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Monetary policy transmission mechanism in the euro area in its first 10 years
Frankfurt, 28-29 September 2009
| Day 1: 28 September 2009 | |
|---|---|
| 9.00 a.m. | Opening address by Jean-Claude Trichet (President of the European Central Bank) |
| 9.15 a.m. | Session I: The transmission mechanism in the euro area: a macro perspective ten years after the introduction of the euro, chaired by Wolfgang Schill (European Central Bank) |
| “Changes in euro area monetary transmission?”, by Axel A. Weber, Rafael Gerke and Andreas Worms* (all Deutsche Bundesbank) |
|
| Discussant: Stefano Siviero (Banca d’Italia) discussion | |
| “How has the euro changed the monetary transmission?”, by Jean Boivin (HEC Montreal), Marc P. Giannoni (Columbia) and Benoit Mojon* (Banque de France) |
|
| Discussant: Sandra Eickmeier (Bundesbank) discussion | |
| 11 a.m. | Coffee break |
| 11.15 a.m. | Session I (continued), chaired by Gabriel Fagan (European Central Bank) |
| “Monetary Policy Transmission in the Euro Area: Evidence from the AWM, the NAWM, and a VAR Model”, Bartosz Maćkowiak* (European Central Bank) |
|
| Discussant: Paolo Guarda (Banque Centrale du Luxembourg) discussion | |
| “A new comparative approach to macroeconomic modelling and policy analysis”, by Volker Wieland*, Tobias Cwik (Goethe University), Gernot Müller (University of Bonn) Sebastian Schmidt, Maik Wolters (Goethe University) |
|
| Discussant: Raf Wouters (National Bank of Belgium) discussion | |
| 1 p.m. | Buffet Lunch, foyer CIV, 2nd floor |
| 2.15 p.m. | Session II: Cross-country heterogeneity in the transmission of monetary policy, chaired by Ignazio Angeloni (European Central Bank) |
| “Responses to monetary policy shocks in the east and the west of Europe: a comparison”, by Marek Jarocinski* (European Central Bank) |
|
| Discussant: Sylvia Kaufmann (Österreichische Nationalbank) discussion | |
| "Financial factors in economic fluctuations", by Lawrence Christiano (Northwestern University), Roberto Motto* (European Central Bank) and Massimo Rostagno (European Central Bank) paper |
|
| Discussant: João Sousa (Banco de Portugal) discussion | |
| 4 p.m. | Coffee break |
| 4.15 - 6 p.m. | Session II: (continued), chaired by Francesco Drudi (European Central Bank) |
| "Bank interest rate pass-through in the euro area: a cross country comparison", by Christoffer Kok Sorensen* (European Central Bank) and Thomas Werner (European Central Bank) presentation |
|
| Discussant: Carlo Favero (Università Bocconi) discussion | |
| "Real wages and monetary policy transmission in the euro area", by Andrew McCallum (University of Michigan) and Frank Smets* (European Central Bank) |
|
| Discussant: Stefano Neri (Banca d’Italia) discussion | |
| 7.30 p.m. | Workshop dinner at Salon Silhouette, Intercontinental Hotel: Address by Jürgen Stark (Member of the Executive Board of the European Central Bank) |
| *indicates the presenters |
| Day 2: 29 September 2009 | |
|---|---|
| 8 a.m. | (Day 2) Registration at European Central Bank Welcome Desk and Coffee |
| 8.30 a.m. | Session III: The role of banks and other financial intermediaries in the transmission mechanism, chaired by Diego Rodríguez Palenzuela |
| Keynote speech: Luigi Zingales* (University of Chicago) | |
| “Banking competition, housing prices and macroeconomic stability”, by Javier Andrés* (Universitat de València) and O. Arce, (Banco de España) |
|
| Discussant: Robert Kollmann (Université Libre de Bruxelles) discussion | |
| “Bank heterogeneity and monetary policy transmission”, by Sophocles N. Brissimis* (Bank of Greece) and Manthos D. Delis* (University of Ioannina) |
|
| Discussant: José García Montalvo (Universitat Pompeu Fabra) discussion | |
| 11 a.m. | Coffee break |
| 11.15 a.m. | Session III (continued), chaired by Carsten Detken (European Central Bank) |
| “Monetary policy and bank risk taking” by Steven Ongena (Tilburg University) and José-Luis Peydró* (European Central Bank) |
|
| Discussant: Arnoud Boot (University of Amsterdam) discussion | |
| “Financial innovation, bank capital and the bank lending channel: A European empiricist’s perspective”, by Yener Altunbas (Bangor University), Leonardo Gambacorta* (BIS)and David Marqués-Ibanez (European Central Bank) |
|
| Discussant: Steven Ongena (Tilburg University) discussion | |
| 1 p.m. | Buffet Lunch, foyer CIV, 2nd floor |
| 2 p.m. | Session IV: Other channels of the transmission mechanism of monetary policy, chaired by Huw Pill (European Central Bank) |
| “Housing finance and monetary policy”, by Alessandro Calza (European Central Bank), Tommaso Monacelli (Bocconi University) and Livio Stracca* (European Central Bank) |
|
| Discussant: Peter Heemeijer (De Nederlandsche Bank) discussion | |
| "Monetary policy and housing prices in an estimated DSGE model for the US and the euro area", by Matthieu Darracq Pariès (European Central Bank) and Alessandro Notarpietro* (Banca d’Italia) |
|
| Discussant: Anti Ripatti (Suomen Pankki) discussion | |
| 3.45 p.m. | Coffee break |
| 4 p.m. | Session IV (continued), chaired by Philippe Moutot (European Central Bank) |
| “Money, credit, monetary policy and the business cycle in the euro area”, by Domenico Giannone (European Central Bank), Michele Lenza* (European Central Bank) and Lucrezia Reichlin (London Business School) |
|
| Discussant: Antonello D’Agostino (Central Bank of Ireland) discussion | |
| "The role of labour markets for euro area monetary policy", by Kai Christoffel* (European Central Bank), Keith Kuester (Federal Reserve Bank of Philadelphia) and Tobias Linzert (European Central Bank) |
|
| Discussant: Jouko Vilmunen (Suomen Pankki) discussion | |
| 5.45 p.m. | Workshop ends |
| *indicates the presenters |