Monetary policy pass-through and credit markets

Welcome address

Keynote speech

Chair: Massimo Rostagno, European Central Bank

The Reversal Interest Rate: The Effective Lower Bound on Monetary Policy

Markus K. Brunnermeier, Princeton University

Session 1 Unconventional Monetary Policy and Lending

Chair: Frank Smets, European Central Bank

How Quantitative Easing Works: Evidence on the Refinancing Channel

Marco Di Maggio*, Harvard Business School and NBER
Amir Kermani, University of California, Berkeley and NBER
Christopher Palmer, University of California, Berkeley

Life Below Zero: Bank Lending Under Negative Policy RatesPresentation

Florian Heider, European Central Bank
Farzad Saidi*, Stockholm School of Economics
Glenn Schepens, European Central Bank

The transmission of monetary policy through bank lending: the floating rate channelPresentation

Filippo Ippolito, Universitat Pompeu Fabra
Ali K. Ozdagliy, Federal Reserve Bank of Boston
Ander Pérez-Orive*, Board of Governors of the Federal Reserve System

Discussant: Carlo Altavilla, European Central Bank

Keynote speech

Chair: Michael Ehrmann, European Central Bank

Unconventional Monetary Policy, Sovereign Exposures and Bank Lending

Marco Pagano, University of Naples Federico II, CEPR

Session 2 Monetary policy, global banking and relationship lending

Chair: João Sousa, European Central Bank

Monetary policy and global banking

Falk Bräuning, Federal Reserve Bank of Boston
Victoria Ivashina*, Harvard University and NBER

Monetary Policy at Work: Security and Credit Application Registers Evidence

José-Luis Peydró, ICREA-UPF, CREI, Barcelona GSE and CEPR
Andrea Polo*, Universitat Pompeu Fabra and Barcelona GSE
Enrico Sette, Bank of Italy

Portfolio Rebalancing and the Transmission of Large-Scale Asset Programs: Evidence from the Euro Area Presentation

Ugo Albertazzi*, Bank of Italy
Bo Becker, Stockholm School of Economics and CEPR
Miguel Boucinha, European Central Bank

Dinner

Keynote speech

Chair: Luc Laeven, European Central Bank

Monetary Easing and Financial Instability

Viral V. Acharya, New York University

Session 3 Credit and Quantitative Easing

Chair: Sergio Nicoletti Altimari, European Central Bank

The real effects of relationship lending Presentation

Ryan N. Banerjee, Bank for International Settlements
Leonardo Gambacorta*, Bank for International Settlements
Enrico Sette, Bank of Italy

Surviving the perfect storm: the role of the lender of last resort Presentation

Nuno Alves, Bank of Portugal
Diana Bonfim*, Bank of Portugal
Carla Soares, Bank of Portugal

Keynote speech

Chair: Roberto Motto, European Central Bank

Passthrough Efficiency in the Fed’s New Monetary Policy Setting

Arvind Krishnamurthy, Stanford University

Session 4 Monetary policy, mortgage contracts and bubbles

Chair: Roberto Motto, European Central Bank

Interest rates, debt and intertemporal allocation: evidence from notched mortgage contracts in the United Kingdom

Michael Carlos Best, Stanford University
James Cloyne, Bank of England
Ethan Ilzetzki*, London School of Economics
Henrik Jacobsen Kleven, London School of Economics

Discussant: Georgarakos Dimitris, European Central Bank

Monetary Policy for a bubbly world

Vladimir Asriyan*, CREI, UPF and Barcelona GSE
Luca Fornaro, CREI, UPF and Barcelona GSE
Alberto Martin, CREI, UPF and Barcelona GSE
Jaume Ventura, CREI, UPF and Barcelona GSE

Discussant: Matthieu Darracq Paries, European Central Bank