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Monetary Policy Transmission in the Euro Area

Announcement

The objective of the conference is to discuss research produced in the context of the Monetary Transmission Network, a group of Eurosystem economists working on the monetary policy transmission mechanism in the euro area. The papers presented take three perpectives: structural models and VAR for the euro area and the national economies; panel micro data analyses of non-financial investment behaviour; panel micro data analyses of bank behaviour.

The Monetary Transmission Network is chaired by Ignazio Angeloni. Prof. Anil Kashyap (University of Chicago Graduate School of Business) acts as external consultant and Benoît Mojon as the secretary to the Network.
The conference, which is by invitation only , will be held at the European Central Bank in Frankfurt on December 18-19, 2001.

Programme organisers: I. Angeloni, A. Kashyap, B. Mojon.
List of participants: pdf 32 kB, en
Contact: Susana Sommaggio.

Tuesday, 18 December 2001

08:30

Coffee
09:00

Chair: G. J. Hogeweg
Opening address: O. Issing (Member of the ECB Executive Board)
09:15

Session 1: Perspectives on the monetary transmission mechanism
C. Bean, J. Larsen and K. Nikolov (all Bank of England): "The monetary transmission mechanism: theory, evidence and policy implications" ( pdf 550 kB, en )

Discussant: J. Gali (Pompeu Fabra)

General discussion
10:30
Session 2: Macro-time series evidence on the transmission mechanism

F. Canova (Pompeu Fabra) presents and discusses (followed by authors' response):
- G. Peersman (Bank of England) and F. Smets: "The monetary transmission mechanism in the euro area: more evidence from VAR analysis" ( pdf 963 kB, en )
- B. Mojon and G. Peersman (Bank of England): "A VAR description of the effects of monetary policy in the individual countries of the euro area" ( pdf 856 kB, en )
C. Sims (Princeton University) presents and discusses (followed by authors' response):
- P. McAdam and J. Morgan: "The monetary transmission mechanism at the euro area level: issues and results using structural macroeconomic models" ( pdf 673 kB, en )
- P. van Els, A. Locarno, J. Morgan and J.-P. Villetelle: "Monetary policy transmission in the euro area: what do aggregate and national structural models tell us?" ( pdf 982 kB, en )
General discussion
12:45

Lunch
14:00
Session 3: The role of banks: evidence from micro-economic data

Chair: R. Clarida (Columbia University)

E. Baltensperger (University of Bern) presents and discusses (followed by authors' response):
- A. Worms: "The reaction of bank lending to monetary policy measures in Germany" ( pdf 652 kB, en )
- S. Kaufmann: "Asymmetries in bank lending behaviour. Austria during the 90s" ( pdf 1.2 MB, en )
- L. de Haan: "The credit channel in The Netherlands: evidence from bank balance sheets" ( pdf 631 kB, en )
J. Dermine (INSEAD) presents and discusses (followed by authors' response):
- I. Hernando and J. Martínez-Pagés: "Is there a bank lending channel of monetary policy in Spain?" ( pdf 1.2 MB, en )
- C. Loupias, F. Savignac (Université de Paris XII - Val de Marne) and P. Sevestre (Université de Paris XII - Val de Marne): "Monetary policy and bank lending in France: are there asymmetries?" ( pdf 715 kB, en )
General discussion
16:15

Coffee-break
16:45
Session 3 (continued)

L. Guiso (Ente Einaudi) presents and discusses (followed by authors' response):
- L. Farinha and C. Robalo Marques: "The bank lending channel of monetary policy: identification and estimation using Portuguese micro bank data" ( pdf 565 kB, en )
- J. Topi and J. Vilmunen: "Transmission of monetary policy shocks in Finland; evidence from bank level data on loans" ( pdf 1.3 MB, en )
C. Borio (BIS) presents and discusses (followed by authors' response):
- L. Gambacorta: "Bank-specific characteristics and monetary policy transmission: the case of Italy" ( pdf 833 kB, en )
- S. Brissimis, N. Kamberoglou and G. Simigiannis: "Is there a bank lending channel of monetary policy in Greece? Evidence from bank level data" ( pdf 599 kB, en )
General discussion
18:45

Conference adjourns

Wednesday, 19 December 2001

08:00

Coffee
08:30
Session 3 (continued)

Chair: J. C. Rochet (U. de Toulouse)

S. van den Heuvel (University of Pennsylvania) presents and discusses (followed by authors' response):
- M. Ehrmann, L. Gambacorta, J. Martínez-Pagés, P. Sevestre and A. Worms: "Financial systems and the role of banks in monetary policy transmission in the euro area" ( pdf 788 kB, en )
General discussion
09:30
Session 4: The response of firms to monetary policy: evidence from micro-economic data

S. Bond (Oxford University) presents and discusses (followed by authors' response):
- J.-B. Chatelain and A. Tiomo: "Investment, the cost of capital and monetary policy in the Nineties in France: a panel data investigation" ( pdf 620 kB, en )
- P. Butzen, C. Fuss and P. Vermeulen: "The interest rate and credit channels in Belgium: an investigation with micro-level firm data" ( pdf 1 MB, en )
K. Kuttner (FRB New York) presents and discusses (followed by authors' response):
- U. von Kalckreuth: "Monetary transmission in Germany: new perspectives on finance constraints and investment spending" ( pdf 833 kB, en )
- M. Valderrama: "Credit channel and investment behavior in Austria: a micro-econometric approach" ( pdf 548 kB, en )
General discussion
11:30

Coffee-break
12.:00
Session 4 (continued)

Chair: A. Weber (U. Cologne and Center for Financial Studies)

P. Sakellaris (University of Maryland) presents and discusses (followed by authors' response):
- E. Gaiotti and A. Generale: "Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms" ( pdf 557 kB, en )
- P. Lünneman and T. Mathä: "Monetary transmission: empirical evidence from Luxembourg firm-level data" ( pdf 567 kB, en )
General discussion
13:00

Lunch
14:30
Session 4 (continued)

R. Chirinko (Emory University) presents and discusses (followed by authors' response):
- J.-B. Chatelain, A. Generale, I. Hernando, P. Vermeulen and U. von Kalckreuth: "Firm investment and monetary transmission in the euro area countries" ( pdf 1.5 MB, en )
General discussion
15:30

Coffee-break
16:00
Session 5: Summing up and directions for further research

Chair: B. Friedman (Harvard University)
- I. Angeloni, A. Kashyap (University of Chicago GSB), B. Mojon and D. Terlizzese: "Monetary transmission in the euro area" ( pdf 769 kB, en )
Panel discussion: B. Bernanke (Princeton University); J. von Hagen (University of Bonn); J. Freixas (Pompeu Fabra)

General discussion
17:50

Concluding remarks: V. Gaspar (ECB)
18:00

Conference ends

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