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ESCB Challenges for Monetary Policy Transmission in a Changing World (ChAMP) Research Network

1st Workshop of Workstream 1: Transmission through banks and non-banks

Banco de Portugal

Lisbon, 31 October 2023

Programme

* indicates the presenter

9:00

Opening remarks

9:30

Session 1 – Old and new challenges for monetary policy

Chair: Björn Imbierowicz, Deutsche Bundesbank

 

The Bank Transmission Channel of Monetary Policy Monetary Policy, Labor Income Redistribution and the Credit Channel: Evidence from Matched Employer-Employee and Credit Registers

  • Martina Jasova, Columbia University, Barnard College
  • Caterina Mendicino*, ECB
  • Ettore Panetti, University of Naples Federico II, CSEF
  • José-Luis Peydró, Imperial College London; Centre for Economic Policy Research (CEPR); Universitat Pompeu Fabra
  • Dominik Supera, Columbia Business School
Discussant: Michael Sigmund, Oesterreichische Nationalbank
 

The Inflationary Effects of Quantitative Easing

Mathias Klein and Xin Zhang*, both Sveriges Riksbank

Discussant: Olivier De Jonghe, Nationale Bank van België/Banque Nationale de Belgique

11:00

Coffee break

11:30

Session 2 – Transmission of monetary policy through non-banks

Chair: Laura Moretti, Central Bank of Ireland

 

Insurance corporations' balance sheets, financial stability and monetary policy

  • Christoph Kaufmann, ECB
  • Jaime Leyva*, Banco de Portugal
  • Manuela Storz, ECB

Discussant: Jurica Zrnc, Hrvatska narodna banka

 

Spare tyres with a hole: investment funds under stress and credit to firms

  • Giulio Nicoletti*, ECB
  • Ersebet-Judit Rariga, ECB
  • Costanza Rodriguez-D'Acri, ECB

Discussant: Filippos Petroulakis, Bank of Greece

13:00


Lunch

14:15

Session 3 – Transmission of monetary policy to households and firms

Chair: Philipp Hartmann, ECB

 

Low interest rates and the distribution of household debt

Marina Emiris*, Nationale Bank van België/Banque Nationale de Belgique, and François Koulischer, University of Luxembourg

Discussant: Simona Malovaná, Česká národní banka

 

Housing Markets and the Heterogeneous Effects of Monetary Policy Across the Euro Area

Stefano Pica*, Banca d'Italia

Discussant: Thomas Krause, Danmarks Nationalbank

 

Monetary policy transmission and the French firms’ corporate debt structure

  • Marie Alder, EUI
  • Nuno Coimbra, Banque de France
  • Urszula Szczerbowicz*, Banque de France

Discussant: Sergio Mayordomo, Banco de España

16:30

Coffee break

16:45

Future steps

17:45

End of the workshop