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First ECB Annual Research Conference

About the conference

28 and 29 September 2016

Main Building, European Central Bank, Frankfurt am Main
Conference Room C5.01, Grossmarkthalle

The global financial crisis has spurred renewed interest in research on central banking issues. To support the dissemination of such research, the European Central Bank is launching its First Annual Research Conference, organised by the Directorate General Research. This conference will be the ECB’s flagship research event covering the fields of monetary economics and finance. The conference will consist of paper presentations by leading academics in these fields, a panel discussion on a topic of current policy interest, and a keynote lecture. The keynote lecture is named in honour of Jean Monnet and will be delivered by an outstanding academic on a topic of relevance to strengthening European Monetary Union.


Wednesday, 28 September 2016
Registration and coffee

Welcome address

Mario Draghi, President, European Central Bank

Session 1

Chair: Sergio Nicoletti Altimari, European Central Bank


Paper 1: "Pledgeability, Industry Liquidity, and Financing Cycles"

Presenter: Douglas Diamond, University of Chicago, Booth School of Business
Discussant: Florian Heider, European Central Bank


Paper 2: "Monetary-Fiscal Interactions and the Euro Area's Malaise"

Presenter: Bartosz Maćkowiak, European Central Bank
Discussant: Harald Uhlig, University of Chicago


Session 2

Chair: Oreste Tristani, European Central Bank


Paper 3: "Monetary Policy, Bounded Rationality and Incomplete Markets"

Presenter: Iván Werning, Massachusetts Institute of Technology
Discussant: Stephanie Schmitt-Grohé, Columbia University


Paper 4: "The Making of Hawks and Doves: Inflation Experiences and Voting on the FOMC"

Presenter: Ulrike Malmendier, University of California, Berkeley
Discussant: Ricardo Reis, London School of Economics

Coffee Break

Session 3

Chair: Ulrich Bindseil, European Central Bank


Paper 5: "Bank Resolution and the Structure of Global Banks"

Presenter: Patrick Bolton, Columbia University, Graduate School of Business
Discussant: Xavier Vives, IESE Business School


Conference dinner – upon invitation only

Thursday, 29 September 2016
Registration and coffee

Session 4

Chair: Frank Moss, European Central Bank


Paper 6: "Global Imbalances and Currency Wars at the ZLB"

Presenter: Pierre-Olivier Gourinchas, University of California, Berkeley
Discussant: Jordi Galí, Universitat Pompeu Fabra


Paper 7: "Household Debt and Business Cycles Worldwide"

Presenter: Amir Sufi, University of Chicago, Booth School of Business Discussant: Giancarlo Corsetti, University of Cambridge

Coffee break

Session 5

Chair: Massimo Rostagno, European Central Bank


Paper 8: "Regional Heterogeneity and Monetary Policy"

Presenter: Joseph Vavra, University of Chicago, Booth School of Business
Discussant: Wouter den Haan, London School of Economics

Buffet lunch

Jean Monnet Lecture: Should Fiscal Policy Be Set by Politicians?

Chair: Luc Laeven, European Central Bank
Presenter: Eric Maskin, Harvard University
Introduction to the key lecture
Key lecture


Coffee break


Panel on "Monetary Policy and Financial Stability in a Low Interest Rate Environment"

Chair: Vítor Constâncio, Vice-President, European Central Bank

Tobias Adrian, Federal Reserve Bank of New York
Mathias Dewatripont, National Bank of Belgium
Kristin Forbes, MIT Sloan School of Management and Bank of England
Lars Svensson, Stockholm School of Economics

End of conference

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building, Conference Room C5.01
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000

Conference language



Participants are requested to arrange their own transfers, unless indicated otherwise.

Conference organisers

Luc Laeven, Directorate General Research

Luca Dedola, Directorate General Research, Monetary Policy Research Division

Marie Hoerova, Directorate General Research, Financial Research Division

Peter Karadi, Directorate General Research, Monetary Policy Research Division

Bartosz Mackowiak, Directorate General Research, Monetary Policy Research Division

Alexander Popov, Directorate General Research, Financial Research Division

Sabine Wiedemann, Directorate General Research

Silvia Margiocco, Directorate General Communications

Conference email