First Annual ECB Macroprudential Policy and
Research Conference
(jointly organised with the International Monetary Fund)

European Central Bank, Germany

Main Building, Press Conference Room, Frankfurt am Main
April 26-27, 2016

The European Central Bank (ECB) is launching a new annual conference series on macroprudential policy and research. The first event is organised in collaboration with the International Monetary Fund (IMF). The objective of this series is to bring together academic scholars, policy-makers and practitioners to discuss state-of-the-art research on macroprudential policy, assess the effectiveness of macroprudential regulatory instruments and consider issues for policy implementation.

Organisational Information

The conference will start in the morning of 26 April, 2016 and end in the late afternoon on 27 April, 2016. Attendance is by invitation only.

Tuesday, April 26, 2016
8:30 am Registration
9:00 am Welcome Address

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

9:15 am Opening speech: The rationale for macroprudential policy

Lars Svensson, Stockholm School of Economics

10:00 am

Session I:

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

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

Risk-taking dynamics and financial stability
Anton Korinek, Department of Economics, Johns Hopkins University and NBER
Martin Nowak, Program for Evolutionary Dynamics, Harvard University

12:45 pm Lunch
14:15 pm

Session II:

Macroprudential regulatory instruments: theory, empirical results and practical experience
Chair: Luc Laeven, European Central Bank

Higher bank capital requirements and mortgage pricing: evidence from the countercyclical capital buffer (CCB)
Christoph Basten, ETH Zurich and the Swiss Financial Market Supervisory Authority
Cathérine Koch, Bank for International Settlements

Macroprudential and monetary policies interactions in a DSGE model for Sweden
Jiaqian Chen, International Monetary Fund
Francesco Columba, Banca d'Italia

Regulatory arbitrage in action: evidence from banking flows and macroprudential policy
Dennis Reinhardt, Bank of England
Rhiannon Sowerbutts, Bank of England

Systemic loops and liquidity regulation
Iñaki Aldasoro, Goethe University Frankfurt and SAFE
Ester Faia, Goethe University Frankfurt, CFS-SAFE and CEPR

Dinner speech: Vítor Constâncio, European Central Bank

Wednesday, April 27, 2016
8:30 am Registration
9:00 am

Keynote speech:
Macroprudential policy: implementation and effectiveness

Donald Kohn, Brookings Institution and Bank of England

Session III:

The 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
Aerdt Houben, De Nederlandsche Bank, VU University Amsterdam
Peter Wierts, De Nederlandsche Bank, VU University Amsterdam

Cyclical investment behavior across financial institutions
Yannick Timmer, Trinity College Dublin and Deutsche Bundesbank

Heterogeneous regulation of financial institutions
Frédéric Malherbe, London Business School
Wolf Wagner, Rotterdam School of Management and CEPR

12:30 pmLunch
13:30 pm

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

Chair: José Viñals, International Monetary Fund
Erkii Liikanen, Suomen Pankki – Finlands Bank Huw Pill, Goldman Sachs
Sergio Nicoletti-Altimari, European Central Bank

15:30 pmEnd of Conference

Conference Organisers:

The organising committee of the workshop includes Carsten Detken, Stephan Fahr, Angela Maddaloni, Simone Manganelli, Carmelo Salleo (all ECB), and Deniz Igan and Erlend Nier (both IMF).