The Global Financial Crisis renewed a significant interest in understanding the relationship between macroeconomic performance and financial imbalances, producing a considerable body of research. However, this research has mostly focused on studying channels in which imbalances in the financial sector, such as high leverage in households or at banks, exacerbate economic downturns.  This conference will bring together leading academics and policymakers to discuss research that expands our understanding of how macroecono�mic conditions can contribute to the buildup of financial imbalances.