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ECB Workshop on Non-standard monetary policy measures: Lessons from recent international experience

25 and 26 June 2012, Frankfurt am Main

Monday, 25 June 2012

1.30 p.m. - 2 p.m. Registration
2 p.m. - 2.15 p.m. Welcome address
Peter Praet, Executive Board Member, European Central Bank
2.15 p.m. - 3.15 p.m. Keynote speech
The dynamics of sovereign debt crises and bailouts
Harald Uhlig, University of Chicago
  Session 1: Structural models and non-standard monetary policy measures
Chair: Oreste Tristani, European Central Bank  
3.15 p.m. - 4 p.m. The macroeconomic effects of large-scale asset purchase programs
Han Chen, Vasco Cúrdia and Andrea Ferrero, Federal Reserve Bank of New York
Discussant: David Vestin, Sveriges Riksbank  
4 p.m. - 4.30 p.m. Coffee break
4.30 p.m. - 5.15 p.m. Balance sheet policies in the euro area
Kai Christoffel, European Central Bank, and Andreas Schabert, Technische Universität Dortmund
Discussant: Mathias Trabandt, Board of Governors of the Federal Reserve System  
5.15 p.m. - 6 p.m. QE 1 vs. 2 vs. 3: A framework for analysing large-scale asset purchases as a monetary policy tool
Mark Gertler, New York University, and Peter Karadi, European Central Bank
Discussant: Ester Faia, Goethe University Frankfurt  
7.15 p.m. Dinner
Restaurant Emma Metzler, Frankfurt am Main  

Tuesday, 26 June 2012

8.45 a.m. - 9 a.m. Registration
9 a.m. - 10 a.m. Keynote speech
Systemic sovereign credit risk: Lessons from the U.S. and Europe

Andrew Ang, Columbia University  
  Session 2: Non-standard monetary policy measures in the euro area
Francesco Drudi, European Central Bank  
10 a.m. - 10.30 a.m. How the ECB fitted its non-standard measures to the financial crisis
Philippe Moutot, European Central bank  
10.30 a.m. - 10.45 a.m. Coffee break
10.45 a.m. - 12.30 p.m. The ECB Securities Markets Programme

A European Twist: The efficacy of the Securities Markets Programme
Michiel De Pooter, Robert F. Martin and Seth Pruitt, Board of Governors of the Federal Reserve System

The yield impact of the Securities Markets Programme
Fabian Eser and Bernd Schwaab, European Central Bank

A high frequency assessment of the ECB Securities Markets Programme
Eric Ghysels, University of North Carolina,
Julien Idier, Simone Manganelli and Olivier Vergote, European Central Bank

Discussants: Jean Barthelemy, Banque de France
Christian Upper, Bank for International Settlements  
12.30 p.m. - 1.30 p.m. Buffet lunch
1.30 p.m. - 2.30 p.m. Keynote speech
Fiscal Crises, Confidence and Default

Giancarlo Corsetti, University of Cambridge  
  Session 3: International evidence on quantitative easing and other measures
Massimo Rostagno, European Central Bank  
2.30 p.m. - 3.40 p.m. Analyzing Federal Reserve asset purchases: From whom does the Fed buy?
Seth Carpenter, Michelle Bowbeer, Selva Demiralp, Jane Ihrig, Elizabeth Klee and Zeynep Senyuz, Board of Governors of the Federal Reserve System

The impact of QE on the UK economy – some supportive monetarist arithmetic
Jonathan Bridges and Ryland Thomas, Bank of England

Discussant: Michele Lenza, European Central Bank  
3.40 p.m. - 4 p.m. Coffee break
4 p.m. - 5 p.m. Quantitative easing, portfolio choice, and international capital flows
Marcel Fratzscher, Marco Lo Duca and Roland Straub, European Central Bank

Central bank swap line effectiveness during the euro area sovereign debt crisis
Richhild Moessner, Bank for International Settlements and William A. Allen, Cass Business School

Discussant: Giuseppe Ferrero, Banca d’Italia  
  Session 4: What are the lessons from international experience?  
5 p.m. - 6.30 p.m. Panel discussion
Chair: Frank Smets, European Central Bank
Claudio Borio, Bank for International Settlements
Satoshi Kawazoe, Bank of Japan
Andrew Levin, Board of Governors of the Federal Reserve System

General Information

Conference venue: European Central Bank
Kaiserstrasse 29
60311 Frankfurt am Main

Tel.: +49 69 1344 0
Fax: +49 69 1344 6000
Workshop language: English
Programme: The workshop programme may be changed without notice.
Dinner venue: Restaurant Emma Metzler
Schaumainkai 17
60594 Frankfurt am Main
Contact persons: Alexandra Kroppenstedt
ECB Directorate Communications
Publishing, Events and Protocol Division
E-mail: EVP-Events@ecb.europa.eu

Janina Desoi
ECB Directorate General Economics
Monetary Policy Stance Division
E-mail: janina.desoi@ecb.europa.eu