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  • ECB Workshop

Analysing the role of credit in the macroeconomy

Venue: European Central Bank, Frankfurt am Main.
Participation is by invitation only.

9.15 a.m. – 9.30 a.m. Welcome address, José Manuel González-Páramo, Member of the Executive Board of the ECB
  Session I: Credit in DSGE models I
Chair: Carsten Detken (ECB)
9.30 a.m. –  10.15 a.m. Systemic banking crises and business cycles
F. Boissay (ECB), with F. Collard (University of Bern) and F. Smets (ECB)   paper
Discussant: S. Gilchrist (Boston University)
10.15 a.m. – 10.45 a.m. Coffee break
10.45 a.m. – 11.30 a.m. A macroeconomic model with a financial sector
Y. Sannikov (Princeton University), with M. Brunnermeier (Princeton University)   paper
Discussant: R. Wouters (Banque Nationale de Belgique)
11.30 a.m. – 12.15 p.m. Uncertainty, financial frictions and investment dynamics
S. Gilchrist (Boston University), with J. W. Sim (Federal Reserve Board) and E. Zakrajšek (Federal Reserve Board)   paper
Discussant: P. Karadi (ECB)
12.15 p.m. – 1.30 p.m. Lunch
  Session II: Empirical studies on credit and the macroeconomy I
Chair: Francesco Drudi (ECB)
1.30 p.m. – 2.15 p.m. When credit bites back: leverage, business cycles and crises
M. Schularick (Freie Universität Berlin), with O. Jordá (University of California – Davis) and A. Taylor (University of Virginia)   paper
Discussant: A. Beyer (ECB)
2.15 p.m. – 3 p.m. Loan supply shocks and the business cycle
A. Musso (ECB), with L. Gambetti (Universitat Autònoma de Barcelona)   paper
Discussant: P. A. Ahmadi (Goethe Universität Frankfurt)
3 p.m. – 3.30 p.m. Coffee break
3.30 p.m. – 4.15 p.m. The low monetary rates paradox, banking stability and credit: evidence from the euro area
A. Maddaloni (ECB), with J.-L. Peydró (Universitat Pompeu Fabra)   paper
Discussant: S. Ongena (Tilburg University)
4.30 p.m. – 6 p.m. Policy Panel
Philippe Moutot (ECB), James Talbot (Bank of England) and Egon Zakrajšek (Federal Reserve Board)
7.30 p.m. Dinner
  Session III: Empirical studies on credit and the macroeconomy II
Chair: Matthieu Darracq Paries (ECB)
9.30 a.m. – 10.15 a.m. Corporate investment and bank-dependent borrowers during the recent financial crisis
P. Vermeulen (ECB), with A. Buca (ECB)   paper
Discussant: E. Villanueva (Banco de España)
10.15 a.m. – 11 a.m. Credit supply versus demand: bank and firm balance-sheet channels in good and crisis times
S. Ongena (Tilburg University), with G. Jiménez (Banco de España), J.-L. Peydró (Universitat Pompeu Fabra) and J. Saurina (Banco de España)   paper
Discussant: C. Kok Sørensen (ECB)
11 a.m. – 11.30 a.m. Coffee break
  Session IV: Credit in DSGE models II
Chair: Günter Coenen (ECB)
11.30 a.m. – 12.15 p.m. Corporate debt structure and the financial crisis
F. De Fiore (ECB), with H. Uhlig (University of Chicago)   paper
Discussant: E. Faia (Goethe Universität Frankfurt)
12.15 p.m. – 1.30 p.m. Lunch
1.30 p.m. – 2.15 p.m. Financial markets and unemployment
T. Monacelli (Università Bocconi), with V. Quadrini (University of Southern California) and A. Trigari (Università Bocconi)   paper
Discussant: F. Zanetti (Bank of England)