European Central Bank Workshop

Non-Standard Monetary Policy Measures

Monday, 18 and Tuesday 19 April 2016

Workshop language: English

Programme

Monday, 18 April 2016

08:30

Registration and coffee

09:00

Welcome address

Luc Laeven, European Central Bank

09:15

Keynote speech: The central bank’s balance sheet: opportunities for the future

Ricardo Reis, London School of Economics and Columbia University

Session 1: Asset purchase programmes

Chair: Oreste Tristani, European Central Bank

10:15

Asset purchase programmes and financial markets: lessons from the euro area

Carlo Altavilla, Giacomo Carboni and Roberto Motto, European Central Bank

Paper

Presentation

Discussant: Michael Weber, The University of Chicago

Presentation

11:15

Coffee break

11:45

Quantitative Easing and Bank Risk Taking: Evidence from Lending

John Kandrac and Bernd Schlusche, Federal Reserve Board

Paper

Presentation

Discussant: Florian Heider, European Central Bank

Presentation

13:00

Buffet lunch, Press Centre gallery

Session 2: Theoretical foundations

Chair: Jens Tapking, European Central Bank

14:15

Non-Neutrality of Open-Market Operations

Pierpaolo Benigno, Libera Università Internazionale degli Studi Sociali Guido Carli and Salvatore Nisticò, Sapienza University of Rome

Paper

Presentation

Discussant: Leopold von Thadden, European Central Bank

Presentation

15:15

Coffee break

15:45

Threshold-based forward guidance: hedging the zero bound

Lena Boneva, Richard Harrison and Matt Waldron, Bank of England

Paper

Presentation

Discussant: Guido Ascari, University of Oxford

Presentation

16:45

Sovereign Risk and Bank Risk-Taking

Anil Ari, University of Cambridge

Paper

Presentation

Discussant: Marcus Hagedorn, University of Oslo

Tuesday, 19 April 2016

08:30
Registration and coffee
09:00

Keynote speech: Central banking in a time of crisis

Martin F. Hellwig, Max Planck Institute for Research on Collective Goods

Session 3: Transmission of interest rates

Chair: Cornelia Holthausen, European Central Bank

10:00

Monetary Policy at Work: Security and Credit Application Registers Evidence

José-Luis Peydró and Andrea Polo, Universitat Pompeu Fabra; Enrico Sette, Banca d'Italia

Discussant: Huw Pill, Goldman Sachs

Presentation

11:00

Coffee break

11:30

The impact of negative interest rates on bank balance sheets: evidence from the euro area

Selva Demiralp, Koç University; Jens Eisenschmidt and Thomas Vlassopoulos, European Central Bank

Discussant: Angela Maddaloni, European Central Bank

Presentation

12:30

Buffet lunch, Press Centre gallery

Session 4: International spillovers

Chair: Tobias Linzert, European Central Bank

13:30

The Spillovers, Interactions, and (Un)Intended Consequences of Monetary and Regulatory Policies

Kristin Forbes, Massachusetts Institute of Technology; Dennis Reinhardt, Bank of England; Tomasz Wieladek, Barclays

Paper

Presentation

Discussant: Roland Straub, European Central Bank

Presentation

14:30

Beggar-thy-neighbor? The international effects of ECB unconventional monetary policy measures

Kristina Bluwstein, European University Institute and Fabio Canova, BI Norwegian Business School

Paper

Presentation

Discussant: Ambrogio Cesa-Bianchi, Bank of England

Presentation

15:30

Concluding remarks

15:45

End of workshop

Workshop details

Workshop venue

ECB Main Building
Press conference room
Frankfurt am Main

European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
+49 (0) 69 1344 0
Fax.: +49 (0) 69 1344 6000
info@ecb.europa.eu

Contact

Jurgita Bernotienė
Directorate General Market Operations
+49 (0) 69 1344 7202
NSMworkshop@ecb.europa.eu