Non-standard monetary policy measures

Conference dates: Monday, 6 and Tuesday, 7 October 2014

Meeting room: Eurotower conference room CIV

Venue: European Central Bank, Frankfurt am Main

Workshop Agenda

8.45 a.m. Registration and coffee
9 a.m. Welcome address
Peter Praet, Member of the Executive Board, European Central Bank
9.15 a.m. Keynote speech
The impact of central banks on asset prices
Annette Vissing-Jørgensen, Haas School of Business
  Session 1
Empirical finance

Chair: Philipp Hartmann, European Central Bank
10.15 a.m. Limits to arbitrage: empirical evidence from euro area sovereign bond markets
Stefano Corradin, European Central Bank*  presentation  paper
Maria Rodriguez-Moreno, Universidad de Navarra

Discussant: Loriana Pelizzon, SAFE-Goethe University Frankfurt  presentation
11.00 a.m. Coffee break
11.30 a.m. A high frequency assessment of the ECB Securities Markets Programme
Simone Manganelli, European Central Bank*  presentation  paper
Eric Ghysels, University of North Carolina
Julien Idier, Banque de France
Olivier Vergote, European Central Bank

Discussant: Marek Jarocinski, European Central Bank  presentation
12.15 a.m. A dynamic yield curve model with stochastic volatility and non-Gaussian interactions: an empirical study of non-standard monetary policy in the euro area
Bernd Schwaab, European Central Bank*
Siem Jan Koopman, Geert Mesters, VU University Amsterdam

Discussant: Jean-Paul Renne, Banque de France  presentation
1 p.m. Buffet lunch, CIV foyer
  Session 2
Empirical macroeconomics

Chair: Cornelia Holthausen, European Central Bank
2 p.m. The interest rate pass-through in the euro area before and during the sovereign debt crisis
Sandra Eickmeier, Deutsche Bundesbank*
Leo Krippner, Reserve Bank of New Zealand
Julia von Borstel, Helmut-Schmidt-Universität

Discussant: Marco Lombardi, Bank for International Settlements  presentation
2.45 p.m. Effectiveness and transmission of the ECB’s balance sheet policies
Gert Peersman, Ghent University*  presentation  paper
Jef Boeckx and Maarten Dossche, Nationale Bank van België/Banque Nationale de Belgique

Discussant: Luca Benati, Bern University  presentation
3.30 p.m. Coffee break
4 p.m. Raising an inflation target: the Japanese experience with Abenomics
Andrea De Michelis, Federal Reserve Board*  presentation  paper
Matteo Iacoviello, Federal Reserve Board

Discussant: Gianluca Benigno, London School of Economics
  Session 3
QE and bank lending (part one)

Chair: Thomas Werner, European Central Bank
4.45 p.m. Quantitative easing and bank lending: evidence from Japan
Fang Cai, Federal Reserve Board*  presentation  paper
David Bowman, Sally Davies and Steven Kamin, Federal Reserve Board

Discussant: Takashi Nagahata, European Central Bank  presentation
7 p.m. Dinner
Dinner speech: Vítor Constâncio, Vice-President, European Central Bank  more
Restaurant Emma Metzler, Frankfurt am Main

* Presenter

8.45 a.m. Registration and coffee
9 a.m. Keynote speech
Secular stagnation and non-standard policy measures

Gauti B. Eggertsson, Brown University  presentation
  Session 4

Chair: Massimo Rostagno, European Central Bank
10 a.m. Monetary policy implementation in an interbank network: effects on systemic risk
Ester Faia, Goethe University Frankfurt*  presentation  paper
Marcel Bluhm, Xiamen University
Jan Pieter Krahnen, Goethe University Frankfurt

Discussant: Albert Queralto, Federal Reserve Board  presentation
10.45 a.m. Coffee break
11.15 a.m. Time consistency and the duration of government debt: a signalling theory of quantitative easing
Bulat Gafarov, Pennsylvania State University*  paper
Saroj Bhattarai, Pennsylvania State University
Gauti B. Eggertsson, Brown University

Discussant: Roberto Billi, Sveriges Riksbank  presentation
12 p.m. The limitations of forward guidance
William T. Gavin, Federal Reserve Bank of St. Louis*  presentation  paper
Benjamin D. Keen, University of Oklahoma
Alexander W. Richter, Auburn University
Nathaniel A. Throckmorton, College of William & Mary

Discussant: Marco del Negro, Federal Reserve Bank of New York   presentation
12.45 a.m. Buffet lunch, CIV foyer
1.45 p.m. Keynote speech
Monetary policy and longer-term trends

Charles Goodhart, London School of Economics
  Session 5
QE and bank lending (part two)

Chair: Rasmus Rüffer, European Central Bank
2.45 p.m. The Eurosystem's three-year LTROs and credit supply to firms: evidence from French bank-firm data
Jean-Stéphane Mésonnier, Banque de France*
Philippe Andrade, Christophe Cahn, Banque de France
Henri Fraisse, Autorité de contrôle prudentiel et de résolution

Discussant: Frederic Boissay, European Central Bank  presentation
3.30 p.m. Central bank liquidity, bank deposits and loan rates
Björn Imbierowicz, Goethe University Frankfurt*
Viral Acharya, New York University, Stern School of Business
Sascha Steffen, European School of Management and Technology
Daniel Teichmann, Goethe University Frankfurt, House of Finance

Discussant: David Marqués-Ibañez, Federal Reserve Board  presentation

* Presenter

ECB workshop on non-standard monetary policy measures

Monday, 6 and Tuesday, 7 October 2014, Frankfurt am Main

Central banks around the world have taken a wide range of non-standard monetary policy measures, including the provision of ample liquidity for long maturities and substantial purchases of public and private financial assets. The aim of this workshop is to bring together central bankers, academics and market participants to discuss the effectiveness of the various measures implemented in recent years and possible ways forward.


We would welcome theoretical and empirical contributions on:

  • the effectiveness and possible risks of non-standard monetary policy measures, including collateral policies;
  • the optimal mix of standard and non-standard measures;
  • the role that “forward guidance” plays in monetary policy during a crisis or in normal times as a complement to or substitute for non-standard measures;
  • the analysis and comparison of the different types of forward guidance issued by central banks around the world;
  • the implications of the recent expansion of central bank balance sheets for the conduct of monetary policy and the challenges of exiting;
  • unconventional monetary policy as a means of limiting the adverse effects of widespread financial instability on the monetary policy transmission mechanism;
  • the effectiveness of targeted monetary policy measures such as funding for lending schemes or asset purchases focusing on specific market segments;
  • the interaction between the implementation of non-standard measures and the current transition to a new prudential regulatory regime.

Keynote speakers

Gauti Eggertsson (Brown University) and Annette Vissing-Jorgensen (Berkeley, Haas School of Business)


Authors are encouraged to submit papers on the above-mentioned topics. Submissions must comprise a full paper (preferred) or an extended abstract and should be sent in PDF format to by 30 June 2014 at the latest. Authors of accepted papers will be notified by mid-July 2014. The final version of conference papers must be sent to the same e-mail address by 15 September 2014.


The travel (economy fare) and accommodation expenses of presenters of accepted papers will be reimbursed.

Organising committee

Benjamin Sahel, Evangelos Tabakis, Jens Eisenschmidt and Peter Karadi (all ECB).