Non-Standard Monetary Policy Measures

Registration and coffee

Welcome address

Luc Laeven, European Central Bank

Keynote speech: The central bank’s balance sheet: opportunities for the future

Ricardo Reis, London School of Economics and Columbia University

Asset purchase programmes and financial markets: lessons from the euro area

Carlo Altavilla, Giacomo Carboni and Roberto Motto, European Central Bank

Discussant: Michael Weber, The University of Chicago

Coffee break

Quantitative Easing and Bank Risk Taking: Evidence from Lending

John Kandrac and Bernd Schlusche, Federal Reserve Board

Discussant: Florian Heider, European Central Bank

Buffet lunch, Press Centre gallery

Non-Neutrality of Open-Market Operations

Pierpaolo Benigno, Libera Università Internazionale degli Studi Sociali Guido Carli and Salvatore Nisticò, Sapienza University of Rome

Discussant: Leopold von Thadden, European Central Bank

Coffee break

Threshold-based forward guidance: hedging the zero bound

Lena Boneva, Richard Harrison and Matt Waldron, Bank of England

Discussant: Guido Ascari, University of Oxford

Sovereign Risk and Bank Risk-Taking

Anil Ari, University of Cambridge

Discussant: Marcus Hagedorn, University of Oslo

Keynote speech: Central banking in a time of crisis

Martin F. Hellwig, Max Planck Institute for Research on Collective Goods

Monetary Policy at Work: Security and Credit Application Registers Evidence

José-Luis Peydró and Andrea Polo, Universitat Pompeu Fabra; Enrico Sette, Banca d'Italia

Discussant: Huw Pill, Goldman Sachs

Coffee break

The impact of negative interest rates on bank balance sheets: evidence from the euro area

Selva Demiralp, Koç University; Jens Eisenschmidt and Thomas Vlassopoulos, European Central Bank

Discussant: Angela Maddaloni, European Central Bank

Buffet lunch, Press Centre gallery

The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies

Kristin Forbes, Massachusetts Institute of Technology; Dennis Reinhardt, Bank of England; Tomasz Wieladek, Barclays

Discussant: Roland Straub, European Central Bank

Beggar-thy-neighbor? The international effects of ECB unconventional monetary policy measures

Kristina Bluwstein, European University Institute and Fabio Canova, BI Norwegian Business School

Discussant: Ambrogio Cesa-Bianchi, Bank of England

Concluding remarks

End of workshop