First annual ECB macroprudential policy and research conference

Welcome address

Vítor Constâncio, Vice-President, European Central Bank
José Viñals, Financial Counsellor, International Monetary Fund

Opening speechThe rationale for macroprudential policy

Lars Svensson, Stockholm School of Economics

Session 1 Financial cycles, imbalances and early warning indicators

Chair: Giovanni Dell’Ariccia, International Monetary Fund

Characterising the financial cycle: a multivariate and time-varying approach

Paul Hiebert*, European Central Bank
Tuomas Peltonen, European Systemic Risk Board
Yves Schüler, European Central Bank

Discussant: Mathias Drehmann, Bank for International Settlements

Financial imbalances, macroeconomic vulnerabilities and monetary policy

David Aikman, Bank of England
Andreas Lehnert, Board of Governors of the Federal Reserve System
Nellie Liang, Board of Governors of the Federal Reserve System
Michele Modugno*, Board of Governors of the Federal Reserve System

Discussant: Natacha Valla, Centre d'Études Prospectives et d'Informations Internationales and EIB

Risk-taking dynamics and financial stability

Anton Korinek*, Department of Economics, Johns Hopkins University and NBER
Martin Nowak, Harvard University

Discussant: Matthieu Darracq Paries, European Central Bank

Session 2Macroprudential regulatory instruments: theory, empirical results and practical experience

Chair: Luc Laeven, European Central Bank; Angela Maddaloni, European Central Bank

Systemic loops and liquidity regulation

Iñaki Aldasoro, Goethe University Frankfurt and CFS-SAFE
Ester Faia*, Goethe University Frankfurt, CFS‐SAFE and CEPR

Discussant: Elena Carletti, Bocconi University

Higher bank capital requirements and mortgage pricing: evidence from the countercyclical capital buffer

Christoph Basten*, ETH Zurich and the Swiss Financial Market Supervisory Authority
Cathérine Koch, Bank for International Settlements

Discussant: José-Luis Peydró, ICREA-Universitat Pompeu Fabra, CREI, Barcelona GSE and CEPR

Macroprudential and monetary policies interactions in a DSGE model for Sweden

Jiaqian Chen, International Monetary Fund
Francesco Columba*, Banca d'Italia

Discussant: Daria Finocchiaro, Sveriges Riksbank

Regulatory arbitrage in action: evidence from banking flows and macroprudential policy

Dennis Reinhardt, Bank of England
Rhiannon Sowerbutts*, Bank of England

Discussant: Carmelo Salleo, European Central Bank

End of day one of conference

Dinner (by separate invitation only) - reception begins at 18:30

Dinner speech: "Principles of Macroprudential Policy" by Vítor Constâncio, Vice-President of the European Central Bank

Keynote speechMacroprudential policy: implementation and effectiveness

Donald Kohn, Bank of England and Brookings Institution

Session 3The scope of macroprudential policy, regulatory arbitrage and the role of non-bank activities in systemic risk

Chair: John Fell, European Central Bank

Effective macroprudential policy: cross-sector substitution from price and quantity measures

Janko Cizel, VU University Amsterdam and Tinbergen Institute
Jon Frost*, De Nederlandsche Bank and VU University Amsterdam
Aerdt Houben, De Nederlandsche Bank and University of Amsterdam
Peter Wierts, De Nederlandsche Bank and VU University Amsterdam

Discussant: Claudia Buch, Deutsche Bundesbank

Cyclical investment behavior across financial institutions

Yannick Timmer*, Trinity College Dublin and Deutsche Bundesbank

Discussant: Erlend Nier, International Monetary Fund

Heterogenous regulation of financial institutions

Frédéric Malherbe, London Business School
Wolf Wagner*, Rotterdam School of Management and CEPR

Discussant: Garry Schinasi, Independent Advisor

Policy Panel Macroprudential policy in Europe and the world: challenges, experiences and institutional structures

Chair: José Viñals, International Monetary Fund

Erkki Liikanen, Suomen Pankki – Finlands Bank
Mario Nava, European Commission
Sergio Nicoletti Altimari, European Central Bank
Huw Pill, Goldman Sachs

End of conference