ECB-RFS Macro-Finance Conference

Monday, 22 and Tuesday, 23 March 2021
Video conference (by invitation only)

This conference aims to bring together experts to present and discuss new research on macro-finance topics of particular interest to central banks, including research related to monetary policy, financial stability and financial markets. It is jointly organised by the European Central Bank (ECB) and The Review of Financial Studies (RFS).

Programme

Times are Central European Time (UTC+1)

* indicates the presenter

13:50

Welcome

Luc Laeven, Director General Research, European Central Bank, and Itay Goldstein, Professor of Finance, Wharton School, University of Pennsylvania

Session 1 - The broader effects of unconventional monetary policy

Chair: Luc Laeven, European Central Bank

14:00

Trade credit and the transmission of unconventional monetary policy

Manuel Adelino, Duke University
Miguel Ferreira, Nova Business School
Mariassunta Giannetti*, Stockholm School of Economics
Pedro Pires, Nova Business School

Discussant: Philipp Schnabl, New York University

14:40

Quantitative easing, bank lending and competition

Andrea Orame, Banca d’Italia
Rodney Ramcharan*, University of Southern California
Roberto Robatto, University of Wisconsin-Madison

Discussant: Itamar Drechsler, University of Pennsylvania

15:20

Financial crises and the transmission of monetary policy to consumer credit markets

Sasha Indarte*, Wharton School, University of Pennsylvania

Discussant: Claudia Custodio, Imperial College London

16:15

Keynote lecture ‒ Debt as safe asset with a negative beta bubble due to flight to safety

Markus Brunnermeier, Princeton University

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank

Session 2 - Debt, government intervention and the real economy

Chair: Ralph Koijen, University of Chicago

17:30

Zombies at large? Corporate debt overhang and the macroeconomy

Oscar Jorda, Federal Reserve Bank of San Francisco
Martin Kornejew, University of Bonn
Moritz Schularick*, Federal Reserve Bank of New York and University of Bonn
Alan Taylor, University of California, Davis

Discussant: Viral Acharya, New York University

18:10

Optimal macroprudential policy and asset price bubbles

Nina Biljanovska, International Monetary Fund
Lucyna Gornicka*, International Monetary Fund
Alexandros Vardoulakis, Federal Reserve Board

Discussant: Alberto Martin, Centre de Recerca en Economia Internacional

18:50

Out with the new, in with the old? Bank supervision and the composition of firm investment

Alexander Popov*, European Central Bank
Miguel Ampudia, European Central Bank
Thorsten Beck, Cass Business School

Discussant: Elena Carletti, Bocconi University

19:30

End of day one

Session 3 - Monetary policy and interbank flows

Chair: Itay Goldstein, Wharton School, University of Pennsylvania

14:00

Systemic risk and monetary policy: the haircut gap channel of the lender of last resort

Martina Jasova*, Barnard College
Luc Laeven, European Central Bank
Caterina Mendicino, European Central Bank
Jose-Luis Peydro, Universitat Pompeu Fabra
Dominik Supera, Wharton School, University of Pennsylvania

Discussant: Loriana Pelizzon, Goethe University, Frankfurt

14:40

Monetary policy disconnect

Benedikt Ballensiefen, University of St. Gallen and World Bank Group
Angelo Ranaldo, University of St. Gallen
Hannah Winterberg*, University of St. Gallen

Discussant: Pierre Collin-Dufresne, École Polytechnique Fédérale de Lausanne

Session 4 - New dimensions of risk and their effect on the financial system

Chair: Ralph Koijen, University of Chicago

15:45

Firm-bank linkages and optimal policies in a lockdown

Anatoli Segura*, Banca d'Italia
Alonso Villacorta, University of California, Santa Cruz

Discussant: Giovanni Dell’Ariccia, International Monetary Fund

16:25

The anatomy of cyber risk

Rustam Jamilov*, London Business School
Hélène Rey, London Business School
Ahmed Tahoun, London Business School

Discussant: Ishita Sen, Harvard Business School

Session 5 - The rise of non-banks and the implications for fragility

Chair: Angela Maddaloni, European Central Bank

17:20

Non-bank lending and credit cyclicality

Quirin Fleckenstein, New York University
Manasa Gopal, Georgia Institute of Technology
German Gutierrez*, New York University
Sebastian Hillenbrand, New York University

Discussant: Arvind Krishnamurthy, Stanford University

18:00

The rise of bond financing in Europe

Olivier Darmouni*, Columbia University
Melina Papoutsi, European Central Bank

Discussant: Marcin Kacperczyk, Imperial College

18:40

Bank balance sheet constraints and bond liquidity

Johannes Breckenfelder, European Central Bank
Victoria Ivashina*, Harvard University

Discussant: Nina Boyarchenko, Federal Reserve Bank of New York

19:20

Closing remarks

Itay Goldstein and Luc Laeven