FIFTEENTH ANNUAL RISK |
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This international conference will provide a platform for policy makers, regulators, industry executives, and researchers from academia and industry to enhance their risk management techniques, explore the latest investment strategies and manage the fundamental regulatory changes in the financial sector. The conference will feature industry panels as well as scientific paper presentation. A pre-conference workshop on Credit Portfolio Management is organized in collaboration with the International Association of Credit Portfolio Managers. This year, the conference will feature topics such as climate change, net-zero, and the practice of financial risk management, as well as recent research on data and analytics advances. |
KEYNOTE TALK ON "EXPECTATIONS, INFECTIONS, AND ECONOMIC ACTIVITY" | |||
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MARTIN EICHENBAUMThe Covid epidemic had a large impact on economic activity. In contrast, the dramatic decline in mortality from infectious diseases over the past 120 years had a small impact on economic activity. People’s response to successive Covid waves helps reconcile these two findings. Our analysis uses a unique administrative data set with anonymized monthly expenditures at the individual level that covers the first three Covid waves. Consumer expenditures fell by about the same amount in the first and third waves, even though the risk |
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of getting infected was larger in the third wave. We argue that people had pessimistic prior beliefs about the case-fatality rates that converged over time to the true case-fatality rates. Using a model where Covid is endemic, we show that the impact of Covid is small when people know the true case- fatality rate but large when people have empirically-plausible pessimistic priors about the case-fatality rate. These results reconcile the large economic impact of Covid with the small effect of the secular decline in mortality from infectious diseases estimated in the literature. |
PLENARY SPEAKER
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WANG NENG |
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SEMI-PLENARY SPEAKERS
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WOLFGANG HÄRDLE |
MATHIEU ROSENBAUM |
INVITED SPEAKERS
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KRISTA BAETENS |
MARCIA BANKS |
PRE-CONFERENCE SPEAKERS
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MARCIA BANKS |
MARK HOUGHTON |
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For more information, please visit RMI website. |