Monetary policy in non-standard times
Monday, 11 and Tuesday, 12 September 2017
Main Building, European Central Bank, Frankfurt am Main
Meeting room C2.01
Programme
- 8:30
- Registration and coffee
- 9:00
-
Welcome address
Benoît Cœuré, Member of the Executive Board, European Central Bank
-
Session 1: The forward guidance puzzle
Chair: Massimo Rostagno, European Central Bank
- 9:25
-
Forward guidance without common knowledge
Chen Lian, Massachusetts Institute of Technology (MIT)
Discussant: Mirko Wiederholt, Goethe University Frankfurt - 10:25
-
Pegging the interest rate on bank reserves
Olivier Loisel, Centre for Research in Economics and Statistics (CREST)
Discussant: Marcus Hagedorn, University of Oslo - 11:25
- Coffee break
-
Session 2: (Un)conventional policy in the long term
Chair: Luc Laeven, European Central Bank
- 12:00
-
Optimal quantitative easing
Richard Harrison, Bank of England
Discussant: Carlos Thomas, Banco de España - 13:00
-
Output hysteresis and optimal monetary policy
Sanjay R. Singh, Brown University
Discussant: Luca Fornaro, Centre de Recerca en Economia Internacional (CREI) - 14:00
- Buffet lunch, press centre gallery
- 15:15
-
Keynote speech: Monetary easing, investment and financial instability
Viral Acharya, Reserve Bank of India and NYU Stern School of Business
- 16:15
- Coffee break
-
Session 3: Macroeconomic evidence
Chair: Cornelia Holthausen, European Central Bank
- 16:45
-
Forward guidance, quantitative easing, or both?
Ferre De Graeve, Department of Economics, KU Leuven
Discussant: Han Chen, Board of Governors of the Federal Reserve System - 17:45
-
Does a big bazooka matter? Central bank balance-sheet policies and exchange rates
Luca Dedola, European Central Bank
Discussant: Tomasz Wieladek, Barclays - 19:00
- Dinner (by invitation only)
- 8:30
- Registration and coffee
- 9:00
-
Keynote speech: Are negative nominal interest rates expansionary?
Gauti Eggertsson, Brown University
- 10:00
- Coffee break
-
Session 4: Negative policy rates and credit easing policies
Chair: Jean-Pierre Danthine, Paris School of Economics
- 10:30
-
Banks' response to negative interest rates: evidence from the Swiss exemption threshold
Mike Mariathasan, KU Leuven
Discussant: Cathérine Koch, Bank for International Settlements - 11:30
-
The transmission mechanism of credit support policies in the euro area
Maite de Sola Perea, Nationale Bank van België/Banque Nationale de Belgique
Discussant: Carlo Altavilla, European Central Bank - 12:30
- Buffet lunch, press centre gallery
-
Session 5: Non-standard measures and bank lending
Chair: Philipp Hartmann, European Central Bank
- 13:45
-
Unconventional monetary policy and bank lending relationships
Anne Duquerroy, Banque de France
Discussant: José-Luis Peydró, Universitat Pompeu Fabra - 14:45
-
Monetary stimulus and bank lending
Andrew MacKinlay, Pamplin College of Business
Discussant: David Glancy, Board of Governors of the Federal Reserve System - 15:45
-
Concluding remarks
Vítor Constâncio, Vice-President, European Central Bank
- 16:15
- End of workshop
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
Andreea Lascu
Directorate General Monetary Policy
+49 69 1344 3653
NSMworkshop@ecb.europa.eu
Central banks around the world have taken a wide range of non-standard monetary policy measures, including large-scale purchases of public and private sector financial assets, providing explicit forward guidance about future interest rates and cutting interest rates into negative territory. The aim of this workshop is to bring together central bankers, academics and market participants to discuss the effectiveness, transmission, potential side effects and future role of the various measures implemented in recent years. Viral Acharya (Reserve Bank of India) and Gauti Eggertsson (Brown University) have kindly agreed to deliver key note lectures.
Topics
We welcome theoretical and empirical contributions on topics including:
- The transmission of non-standard monetary policy measures and their effects on market functioning, financial markets and the real economy
- The interaction of non-standard monetary policy measures with standard monetary policy, fiscal policy, macro- and microprudential regulation
- The potential side effects associated with non-standard monetary policy measures, especially for financial stability
- The distributional consequences of non-standard monetary policy measures
- The implementation and communication challenges associated with the unwinding of non-standard monetary policy measures and/or exiting a zero or negative interest rate environment
- The lessons learned from the experience with non-standard monetary policy measures for monetary policy implementation in “normal” times, and possible ways forward.
Submissions
Authors are encouraged to submit papers on the above-mentioned topics. Submissions must comprise a full paper and should be sent in PDF format to NSMWorkshop@ecb.europa.eu by 15 May 2017. Authors of accepted papers will be notified by 2 June 2017. The final version of conference papers must be sent to the same e-mail address by 11 August 2017.
Expenses
Travel and accommodation expenses of the presenters of accepted papers and discussants will be covered by the ECB (participants from within the ESCB or from EU institutions will be expected to cover their own expenses).
Organisers
Jens Eisenschmidt, Peter Karadi, Geoff Kenny and Christoph Ohlerich (all ECB).