Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

Monetary policy pass-through and credit markets

27 and 28 October 2016

Main Building, European Central Bank, Frankfurt am Main
Press Room, Grossmarkthalle


Thursday, 27 October 2016

Presenters are marked *


Welcome address


Keynote speech

Chair: Massimo Rostagno, European Central Bank

The Reversal Interest Rate: The Effective Lower Bound on Monetary Policy

Markus K. Brunnermeier, Princeton University

Coffee break

Session 1 Unconventional Monetary Policy and Lending

Chair: Frank Smets, European Central Bank


How Quantitative Easing Works: Evidence on the Refinancing Channel

Marco Di Maggio*, Harvard Business School and NBER
Amir Kermani, University of California, Berkeley and NBER
Christopher Palmer, University of California, Berkeley

Discussant: Neeltje Van Horen, Bank of England

Life Below Zero: Bank Lending Under Negative Policy RatesPresentation

Florian Heider, European Central Bank
Farzad Saidi*, Stockholm School of Economics
Glenn Schepens, European Central Bank

Discussant: Ester Faia, Goethe University Frankfurt

The transmission of monetary policy through bank lending: the floating rate channelPresentation

Filippo Ippolito, Universitat Pompeu Fabra
Ali K. Ozdagliy, Federal Reserve Bank of Boston
Ander Pérez-Orive*, Board of Governors of the Federal Reserve System

Discussant: Carlo Altavilla, European Central Bank

Buffet lunch

Keynote speech

Chair: Michael Ehrmann, European Central Bank

Unconventional Monetary Policy, Sovereign Exposures and Bank Lending

Marco Pagano, University of Naples Federico II, CEPR

Coffee break

Session 2 Monetary policy, global banking and relationship lending

Chair: João Sousa, European Central Bank


Monetary policy and global banking

Falk Bräuning, Federal Reserve Bank of Boston
Victoria Ivashina*, Harvard University and NBER

Discussant: Skander Van Den Heuvel, ECB

Monetary Policy at Work: Security and Credit Application Registers Evidence

José-Luis Peydró, ICREA-UPF, CREI, Barcelona GSE and CEPR
Andrea Polo*, Universitat Pompeu Fabra and Barcelona GSE
Enrico Sette, Bank of Italy

Discussant: Soledad Martinez, International Monetary Fund

Portfolio Rebalancing and the Transmission of Large-Scale Asset Programs: Evidence from the Euro Area Presentation

Ugo Albertazzi*, Bank of Italy
Bo Becker, Stockholm School of Economics and CEPR
Miguel Boucinha, European Central Bank

Discussant: Burcin Kisacıkoglu, Bilkent University


Friday, 28 October 2016

Presenters are marked *


Keynote speech

Chair: Luc Laeven, European Central Bank

Monetary Easing and Financial Instability

Viral V. Acharya, New York University

Coffee break

Session 3 Credit and Quantitative Easing

Chair: Sergio Nicoletti Altimari, European Central Bank


The real effects of relationship lending Presentation

Ryan N. Banerjee, Bank for International Settlements
Leonardo Gambacorta*, Bank for International Settlements
Enrico Sette, Bank of Italy

Discussant: Geert Peersman, Ghent University

Surviving the perfect storm: the role of the lender of last resort Presentation

Nuno Alves, Bank of Portugal
Diana Bonfim*, Bank of Portugal
Carla Soares, Bank of Portugal

Discussant: Thomas Vlassopoulos, European Central Bank
Buffet lunch

Keynote speech

Chair: Roberto Motto, European Central Bank

Passthrough Efficiency in the Fed’s New Monetary Policy Setting

Arvind Krishnamurthy, Stanford University

Coffee break

Session 4 Monetary policy, mortgage contracts and bubbles

Chair: Roberto Motto, European Central Bank


Interest rates, debt and intertemporal allocation: evidence from notched mortgage contracts in the United Kingdom

Michael Carlos Best, Stanford University
James Cloyne, Bank of England
Ethan Ilzetzki*, London School of Economics
Henrik Jacobsen Kleven, London School of Economics

Discussant: Georgarakos Dimitris, European Central Bank

Monetary Policy for a bubbly world

Vladimir Asriyan*, CREI, UPF and Barcelona GSE
Luca Fornaro, CREI, UPF and Barcelona GSE
Alberto Martin, CREI, UPF and Barcelona GSE
Jaume Ventura, CREI, UPF and Barcelona GSE

Discussant: Matthieu Darracq Paries, European Central Bank

Concluding remarks

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building, Press Room
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.

Organising committee

Carlo Altavilla, European Central Bank
Matteo Ciccarelli, European Central Bank
Jose-Luis Peydro, ICREA-UPF, CREI


Gillian Piroth
DG-E Monetary Analysis Division (MAY)
European Central bank

Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 5213
Fax: +49 69 1344 6000