Submission deadline: 14 June 2019

Call for Papers

Joint European Central Bank and Banca d’Italia research workshop

Macroprudential policy: effectiveness, interactions and spillovers

10 October 2019, Rome


The European Central Bank and the Banca d’Italia are jointly organising the fourth annual Macroprudential Policy Group (MPPG) research workshop, entitled Macroprudential policy: effectiveness, interactions and spillovers, to be held in Rome on 10 October 2019. This annual event has established itself as an excellent forum for policymakers, regulators and academics to interact and share practical experiences, research and policy analysis in the field of macroprudential policy.

In many countries around the world, relevant authorities have had macroprudential tools at their disposal for some time and have also been implementing macroprudential policy measures. Macroprudential instruments often operate with different intensity via overlapping transmission channels. As a result, there is a degree of substitutability among certain instruments, and synergies can be exploited by using combinations of such instruments to address specific risks and achieve policy goals. There are also complementarities among macroprudential instruments, which imply that using them in combination can strengthen the overall macroprudential action. Moreover, effective and consistent macroprudential policy requires potential cross-border spillover effects to be taken into account, as well as spillovers between the regulated and non-regulated financial intermediation sectors. While considering interactions between different policies and potential spillover effects in a holistic manner is challenging, it is fundamental in ensuring that macroprudential policies are implemented effectively. This means we should review and further develop the macroprudential policy assessment framework and analytical toolkit, also in view of the experiences and empirical results to date.


The broader objective of the workshop is to facilitate and strengthen the dialogue between policymakers and researchers, thereby advancing our collective understanding of macroprudential policies. Focusing on the effectiveness, interactions and spillovers of macroprudential policy, the workshop will be an opportunity to share knowledge about and review empirical studies, state-of-the-art models and methodological tools in the field.


We welcome theoretical and empirical contributions on the effectiveness, interactions and spillovers of macroprudential policy, in particular with a focus on the following topics:

Interactions among macroprudential instruments

  • Complementarity, substitutability and synergies among macroprudential instruments
  • The case of borrower-based versus bank-based macroprudential instruments in taming the credit cycle and increasing resilience

Effectiveness of macroprudential instruments

  • How can the effectiveness of implemented policies be evaluated?
  • The quantification of the effects of policies on taming the credit cycle and on financial system resilience

Spillovers between the regulated and non-regulated financial intermediation sectors

  • Macroprudential instruments, regulatory arbitrage and spillovers to the shadow banking sector
  • Addressing risks to the regulated financial sector stemming from non-regulated activities. Are structural reforms sufficient? Can macroprudential instruments be useful? What are the challenges posed by rapid financial innovation?

International spillovers from macroprudential policies

  • Unintended cross-border leakages from macroprudential policies
  • The effectiveness of national macroprudential policies in an integrated banking union

Confirmed speakers and panellists

  • Opening remarks

    Luigi Federico Signorini (Deputy Governor, Banca d’Italia)

  • Keynote speaker

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

  • Panellists – policy panel about the interaction between monetary policy and macroprudential policy

    • Maria Demertzis (Bruegel)
    • John Fell (European Central Bank)
    • Gaston Gelos (International Monetary Fund)
    • Giorgio Gobbi (Banca d’Italia)
  • Speakers of other sessions

    Tomas Garbaravičius (Board member, Lietuvos bankas)

Any additional names of invited speakers will be published shortly, once confirmed.


Submissions are welcome from those within the European System of Central Banks (ESCB) and EU, or international financial institutions, who are working on topics related to the fields outlined above. Interested authors should submit their completed draft papers (strongly preferred) or extended abstracts in English, in PDF format, to by 14 June 2019. Draft papers should include an abstract, and all submissions should include the name and email address of a nominated author who could present the paper.

Selection process and workshop attendance

The organising committee will review all submissions received before the deadline in terms of quality and policy relevance/level of interest, also taking into account the overall balance of topics and approaches. All authors will be notified by mid-July 2019 as to whether or not their papers have been accepted.

The invitation to attend the workshop is extended to:

  • members of the MPPG
  • members of any department within the ESCB represented in the substructures of the Financial Stability Committee who are working on topics related to the content of the workshop
  • members of any EU or international financial institution (e.g. the Bank for International Settlements, the Federal Reserve System and the International Monetary Fund) who are working on topics related to the content of the workshop

Owing to space restrictions, non-MPPG attendees will be limited to one participant from each institution (not including presenters and discussants).


The travel and accommodation expenses of all attendees, presenters of accepted papers and discussants are to be covered by their own ESCB entity or EU or international financial institution. Costs of participants from academic institutions may be reimbursed by the organisers upon request. No conference fee will be charged.

Organising committee

  • Elena Banu (European Central Bank)
  • Antonio Di Cesare (Banca d’Italia)
  • Petra Lennartsdotter (European Central Bank)
  • Marco Lo Duca (European Central Bank)
  • Anatoli Segura Velez (Banca d’Italia)