Navigation Path: Home > Events > Conferences & seminars > The macroeconomic impact of non-standard monetary policy measures
Frankfurt am Main, 24-25 March 2011
Programme
Thursday, 24 March
| 8.30 a.m. - 9 a.m. | Registration |
| 9 a.m. - 9.15 a.m. |
Welcome address Download Jürgen Stark, Executive Board Member, European Central Bank |
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Session 1 The design, rationale and macroeconomic impact of non-standard monetary policy measures: a central banking perspective Chair: Wolfgang Schill, European Central Bank |
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| 9.15 a.m. - 9.50 a.m. | Monetary policy measures taken in response to the crisis
Petra Gerlach-Kristen, Bank for International Settlements Download |
| 9.50 a.m. - 10.25 a.m. | The UK’s Quantitative Easing Policy: Design, Operation and Impact
Robert Woods, Bank of England Download |
| 10.25 a.m. - 10.55 a.m. | The ECB’s Non-standard Measures during the Current Financial Crisis
José Manuel González-Páramo, Executive Board Member, European Central Bank speech Slides from the presentation |
| 10.55 a.m. – 11.30 a.m. | Coffee break |
| 11.30 a.m. – 12 p.m. | Economic impact of the ECB's non-standard measures: preliminary views
Philippe Moutot, European Central Bank Download |
| 12 p.m. – 12.35 p.m. | Monetary policy at the effective lower bound: the Canadian experience
Stéphane Lavoie, Bank of Canada Download |
| 12.35 p.m. – 1.10 p.m. | The Federal Reserve's Large-Scale Asset Purchase Programs: Rationale and Effects
William B. English, Board of Governors of the Federal Reserve System Download |
| 1.10 p.m. - 2.30 p.m. | Buffet lunch |
| 2.30 p.m. - 3.30 p.m. | Keynote lecture A comparison of different policies to escape credit and liquidity traps Ricardo Reis, Columbia University |
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Session 2 The impact of non-standard measures on the transmission mechanism and financing conditions Chair: Gabriel Fagan, European Central Bank |
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| 3.30 p.m. - 4.20 p.m. | Should unconventional balance sheet policies be added to the central bank toolkit?
Mark Stone, International Monetary Fund Download [2.54 MB] Discussant: Eugenio Gaiotti, Banca d’Italia Download |
| 4.20 p.m. - 4.50 p.m. | Coffee break |
| 4.50 p.m. - 5.40 p.m. | Macroeconomic effects of unconventional monetary policy in the euro area Gert Peersman, Ghent University Download Discussant: Sandra Eickmeier, Deutsche Bundesbank Download |
| 5.40 p.m. - 6.30 p.m. | The effects of quantitative easing on long-term interest rates Annette Vissing-Jorgensen, Northwestern University Download Discussant: Ester Faia, Johann Wolfgang Goethe University Download |
| 7.30 p.m. | Dinner, Hotel InterContinental Frankfurt Dinner speech Download Vítor Constâncio, Vice-President, European Central Bank |
Friday, 25 March
| 8.30 a.m. - 8.45 a.m. | Registration |
| Session3 Non-standard measures: short-term macroeconomic benefits, but longer-term costs for price stability? Chair: Francesco Drudi, European Central Bank |
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| 8.45 a.m. - 9.35 a.m. | Policy commitment and market expectations: survey-based evidence under Japan’s quantitative easing policy Kozo Ueda, Bank of Japan Download Discussant: Roberto Motto, European Central Bank Download |
| 9.35 a.m. - 10.25 a.m. | Have we underestimated the likelihood and severity of zero lower bound events? Jean-Philippe Laforte, Board of Governors of the Federal Reserve System Download Discussant: Oreste Tristani, European Central Bank Download |
| 10.25 a.m. - 10.50 a.m. | Coffee Break |
| 10.50 a.m. - 11.40 a.m. | Monetary policy strategy, non-standard measures and the lower bound on policy rates Frank Smets and Huw Pill, European Central Bank Download Discussant: Laurent Clerc, Banque de France Download |
| Session 4 What have we learned and how to proceed? |
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| 11.40 a.m. - 1 p.m. | Panel discussion Download Chair: Jürgen Stark, Executive Board Member, European Central Bank Panellists: Thomas Jordan, Vice-Chairman of the Governing Board, Swiss National Bank; Bertrand Badré, Chief Financial Officer, Crédit Agricole Download; Ricardo Reis, Columbia University |
| 1 p.m. | Buffet lunch |
| Conference dates | 24 and 25 March 2011 |
| Conference venue |
European Central Bank Eurotower Kaisertrasse 29 60311 Frankfurt am Main Germany Room CIV Tel.: +49 69 1344 0 Fax: +49 69 1344 6000 |
| Dinner venue |
Hotel InterContinental Frankfurt, "Saal Silhouette" Wilhelm-Leuschner-Strasse 43 Frankfurt am Main Tel.: +49 69 26050 |
| Conference language | English |
| Contact |
Nasser Hanafy ECB Directorate Communications Publishing, Events and Protocol Division E-mail: EVP-Events@ecb.europa.eu Janina Desoi ECB Directorate General Economics Monetary PolicyStance Division E-mail: janina.desoi@ecb.europa.eu |
