About

We are economists and thinkers from a range of disciplines who challenge conventional wisdom and advance ideas to better serve society.

Research

We develop research that challenges economic orthodoxy and serves society.

Articles

Commentary, analysis, interviews, and research summaries by INET-affiliated writers.

Video

Interviews, presentations and video series with provocative economic thinkers, public figures and students.

Podcast

Economics and Beyond with Rob Johnson, a podcast featuring interviews with some of the world’s most important thinkers, artists, and activists about the pressing issues of our time. The podcast is also available on all major podcasting platforms, such as Apple, Spotify, Google, and Podbean.

Education

Video series and courses for students and educators interested in exploring new economic thinking.

Events

To foster new economic thinking, we host convenings that gather together a diverse community of thinkers from different fields, countries, and schools of thought.

YSI

Through the Young Scholars Initiative (YSI), INET provides support to students, young professionals, or others who embrace new and critical ways of thinking about the economy. YSI fosters conversation among those who wish to engage with new economic thinking and connects young scholars to the Institute’s vast network of economists.

Topics

Browse all INET content organized by topic

Financial Networks

Big Risks, Macroeconomic Externalities, and Policy Commitment Devices

Feb 23–24, 2018 Download .ics

Columbia University |

Registration

Program

Contact

Participation is by invitation only. Please contact Gabriela Plump via the link above with any questions or concerns.

Conference

The objective of the conference is to exchange perspectives on the risks posed by financial networks, and the role these networks play in the well-functioning of the real economy. 

The large number of research efforts that emerged after the global financial crisis highlighted the risks of full diversification and the importance of network structure and macroeconomic externalities, especially when the economy faces big risks. Major regulatory organizations worried ex-post about the risk of contagion, but did not have ex-ante a macroeconomic model which reflected contagion. 

While our understanding of some of the main risks (too-big-to-fail, too-interconnected-to-fail, and too-correlated-to-fail) imposed by financial networks has improved in the last decade, significant gaps still exist. We lack adequate theories of network formation, and we do not have sufficient confidence in the design of optimal regulatory structures. 

The talks in this conference will illuminate on topics such as (I) contagion risk mechanisms in networks, (II) the stabilizing role of clearinghouses, (III) production networks and the spill-over effects to the real economy, (IV) endogenous networks, (V) optimal regulatory structure, and (VI) Moral Hazard and too correlated to fail risks. 

The conference will begin at 9:00 am on Friday, February 23 and end with lunch on Saturday, February 24. 

The conference is being sponsored by the Institute for New Economic Thinking (INET) and Columbia University’s Taskforce on Financial Networks and Macro-economic Externalities. The program chairs for the conference are Joseph Stiglitz, Agostino Capponi, and Martin Guzman. Gabriela Plump is the Program Manager. 

Event location

Uris Hall, Calder Lounge

Partners and sponsors