Macroprudential Policy | Crisis communication | New Bagehot (Emergency liquidity) | New Bagehot (Restructuring and resolution) |
| Session 4 | Financial Stability Regulation | Macroprudential Policy | New Bagehot (Introduction to the platform) | New Bagehot (Market support) | New Bagehot (Wrap-up) |