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European Central Bank Research Workshop 2023

The calibration of macroprudential policies under different financial and monetary cycles

Monday, 16 October 2023, Frankfurt am Main
Hybrid event – by invitation only

This workshop aims to foster and strengthen dialogue between policymakers and researchers, with a view to enhancing our collective understanding of how macroprudential policies function. The workshop will offer an opportunity to share and review empirical studies, state of the art models and methodological tools in the field of macroprudential policy analysis.


Times are Central European Time

* indicates the presenter

Monday, 16 October 2023



Welcome remarks

Cornelia Holthausen, European Central Bank


Opening presentation
The interaction of macroprudential policy and monetary policy

Frederic Boissay, Bank for International Settlements

Moderator: Cornelia Holthausen, European Central Bank


Session 1
The impact of financial conditions on the build-up and materialization of systemic risks

Moderator: Tomas Garbaravičius, Lietuvos bankas


QE: implications for bank risk-taking, profitability and systemic risk

Supriya Kapoor*, Trinity College Dublin
Co-author: Adnan Velic, Technological University Dublin

Discussant: Stefan Kerbl, Oesterreichische Nationalbank


Macroprudential regulation, quantitative easing, and bank lending

Andrea Orame*, Banca d'Italia
Co-authors: Rodney Ramcharan, University of Southern California, and Roberto Robatto, University of Wisconsin-Madison

Discussant: Alessio Reghezza, European Central Bank


Coffee break


Session 2
Calibration of macroprudential policies under different financial and monetary conditions

Moderator: Carsten Detken, European Central Bank


Macroprudential policy effects: evidence and open questions

Erlend Nier*, International Monetary Fund
Co-authors: Nina Biljanovska, Sophia Chen, Gaston Gelos, Deniz Igan, Maria Soledad Martinez Peria and Fabián Valencia, all International Monetary Fund

Discussant: Fátima Silva, Banco de Portugal


Leaning against persistent financial cycles with occasional crises

Yasin Mimir*, European Stability Mechanism
Co-authors: Thore Kockerols, European Central Bank, and Erling Motzfeldt Kravik, Norwegian Ministry of Finance

Discussant: Caterina Mendicino, European Central Bank




Session 3
Alignment of macroprudential policy with the monetary policy stance

Moderator: Katrin Assenmacher, European Central Bank


Inflationary shocks and the financial stability trade-off

Valerio Scalone*, European Central Bank
Co-authors: Caterina Mendicino, European Central Bank, Kalin Nikolov, European Central Bank, and Dominik Supera, Wharton UPenn

Discussant: Lisa Kerdelhué, Banque de France


Capital requirements and macroeconomic stability in light of monetary tightening

Aurélien Espic*, Banque de France
Co-authors: Lisa Kerdelhué, Banque de France, and Julien Matheron, Banque de France, Paris School of Economics

Discussant: Josef Schroth, Bank of Canada


Policy panel
Macroprudential policy in the current financial cycle


  • Erlend Nier, International Monetary Fund
  • Jose-Luis Peydro-Alcalde, Imperial College London
  • Deniz Igan, Bank for International Settlements
  • Mario Quagliariello, European Central Bank

Moderator: John Fell, European Central Bank


Closing remarks


End of workshop

This programme may be subject to change without notice.

General information


European Central Bank
Eurotower, C2.01
Kaiserstrasse 29
Frankfurt am Main

Workshop language


  • Carsten Detken, MPPG co-chair, ECB
  • Tomas Garbaravičius, MPPG, co-chair, Lietuvos Bankas
  • Marco van Hengel, MPPG Secretary, ECB
  • Marco lo Duca, Advisor, ECB
  • Evelyn Herbert, IWG Secretary, ESRB
  • Anne McTaggart, MPPG Secretariat, ECB
  • Rafailaki Melpomeni, MPPG Secretariat, ECB

    Organising Committee

    ECB-MPPG Secretariat
    Anne McTaggart
    +49 69 1344 6372 and +49 69 1344 6460