Submission deadline: Monday, 22 February 2016

Call for Papers

ECB workshop on non-standard monetary policy measures

18 and 19 April 2016, Frankfurt am Main

Central banks around the world have taken a wide range of non-standard monetary policy measures, including the provision of ample liquidity with long maturities and purchases of public and private sector financial assets. Some central banks have cut interest rates into negative territory. The aim of this workshop is to bring together central bankers, academics and market participants to discuss the effectiveness, transmission and potential side effects of the various measures implemented in recent years.

Topics:

We welcome theoretical and empirical contributions on the following topics:

  • The transmission of non-standard monetary policy measures and their effects on market functioning, financial markets and the real economy.
  • The interaction of non-standard monetary policy measures with the new macro- and microprudential regulatory regime.
  • The potential side effects associated with non-standard monetary policy measures, especially for financial stability.
  • The distributional consequences of non-standard monetary policy measures.
  • The interactions of non-standard monetary policy measures with standard monetary policy and fiscal policy.
  • The impact of negative policy rates on the transmission of monetary policy and the effective lower bound of policy rates.
  • The implications of non-standard monetary policy measures for central bank balance sheet structures and monetary policy implementation in the future.
  • The lessons learned from the experience with non-standard monetary policy measures for monetary policy implementation in “normal” times, and possible ways forward.

The above list is not exhaustive and all submissions broadly related to the topic of non-standard monetary policy measures will be considered for this conference.

Keynote speakers

Martin F. Hellwig (Max Planck Institute for Research on Collective Goods) and Ricardo Reis (London School of Economics and Columbia University).

Submissions

Authors are encouraged to submit papers on the above-mentioned topics. Submissions must comprise a full paper and should be sent in PDF format to NSMWorkshop@ecb.europa.eu by 22 February 2016 at the latest. Authors of accepted papers will be notified by 7 March 2016. The final version of conference papers must be sent to the same e-mail address by 20 March 2016.

Expenses

Travel and accommodation expenses of the presenters of accepted papers and discussants will be covered by the ECB (participants from within the ESCB or from EU institutions will be expected to cover their own expenses).

Organising committee

Jens Eisenschmidt, Michele Lenza and Christoph Ohlerich (all ECB).