Monetary policy in non-standard times

Monday, 11 and Tuesday, 12 September 2017

Main Building, European Central Bank, Frankfurt am Main
Press conference room

Programme

Monday, 11 September 2017

8:30
Registration and coffee
9:00

Welcome address

Benoît Cœuré, Member of the Executive Board, European Central Bank

 

Session 1: The forward guidance puzzle

Chair: Massimo Rostagno, European Central Bank

9:15

Forward guidance without common knowledge

Chen Lian, Massachusetts Institute of Technology (MIT)
Discussant: Mirko Wiederholt, Goethe University Frankfurt
10:15

Pegging the interest rate on bank reserves

Olivier Loisel, Centre for Research in Economics and Statistics (CREST)
Discussant: Marcus Hagedorn, University of Oslo
11:15
Coffee break
 

Session 2: (Un)conventional policy in the long term

Chair: Luc Laeven, European Central Bank

11:45

Optimal quantitative easing

Richard Harrison, Bank of England
Discussant: Carlos Thomas, Banco de España
12:45

Output hysteresis and optimal monetary policy

Sanjay R. Singh, Brown University
Discussant: Luca Fornaro, Centre de Recerca en Economia Internacional (CREI)
13:45
Buffet lunch, press centre gallery
15:00

Keynote speech: Monetary easing, investment and financial instability

Viral Acharya, Reserve Bank of India and NYU Stern School of Business

16:00
Coffee break
 

Session 3: Macroeconomic evidence

Chair: Cornelia Holthausen, European Central Bank

16:30

Forward guidance, quantitative easing, or both?

Ferre De Graeve, Department of Economics, KU Leuven
Discussant: Han Chen, Board of Governors of the Federal Reserve System
17:30

Does a big bazooka matter? Central bank balance-sheet policies and exchange rates

Luca Dedola, European Central Bank
Discussant: Thomas Wieladek, Barclays
19:00
Dinner (by invitation only)

Tuesday, 12 September 2017

8:30
Registration and coffee
9:00

Keynote speech: Are negative nominal interest rates expansionary?

Gauti Eggertsson, Brown University

10:00
Coffee break
 

Session 4: Negative policy rates and credit easing policies

Chair: Jean-Pierre Danthine, Paris School of Economics

10:30

Banks' response to negative interest rates: evidence from the Swiss exemption threshold

Christoph Basten, Swiss Financial Market Supervisory Authority (FINMA) and ETH Zürich
Discussant: Catherine Koch, Bank for International Settlements
11:30

The transmission mechanism of credit support policies in the euro area

Maite de Sola Perea, Nationale Bank van België/Banque Nationale de Belgique
Discussant: Carlo Altavilla, European Central Bank
12:30
Buffet lunch, press centre gallery
 

Session 5: Non-standard measures and bank lending

Chair: Philipp Hartmann, European Central Bank

13:45

Unconventional monetary policy and bank lending relationships

Anne Duquerroy, Banque de France
Discussant: José-Luis Peydró, Universitat Pompeu Fabra
14:45

Monetary stimulus and bank lending

Andrew MacKinlay, Pamplin College of Business
Discussant: David Glancy, Board of Governors of the Federal Reserve System
15:45

Concluding remarks

Vítor Constâncio, Vice-President, European Central Bank
16:15
End of workshop

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

Workshop language

English

Contacts

Andreea Lascu
Directorate General Monetary Policy
+49 69 1344 3653
NSMworkshop@ecb.europa.eu

Conference email Call for paper information

Central banks around the world have taken a wide range of non-standard monetary policy measures, including large-scale purchases of public and private sector financial assets, providing explicit forward guidance about future interest rates and cutting 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, potential side effects and future role of the various measures implemented in recent years. Viral Acharya (Reserve Bank of India) and Gauti Eggertsson (Brown University) have kindly agreed to deliver key note lectures.

Topics

We welcome theoretical and empirical contributions on topics including:

  • 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 standard monetary policy, fiscal policy, macro- and microprudential regulation
  • 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 implementation and communication challenges associated with the unwinding of non-standard monetary policy measures and/or exiting a zero or negative interest rate environment
  • The lessons learned from the experience with non-standard monetary policy measures for monetary policy implementation in “normal” times, and possible ways forward.

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 15 May 2017. Authors of accepted papers will be notified by 2 June 2017. The final version of conference papers must be sent to the same e-mail address by 11 August 2017.

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).

Organisers

Jens Eisenschmidt, Peter Karadi, Geoff Kenny and Christoph Ohlerich (all ECB).