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First Annual Workshop of the ESCB Research Cluster 1 on Monetary Economics

910 October 2017
Banco de España, Madrid

Information

On 9-10 October, the Banco de España hosted the First Annual Workshop of the ESCB Research Cluster 1 on Monetary Economics.

The latter is one of three research clusters created by the Heads of Research of the European System of Central Banks (ESCB), with the aim of fostering awareness on ongoing policy-relevant studies and stimulating collaborations among ESCB researchers. The workshop featured state-of-the art studies, both theoretical and empirical, on the transmission channels and impact of (both conventional and unconventional) monetary policy on the economy and on how best to conduct it.

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Presentations

9 October 2017
 
08.45 - 09.00
Registration and welcome

Introductory remarks: Óscar Arce (Associate Director General for Economics and Research, Banco de España)

Session 1. Monetary policy under disagreement and heterogeneous beliefs
09.00 - 11.15
Chair: Óscar Arce (Banco de España)

"Forward guidance and heterogeneous beliefs File PDF: Opens in a new window (906 KB)", Philippe Andrade* (Banque de France), Gaetano Gaballo, Eric Mengus, Benoît Mojon
Presentation Forward guidance and heterogeneous beliefs File PDF: Opens in a new window (986 KB)
Discussant: Ales Marsal (Národná Banka Slovenska)
Presentation Ales Marsal File PDF: Opens in a new window (304 KB)

"Forward guidance under disagreement – Evidence from the Fed’s dot projections File PDF: Opens in a new window (1 MB)", Gunda-Alexandra Detmers (Magyar Nemzeti Bank)
Presentation Forward guidance under disagreement – Evidence from the Fed’s dot projections File PDF: Opens in a new window (220 KB)
Discussant: Gaetano Gaballo (Banque de France)
Presentation Gaetano Gaballo File PDF: Opens in a new window (462 KB)

"News consumption, political preferences, and accurate views on inflation", David-Jan Jansen* (De Nederlandsche Bank)
Presentation News consumption, political preferences, and accurate views on inflation File PDF: Opens in a new window (731 KB)

11.15 - 11.30
Coffee Break
Session 2: Impact of monetary policy on households and firms
11.30 - 13.00
Chair: Carlos Thomas (Banco de España)

"Monetary Policy and the Firm: Some Empirical Evidence File PDF: Opens in a new window (2 MB)", Saleem Bahaj, Angus Foulis, Gabor Pinter* (Bank of England)
Presentation Monetary Policy and the Firm: Some Empirical Evidence File PDF: Opens in a new window (2 MB)
Discussant: Geoff Kenny (ECB)
Presentation Geoff Kenny File PDF: Opens in a new window (170 KB)

"Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending File PDF: Opens in a new window (480 KB)", Christoph Bertsch, Isaiah Hull* (Sveriges Riksbank), Xin Zhang
Presentation Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending File PDF: Opens in a new window (571 KB)
Discussant: Maria Teresa Valderrama (Oesterreichische Nationalbank)
Presentation Maria Teresa Valderrama File PPTX: Opens in a new window (1 MB)

13.00 - 14.00
Lunch
14.00 - 15.00
Keynote talk: Ricardo Reis (LSE)
Session 3. Monetary policy and heterogeneity
15.00 - 16.30
Chair: Alessandro Galesi (Banco de España)

"Optimal Monetary Policy with Heterogeneous Agents File PDF: Opens in a new window (1 MB)", Galo Nuño* (Banco de España), Carlos Thomas
Presentation Optimal Monetary Policy with Heterogeneous Agents File PDF: Opens in a new window (1 MB)
Discussant: Michael Kumhof (Bank of England)
Presentation Michael Kumhof File PDF: Opens in a new window (90 KB)

"Monetary policy implications of state-dependent prices and wages File PDF: Opens in a new window (4 MB)", James Costain, Anton Nakov* (ECB)
Presentation Monetary policy implications of state-dependent prices and wages File PDF: Opens in a new window (3 MB)
Discussant: Karl Walentin (Sveriges Riksbank)
Presentation Karl Walentin File PDF: Opens in a new window (51 KB)

16.30 - 16.45
Coffee Break
Session 4. Monetary policy under uncertainty
16.45 - 18.15
Chair: Carlos Thomas (Banco de España)

"Ambiguity, Monetary Policy and Trend Inflation File PDF: Opens in a new window (442 KB)", Riccardo M. Masolo* (Bank of England), Francesca Monti
Presentation Ambiguity, Monetary Policy and Trend Inflation File PDF: Opens in a new window (324 KB)
Discussant: James Costain (Banco de España)
Presentation James Costain File PDF: Opens in a new window (290 KB)

"Risk shocks and monetary policy in the new normal File PDF: Opens in a new window (431 KB)", Martin Seneca (Bank of England)
Presentation Risk shocks and monetary policy in the new normal File PDF: Opens in a new window (139 KB)
Discussant: Michal Brzoza-Brzezina (Narodowy Bank Polski)
Presentation Michal Brzoza-Brzezina File PDF: Opens in a new window (165 KB)

