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  • Second Research Workshop of the Macroprudential Policy Group on

“Macroprudential instruments: effectiveness and interactions”

Monday, 10 July
Magyar Nemzeti Bank, Budapest, Hungary

Attendance is by invitation only.


Opening remarks by Márton Nagy, Deputy Governor of the Magyar Nemzeti Bank


Session 1: Macroprudential Policies: Costs and Benefits Considerations

Chair: Márton Nagy, Magyar Nemzeti Bank


Cross-border banking, macroprudential policy and monetary policy in a monetary union

Presenter: Elena Rancoita, European Central Bank
Co-authors: Matthieu Darracq-Pariès (European Central Bank)
Christoffer Kok (European Central Bank)

Discussant: Pierlauro Lopez, Banque de France


Credit supply shocks and macroprudential policies: combining sign restrictions and proxy VARs

Presenter: Gerhard Rünstler, European Central Bank
Co-author: Katarzyna Budnik (European Central Bank)

Discussant: Esteban Prieto, Deutsche Bundesbank

Coffee break

Keynote speaker: Raphael Auer, Bank for International Settlements

The countercyclical capital buffer and the composition of bank lending

Co-author: Steven Ongena (University of Zurich and Swiss Finance Institute)


Session 2: Residential Real Estate Sector

Chair: Benjamin Weigert, Deutsche Bundesbank


Macroprudential policy in an agent-based model of the UK housing market

Presenter: Arzu Uluc, Bank of England
Co-authors: Rafa Baptista (Institute for New Economic Thinking)
J. Doyne Farmer (Institute for New Economic Thinking)
Marc Hinterschweiger (Bank of England)
Katie Low (Institute for New Economic Thinking)
Daniel Tang (Bank of England)

Discussant: Eyno Rots, Magyar Nemzeti Bank


Household Credit, Global Financial Cycle, and Macroprudential Policies: Credit Register Evidence from an Emerging Country

Presenter: Irina Mihai, Banca Naţională a României
Co-authors: Mircea Epure (Universitat Pompeu Fabra and Barcelona GSE)
Camelia Minoiu (International Monetary Fund)
José-Luis Peydró (Universitat Pompeu Fabra and Barcelona GSE)

Discussant: Tibor Szendrei, Magyar Nemzeti Bank


Keynote speaker: Reint Gropp, Halle Institute for Economic Research

Bank response to higher capital requirements: Evidence from a quasi-natural experiment

Co-authors: Steven Ongena (University of Zurich and Swiss Finance Institute)
Thomas Mosk (Goethe University Frankfurt)
Carlo Wix (Goethe University Frankfurt)


Session 3: Effects of Bank Capital Buffers on Lending and Risk Taking

Chair: Carmelo Salleo, European Central Bank


Macroprudential policy, O-SII bank capital buffers and their effects: Evidence from the Euro Area Experiments

Presenter: Giuseppe Cappelletti, European Central Bank
Co-authors: Aurea Ponte Marques (European Central Bank)
Paolo Varraso (European Central Bank)

Discussant: Tomas Reichenbachas, Lietuvos bankas


Empirical evidence on the effects of capital buffer release

Presenter: Vasja Sivec, the National Statistical Office of Luxembourg (STATEC/ANEC)
Co-authors: Yi-An Chen (Bank of Slovenia)
Matjaž Volk (Bank of Slovenia)

Discussant: Andrea Tiseno, Banca d’Italia

Coffee Break

Policy Panel “Exit from the low interest rate environment and related challenges for macroprudential policy”

Chair: Tomas Garbaravičius, Board member of Lietuvos bankas and MPPG co-Chair

  • Anikó Szombati, Magyar Nemzeti Bank
  • Gabriel Galati, De Nederlandsche Bank
  • Leonardo Gambacorta, Bank for International Settlements
  • Benjamin Weigert, Deutsche Bundesbank

Closing remarks by John Fell, Deputy Director General in the European Central Bank and MPPG co-chair

This programme may be subject to change without notice.

General information

Conference venue

Magyar Nemzeti Bank
Main building, Antall József Conference Centre
1054 Budapest
Szabadság tér 9

Conference language



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

  • Susanne Korbmacher, Deutsche Bundesbank
  • Aniko Szombati, Magyar Nemzeti Bank
  • Katarzyna Budnik, European Central Bank
  • Aurea Marques, European Central Bank
  • Caterina Mendicino, European Central Bank

FSC Secretariat
European Central Bank - Directorate General Macroprudential Policy and Financial Stability

Anita Buzás-Németh
Magyar Nemzeti Bank - International Relations Directorate

Conference email: