Joint European Central Bank and Central Bank of Ireland research workshop

Macroprudential policy: from research to implementation

10 July 2018, Dublin,
Central Bank of Ireland, New Wapping Street, North Wall Quay, Dublin 1, D01F7X3

Programme

Tuesday, 10 July 2018

08:30

Opening remarks by Sharon Donnery, Deputy Governor-Central Banking, Central Bank of Ireland

 

Session 1:
Packaging borrower-based instruments

Chair: Maurice McGuire, Director of Financial Stability, Central Bank of Ireland

08:40

On the effectiveness of loan-to-value regulation in a multiconstraint framework

Presenter: Anna Grodecka (Sveriges Riksbank)

Discussant: Lorenzo Burlon (Banca d'Italia)

09:15

Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics

Presenter: Marcus Mølbak Ingholt (University of Copenhagen)

Discussant: Michael O’Grady (Central Bank of Ireland)

09:50

Coffee break

10:15

Keynote speaker: Enrique G. Mendoza , University of Pennsylvania

Macroprudential Policy: Promise and Challenges

 

Session 2:
Transmission channels of instruments targeting real estate markets

Chair: Giorgio Gobbi, Head of Financial Stability Directorate at the Banca d'Italia, ATC/FSC member

11:00

How do Capital Requirements Impact Loan Rates? Evidence from a Quasi-Experiment in the Commercial Real Estate Market

Presenter: David Glancy (Federal Reserve Board of Governors)
Co-author: Robert Kurtzman (Federal Reserve Board of Governors)

Discussant: Wanda Cornacchia (Banca d'Italia)

11:35

LTV Limit and Borrower Risk

Presenter: Nitzan Tzur-Ilan (Bank of Israel)

Discussant:Robert Kelly (Central Bank of Ireland)

12:10

Lunch

13:30

Keynote speaker: Dirk Schoenmaker, Rotterdam School of Management, Erasmus University; Erasmus Research Institute of Management (ERIM); Centre for Economic Policy Research (CEPR)
European Banks Straddling Borders: Risky or Rewarding?

Co-author: Patty Duijm (De Nederlandsche Bank)

 

Session 3:
Bank and non-bank credit and macroprudential policies

Chair: Carmelo Salleo, Head of Stress Test Modelling Division at the European Central Bank

14:15

The effect of macroprudential policies on credit developments in Europe 1995-2017

Presenter: Katarzyna Budnik (European Central Bank)
Co-author: Martina Jasova (European Central Bank)

Discussant: Sebastiaan Pool (De Nederlandsche Bank)

15:00

Capturing macroprudential regulation effectiveness: a DSGE approach with shadow intermediaries

Presenter: Federico Lubello (Banque centrale du Luxembourg)
Co-author: Abdelaziz Rouabah (Banque centrale du Luxembourg)

Discussant: Johannes Poeschl (Danmarks Nationalbank)

15:45

Coffee break

16:00

Policy Panel: Can macroprudential policies address asset price bubbles: tulips, stocks, real-estate and crypto-currencies

Chair: Tomas Garbaravičius, Board member of Lietuvos bankas and MPPG co-Chair

Soledad Martinez Peria (IMF)
Philip Turner (National Institute of Economic and Social Research and University of Basel)

17:00

Closing remarks by John Fell (Deputy Director General, European Central Bank, and MPPG co-Chair)

Call for paper information