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Fourth Macroprudential Policy and Research Conference

Monday, 16 and Tuesday, 17 December 2019
ECB main building, Room C3.08/09, Frankfurt am Main

The ECB’s Fourth Macroprudential Policy and Research Conference will bring together 100 or so key players in this field, including central bankers, academics and financial market practitioners. This flagship conference represents a unique opportunity to showcase macroprudential research and its policy applications.


* indicates the presenter

Monday, 16 December 2019
Registration and light lunch

Opening remarks

Luis de Guindos, Vice-President of the ECB


Session 1: Interaction between macroprudential policy and monetary policy

Chair: Massimo Rostagno, ECB


The costs of macroprudential deleveraging in a low interest rate environment

  • Jack Chen, IMF
  • Daria Finocchiaro, Sveriges Riksbank
  • Jesper Lindé, IMF
  • Karl Walentin*, Sveriges Riksbank

Discussant: Anton Korinek, University of Virginia

Interview with Karl Walentin


Monetary and financial policies for emerging markets

  • Kosuke Aoki, University of Tokyo
  • Gianluca Benigno, LSE
  • Nobuhiro Kiyotaki*, Princeton University

Discussant: Alejandro Van der Ghote, ECB

Interview with Nobuhiro Kiyotaki

Coffee break

Competition, stability and efficiency in the banking industry

  • Dean Corbae*, University of Wisconsin-Madison
  • Ross Levine, UC Berkeley

Discussant: David Martinez-Miera, Universidad Carlos III de Madrid

Interview with Dean Corbae


Prudential monetary policy

  • Ricardo Caballero, MIT
  • Alp Simsek*, MIT

Discussant: Alberto Martin, ECB

Interview with Alp Simsek

Dinner with speech by Sir Paul Tucker, Harvard Kennedy School
Tuesday, 17 December 2019

Session 2: Bank capital

Chair: Fatima Pires, ECB


The impact of bank regulation on the cost of credit: Evidence from a discontinuity in capital requirements

  • Emilia Bonaccorsi di Patti, Banca d’Italia
  • Mirko Moscatelli, Banca d’Italia
  • Stefano Pietrosanti*, University of Pennsylvania

Discussant: Diane Pierret, Luxembourg School of Finance

Interview with Stefano Pietrosanti


Bank capital redux: Solvency, liquidity and crisis?

  • Òscar Jordà, Federal Reserve Bank of San Francisco
  • Björn Richter, University of Bonn
  • Moritz Schularick, University of Bonn
  • Alan Taylor*, UC Davis

Discussant: Kilian Rieder, Oesterreichische Nationalbank

Interview with Alan Taylor


The interdependence of bank capital and liquidity

  • Elena Carletti, Bocconi University
  • Itay Goldstein, University of Pennsylvania
  • Agnese Leonello*, ECB

Discussant: Nicolas Inostroza, University of Toronto

Interview with Agnese Leonello


Keynote speech

Can policy tame the credit cycle?

Jeremy Stein, Harvard University


Policy panel

  • Elga Bartsch, BlackRock
  • Vítor Constâncio, former ECB Vice-President
  • Anil Kashyap, University of Chicago
  • Hyun Song Shin, BIS

Chair: Philip Lane, ECB


Coffee break


Session 3: Beliefs, politics and macroprudential regulation

Chair: Enrico Perotti, University of Amsterdam


Financial policy in an exuberant world

Ansgar Walther*, Imperial College

Discussant: Lin Shen, INSEAD

Interview with Ansgar Walther


Electoral cycles in macroprudential regulation

Karsten Müller*, Princeton University

Discussant: Emilia Bonaccorsi di Patti, Banca d’Italia

Interview with Karsten Müller

End of Conference

This programme may be subject to change without notice.

Audiovisual notice: Please note that media will be attending and photography and filming activities will take place during the event.

General information

Conference venue

European Central Bank
Main building
Room C3.08/09
Sonnemannstrasse 20
60314 Frankfurt am Main

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


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

Conference language



Angela Maddaloni
Florian Heider
Thomas Vlassopoulos
Christoffer Kok


Julia Harms
Directorate General Macroprudential Policy and Financial Stability
+49 69 1344 9864

Ana Maria Borlescu
Directorate General Research
+49 69 1344 95894