First annual ECB macroprudential policy and research conference
(jointly organised with the International Monetary Fund)
Frankfurt am Main, 26 and 27 April 2016
Main Building, Press Conference Room
Programme
The asterisk ('*') indicates a presenting author.
- 8:30
- Registration
- 9:00
-
Welcome address
Vítor Constâncio, Vice-President, European Central Bank
José Viñals, Financial Counsellor, International Monetary Fund - 9:15
-
Opening speechThe rationale for macroprudential policy
Lars Svensson, Stockholm School of Economics
Speech - 10:00
-
Session 1 Financial cycles, imbalances and early warning indicators
Chair: Giovanni Dell’Ariccia, International Monetary Fund
Characterising the financial cycle: a multivariate and time-varying approach
Paul Hiebert*, European Central Bank
Paper Presentation
Tuomas Peltonen, European Systemic Risk Board
Yves Schüler, European Central BankDiscussant: Mathias Drehmann, Bank for International Settlements
Discussion - 10:45
- Coffee break
- 11:15
-
Financial imbalances, macroeconomic vulnerabilities and monetary policy
David Aikman, Bank of England
Paper Presentation
Andreas Lehnert, Board of Governors of the Federal Reserve System
Nellie Liang, Board of Governors of the Federal Reserve System
Michele Modugno*, Board of Governors of the Federal Reserve SystemDiscussant: Natacha Valla, Centre d'Études Prospectives et d'Informations Internationales and EIB
DiscussionRisk-taking dynamics and financial stability
Anton Korinek*, Department of Economics, Johns Hopkins University and NBER
Paper Presentation
Martin Nowak, Harvard UniversityDiscussant: Matthieu Darracq Paries, European Central Bank
Discussion - 12:45
- Lunch
- 14:15
-
Session 2Macroprudential regulatory instruments: theory, empirical results and practical experience
Chair: Luc Laeven, European Central Bank; Angela Maddaloni, European Central Bank
Systemic loops and liquidity regulation
Iñaki Aldasoro, Goethe University Frankfurt and CFS-SAFE
Paper Presentation
Ester Faia*, Goethe University Frankfurt, CFS‐SAFE and CEPRDiscussant: Elena Carletti, Bocconi University
DiscussionHigher bank capital requirements and mortgage pricing: evidence from the countercyclical capital buffer
Christoph Basten*, ETH Zurich and the Swiss Financial Market Supervisory Authority
Paper Presentation
Cathérine Koch, Bank for International SettlementsDiscussant: José-Luis Peydró, ICREA-Universitat Pompeu Fabra, CREI, Barcelona GSE and CEPR
- 15:45
- Coffee Break
- 16:15
-
Macroprudential and monetary policies interactions in a DSGE model for Sweden
Jiaqian Chen, International Monetary Fund
Paper Presentation
Francesco Columba*, Banca d'ItaliaDiscussant: Daria Finocchiaro, Sveriges Riksbank
DiscussionRegulatory arbitrage in action: evidence from banking flows and macroprudential policy
Dennis Reinhardt, Bank of England
Paper Presentation
Rhiannon Sowerbutts*, Bank of EnglandDiscussant: Carmelo Salleo, European Central Bank
- 17:45
-
End of day one of conference
- 19:00
-
Dinner (by separate invitation only) - reception begins at 18:30
Dinner speech: "Principles of Macroprudential Policy" by Vítor Constâncio, Vice-President of the European Central Bank
Speech
- 8:30
- Registration
- 9:00
-
Keynote speechMacroprudential policy: implementation and effectiveness
Donald Kohn, Bank of England and Brookings Institution
- 9:45
-
Session 3The scope of macroprudential policy, regulatory arbitrage and the role of non-bank activities in systemic risk
Chair: John Fell, European Central Bank
Effective macroprudential policy: cross-sector substitution from price and quantity measures
Janko Cizel, VU University Amsterdam and Tinbergen Institute
Paper Presentation
Jon Frost*, De Nederlandsche Bank and VU University Amsterdam
Aerdt Houben, De Nederlandsche Bank and University of Amsterdam
Peter Wierts, De Nederlandsche Bank and VU University AmsterdamDiscussant: Claudia Buch, Deutsche Bundesbank
- 10:30
- Coffee break
- 11:00
-
Cyclical investment behavior across financial institutions
Yannick Timmer*, Trinity College Dublin and Deutsche Bundesbank
Paper PresentationDiscussant: Erlend Nier, International Monetary Fund
DiscussionHeterogenous regulation of financial institutions
Frédéric Malherbe, London Business School
Paper Presentation
Wolf Wagner*, Rotterdam School of Management and CEPRDiscussant: Garry Schinasi, Independent Advisor
- 12:30
- Lunch
- 13:30
-
Policy Panel Macroprudential policy in Europe and the world: challenges, experiences and institutional structures
Chair: José Viñals, International Monetary Fund
Erkki Liikanen, Suomen Pankki – Finlands Bank
Mario Nava, European Commission
Sergio Nicoletti Altimari, European Central Bank
Huw Pill, Goldman Sachs - 15:30
-
End of conference
This programme may be subject to change without notice.
General information
European Central Bank
Main building, Press Conference Room
Sonnemannstrasse 20
60314 Frankfurt am Main
+49 69 1344 0
Fax: +49 69 1344 6000
info@ecb.europa.eu
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
European Central Bank
Carsten Detken
Directorate General Macroprudential Policy and Financial Stability, Financial Stability Surveillance Division
Stephan Fahr
Directorate General Macroprudential Policy and Financial Stability, Macro-Financial Policies Division
Angela Maddaloni
Directorate General Research, Financial Research Division
Simone Manganelli
Directorate General Research, Financial Research Division
Carmelo Salleo
Directorate General Macroprudential Policy and Financial Stability, Macro-Financial Policies
International Monetary Fund
Deniz Igan
Research Department
Erlend Nier
Monetary and Capital Markets Department
Visvesh Seshadri
Directorate General Research
Financial Research Division
+49 69 69 1344 4910
Britta Bertram
Directorate General Research
Financial Research Division
+49 69 69 1344 8340
Anne McTaggart
Directorate General Macroprudential Policy and Financial Stability
Financial Stability Surveillance Division
+49 69 69 1344 6372