Non-standard monetary policy measures
Conference dates: Monday, 6 and Tuesday, 7 October 2014
Meeting room: Eurotower conference room CIV
Venue: European Central Bank, Frankfurt am Main
Workshop Agenda
| 8.45 a.m. | Registration and coffee |
| 9 a.m. | Welcome address Peter Praet, Member of the Executive Board, European Central Bank |
| 9.15 a.m. | Keynote speech The impact of central banks on asset prices presentation Annette Vissing-Jørgensen, Haas School of Business |
| Session 1 Empirical finance Chair: Philipp Hartmann, European Central Bank |
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| 10.15 a.m. | Limits to arbitrage: empirical evidence from euro area sovereign bond markets Stefano Corradin, European Central Bank* presentation paper Maria Rodriguez-Moreno, Universidad de Navarra Discussant: Loriana Pelizzon, SAFE-Goethe University Frankfurt presentation |
| 11.00 a.m. | Coffee break |
| 11.30 a.m. | A high frequency assessment of the ECB Securities Markets Programme Simone Manganelli, European Central Bank* presentation paper Eric Ghysels, University of North Carolina Julien Idier, Banque de France Olivier Vergote, European Central Bank Discussant: Marek Jarocinski, European Central Bank presentation |
| 12.15 a.m. | A dynamic yield curve model with stochastic volatility and non-Gaussian interactions: an empirical study of non-standard monetary policy in the euro area Bernd Schwaab, European Central Bank* Siem Jan Koopman, Geert Mesters, VU University Amsterdam Discussant: Jean-Paul Renne, Banque de France presentation |
| 1 p.m. | Buffet lunch, CIV foyer |
| Session 2 Empirical macroeconomics Chair: Cornelia Holthausen, European Central Bank |
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| 2 p.m. | The interest rate pass-through in the euro area before and during the sovereign debt crisis Sandra Eickmeier, Deutsche Bundesbank* Leo Krippner, Reserve Bank of New Zealand Julia von Borstel, Helmut-Schmidt-Universität Discussant: Marco Lombardi, Bank for International Settlements presentation |
| 2.45 p.m. | Effectiveness and transmission of the ECB’s balance sheet policies Gert Peersman, Ghent University* presentation paper Jef Boeckx and Maarten Dossche, Nationale Bank van België/Banque Nationale de Belgique Discussant: Luca Benati, Bern University presentation |
| 3.30 p.m. | Coffee break |
| 4 p.m. | Raising an inflation target: the Japanese experience with Abenomics Andrea De Michelis, Federal Reserve Board* presentation paper Matteo Iacoviello, Federal Reserve Board Discussant: Gianluca Benigno, London School of Economics |
| Session 3 QE and bank lending (part one) Chair: Thomas Werner, European Central Bank |
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| 4.45 p.m. | Quantitative easing and bank lending: evidence from Japan Fang Cai, Federal Reserve Board* presentation paper David Bowman, Sally Davies and Steven Kamin, Federal Reserve Board Discussant: Takashi Nagahata, European Central Bank presentation |
| 7 p.m. | Dinner Dinner speech: Vítor Constâncio, Vice-President, European Central Bank more Restaurant Emma Metzler, Frankfurt am Main |
* Presenter
| 8.45 a.m. | Registration and coffee |
| 9 a.m. | Keynote speech Secular stagnation and non-standard policy measures Gauti B. Eggertsson, Brown University presentation |
| Session 4 Theory Chair: Massimo Rostagno, European Central Bank |
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| 10 a.m. | Monetary policy implementation in an interbank network: effects on systemic risk Ester Faia, Goethe University Frankfurt* presentation paper Marcel Bluhm, Xiamen University Jan Pieter Krahnen, Goethe University Frankfurt Discussant: Albert Queralto, Federal Reserve Board presentation |
| 10.45 a.m. | Coffee break |
| 11.15 a.m. | Time consistency and the duration of government debt: a signalling theory of quantitative easing Bulat Gafarov, Pennsylvania State University* paper Saroj Bhattarai, Pennsylvania State University Gauti B. Eggertsson, Brown University Discussant: Roberto Billi, Sveriges Riksbank presentation |
| 12 p.m. | The limitations of forward guidance William T. Gavin, Federal Reserve Bank of St. Louis* presentation paper Benjamin D. Keen, University of Oklahoma Alexander W. Richter, Auburn University Nathaniel A. Throckmorton, College of William & Mary Discussant: Marco del Negro, Federal Reserve Bank of New York presentation |
| 12.45 a.m. | Buffet lunch, CIV foyer |
| 1.45 p.m. | Keynote speech Monetary policy and longer-term trends Charles Goodhart, London School of Economics |
| Session 5 QE and bank lending (part two) Chair: Rasmus Rüffer, European Central Bank |
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| 2.45 p.m. | The Eurosystem's three-year LTROs and credit supply to firms: evidence from French bank-firm data Jean-Stéphane Mésonnier, Banque de France* Philippe Andrade, Christophe Cahn, Banque de France Henri Fraisse, Autorité de contrôle prudentiel et de résolution Discussant: Frederic Boissay, European Central Bank presentation |
| 3.30 p.m. | Central bank liquidity, bank deposits and loan rates Björn Imbierowicz, Goethe University Frankfurt* Viral Acharya, New York University, Stern School of Business Sascha Steffen, European School of Management and Technology Daniel Teichmann, Goethe University Frankfurt, House of Finance Discussant: David Marqués-Ibañez, Federal Reserve Board presentation |
* Presenter
ECB workshop on non-standard monetary policy measures
Monday, 6 and Tuesday, 7 October 2014, Frankfurt am Main
Central banks around the world have taken a wide range of non-standard monetary policy measures, including the provision of ample liquidity for long maturities and substantial purchases of public and private financial assets. The aim of this workshop is to bring together central bankers, academics and market participants to discuss the effectiveness of the various measures implemented in recent years and possible ways forward.
Topics
We would welcome theoretical and empirical contributions on:
- the effectiveness and possible risks of non-standard monetary policy measures, including collateral policies;
- the optimal mix of standard and non-standard measures;
- the role that “forward guidance” plays in monetary policy during a crisis or in normal times as a complement to or substitute for non-standard measures;
- the analysis and comparison of the different types of forward guidance issued by central banks around the world;
- the implications of the recent expansion of central bank balance sheets for the conduct of monetary policy and the challenges of exiting;
- unconventional monetary policy as a means of limiting the adverse effects of widespread financial instability on the monetary policy transmission mechanism;
- the effectiveness of targeted monetary policy measures such as funding for lending schemes or asset purchases focusing on specific market segments;
- the interaction between the implementation of non-standard measures and the current transition to a new prudential regulatory regime.
Keynote speakers
Gauti Eggertsson (Brown University) and Annette Vissing-Jorgensen (Berkeley, Haas School of Business)
Submissions
Authors are encouraged to submit papers on the above-mentioned topics. Submissions must comprise a full paper (preferred) or an extended abstract and should be sent in PDF format to NSMWorkshop@ecb.europa.eu by 30 June 2014 at the latest. Authors of accepted papers will be notified by mid-July 2014. The final version of conference papers must be sent to the same e-mail address by 15 September 2014.
Expenses
The travel (economy fare) and accommodation expenses of presenters of accepted papers will be reimbursed.
Organising committee
Benjamin Sahel, Evangelos Tabakis, Jens Eisenschmidt and Peter Karadi (all ECB).