Webinar: COVID-19 and the financial system — How and why were financial markets disrupted?
Past Event
Introduction and Presentation
The COVID-19 pandemic and the shutdown of the economy in an effort to contain the virus led to unanticipated disruptions in several parts of the financial markets—even the market for U.S. Treasury debt. These disruptions led the Federal Reserve to use everything from its 2008-2009 playbook, and then some, including buying corporate bonds. Financial markets have calmed, but questions remain: What happened and why? What worked well, and what didn’t? What role did the rules put in place after the Great Recession play? What vulnerabilities were exposed, and how should they be addressed?
On May 27, the Hutchins Center at Brookings addressed these issues during a webinar. Darrell Duffie of the Stanford Graduate School of Business presented a background paper and fielded audience questions. He then joined in a discussion with Itay Goldstein of the University of Pennsylvania, Beth Hammack of Goldman Sachs, and Nellie Liang and Don Kohn of Brookings. Effects on the banking system were addressed at a Hutchins Center event on June 4.
Viewers can submit questions for speakers by emailing events@brookings.edu or by joining the conversation on Twitter using #COVID19Economy.
Agenda
Introduction
David Wessel
Director - The Hutchins Center on Fiscal and Monetary Policy
Senior Fellow - Economic Studies
Presentation
Darrell Duffie
Dean Witter Distinguished Professor of Finance - Stanford Graduate School of Business
Session Materials
Panel discussion
Darrell Duffie
Dean Witter Distinguished Professor of Finance - Stanford Graduate School of Business
Itay Goldstein
Joel S. Ehrenkranz Family Professor of Finance - Wharton School of Business, University of Pennsylvania
Beth Hammack
Global Treasurer - Goldman Sachs
Nellie Liang
Undersecretary for Domestic Finance - United States Department of the Treasury
Former Senior Fellow - Economic Studies
Donald Kohn
Robert V. Roosa Chair in International Economics
Senior Fellow - Economic Studies
Session Materials
More Information
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