Primera Conferencia Anual de la ESCB Research Cluster 1 on Monetary Economics

Ponentes

9 Octubre

• • 08:45h - 09:00h
  • Registration and welcome

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

• • 09:00h - 11:15h
  • Chair: Óscar Arce (Banco de España)

    "Forward guidance and heterogeneous beliefs  (906 KB)", Philippe Andrade* (Banque de France), Gaetano Gaballo, Eric Mengus, Benoît Mojon
    Presentación Forward guidance and heterogeneous beliefs  (986 KB)
    Discussant: Ales Marsal (Národná Banka Slovenska)
    Presentación Ales Marsal  (304 KB)

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

    "News consumption, political preferences, and accurate views on inflation", David-Jan Jansen* (De Nederlandsche Bank)
    Presentación News consumption, political preferences, and accurate views on inflation  (731 KB)

• • 11:15h - 11:30h
  • Coffee Break
• • 11:30h - 13:00h
  • 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)
    Presentación Monetary Policy and the Firm: Some Empirical Evidence  (2 MB)
    Discussant: Geoff Kenny (ECB)
    Presentación 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
    Presentación Monetary Normalizations and Consumer Credit: Evidence from Fed Liftoff and Online Lending  (571 KB)
    Discussant: Maria Teresa Valderrama (Oesterreichische Nationalbank)
    Presentación Maria Teresa Valderrama  (1 MB)

• • 13:00h - 14:00h
  • Lunch
• • 14:00h - 15:00h
  • Keynote talk: Ricardo Reis (LSE)
• • 15:00h - 16:30h
  • Chair: Alessandro Galesi (Banco de España)

    "Optimal Monetary Policy with Heterogeneous Agents  (1 MB)", Galo Nuño* (Banco de España), Carlos Thomas
    Presentación Optimal Monetary Policy with Heterogeneous Agents  (1 MB)
    Discussant: Michael Kumhof (Bank of England)
    Presentación Michael Kumhof  (90 KB)

    "Monetary policy implications of state-dependent prices and wages  (4 MB)", James Costain, Anton Nakov* (ECB)
    Presentación Monetary policy implications of state-dependent prices and wages  (3 MB)
    Discussant: Karl Walentin (Sveriges Riksbank)
    Presentación Karl Walentin  (51 KB)

• • 16:30h - 16:45h
  • Coffee Break
• • 16:45h - 18:15h
  • Chair: Carlos Thomas (Banco de España)

    "Ambiguity, Monetary Policy and Trend Inflation  (442 KB)", Riccardo M. Masolo* (Bank of England), Francesca Monti
    Presentación Ambiguity, Monetary Policy and Trend Inflation  (324 KB)
    Discussant: James Costain (Banco de España)
    Presentación James Costain  (290 KB)

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

• • 20:00h - 21:00h
  • Conference dinner (by invitation only)

10 Octubre

• • 08:30h - 10:45h
  • Chair: Alessandro Secchi (Banca d’Italia)

    "The macroeconomic impact of the ECB's expanded asset purchase programme (APP)", Luca Gambetti, Alberto Musso* (ECB)
    Presentación The macroeconomic impact of the ECB's expanded asset purchase programme (APP)  (2 MB)
    Discussant: Fabio Rumler (Oesterreichische Nationalbank)
    Presentación Fabio Rumler  (775 KB)

    "Central Bank Information Shocks", Marek Jarocinski, Peter Karadi* (ECB)
    Presentación Central Bank Information Shocks  (397 KB)
    Discussant: Ambrogio Cesa-Bianchi (Bank of England)
    Presentación 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)
    Presentación Portfolio Rebalancing and the Transmission of Large-Scale Asset Programs: Evidence from the Euro Area  (918 KB)
     Discussant: Benoît Nguyen (Banque de France)
    Presentación Benoît Nguyen  (154 KB)

• • 10:45h - 11:00h
  • Coffee Break
• • 11:00h - 12:00h
  • Keynote talk: Jordi Galí (CREI, UPF, Barcelona GSE)

    Presentación Jordi Galí  (387 KB)

• • 12:00h - 13:30h
  • 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)
    Presentación 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)
    Presentación Luisa Carpinelli  (160 KB)

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

• • 13:30h - 14:30h
  • Lunch
• • 14:30h - 16:00h
  • Chair: Carlos Thomas (Banco de España)

    "The collateral channel of unconventional monetary policy", G. Ferrero, M. Loberto, M. Miccoli* (Banca d’Italia)
    Presentación The collateral channel of unconventional monetary policy  (801 KB)
    Discussant: Boromeus Wanengkirtyo (Bank of England)
    Presentación Boromeus Wanengkirtyo  (337 KB)

    "International spillovers of quantitative easing  (616 KB)", Marcin Kolasa* (Narodowy Bank Polski), Grzegorz Wesolowski
    Presentación International spillovers of quantitative easing  (526 KB)
    Discussant: Sona Benecká (Ceska Národní Banka)
    Presentación Sona Benecká  (103 KB)

• • 16:00h - 16:15h
  • Coffee Break
• • 16:15h - 17:45h
  • Chair: Carlos Thomas (Banco de España)

    "Liquidity risk and financial stability regulation  (629 KB)", Flora Lutz, Paul Pichler* (Oesterreichische Nationalbank)
    Presentación Liquidity risk and financial stability regulation  (632 KB)
    Discussant: Matthieu Darracq Pariès (ECB)
    Presentación 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
    Presentación Non-standard monetary policy, asset prices and macroprudential policy in a monetary union  (288 KB)
    Discussant: Niki Papadopoulou (Central Bank of Cyprus)
    Presentación Niki Papadopoulou  (147 KB)