The SAFE Policy Center and the Center for Financial Studies organize and cordially invite you to attend a policy web seminar on
The Resilient Society: Prosperity in an Uncertain Post-Covid World
Markus Brunnermeier (Princeton University)
Introduction: Jan Pieter Krahnen (SAFE and Goethe University)
Discussant: Sir Paul Tucker (Harvard University)
Concluding remarks: Otmar Issing (CFS)
Moderation: Rainer Klump (CFS and Goethe University)
21 September 2021, 16:00 to 17:30 CET via Zoom
Covid has alerted us to a new reality. Individually and as a society, we face new large shocks. Resilience is a key concept. It is about the ability to bounce back after a shock, not to withstand shocks like robustness and not about avoiding any risks. Robustness works until it doesn't. Risk avoidance closes opportunity.
Resilience management highlights the dangers of traps, adverse feedback loops, tipping points, and the volatility paradox. Not being exposed to some risks worsens the ability to manage shocks. In finance, extra capital buffers foster resilience, while debt overhang and risk avoidance stifle economic growth and amplify macro-shocks.
In his new book for policymakers, business leaders, and engaged citizens, Princeton Professor Markus Brunnermeier argues that building resilience and investing in mechanisms for bouncing back is the only way to protect our social and economic institutions from climate change, cyberattacks, and other threats.
Markus Brunnermeier, is the Edwards S. Sanford Professor at Princeton University and director of Princeton's Bendheim Center for Finance. He is a Sloan Research Fellow, a fellow of the Econometric Society, Guggenheim fellow, Vice President of the American Finance Association, a non-resident fellow at Peterson Institute for International Economics and also a fellow of SAFE and CFS. He has served on the advisory boards of the IMF, the Federal Reserve of New York, the European Systemic Risk Board, the Bundesbank, and the US Congressional Budget Office. His research focuses on international financial markets and the macroeconomy with special emphasis on bubbles, liquidity, financial, and monetary price stability.
The policy web seminar is a part of the SAFE Policy Lecture Series aiming at fostering debates on policy-relevant issues.
Please note that a registration is required. You will receive a link to attend the event in the final confirmation one day in advance.