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Second IJCB Financial Stability Conference: the Theory and Practice of Macro-Prudential Regulation

1718 June 2010
Madrid
Conferences

Information

The Second Financial Stability of the International Journal of Central Banking (IJCB)Opens in a new window, 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 Sending an e-mail: Opens in a new window

Presentations

17 June 2010
 
09.00 - 09.30
Registration
09.30 - 09.45
Opening remarks

Miguel Fernández-Ordóñez, Governor, Banco de España
Frank Smets, Editor, International Journal of Central Banking

Session I
09.45 - 11.00

Jose Berrospide (Federal Reserve Board)
Rochelle Edge (Federal Reserve Board)

Discussant: José Luis Peydró-Alcalde (European Central Bank) File PDF: Opens in a new window (69 KB)

11.00 - 11.30
Coffee
11.30 - 12.45

Ramona Jimborean (Banque de France)
Jean-Stéphane Méssonier (Banque de France)

Discussant: Don Morgan (Federal Reserve Bank of New York) File PDF: Opens in a new window (1 MB)

12.45 - 13.15
Commentary

Mark Gertler (New York University) File PDF: Opens in a new window (460 KB)

13.15 - 15.00
Lunch
Session II
15.00 - 16.15

Francisco Covas (Federal Reserve Board)
Shigeru Fujita (Federal Reserve Bank of Philadelphia)

Discussant: Javier Suarez (CEMFI)

16.15 - 16.45
Coffee
16.45 - 18.00

Jin Cao (Munich Graduate School of Economics)
Gerhard Illing (University of Munich)

Discussant: Rafael Repullo (CEMFI) File PDF: Opens in a new window (155 KB)

18.00 - 18.30
Commentary

Douglas Gale (New York University) File PDF: Opens in a new window (125 KB)

18.30 - 18.45
Break
18.45 - 19.30
Reception
19.30 - 20.00
Keynote speech

Jaime Caruana, General Manager, Bank for International Settlements

20.00 - 22.00
Dinner
18 June 2010
Session III
08.30 - 09.45

Chen Zhou (De Nederlandsche Bank)

Discussant: Stefan Straetmans (Maastricht University) File PDF: Opens in a new window (163 KB)

09.45 - 11.00

Giovanni Calice (University of Southampton)
Christos Ioannidis (University of Bath)
Julian Williams (University of Aberdeen)

Discussant: David Lando (University of Copenhagen) File PDF: Opens in a new window (288 KB)

11.00 - 11.30
Commentary

Jean-Charles Rochet (University of Zurich) File PDF: Opens in a new window (190 KB)

11.30 - 12.00
Coffee
Panel
12.00 - 12.30
Introduction

Alan Blinder (Princeton University) File PDF: Opens in a new window (1 MB)

12.30 - 14.00

Jean-Pierre Danthine (Swiss National Bank)
Charles Goodhart (London School of Economics) File PDF: Opens in a new window (19 KB)
Jean-Pierre Landau (Banque de France)

14.00 - 15.00
Lunch