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Monetary policy in non-standard times

Monday, 11 and Tuesday, 12 September 2017

Main Building, European Central Bank, Frankfurt am Main
Meeting room C2.01


Monday, 11 September 2017
Registration and coffee

Welcome address

Benoît Cœuré, Member of the Executive Board, European Central Bank


Session 1: The forward guidance puzzle

Chair: Massimo Rostagno, European Central Bank


Forward guidance without common knowledge

Chen Lian, Massachusetts Institute of Technology (MIT)
Discussant: Mirko Wiederholt, Goethe University Frankfurt


Pegging the interest rate on bank reserves

Olivier Loisel, Centre for Research in Economics and Statistics (CREST)
Discussant: Marcus Hagedorn, University of Oslo

Coffee break

Session 2: (Un)conventional policy in the long term

Chair: Luc Laeven, European Central Bank


Optimal quantitative easing

Richard Harrison, Bank of England
Discussant: Carlos Thomas, Banco de España

Output hysteresis and optimal monetary policy

Sanjay R. Singh, Brown University
Discussant: Luca Fornaro, Centre de Recerca en Economia Internacional (CREI)
Buffet lunch, press centre gallery

Keynote speech: Monetary easing, investment and financial instability

Viral Acharya, Reserve Bank of India and NYU Stern School of Business

Coffee break

Session 3: Macroeconomic evidence

Chair: Cornelia Holthausen, European Central Bank


Forward guidance, quantitative easing, or both?

Ferre De Graeve, Department of Economics, KU Leuven
Discussant: Han Chen, Board of Governors of the Federal Reserve System


Does a big bazooka matter? Central bank balance-sheet policies and exchange rates

Luca Dedola, European Central Bank
Discussant: Tomasz Wieladek, Barclays

Dinner (by invitation only)
Tuesday, 12 September 2017
Registration and coffee

Keynote speech: Are negative nominal interest rates expansionary?

Gauti Eggertsson, Brown University

Coffee break

Session 4: Negative policy rates and credit easing policies

Chair: Jean-Pierre Danthine, Paris School of Economics


Banks' response to negative interest rates: evidence from the Swiss exemption threshold

Mike Mariathasan, KU Leuven
Discussant: Cathérine Koch, Bank for International Settlements


The transmission mechanism of credit support policies in the euro area

Maite de Sola Perea, Nationale Bank van België/Banque Nationale de Belgique
Discussant: Carlo Altavilla, European Central Bank

Buffet lunch, press centre gallery

Session 5: Non-standard measures and bank lending

Chair: Philipp Hartmann, European Central Bank


Unconventional monetary policy and bank lending relationships

Anne Duquerroy, Banque de France
Discussant: José-Luis Peydró, Universitat Pompeu Fabra


Monetary stimulus and bank lending

Andrew MacKinlay, Pamplin College of Business
Discussant: David Glancy, Board of Governors of the Federal Reserve System


Concluding remarks

Vítor Constâncio, Vice-President, European Central Bank

End of workshop

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building, Press conference room
Sonnemannstrasse 20
60314 Frankfurt am Main

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

Workshop language



Andreea Lascu
Directorate General Monetary Policy
+49 69 1344 3653

Conference email
Call for paper information

Central banks around the world have taken a wide range of non-standard monetary policy measures, including large-scale purchases of public and private sector financial assets, providing explicit forward guidance about future interest rates and cutting interest rates into negative territory. The aim of this workshop is to bring together central bankers, academics and market participants to discuss the effectiveness, transmission, potential side effects and future role of the various measures implemented in recent years. Viral Acharya (Reserve Bank of India) and Gauti Eggertsson (Brown University) have kindly agreed to deliver key note lectures.


We welcome theoretical and empirical contributions on topics including:

  • The transmission of non-standard monetary policy measures and their effects on market functioning, financial markets and the real economy
  • The interaction of non-standard monetary policy measures with standard monetary policy, fiscal policy, macro- and microprudential regulation
  • The potential side effects associated with non-standard monetary policy measures, especially for financial stability
  • The distributional consequences of non-standard monetary policy measures
  • The implementation and communication challenges associated with the unwinding of non-standard monetary policy measures and/or exiting a zero or negative interest rate environment
  • The lessons learned from the experience with non-standard monetary policy measures for monetary policy implementation in “normal” times, and possible ways forward.


Authors are encouraged to submit papers on the above-mentioned topics. Submissions must comprise a full paper and should be sent in PDF format to by 15 May 2017. Authors of accepted papers will be notified by 2 June 2017. The final version of conference papers must be sent to the same e-mail address by 11 August 2017.


Travel and accommodation expenses of the presenters of accepted papers and discussants will be covered by the ECB (participants from within the ESCB or from EU institutions will be expected to cover their own expenses).


Jens Eisenschmidt, Peter Karadi, Geoff Kenny and Christoph Ohlerich (all ECB).