20.00 - 21.00
Conference dinner (by invitation only)
10 October 2017
Session 5. Evidence on the impact of monetary policy (I)
08.30 - 10.45
Chair: Alessandro Secchi (Banca d’Italia)

"The macroeconomic impact of the ECB's expanded asset purchase programme (APP)", Luca Gambetti, Alberto Musso* (ECB)
Presentation The macroeconomic impact of the ECB's expanded asset purchase programme (APP) File PDF: Opens in a new window (2 MB)
Discussant: Fabio Rumler (Oesterreichische Nationalbank)
Presentation Fabio Rumler File PDF: Opens in a new window (775 KB)

"Central Bank Information Shocks", Marek Jarocinski, Peter Karadi* (ECB)
Presentation Central Bank Information Shocks File PDF: Opens in a new window (397 KB)
Discussant: Ambrogio Cesa-Bianchi (Bank of England)
Presentation Ambrogio Cesa-Bianchi File PDF: Opens in a new window (570 KB)

"Portfolio Rebalancing and the Transmission of Large-Scale Asset Programs: Evidence from the Euro Area File PDF: Opens in a new window (629 KB)", Ugo Albertazzi, Bo Becker, Miguel Boucinha* (ECB)
Presentation Portfolio Rebalancing and the Transmission of Large-Scale Asset Programs: Evidence from the Euro Area File PDF: Opens in a new window (918 KB)
Discussant: Benoît Nguyen (Banque de France)
Presentation Benoît Nguyen File PDF: Opens in a new window (154 KB)

10.45 - 11.00
Coffee Break
11.00 - 12.00
Keynote talk: Jordi Galí (CREI, UPF, Barcelona GSE)

Presentation Jordi Galí File PDF: Opens in a new window (387 KB)

Session 6: Evidence on the impact of monetary policy (II)
12.00 - 13.30
Chair: Alessandro Secchi (Banca d’Italia)

"Making room for the needy: The effects of the Eurosystem’s Corporate Sector Purchase Programme on Spanish firms File PDF: Opens in a new window (787 KB)", Óscar Arce, Ricardo Gimeno, Sergio Mayordomo* (Banco de España)
Presentation Making room for the needy: The effects of the Eurosystem’s Corporate Sector Purchase Programme on Spanish firms File PDF: Opens in a new window (679 KB)
Discussant: Luisa Carpinelli (Banca d’Italia)
Presentation Luisa Carpinelli File PDF: Opens in a new window (160 KB)

"Corporate Debt Structure and Unconventional Monetary Policy in the United States File PDF: Opens in a new window (484 KB)", Stéphane Lhuissier, Urszula Szczerbowicz* (Banque de France)
Presentation Corporate Debt Structure and Unconventional Monetary Policy in the United States File PDF: Opens in a new window (662 KB)
Discussant: Anna Samarina (De Nederlandsche Bank)
Presentation Anna Samarina File PDF: Opens in a new window (107 KB)

13.30 - 14.30
Lunch
Session 7: Transmission channels of unconventional monetary policy
14.30 - 16.00
Chair: Alessandro Secchi (Banca d’Italia)

"The collateral channel of unconventional monetary policyOpens in a new window", G. Ferrero, M. Loberto, M. Miccoli* (Banca d’Italia)
Presentation The collateral channel of unconventional monetary policy File PDF: Opens in a new window (801 KB)
Discussant: Boromeus Wanengkirtyo (Bank of England)
Presentation Boromeus Wanengkirtyo File PDF: Opens in a new window (337 KB)

"International spillovers of quantitative easing File PDF: Opens in a new window (616 KB)", Marcin Kolasa* (Narodowy Bank Polski), Grzegorz Wesolowski
Presentation International spillovers of quantitative easing File PDF: Opens in a new window (526 KB)
Discussant: Sona Benecká (Ceska Národní Banka)
Presentation Sona Benecká File PDF: Opens in a new window (103 KB)

16.00 - 16.15
Coffee Break
Session 8: Monetary policy, macroprudential policy and financial stability
16.15 - 17.45
Chair: Alessandro Secchi (Banca d’Italia)

"Liquidity risk and financial stability regulation File PDF: Opens in a new window (629 KB)", Flora Lutz, Paul Pichler* (Oesterreichische Nationalbank)
Presentation Liquidity risk and financial stability regulation File PDF: Opens in a new window (632 KB)
Discussant: Matthieu Darracq Pariès (ECB)
Presentation Matthieu Darracq Pariès File PDF: Opens in a new window (513 KB)

"Non-standard monetary policy, asset prices and macroprudential policy in a monetary union File PDF: Opens in a new window (520 KB)", Lorenzo Burlon, Andrea Gerali, Alessandro Notarpietro* (Banca d’Italia), Massimiliano Pisani
Presentation Non-standard monetary policy, asset prices and macroprudential policy in a monetary union File PDF: Opens in a new window (288 KB)
Discussant: Niki Papadopoulou (Central Bank of Cyprus)
Presentation Niki Papadopoulou File PDF: Opens in a new window (147 KB)