ECB workshop

Monetary policy and financial stability

Monday, 17 and Tuesday, 18 December 2018
ECB main building, Conference room C2.02, Frankfurt am Main

Programme

* indicates the presenter

Monday, 17 December 2018

8:30
Registration and coffee
8:45

Opening remarks

Luc Laeven, European Central Bank

 

Session 1
Monetary policy, risk taking and financial stability

Chair: Thomas Vlassopoulos, European Central Bank

9:00

Liability structure and risk-taking: evidence from the money market fund industry

Ramin Baghai, Mariassunta Giannetti* and Ivika Jäger, Stockholm School of Economics

Discussant: Marco di Maggio, Harvard Business School

10:00

The rise of shadow banking: evidence from capital regulation and monetary policy

  • José-Luis Peydró*, Universitat Pompeu Fabra
  • Ralf R. Meisenzahl, Board of Governors of the Federal Reserve System

Discussant: Isabel Schnabel, University of Bonn

11:00
Coffee break
11:15

The incentive channel of monetary policy: quasi-experimental evidence from liquidity operations

  • Ugo Albertazzi*, Carlo Altavilla and Miguel Boucinha, European Central Bank
  • Marco di Maggio, Harvard Business School

Discussant: Tim Eisert, Erasmus University Rotterdam

12:15

Employment and the collateral channel of monetary policy

  • Saleem Bahaj, Angus Foulis and Gabor Pinter, Bank of England
  • Paolo Surico*, London Business School and Centre for Economic Policy Research

Discussant: Yueran Ma, University of Chicago Booth School of Business

13:15
Buffet lunch
14:15

Keynote speech
Low interest rates, market power and productivity growth

Atif Mian, Princeton University

 

Session 2
Financial crisis and macroprudential policy

Chair: Luca Dedola, European Central Bank

15:15

Credit Booms, Banking Crises and Macroprudential Policy

  • Mark Gertler, New York University
  • Nobuhiro Kiyotaki, Princeton University
  • Andrea Prestipino*, Board of Governors of the Federal Reserve System

Discussant: Alejandro Van der Ghote, European Central Bank

16:15
Coffee break
16:30

A macroeconomic model with financially constrained producers and intermediaries

  • Vadim Elenev, Johns Hopkins University
  • Tim Landvoigt*, The Wharton School, University of Pennsylvania
  • Stijn Van Nieuwerburgh, New York University Stern School of Business

Discussant: David Martínez Miera, Universidad Carlos III de Madrid

17:30

Extreme financial distress and the macroeconomy

  • Caterina Mendicino* and Kalin Nikolov, European Central Bank
  • Juan Rubio-Ramírez, Emory University
  • Javier Suarez, Centro de Estudios Monetarios y Financieros
  • Dominik Supera, The Wharton School, University of Pennsylvania

Discussant: Jesper Lindé, Sveriges Riksbank

18:30
Aperitif break
18:45

Household debt and macroeconomic risk

Lars Svensson, Stockholm School of Economics

19:00
End of day 1

Tuesday, 18 December 2018

8:45

Coffee

 

Session 3
Monetary policy, asset prices and bubbles

Chair: Natacha Valla, European Central Bank

9:00

Monetary policy for a bubbly world

  • Vladimir Asriyan, Luca Fornaro and Jaume Ventura, Centre de Recerca en Economia Internacional
  • Alberto Martin*, European Central Bank

Discussant: Philippe Weil, Université libre de Bruxelles

10:00

Leaning against housing prices as robustly optimal monetary policy

  • Klaus Adam*, University of Mannheim
  • Michael Woodford, Columbia University

Discussant: Isabel Correia, Banco de Portugal

11:00
Coffee break
11:15

Monetary policy and bubbles in a new Keynesian model with overlapping generations

Jordi Galí, Centre de Recerca en Economia Internacional

Discussant: Tore Ellingsen, Stockholm School of Economics

12:15

Keynote speech
Monetary and macroprudential policy with endogenous risk

Tobias Adrian, International Monetary Fund

13:15
Buffet lunch
 

Session 4
Impact of macroprudential policy

Chair: Philipp Hartmann, European Central Bank

14:15

Would macroprudential regulation have prevented the last crisis?

  • David Aikman, Jonathan Bridges and Caspar Siegert*, Bank of England
  • Anil Kashyap, University of Chicago Booth School of Business

Discussant: Leonardo Gambacorta, Bank for International Settlements

15:15

Are bigger banks better? Firm-level evidence from Germany

Kilian Huber, University of Chicago Booth School of Business

Discussant: Saleem Bahaj, Bank of England

16:15
Coffee break
16:30

The costs of macroprudential policy

  • Björn Richter and Moritz Schularick*, University of Bonn
  • Ilhyock Shim, Bank for International Settlements

Discussant: Angela Maddaloni, European Central Bank

17:30

Firm heterogeneity, credit spreads, and monetary policy

  • Gareth Andersen, International Monetary Fund
  • Ambrogio Cesa-Bianchi*, Bank of England
18:30

Closing remarks

Philipp Hartmann, European Central Bank

18:45
End of workshop

This programme may be subject to change without notice.

General information

Conference venue

European Central Bank
Main building
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000
info@ecb.europa.eu

Transfers

Participants are requested to arrange their own transfers, unless indicated otherwise.

Workshop language

English

Organisers
  • Ugo Albertazzi
  • Fiorella De Fiore
  • Ivan Jaccard
  • Caterina Mendicino
  • Thomas Vlassopoulos
Contact

Daniela Rothermel, Directorate General Research
Phone: +49 69 1344 5372
Email: ResearchTaskForce@ecb.europa.eu