Monetary policy pass-through and credit markets

27 and 28 October 2016

Main Building, European Central Bank, Frankfurt am Main
Press Room, Grossmarkthalle

Programme

Thursday, 27 October 2016

Presenters are marked *

8:30
Registration
9:00

Welcome address

9:15

Keynote speech

Chair: Massimo Rostagno, European Central Bank

The Reversal Interest Rate: The Effective Lower Bound on Monetary Policy

Markus K. Brunnermeier, Princeton University

10:15
Coffee break
 

Session 1
Unconventional Monetary Policy and Lending

Chair: Frank Smets, European Central Bank

10:45

How Quantitative Easing Works: Evidence on the Refinancing Channel

Marco Di Maggio*, Harvard Business School and NBER
Amir Kermani, University of California, Berkeley and NBER
Christopher Palmer, University of California, Berkeley

Discussant: Neeltje Van Horen, Bank of England


Life Below Zero: Bank Lending Under Negative Policy Rates
Presentation

Florian Heider, European Central Bank
Farzad Saidi*, Stockholm School of Economics
Glenn Schepens, European Central Bank

Discussant: Ester Faia, Goethe University Frankfurt


The transmission of monetary policy through bank lending: the floating rate channel
Presentation

Filippo Ippolito, Universitat Pompeu Fabra
Ali K. Ozdagliy, Federal Reserve Bank of Boston
Ander Pérez-Orive*, Board of Governors of the Federal Reserve System

Discussant: Carlo Altavilla, European Central Bank

13:00
Buffet lunch
14:30

Keynote speech

Chair: Michael Ehrmann, European Central Bank

Unconventional Monetary Policy, Sovereign Exposures and Bank Lending

Marco Pagano, University of Naples Federico II, CEPR

15:30
Coffee break
 

Session 2
Monetary policy, global banking and relationship lending

Chair: João Sousa, European Central Bank

16:00

Monetary policy and global banking

Falk Bräuning, Federal Reserve Bank of Boston
Victoria Ivashina*, Harvard University and NBER

Discussant: Skander Van Den Heuvel, ECB


Monetary Policy at Work: Security and Credit Application Registers Evidence

José-Luis Peydró, ICREA-UPF, CREI, Barcelona GSE and CEPR
Andrea Polo*, Universitat Pompeu Fabra and Barcelona GSE
Enrico Sette, Bank of Italy

Discussant: Soledad Martinez, International Monetary Fund


Portfolio Rebalancing and the Transmission of Large-Scale Asset Programs: Evidence from the Euro Area
Presentation

Ugo Albertazzi*, Bank of Italy
Bo Becker, Stockholm School of Economics and CEPR
Miguel Boucinha, European Central Bank

Discussant: Burcin Kisacıkoglu, Bilkent University

19:00

Dinner

Friday, 28 October 2016

Presenters are marked *

8:30
Registration
9:00

Keynote speech

Chair: Luc Laeven, European Central Bank

Monetary Easing and Financial Instability

Viral V. Acharya, New York University

10:00
Coffee break
 

Session 3
Credit and Quantitative Easing

Chair: Sergio Nicoletti Altimari, European Central Bank

10:30

The real effects of relationship lending
Presentation

Ryan N. Banerjee, Bank for International Settlements
Leonardo Gambacorta*, Bank for International Settlements
Enrico Sette, Bank of Italy

Discussant: Geert Peersman, Ghent University


Surviving the perfect storm: the role of the lender of last resort
Presentation

Nuno Alves, Bank of Portugal
Diana Bonfim*, Bank of Portugal
Carla Soares, Bank of Portugal

Discussant: Thomas Vlassopoulos, European Central Bank

12:00
Buffet lunch
13:15

Keynote speech

Chair: Roberto Motto, European Central Bank

Passthrough Efficiency in the Fed’s New Monetary Policy Setting

Arvind Krishnamurthy, Stanford University

14:15
Coffee break
 

Session 4
Monetary policy, mortgage contracts and bubbles

Chair: Roberto Motto, European Central Bank

14:45

Interest rates, debt and intertemporal allocation: evidence from notched mortgage contracts in the United Kingdom

Michael Carlos Best, Stanford University
James Cloyne, Bank of England
Ethan Ilzetzki*, London School of Economics
Henrik Jacobsen Kleven, London School of Economics

Discussant: Georgarakos Dimitris, European Central Bank


Monetary Policy for a bubbly world

Vladimir Asriyan*, CREI, UPF and Barcelona GSE
Luca Fornaro, CREI, UPF and Barcelona GSE
Alberto Martin, CREI, UPF and Barcelona GSE
Jaume Ventura, CREI, UPF and Barcelona GSE

Discussant: Matthieu Darracq Paries, European Central Bank

16:15
Concluding remarks

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building, Press 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.

Organising committee

Carlo Altavilla, European Central Bank
Matteo Ciccarelli, European Central Bank
Jose-Luis Peydro, ICREA-UPF, CREI

Contacts

Gillian Piroth
DG-E Monetary Analysis Division (MAY)
European Central bank
HN31050

Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 5213
Fax: +49 69 1344 6000
conf.banking@ecb.europa.eu