First annual ECB macroprudential policy and research conference

(jointly organised with the International Monetary Fund)

Frankfurt am Main, 26 and 27 April 2016
Main Building, Press Conference Room

On demand video of the policy panel (27 April 13:30 CET)

Programme

The asterisk ('*') indicates a presenting author.

Tuesday, 26 April 2016

8:30
Registration
9:00

Welcome address

Vítor Constâncio, Vice-President, European Central Bank
José Viñals, Financial Counsellor, International Monetary Fund

9:15

Opening speech
The rationale for macroprudential policy

Lars Svensson, Stockholm School of Economics

Speech

10:00

Session 1
Financial cycles, imbalances and early warning indicators

Chair: Giovanni Dell’Ariccia, International Monetary Fund

Characterising the financial cycle: a multivariate and time-varying approach

Paul Hiebert*, European Central Bank
Tuomas Peltonen, European Systemic Risk Board
Yves Schüler, European Central Bank

Paper

Presentation

Discussant: Mathias Drehmann, Bank for International Settlements

Discussion

10:45
Coffee break
11:15

Financial imbalances, macroeconomic vulnerabilities and monetary policy

David Aikman, Bank of England
Andreas Lehnert, Board of Governors of the Federal Reserve System
Nellie Liang, Board of Governors of the Federal Reserve System
Michele Modugno*, Board of Governors of the Federal Reserve System

Paper

Presentation

Discussant: Natacha Valla, Centre d'Études Prospectives et d'Informations Internationales and EIB

Discussion

Risk-taking dynamics and financial stability

Anton Korinek*, Department of Economics, Johns Hopkins University and NBER
Martin Nowak, Harvard University

Paper

Presentation

Discussant: Matthieu Darracq Paries, European Central Bank

Discussion

12:45
Lunch
14:15

Session 2
Macroprudential regulatory instruments: theory, empirical results and practical experience

Chair: Luc Laeven, European Central Bank; Angela Maddaloni, European Central Bank

Systemic loops and liquidity regulation

Iñaki Aldasoro, Goethe University Frankfurt and CFS-SAFE
Ester Faia*, Goethe University Frankfurt, CFS‐SAFE and CEPR

Paper

Presentation

Discussant: Elena Carletti, Bocconi University

Discussion

Higher bank capital requirements and mortgage pricing: evidence from the countercyclical capital buffer

Christoph Basten*, ETH Zurich and the Swiss Financial Market Supervisory Authority
Cathérine Koch, Bank for International Settlements

Paper

Presentation

Discussant: José-Luis Peydró, ICREA-Universitat Pompeu Fabra, CREI, Barcelona GSE and CEPR

15:45
Coffee Break
16:15

Macroprudential and monetary policies interactions in a DSGE model for Sweden

Jiaqian Chen, International Monetary Fund
Francesco Columba*, Banca d'Italia

Paper

Presentation

Discussant: Daria Finocchiaro, Sveriges Riksbank

Discussion

Regulatory arbitrage in action: evidence from banking flows and macroprudential policy

Dennis Reinhardt, Bank of England
Rhiannon Sowerbutts*, Bank of England

Paper

Presentation

Discussant: Carmelo Salleo, European Central Bank

17:45

End of day one of conference

19:00

Dinner (by separate invitation only) - reception begins at 18:30

Dinner speech: "Principles of Macroprudential Policy" by Vítor Constâncio, Vice-President of the European Central Bank

Speech

Wednesday, 27 April 2016

8:30
Registration
9:00

Keynote speech
Macroprudential policy: implementation and effectiveness

Donald Kohn, Bank of England and Brookings Institution

9:45

Session 3
The scope of macroprudential policy, regulatory arbitrage and the role of non-bank activities in systemic risk

Chair: John Fell, European Central Bank

Effective macroprudential policy: cross-sector substitution from price and quantity measures

Janko Cizel, VU University Amsterdam and Tinbergen Institute
Jon Frost*, De Nederlandsche Bank and VU University Amsterdam
Aerdt Houben, De Nederlandsche Bank and University of Amsterdam
Peter Wierts, De Nederlandsche Bank and VU University Amsterdam

Paper

Presentation

Discussant: Claudia Buch, Deutsche Bundesbank

10:30
Coffee break
11:00

Cyclical investment behavior across financial institutions

Yannick Timmer*, Trinity College Dublin and Deutsche Bundesbank

Paper

Presentation

Discussant: Erlend Nier, International Monetary Fund

Discussion

Heterogenous regulation of financial institutions

Frédéric Malherbe, London Business School
Wolf Wagner*, Rotterdam School of Management and CEPR

Paper

Presentation

Discussant: Garry Schinasi, Independent Advisor

12:30
Lunch
13:30

Policy Panel
Macroprudential policy in Europe and the world: challenges, experiences and institutional structures

Chair: José Viñals, International Monetary Fund

Erkki Liikanen, Suomen Pankki – Finlands Bank
Mario Nava, European Commission
Sergio Nicoletti Altimari, European Central Bank
Huw Pill, Goldman Sachs

15:30

End of conference

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building, Press Conference Room
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000
info@ecb.europa.eu

Conference language

English

Transfers

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

Organisers

European Central Bank
Carsten Detken
Directorate General Macroprudential Policy and Financial Stability, Financial Stability Surveillance Division

Stephan Fahr
Directorate General Macroprudential Policy and Financial Stability, Macro-Financial Policies Division

Angela Maddaloni
Directorate General Research, Financial Research Division

Simone Manganelli
Directorate General Research, Financial Research Division

Carmelo Salleo
Directorate General Macroprudential Policy and Financial Stability, Macro-Financial Policies

International Monetary Fund
Deniz Igan
Research Department

Erlend Nier
Monetary and Capital Markets Department

www.imf.org

Contacts

Visvesh Seshadri
Directorate General Research
Financial Research Division
+49 69 69 1344 4910

Britta Bertram
Directorate General Research
Financial Research Division
+49 69 69 1344 8340

Anne McTaggart
Directorate General Macroprudential Policy and Financial Stability
Financial Stability Surveillance Division
+49 69 69 1344 6372

Conference email