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


Tuesday, 10 July 2018


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


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

Presenter: Anna Grodecka (Sveriges Riksbank)

Discussant: Lorenzo Burlon (Banca d'Italia)


Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics

Presenter: Marcus Mølbak Ingholt (University of Copenhagen)

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


Coffee break


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


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)


LTV Limit and Borrower Risk

Presenter: Nitzan Tzur-Ilan (Bank of Israel)

Discussant:Robert Kelly (Central Bank of Ireland)




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


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)


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)


Coffee break


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)


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

Call for paper information