Joint Banca d’Italia and European Central Bank Research Workshop

Macroprudential policy: effectiveness, interactions and spillovers

Thursday, 10 October 2019

Banca d’Italia, Rome

Fourth ECB Annual Research Conference

The annual Macroprudential Policy Group research workshop has established itself as a forum for policymakers, regulators and academics to interact and share practical experiences, research and policy analysis in the field of macroprudential policy. This year’s event will focus on the effectiveness, interactions and spillovers of macroprudential policy, providing an excellent opportunity to share knowledge about and review empirical studies and methodological tools in the field.

Programme

8:30
Registration
9:00

Opening remarks

Luigi Federico Signorini, Deputy Governor, Banca d’Italia

 

Session 1: Interactions among macroprudential instruments

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

9:10

Beyond the LTV ratio: new macroprudential lessons from Spain

Presenter: Matías Lamas, Banco de España
Co-author: Jorge E. Galán, Banco de España

Discussant: Marco Lo Duca, European Central Bank

9:45

The effectiveness of combinations of borrower-based measures: a quantitative analysis for Slovakia

Presenter: Pavol Jurča, Národná banka Slovenska

Co-authors

  • Jan Klacso, Národná banka Slovenska
  • Marco Gross, International Monetary Fund
  • Marco Forletta, European Central Bank
  • Eugen Tereanu, European Central Bank

Discussant: Niamh Hallissey, Central Bank of Ireland

10:20
Coffee break
10:35

Keynote address
Macroprudential policy and household leverage: evidence from administrative household-level data

José-Luis Peydró, Imperial College, Universitat Pompeu Fabra, Centre de Recerca en Economia Internacional, Barcelona Graduate School of Economics and Centre for Economic Policy Research

 

Session 2: Effectiveness of macroprudential instruments – part 1

Chair: Carsten Detken, Head of Macroprudential Policy Division at the European Central Bank

11:10

The effect of higher capital requirements on bank lending: the capital surplus matters

Presenter: Simona Malovaná, Česká národní banka
Co-author: Dominika Kolcunová, Česká národní banka

Discussant: Pavol Jurča, Národná banka Slovenska

11:45

The macroeconomic effects of bank capital regulation

Presenter: Benedikt Kolb, Deutsche Bundesbank, EUI

Co-authors

  • Sandra Eickmeier, Deutsche Bundesbank, CAMA, CEPR
  • Esteban Prieto, Deutsche Bundesbank, IWH

Discussant: Stijn Ferrari, Nationale Bank van België/Banque Nationale de Belgique

12:20
Lunch
 

Session 3: Effectiveness of macroprudential instruments – part 2

Chair: Alessio de Vincenzo, Deputy Head of the Regulation and Macroprudential Analysis Directorate at the Banca d’Italia

13:20

Measuring mortgage availability and utilisation application to macroprudential policy

Presenter: Elena Mazza, Central Bank of Ireland
Co-author: Robert Kelly, Central Bank of Ireland

Discussant: Matías Lamas, Banco de España

13:55

In macroprudential policies we trust

Presenter: Gabriel Pérez-Quirós, European Central Bank
Co-authors:

  • María Dolores Gadea-Rivas, Universidad de Zaragoza
  • Leonie Bräuer, European Central Bank

Discussant: Emilia Bonaccorsi, Banca d’Italia

14:30
Coffee break
 

Session 4: Macroprudential policy – spillovers across national borders

Chair: Hans Dewachter, Senior coordinator in the Prudential Policy and Financial Stability Department of the Nationale Bank van België/Banque Nationale de Belgique and Professor at the University of Leuven

14:45

Macroprudential policy spillovers and international banking – taking the gravity approach

Presenter: Anni Norring, Suomen Pankki

Discussant: Marisa Basten, Banque Centrale du Luxembourg

15:20

Beggar-thy-neighbour in macroprudential policy? Cross-border impact assessment of the Austrian systemic risk buffer

Presenter: Eva Ubl, Oesterreichische Nationalbank
Co-authors:

  • Judith Eidenberger
  • Stefan W. Schmitz
  • Katharina Steiner

all Oesterreichische Nationalbank

Discussant: Julien Idier, Banque de France

15:55

Policy panel
The interaction between monetary and macroprudential policy: experiences so far and the case for effective coordination

Moderator: John Fell, Deputy Director General of Directorate General Macroprudential Policy and Financial Stability at the European Central Bank, and MPPG Co-Chair

Panellists:

  • Maria Demertzis, Deputy Director at Bruegel
  • Gaston Gelos, Assistant Director and Chief of the Monetary and Macroprudential Policies Division in the Monetary and Capital
  • Giorgio Gobbi, Head of Financial Stability Directorate at the Banca d’Italia
17:15

Closing remarks

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

17:30

End of workshop

This programme may be subject to change without notice.

General information

Conference venue

Banca d’Italia
Centro convegni
Via Nazionale 190
00184 Rome
Italy

Conference language

English

Transfers

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

Organising committee
  • John Fell
    Deputy Director General, Directorate General Macroprudential Policy and Financial Stability, European Central Bank
  • Tomas Garbaravičius
    Board Member, Lietuvos bankas
  • Antonio Di Cesare
    Head of Division, Financial Stability Directorate, Banca d’Italia
  • Marco Lo Duca
    Adviser, Directorate General Macroprudential Policy and Financial Stability, European Central Bank
  • Elena Banu
    Financial Stability Expert, European Central Bank
  • Petra Lennartsdotter
    Principal Financial Stability Expert (formerly at the European Central Bank)
  • Anatoli Segura Velez
    Adviser, Financial Stability Directorate, Banca d’Italia
Contacts

The Organising Committee
WorkshopMacropru@ecb.int

ECB-MPPG Secretariat
Anne McTaggart/Melpomeni Rafailaki
+49 69 1344 6372
+49 69 1344 6460
MPPGSecretariat@ecb.int