Towards a "new normal" in financial markets?

BIS Papers No 84
May 2016

The 14th BIS Annual Conference took place in Lucerne, Switzerland, on 26 June 2015. The event brought together a distinguished group of central bank Governors, leading academics and former public officials to exchange views on the topic "Towards 'a new normal' in financial markets?". The papers presented at the conference and the discussants' comments are released as BIS Working Papers nos 561 to 564.

BIS Papers no 84 contains the opening address by Jaime Caruana (General Manager, BIS), the keynote address by John Kay (London School of Economics) and remarks by Paul Tucker (Harvard Kennedy School).


Mobile collateral versus immobile collateral, BIS Working Papers No 561
by Gary Gorton and Tyler Muir
Comments by Randall S Kroszner and Andrei Kirilenko

Expectations and investment, BIS Working Papers No 562
by Nicola Gennaioli, Yueran Ma and Andrei Shleifer
Comments by Philipp Hildebrand

Who supplies liquidity, how and when?, BIS Working Papers No 563
by Bruno Biais, Fany Declerck and Sophie Moinas
Comments by Arminio Fraga and Francesco Papadia

Moore's Law vs. Murphy's Law in the financial system: who's winning?, BIS Working Papers No 564
Andrew W Lo
Comments by Darrell Duffie and a written contribution by Benoît Coeuré