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  • Workshop on

Non-standard monetary policy measures

08.30 a.m. Registration
09.00 a.m. Keynote speech
The role of monetary policy, revisited

John Cochrane, University of Chicago Booth School of Business
  Session 1
Impact on financial markets

Chair: Cornelia Holthausen , European Central Bank
10.00 a.m. The euro repo market
Angelo Ranaldo, University of St. Gallen
Discussant: Gabriel Pérez-Quirós, Banco de España
10.45 a.m. Coffee break
11.15 a.m. Interest rate duration channel versus local supply channel
Stefania D'Amico, Board of Governors of the Federal Reserve System
Discussant: Bernd Schwaab ( slides), European Central Bank
12.00 a.m. Credit and liquidity in interbank rates: a quadratic approach
Guillaume Roussellet, Banque de France
Discussant: Thomas Werner, European Central Bank
12.45 p.m. Buffet lunch
13:45 p.m. Session 2
Impact on macroeconomic developments

Chair: Francesco Drudi, European Central Bank
2.15 p.m. A non-standard monetary policy shock: the ECB’s three-year LTROs and the shift in credit supply
Roberto de Santis, European Central Bank
Discussant: Jagjit Chadha, University of Kent ( slides)
3.00 p.m. Unconventional monetary policy and the macroeconomy: Evidence from a shadow interest rate approach
Tomasz Wieladek, Bank of England
Discussant: Geert Mesters, Vrije Universiteit Amsterdam
3.45 p.m. Coffee break
4.15 p.m. Bank lending in times of large bank reserves
David Skeie, Federal Reserve Bank of New York
Discussant: Benoît Mojon, Banque de France
5.00 p.m. The collateral channel of monetary policy: Evidence from the European Central Bank
François Koulischer, European Centre for Advanced Research in Economics and Statistics
Discussant: Andreas Schabert, Technische Universität Dortmund ( slides)
6.00 p.m. Speakers' dinner (by invitation only)
Hosted by Peter Praet, Member of the Executive Board of the European Central Bank
09.00 a.m. Welcome address
Benoît Coeuré, Member of the Executive Board of the European Central Bank
09.20 a.m. Keynote speech
Banking, Liquidity and Bank Runs in an Infinite Horizon Economy

Nobuhiro Kiyotaki, Princeton University
  Session 3
The theoretical perspective of non-standard measures

Chair: Benjamin Sahel, European Central Bank
10.20 a.m. Efficiency of central bank policy during the crisis: Role of expectations in reinforcing hoarding behaviour
Volha Audzei, Centre for Economic Research and Graduate Education – Economics Institute
Discussant: Andrew Filardo, Bank for International Settlements
11.05 a.m. Coffee break
11.30 a.m. Escaping the great recession
Leonardo Melosi, Federal Reserve Bank of Chicago
Discussant: Martin Ellison, University of Oxford
12.15 a.m. Panel discussion
Non-standard measures under review

Chair: Massimo Rostagno, European Central Bank
Discussants: Shuji Kobayakawa ( slides), Bank of Japan; Mike Joyce ( slides), Bank of England; Huw Pill, Goldman Sachs; Daniel Thornton, Federal Reserve Bank of St. Louis
1.45 p.m. End of workshop and buffet lunch
Workshop dates 17 and 18 June 2013
Workshop venue European Central Bank
Eurotower, CVII
Kaiserstraße 29
60311 Frankfurt am Main
Tel.: +49 (0) 69 1344 0
Fax: +49 (0) 69 1344 6000
E-mail: info@ecb.europa.eu
Conference language English
Dinner venue Kubu
by invitation only
Contact persons Alain Durré
European Central Bank
Directorate General Economics
E-mail: alain.durre@ecb.europa.eu

Peter Karadi
European Central Bank
Directorate General Research
E-mail: peter.karadi@ecb.europa.eu

Silke Köhler (conference organisation)
European Central Bank
Publishing, Events and Protocol Division
Tel.: +49 (0) 69 1344 8671
E-mail: evp-events@ecb.europa.eu

Thomas Werner
European Central Bank
Directorate General Market Operations
E-mail: thomas.werner@ecb.europa.eu

Bernd Schwaab
European Central Bank
Directorate General Research
E-mail: bernd.schwaab@ecb.europa.eu

Julia Carver
European Central Bank
Directorate General Research
Tel: +49 (0) 69 1344 8166
E-mail: julia.carver@ecb.europa.eu

Website http://www.ecb.europa.eu/events/conferences/html/2013_ws_non-stmopomeas.en.html
Programme Please note that this programme may be subject to change without notice.