Third annual ECB macroprudential policy and research conference

Opening address

Vítor Constâncio, Vice-President, European Central Bank

Keynote speech The foundations of macroprudential policy

Emmanuel Farhi, Harvard University

Session 1 The macroprudential remit – financial factors and risks

Chair: Luc Laeven, European Central Bank

Markets, banks and shadow banks

Rafael Repullo, Centro de Estudios Monetarios y Financieros, slides

Discussant: Florian Heider, European Central Bank

Brokers and order flow leakage: evidence from fire sales

Francesco Franzoni, Swiss Finance Institute slides

Discussant: Marcin Kacperczyk, Imperial College London

Session 2 The effectiveness of macroprudential policies

Chair: Sergio Nicoletti Altimari, European Central Bank

Systemic Risk, Macro Shocks and Macroprudential Policy

Martin Hellwig, Max Planck Institute for Research on Collective Goods slides

Discussant: Suresh Sundaresan, Columbia University

A dynamic model of bank behaviour under multiple regulatory constraints

*Markus Behn, European Central Bank
Claudio Daminato, ETH Zurich
Carmelo Salleo, European Central Bank

Discussant: Anjan Thakor, Washington University at St. Louis (Olin Business School)

End of day one of conference

Dinner with speech by Adam Posen, Peterson Institute for International Economics

Keynote speech The limits and overlaps of macroprudential and monetary policy

Loretta Mester, Federal Reserve Bank of Cleveland

Session 3Macroprudential interactions and spillovers

Chair: Massimo Rostagno, European Central Bank

Inspecting Basel III

Stephen G. Cecchetti, Brandeis International Business School
Anil K Kashyap, University of Chicago Booth School of Business

Discussant: Enrico Perotti, University of Amsterdam

Coordinating monetary and financial regulatory policies

Alejandro Van der Ghote, European Central Bank slides

Discussant: Giovanni Dell'Ariccia, International Monetary Fund

Evidence on international policy spillovers

Linda Goldberg, Federal Reserve Bank of New York

End of conference