ECB-RFS Macro-Finance Conference

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

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

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

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

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

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

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

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

End of day one

Session 3 - Monetary policy and interbank flows

Chair: Itay Goldstein, Wharton School, University of Pennsylvania

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

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

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

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

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

The rise of bond financing in Europe

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

Discussant: Marcin Kacperczyk, Imperial College

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

Closing remarks

Itay Goldstein and Luc Laeven

End of conference