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5th ECB macroprudential policy and research conference

Joint European Central Bank and International Monetary Fund conference

Tuesday, 17 and Wednesday, 18 October 2023
European Central Bank, Frankfurt am Main
Hybrid event

The aim of the conference is to bring together academics, central bankers and interested market participants to discuss topical issues and new frontiers in macroprudential policy. It aims to foster and strengthen a dialogue between researchers, policy makers and practitioners, with a view to enhance our collective understanding of the role and functioning of macroprudential policy. This year’s edition of the conference will focus on the themes of i) mainstreaming macroprudential policy, ii) evidence on the effectiveness of macroprudential policy, and iii) new challenges for macroprudential policy.


High-quality images of the conference are available via Flickr.


Times are Central European Time (UTC+1)

Tuesday, 17 October 2023

Registration and coffee


Welcome address 

Livio Stracca, European Central Bank


Session 1
Mainstreaming macroprudential policy

Session chair: Livio Stracca, European Central Bank


A stocktake of progress in developing the macroprudential policy framework

David Aikman, King’s College London

 Discussant: Ozge Akinci, Federal Reserve Bank of New York


Policy panel
Macroprudential policy: taking stock and approaching new frontiers

Chair: Tobias Adrian, International Monetary Fund


  • Klaas Knot, De Nederlandsche Bank
  • Nellie Liang, U.S. Treasury
  • Vasileios Madouros, Central Bank of Ireland

Coffee break


Risk-to-Buffer: Setting cyclical and structural capital buffers through banks stress tests

Cyril Couaillier and Valerio Scalone*, both European Central Bank

Discussant: Marco Gross, International Monetary Fund


Should macroprudential policy target corporate lending? Evidence from credit standards and defaults

Luis Férnandez Lafuerza* and Jorge E. Galán, both Banco de España

Discussant: Marco Lo Duca, European Central Bank


Dinner – by invitation only


Dinner speech

Luis de Guindos, European Central Bank

End of day 1
Wednesday, 18 October 2023

Registration and coffee


Session 2
Effectiveness of macroprudential policy

Session chair: Cornelia Holthausen, European Central Bank


Keynote speech

Hyun Song Shin, Bank for International Settlements


The state-dependent impact of changes in bank capital requirements

Jan Hannes Lang*, European Central Bank, and Dominik Menno, Deutsche Bundesbank

Discussant: Anatoli Segura, Banca d’Italia


Coffee break


Evaluating heterogeneous effects of housing-sector-specific macroprudential policy tools on Belgian house price growth

Lara Coulier and Selien De Schryder*, both Ghent University

Discussant: Soner Baskaya, University of Glasgow


Role of government policies in smoothing borrowers’ spending during stress: Evidence from UK mortgage moratoria

Bruno Albuquerque, International Monetary Fund, and Alexandra Varadi*, Bank of England and University of Oxford

Discussant: Christoph Basten, University of Zurich


Lunch break


Lightning Session: real estate and borrower-based measures

The effectiveness of borrower-based macroprudential policies: a cross-country analysis using an integrated micro-macro simulation model
  • Stelios Giannoulakis*, Athens University of Economics and Business
  • Marco Forletta, European Central Bank
  • Marco Gross, International Monetary Fund
  • Eugen Tereanu, European Central Bank
Micro-assessment of macroprudential borrower-based measures in Lithuania
  • Mantas Dirma, Bank of Lithuania
  • Jaunius Karmelavičius*, International Monetary Fund
Mortgage design, repayment schedules and household borrowing
  • Claes Bäckman*, Aarhus University
  • Patrick Moran, Federal Reserve Board
  • Peter van Santen, University of Groningen

Session 3
New challenges for macroprudential policy

Session chair: Erlend Nier, International Monetary Fund


Banking on uninsured deposits

  • Itamar Drechsler, University of Pennsylvania
  • Alexi Savov*, New York University
  • Philipp Schnabl, New York University
  • Olivier Wang, New York University

Discussant: Agnese Leonello, European Central Bank


Coffee break


Climate stress tests, bank lending, and the transition to the carbon-neutral economy

  • Larissa Fuchs, University of Cologne
  • Huyen Nguyen*, Halle Institute for Economic Research (IWH)
  • Trang Nguyen, University of Bristol
  • Klaus Schaeck, University of Bristol

Discussant: Zacharias Sautner, University of Zurich


Macroprudential policy leakage through firms

  • Björn Imbierowicz*, Deutsche Bundesbank
  • Axel Loeffler, Deutsche Bundesbank
  • Steven Ongena, University of Zurich
  • Ursula Vogel, European Central Bank

Discussant: Francesco Saverio Stentella Lopes, Università Roma Tre


End of conference

This programme may be subject to change without notice.

A photographer will be present at the event taking photographs for our internet/intranet webpage. If you prefer not to have your photograph taken, please inform us in advance of the 5th ECB macroprudential policy and research conference. The event may be filmed and the video recording (or parts of it) may be published on the internet / intranet.

General information


European Central Bank
Room C2.01, 2nd floor, Eurotower
Kaiserstrasse 29
60311 Frankfurt am Main

Conference language



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

Organising committee
  • Erlend Nier, International Monetary Fund
  • Livio Stracca, European Central Bank
  • Angela Maddaloni, European Central Bank
  • Markus Behn, European Central Bank
  • Stephan Fahr, European Central Bank