Submission deadline: 20 May 2016

Call for Papers

Joint European Central Bank and Banco de Portugal research workshop on “Transmission and effectiveness of macroprudential policies”

4 July 2016, Lisbon

In recent years, the macroprudential policy framework in Europe has seen a major overhaul, inviting us to evaluate transmission channels and the effectiveness of instruments designed to control systemic risks. Hence, with the objective of enhancing its assessment of macroprudential policies, the Macroprudential Policy Group (MPPG) of the European Central Bank’s Financial Stability Committee (FSC) is organising its first research workshop entitled “Transmission and effectiveness of macroprudential policies”, to be held in Lisbon on 4 July 2016, and hosted by Banco de Portugal.

The workshop will review empirical results, as well as state of the art models and tools currently being developed in academia and policy institutions for the assessment of macroprudential policies. The review is intended to shed further light on possible complementarities, interactions and spillover effects created by the application of macroprudential measures.


We welcome theoretical and empirical contributions on the assessment of the effectiveness of macroprudential policies. Possible topics could, for example, include:

  • How should rules to steer macroprudential policy be defined and applied? How can indicators for guiding decisions on macroprudential instruments be selected and aggregated? What analytical methods (including indicators) can be used for calibrating macroprudential instruments (e.g. for setting the extent of buffers, the levels of (de)activation/accumulation thresholds, and the scope and timing of instruments used?
  • How can an ex post evaluation of the effectiveness of macroprudential measures best be carried out? How can we assess the costs and benefits of the principal macroprudential instruments, especially in financially integrated regions, while taking into account cross-border spillover effects and leakages?
  • What analytical methods can be used to assess cross-border spillover effects and leakages resulting from the application of macroprudential policies? How can the design of macroprudential instruments minimise leakages and unintended consequences (cross-border and cross-sector), so as to maximise the efficiency of the measures?
  • Which instruments are complementary and should be activated jointly to improve effectiveness? Which instruments can be considered as substitutes for others? Which criteria or methods are applied to assess complementarity or substitutability between instruments? In the event of overlap between instruments, which criteria (effectiveness, efficiency, costs/benefits, leakages) should be used to select those most appropriate?
  • Is there a role for communication policy in fostering the effectiveness of macroprudential policies? How can we best assess the effects and advantages of a communication channel on macroprudential policies?

The above list is not exhaustive and all submissions related to the topic of effectiveness of macroprudential policies will be considered for presentation at the workshop.

Keynote speakers and panellists

David Aikman (Bank of England), Enrica Detragiache (International Monetary Fund), José-Luis Peydró (ICREA-Universitat Pompeu Fabra, CREI, Barcelona GSE and CEPR), Aerdt Houben (De Nederlandsche Bank and University of Amsterdam) and John Fell (European Central Bank) have confirmed their participation as invited speakers.

Attending the workshop

The invitation to attend the workshop is extended to:

  • members of the MPPG;
  • those in any department within the European System of Central Banks (ESCB) represented in the substructures of the FSC, who are working on topics related to the content of the workshop; 
  • those in any EU or international financial institution (e.g. the Bank for International Settlements (BIS), the European Banking Authority (EBA), and the International Monetary Fund (IMF) who are working on topics related to the content of the workshop.

However, owing to restrictions on space, places for non-MPPG attendees will be limited to one participant from each institution (not including those presenting papers).


Submissions are welcome from those within the ESCB and EU or international financial institutions who are working on topics related to the effectiveness of macroprudential policies. Interested authors should submit their papers by 20 May 2016 to Authors of accepted papers will be notified by 3 June 2016.


Travel and accommodation expenses of all attendees, presenters of accepted papers and discussants are to be covered by their own ESCB entity or EU or international financial institution.

Organising committee

Christian Castro (Banco de España)
Stijn Ferrari (National Bank of Belgium)
Aurea Marques (European Central Bank)
Caterina Mendicino (European Central Bank)
Katarzyna Budnik (European Central Bank)