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.
9 October 2017 - 10 October 2017
Banco de España, Madrid
Program ( 290 KB )
Speakers
9 October
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- 08:45h - 09:00h
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Registration and welcome
Introductory remarks: Óscar Arce (Associate Director General for Economics and Research, Banco de España)
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- 09:00h - 11:15h
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Chair: Óscar Arce (Banco de España)
"Forward guidance and heterogeneous beliefs
(906 KB)", Philippe Andrade* (Banque de France), Gaetano Gaballo, Eric Mengus, Benoît Mojon
Presentation Forward guidance and heterogeneous beliefs (986 KB)
Discussant: Ales Marsal (Národná Banka Slovenska)
Presentation Ales Marsal (304 KB)"Forward guidance under disagreement – Evidence from the Fed’s dot projections
(1 MB)", Gunda-Alexandra Detmers (Magyar Nemzeti Bank)
Presentation Forward guidance under disagreement – Evidence from the Fed’s dot projections (220 KB)
Discussant: Gaetano Gaballo (Banque de France)
Presentation Gaetano Gaballo (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 (731 KB)
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- 11:15h - 11:30h
- Coffee Break
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- 11:30h - 13:00h
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Chair: Carlos Thomas (Banco de España)
"Monetary Policy and the Firm: Some Empirical Evidence
(2 MB)", Saleem Bahaj, Angus Foulis, Gabor Pinter* (Bank of England)
Presentation Monetary Policy and the Firm: Some Empirical Evidence (2 MB)
Discussant: Geoff Kenny (ECB)
Presentation Geoff Kenny (170 KB)"Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending
(480 KB)", Christoph Bertsch, Isaiah Hull* (Sveriges Riksbank), Xin Zhang
Presentation Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending (571 KB)
Discussant: Maria Teresa Valderrama (Oesterreichische Nationalbank)
Presentation Maria Teresa Valderrama
(1 MB)
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- 13:00h - 14:00h
- Lunch
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- 14:00h - 15:00h
- Keynote talk: Ricardo Reis (LSE)
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- 15:00h - 16:30h
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Chair: Alessandro Galesi (Banco de España)
"Optimal Monetary Policy with Heterogeneous Agents
(1 MB)", Galo Nuño* (Banco de España), Carlos Thomas
Presentation Optimal Monetary Policy with Heterogeneous Agents (1 MB)
Discussant: Michael Kumhof (Bank of England)
Presentation Michael Kumhof (90 KB)"Monetary policy implications of state-dependent prices and wages
(4 MB)", James Costain, Anton Nakov* (ECB)
Presentation Monetary policy implications of state-dependent prices and wages (3 MB)
Discussant: Karl Walentin (Sveriges Riksbank)
Presentation Karl Walentin (51 KB)
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- 16:30h - 16:45h
- Coffee Break
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- 16:45h - 18:15h
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Chair: Carlos Thomas (Banco de España)
"Ambiguity, Monetary Policy and Trend Inflation
(442 KB)", Riccardo M. Masolo* (Bank of England), Francesca Monti
Presentation Ambiguity, Monetary Policy and Trend Inflation (324 KB)
Discussant: James Costain (Banco de España)
Presentation James Costain (290 KB)"Risk shocks and monetary policy in the new normal
(431 KB)", Martin Seneca (Bank of England)
Presentation Risk shocks and monetary policy in the new normal (139 KB)
Discussant: Michal Brzoza-Brzezina (Narodowy Bank Polski)
Presentation Michal Brzoza-Brzezina (165 KB)
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- 20:00h - 21:00h
- Conference dinner (by invitation only)
10 October
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- 08:30h - 10:45h
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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) (2 MB)
Discussant: Fabio Rumler (Oesterreichische Nationalbank)
Presentation Fabio Rumler (775 KB)"Central Bank Information Shocks", Marek Jarocinski, Peter Karadi* (ECB)
Presentation Central Bank Information Shocks (397 KB)
Discussant: Ambrogio Cesa-Bianchi (Bank of England)
Presentation Ambrogio Cesa-Bianchi (570 KB)"Portfolio Rebalancing and the Transmission of Large-Scale Asset Programs: Evidence from the Euro Area
(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 (918 KB)
Discussant: Benoît Nguyen (Banque de France)
Presentation Benoît Nguyen (154 KB)
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- 10:45h - 11:00h
- Coffee Break
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- 11:00h - 12:00h
- Keynote talk: Jordi Galí (CREI, UPF, Barcelona GSE)
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- 12:00h - 13:30h
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Chair: Alessandro Secchi (Banca d’Italia)
"Making room for the needy: The effects of the Eurosystem’s Corporate Sector Purchase Programme on Spanish firms
(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 (679 KB)
Discussant: Luisa Carpinelli (Banca d’Italia)
Presentation Luisa Carpinelli (160 KB)"Corporate Debt Structure and Unconventional Monetary Policy in the United States
(484 KB)", Stéphane Lhuissier, Urszula Szczerbowicz* (Banque de France)
Presentation Corporate Debt Structure and Unconventional Monetary Policy in the United States (662 KB)
Discussant: Anna Samarina (De Nederlandsche Bank)
Presentation Anna Samarina (107 KB)
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- 13:30h - 14:30h
- Lunch
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- 14:30h - 16:00h
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Chair: Alessandro Secchi (Banca d’Italia)
"The collateral channel of unconventional monetary policy
", G. Ferrero, M. Loberto, M. Miccoli* (Banca d’Italia)
Presentation The collateral channel of unconventional monetary policy (801 KB)
Discussant: Boromeus Wanengkirtyo (Bank of England)
Presentation Boromeus Wanengkirtyo (337 KB)"International spillovers of quantitative easing
(616 KB)", Marcin Kolasa* (Narodowy Bank Polski), Grzegorz Wesolowski
Presentation International spillovers of quantitative easing (526 KB)
Discussant: Sona Benecká (Ceska Národní Banka)
Presentation Sona Benecká (103 KB)
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- 16:00h - 16:15h
- Coffee Break
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- 16:15h - 17:45h
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Chair: Alessandro Secchi (Banca d’Italia)
"Liquidity risk and financial stability regulation
(629 KB)", Flora Lutz, Paul Pichler* (Oesterreichische Nationalbank)
Presentation Liquidity risk and financial stability regulation (632 KB)
Discussant: Matthieu Darracq Pariès (ECB)
Presentation Matthieu Darracq Pariès (513 KB)"Non-standard monetary policy, asset prices and macroprudential policy in a monetary union
(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 (288 KB)
Discussant: Niki Papadopoulou (Central Bank of Cyprus)
Presentation Niki Papadopoulou (147 KB)