About us

The Second Financial Stability of the International Journal of Central Banking (IJCB), on the topic of the Theory and Practice of Macro-Prudential Regulation, was hosted by the Banco de España.

The IJCB started in 2009 two series of annual research conferences that will bring together leading economists from central banks and academic institutions to consider issues of critical importance for policymaking. Each Spring Conference will focus on topics related to financial stability; each Fall Conference will focus on topics related to the design and conduct of monetary policy. The proceedings of each conference (papers and comments) are published in the IJCB.

Conference announcement

One of the main lessons of the current global financial crisis is that there is a need for a macro-prudential framework to address systemic risk. This raises a number of important questions: How should one define systemic risk and how can one measure it? When is credit growth excessive and when is there a bubble? Is it practical or desirable to analyze the time series dimension (“procyclicality”) separately from the cross sectional dimension (“interconnectedness”)? How should macro-prudential regulation be designed? What are the tools for such regulation? What are the implications for the design of supervisory institutions? Should monetary policy deal with systemic risk?

The conference will include papers that address these questions directly as well as papers that provide tools, models and empirical results that will help us understand the issues involved.

Conference organizers

Douglas Gale, New York University
Rafael Repullo, CEMFI
Til Schuermann, Federal Reserve Bank of New York
Frank Smets, European Central Bank and IJCB

Conference venue

Banco de España
Alcalá 48
28014 Madrid, Spain

Local contact

Isabel.Argimon@bde.es