Credit, Banking and Monetary Policy

Welcome address

Peter Praet, Member of the Executive Board, European Central Bank

Keynote speech

Chair: Frank Smets, European Central Bank

Central Banks Going Long

Ricardo Reis, London School of Economics

Session 1 Monetary policy, credit cycles and loan pricing

Chair: Katrin Assenmacher, European Central Bank

Specialization in Bank Lending: Evidence from Exporting Firms

Daniel Paravisini*, London School of Economics
Veronica Rappoport, London School of Economics
Philipp Schnabl, NYU Stern

Discussant: David Marqués Ibañez, European Central Bank

Mortgage loan pricing in a negative interest rate environment

Dimitris Georgarakos*, European Central Bank
Adrien Amzallag, European Central Bank
Alessandro Calza, European Central Bank
João Sousa, European Central Bank

Discussant: Monica Paiella, University of Naples Parthenope
Slides

U.S. Monetary Policy and Emerging Markets Credit Cycles

Victoria Ivashina*, Harvard Business School
Falk Bräuning, Federal Reserve Bank of Boston

Discussant: Ralf Meisenzahl, Federal Reserve Board
Slides

Buffet lunch

Keynote speech

Chair: Luc Laeven, European Central Bank

On Interest Rate Policy and Asset Bubbles

Franklin Allen, Imperial College London
Paper
Presentation

Session 2 Monetary policy transmission and bank profitability

Chair: Michael Ehrmann, European Central Bank

Stock Market’s Assessment of Monetary Policy Transmission: The Cash Flow Effect

Refet S. Gürkaynak*, Bilkent University
Sang Seok Lee, Bilkent University
Gökçe Karasoy Can, Bilkent University

Discussant: Michele Modugno, Federal Reserve Board
Slides

Monetary Policy and Bank Profitability in a Low Interest Rate Environment

Carlo Altavilla, European Central Bank
Miguel Boucinha, European Central Bank
José-Luis Peydró, ICREA-UPF, CREI, BGSE

Discussant: Puriya Abbassi, Deutsche Bundesbank
Slides

Dinner - by invitation only

Keynote speech

Chair: Matteo Ciccarelli, European Central Bank

Mortgage-Backed Securities and the Financial Crisis of 2008: a Post Mortem

Harald Uhlig, University of Chicago
Paper
Presentation

Session 3 Monetary policy, financial vulnerabilities and global banking

Chair: João Sousa, European Central Bank

Financial Vulnerability and Monetary Policy

Fernando Duarte*, Federal Reserve Bank of New York
Paper
Presentation
Tobias Adrian, International Monetary Fund

Discussant: Oliver De Groot, European Central Bank

Global Banking: Endogenous Competition and Risk Taking

Ester Faia*, Goethe University Frankfurt
Gianmarco Ottaviano, London School of Economics

Discussant: Elena Carletti, Università Bocconi
Slides

Targeting Financial Stability: Macroprudential or Monetary Policy?

Sujit Kapadia*, Bank of England
David Aikman, Bank of England
Julia Giese, Bank of England
Michael McLeay, Bank of England

Discussant: Matthieu Darracq Paries, European Central Bank
Slides

Buffet lunch

Keynote speech

Chair: José-Luis Peydró, ICREA-UPF, CREI, BGSE

Fintech and shadow banking

Amit Seru, Stanford University

Session 4 Non-standard monetary policy and bank lending

Chair: Oreste Tristani, European Central Bank

Making room for the needy: the credit-reallocation effects of the ECB’s corporate QE

Óscar Arce*, Banco de Espãna
Ricardo Gimeno, Banco de España
Sergio Mayordomo, Banco de España

Discussant: Diana Bonfim, Banco de Portugal
Slides

The interest of being eligible

Jean-Stéphane Mésonnier*, Banque de France
Charles O’Donnell, Banque de France
Olivier Toutain, Banque de France

Discussant: Ugo Albertazzi, European Central Bank
Slides