CRISIS Advisory Board Meeting, Bank of England, London, 15 October 2014

The Project CRISIS team presented a selection of its results to senior figures from central banking, regulation, academia, and the financial services industry at a meeting of its Advisory Board.

The meeting was hosted by the Bank of England and the group had in-depth discussions on topics ranging from the dynamics of the leverage cycle, to methods for better understanding and identifying financial instabilities, new measures of systemic risk, and a wide range of policy issues including macro-prudential policy, the Basel regime, bank resolution schemes, and ideas for reducing systemic risk.

Please follow the following links for the agenda, attendees, presentations, and a selection of research papers distributed during the meeting.


CRISIS Final Workshop – A Complexity View of Crisis, Milan 7-9 October 2014 (organized by UCSC)

The CRISIS project has created a comprehensive agent based model of the economy in which households, firms, banks and other financial intermediaries interact in the markets for labour, goods, credit and financial assets.  Within this framework, the CRISIS consortium has performed research on financial stability, macro-prudential and monetary policy.

The first day was devoted to a tutorial on the software library. The rest of the workshop dealt with the results of the research activity and with future research plans.

See the attached agenda.


Fifth CRISIS Workshop, INET at the Oxford Martin School, 17-18 March 2014 (organized by UOXF)

The Workshop was attended by representatives of all the partners. Although the various working groups have been collaborating very closely it was a chance for all the units to get together and discuss the state of the art of the CRISIS project, particularly in view of its conclusion in the Fall of 2014. The Workshop focused mainly on the integration of the macro and financial AB models, also touching upon issues such as the interbank model, calibration, default models, plans for implementing a shadow banking system, the simulator and online game as well as the experiments carried out by the UvA unit.

The final part of the Workshop was devoted to a general discussion aimed at determining the best strategies for meeting the goals set out by the project.


Fourth CRISIS Workshop, Institut Henri Poincaré, Paris, 14-16 October 2013 (organized by CEA)

This intensive workshop entitled “CRISIS at work: Explaining and Managing Financial-Real Interlinkages” focused on issues linked to the process of integration between the macro and financial parts of the project. The meeting was attended by all the partners who were brought up to date with the project’s progress and discussed the various difficulties encountered in each unit’s research work.

An action plan was agreed upon and guidelines for future activities were established in view of embarking on the last and most challenging stage of the CRISIS project.


Third CRISIS Workshop, Leiden, 8-12 April 2013 (organized by the University of Amsterdam in collaboration with the Lorentz Center, Leiden)

The aim of this workshop (which was also Deliverable D9.5) was to promote a multi-disciplinary collaboration between economists, physicists, mathematicians and computer engineers in order to develop complex systems based approaches aimed at understanding systemic instabilities and financial economic crises.

During the workshop, particular emphasis will be given to the interaction with policy makers. Invitees  included participants from policy institutions (e.g., Bank of England, Dutch Central Bank, International Monetary Fund, New York FED, Netherlands Bureau for Economic Policy Analysis) who  provided important feedback.


Second CRISIS Workshop, Milan, 29-31 October 2012 (organized by UCSC)

The Second CRISIS Workshop (Deliverable D9.4) was organized by the Università Cattolica del Sacro Cuore in Milan, from the 29th to the 31st of October 2012. The Workshop was attended by representatives of all the project partners and there was one invited speaker, Dr. Co-Pierre Georg from the Research Center of Deutsche Bundesbank. The Workshop was advertised on the UCSC website and was attended by several students.

The first day of the Workshop was devoted to a general overview of the project and the accomplishments to date. The guest speaker, Dr. Co-Pierre Georg, presented his work on the Black Rhino financial simulator which was followed by a lively Q&A session.

The second day started with a presentation of the software developed for the online game: one of the objectives of this workshop was to obtain comments and suggestions from all the partners in order to fine tune the software so that it responds in an optimal way to the project’s requirements.

