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Third annual ECB macroprudential policy and research conference

Thursday, 17 and Friday, 18 May 2018
Main Building, Press Conference Room

Frankfurt am Main

Attendance is by invitation only.


* indicates the presenter

Thursday, 17 May 2018

Opening address

Vítor Constâncio, Vice-President, European Central Bank


Keynote speech The foundations of macroprudential policy

Emmanuel Farhi, Harvard University


Session 1 The macroprudential remit – financial factors and risks

Chair: Luc Laeven, European Central Bank

Markets, banks and shadow banks

Rafael Repullo, Centro de Estudios Monetarios y Financieros, slides

Discussant: Florian Heider, European Central Bank

Brokers and order flow leakage: evidence from fire sales

Francesco Franzoni, Swiss Finance Institute slides

Discussant: Marcin Kacperczyk, Imperial College London

Coffee break

Session 2 The effectiveness of macroprudential policies

Chair: Sergio Nicoletti Altimari, European Central Bank

Systemic Risk, Macro Shocks and Macroprudential Policy

Martin Hellwig, Max Planck Institute for Research on Collective Goods slides

Discussant: Suresh Sundaresan, Columbia University

A dynamic model of bank behaviour under multiple regulatory constraints

*Markus Behn, European Central Bank
Claudio Daminato, ETH Zurich
Carmelo Salleo, European Central Bank

Discussant: Anjan Thakor, Washington University at St. Louis (Olin Business School)


End of day one of conference


Dinner with speech by Adam Posen, Peterson Institute for International Economics

Friday, 18 May 2018

Keynote speech The limits and overlaps of macroprudential and monetary policy

Loretta Mester, Federal Reserve Bank of Cleveland


Session 3Macroprudential interactions and spillovers

Chair: Massimo Rostagno, European Central Bank

Inspecting Basel III

Stephen G. Cecchetti, Brandeis International Business School
Anil K Kashyap, University of Chicago Booth School of Business

Discussant: Enrico Perotti, University of Amsterdam

Coffee break

Coordinating monetary and financial regulatory policies

Alejandro Van der Ghote, European Central Bank slides

Discussant: Giovanni Dell'Ariccia, International Monetary Fund

Evidence on international policy spillovers

Linda Goldberg, Federal Reserve Bank of New York

Buffet lunch

End of conference

Please note that this programme may be subject to change without notice.

General information

Conference and dinner venue

European Central Bank
Main building, Press Conference Room
Sonnemannstrasse 20
60314 Frankfurt am Main

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

Conference language



European Central Bank

Luc Laeven
Directorate General Research

Angela Maddaloni
Directorate General Research
Financial Research Division

Carsten Detken
Directorate General Macroprudential Policy and Financial Stability
Macroprudential Policy Division

Sergio Nicoletti-Altimari
Directorate General Macroprudential Policy and Financial Stability

Simone Manganelli
Directorate General Research
Financial Research Division

Stephan Fahr
Directorate General Macroprudential Policy and Financial Stability
Macroprudential Policy Division


Anne McTaggart
Directorate General Macroprudential Policy and Financial Stability
+49 69 1344 6372

Britta Bertram
Directorate General Research
+49 69 1344 8340

Conference email: