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ECB-RFS Macro-Finance Conference

Monday, 22 and Tuesday, 23 March 2021
Video conference (by invitation only)

This conference aims to bring together experts to present and discuss new research on macro-finance topics of particular interest to central banks, including research related to monetary policy, financial stability and financial markets. It is jointly organised by the European Central Bank (ECB) and The Review of Financial Studies (RFS).


Times are Central European Time (UTC+1)

* indicates the presenter

Monday, 22 March 2021


Luc Laeven, Director General Research, European Central Bank, and Itay Goldstein, Professor of Finance, Wharton School, University of Pennsylvania


Session 1 - The broader effects of unconventional monetary policy

Chair: Luc Laeven, European Central Bank


Trade credit and the transmission of unconventional monetary policy

  • Manuel Adelino, Duke University
  • Miguel Ferreira, Nova Business School
  • Mariassunta Giannetti*, Stockholm School of Economics
  • Pedro Pires, Nova Business School

Discussant: Philipp Schnabl, New York University


Quantitative easing, bank lending and competition

  • Andrea Orame, Banca d’Italia
  • Rodney Ramcharan*, University of Southern California
  • Roberto Robatto, University of Wisconsin-Madison

Discussant: Itamar Drechsler, University of Pennsylvania


Financial crises and the transmission of monetary policy to consumer credit markets

Sasha Indarte*, Wharton School, University of Pennsylvania

Discussant: Claudia Custodio, Imperial College London


Keynote lecture ‒ Debt as safe asset with a negative beta bubble due to flight to safety

Markus Brunnermeier, Princeton University

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank


Session 2 - Debt, government intervention and the real economy

Chair: Ralph Koijen, University of Chicago


Zombies at large? Corporate debt overhang and the macroeconomy

  • Oscar Jorda, Federal Reserve Bank of San Francisco
  • Martin Kornejew, University of Bonn
  • Moritz Schularick*, Federal Reserve Bank of New York and University of Bonn
  • Alan Taylor, University of California, Davis

Discussant: Viral Acharya, New York University


Optimal macroprudential policy and asset price bubbles

  • Nina Biljanovska, International Monetary Fund
  • Lucyna Gornicka*, International Monetary Fund
  • Alexandros Vardoulakis, Federal Reserve Board

Discussant: Alberto Martin, Centre de Recerca en Economia Internacional


Out with the new, in with the old? Bank supervision and the composition of firm investment

  • Alexander Popov*, European Central Bank
  • Miguel Ampudia, European Central Bank
  • Thorsten Beck, Cass Business School

Discussant: Elena Carletti, Bocconi University


End of day one

Tuesday, 23 March 2021

Session 3 - Monetary policy and interbank flows

Chair: Itay Goldstein, Wharton School, University of Pennsylvania


Systemic risk and monetary policy: the haircut gap channel of the lender of last resort

  • Martina Jasova*, Barnard College
  • Luc Laeven, European Central Bank
  • Caterina Mendicino, European Central Bank
  • Jose-Luis Peydro, Universitat Pompeu Fabra
  • Dominik Supera, Wharton School, University of Pennsylvania

Discussant: Loriana Pelizzon, Goethe University, Frankfurt


Monetary policy disconnect

  • Benedikt Ballensiefen, University of St. Gallen and World Bank Group
  • Angelo Ranaldo, University of St. Gallen
  • Hannah Winterberg*, University of St. Gallen

Discussant: Pierre Collin-Dufresne, École Polytechnique Fédérale de Lausanne


Session 4 - New dimensions of risk and their effect on the financial system

Chair: Ralph Koijen, University of Chicago


Firm-bank linkages and optimal policies in a lockdown

  • Anatoli Segura*, Banca d'Italia
  • Alonso Villacorta, University of California, Santa Cruz

Discussant: Giovanni Dell’Ariccia, International Monetary Fund


The anatomy of cyber risk

  • Rustam Jamilov*, London Business School
  • Hélène Rey, London Business School
  • Ahmed Tahoun, London Business School

Discussant: Ishita Sen, Harvard Business School


Session 5 - The rise of non-banks and the implications for fragility

Chair: Angela Maddaloni, European Central Bank


Non-bank lending and credit cyclicality

  • Quirin Fleckenstein, New York University
  • Manasa Gopal, Georgia Institute of Technology
  • German Gutierrez*, New York University
  • Sebastian Hillenbrand, New York University

Discussant: Arvind Krishnamurthy, Stanford University


The rise of bond financing in Europe

  • Olivier Darmouni*, Columbia University
  • Melina Papoutsi, European Central Bank

Discussant: Marcin Kacperczyk, Imperial College


Bank balance sheet constraints and bond liquidity

  • Johannes Breckenfelder, European Central Bank
  • Victoria Ivashina*, Harvard University

Discussant: Nina Boyarchenko, Federal Reserve Bank of New York


Closing remarks

Itay Goldstein and Luc Laeven


End of conference

General information
Conference language English
Organising committee
  • Itay Goldstein, University of Pennsylvania
  • Ralph Koijen, University of Chicago
  • Luc Laeven, European Central Bank
  • Angela Maddaloni, European Central Bank

Ana Maria Borlescu (ana_maria.borlescu@ecb.europa.eu)