During the third day of the workshop, the financial team discussed the experiments they intend to carry out while another presentation dealt with the progress towards a Mark 3 model. The partners proposed areas of research that could be pursued in the coming months and which would enhance the overall progress of the Crisis project.


FOC-CRISIS School on Complex Financial Networks, Lucca, 24-27 October 2012

The school was organized on the premises of IMT Lucca and was attended by several of the Crisis Consortium partners.  Its aim was to provide participants with the latest know-how which will help them understand and analyse the complexity of modern financial networks. A further objective was to link complex networks science with finance and economics. The school was targeted to PhD students in Economics, Natural Sciences and Engineering; Researchers at policy making institution; Scientific journalists and Financial Analysts. Its format allowed participants to choose a combination of introductory lectures and selected advanced lectures according to their own interest and level.


First CRISIS Workshop, London, 12-14 June 2012  (organized jointly by City and UCSC)

The First CRISIS Workshop was attended by all the Consortium partners. There were three invited speakers: Martin Summer from the Austrian Central Bank, Pawel Zabczyk from the European Central Bank and Sony Kapoor, Managing Director of Re-Define and member of the CRISIS Stakeholder Working Group.

The first day of the workshop was mainly devoted to bringing everyone up to date on the status of each part of the project and planning future steps. The second day focused on presentations by representatives from central banks and regulatory agencies. Their presentations addressed issues such as: what are key problems facing central banks and regulatory agencies? Which ones would benefit most from agent-based modeling? What are key domain issues that we should take into account? The invited speakers were also asked to comment/criticize/make suggestions about CRISIS, propose topics for collaboration and put forward a list of questions, challenges, concerns. The third day provided time to follow up on open questions as well as the opportunity for task forces to meet so as to plan and coordinate future activities.


Financial/Macro Group Meeting, Palermo, 13-14 September 2012 (organized by UNIPA)

A workshop involving the CRISIS financial group was organized by  the University of Palermo in September 2012. Each of the units involved (UCSC, UPM, UNIPA, UOXF, AITIA, CITY) gave an overview of their research plan and results and also discussed the status and future developments regarding MABM_1, the integration of financial models and macro models, the modelling of bank-firm credit relationships and the modelling of the Interbank market.  The group also made progress as regards the development of the integration plan.


Financial/Macro Group Meeting and Technical review, Brussels, 14-16 May 2012

The first (M6) technical review of the CRISIS project was held at the Commission’s premises in Brussels. The day-long event proved to be a fruitful discussion between the Consortium members, the Commission’s representatives and the three appointed reviewers. All deliverables submitted were accepted and the review board formulated supportive comments regarding the work carried out during the first 6 months.


Macro Group Meeting, Milan, 23-24 April 2012 (organized by UCSC)

The macro group (working on WP3) met in Milan, on the premises of UCSC. The presentations focused on ideas and preliminary results concerning durability and alternative approaches to pricing/production decisions by firms; the modelling networks of banks and firms; on empirical work carried out by the University of Palermo concerning networks of banks and firms.


Financial Group Meeting, Berlin, 26-28 March 2012

The meeting was attended by all the partners working on macro issues. The discussion focused on software development, structure and design, calibration and data sets and the ways of integrating everything into one system.


Java Training Course, Budapest, 19-22 February 2012 (organized by AITIA)

Since the AITIA group was the only group that was previously using Java or Mason, the conversion required each group to learn a new programming language. To facilitate this a Java course was organized in Budapest in February 2012, by AITIA which was attended by twelve people from six of the units. The course was very demanding, but helped to provide a basic level of understanding of Java and is already allowing the groups to share software with each other.


Kick-off meeting, Catania, 11-16 November 2011 (organized by UCSC)

The CRISIS project was launched on November 1st  2011, as planned. All work-package leaders and a large group of the researchers involved in the project were present at the meeting.  The kick- off meeting covered a lot of ground with excellent results in terms of determining and fixing deadlines, scheduling future meetings, planning activities for each work package, defining tasks to be assigned to each partner as well as communication procedures among the partners.