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- Workshop on
Non-standard monetary policy measures
| 08.30 a.m. | Registration |
| 09.00 a.m. | Keynote speech The role of monetary policy, revisited John Cochrane, University of Chicago Booth School of Business |
| Session 1 Impact on financial markets Chair: Cornelia Holthausen , European Central Bank |
|
| 10.00 a.m. | The euro repo market Angelo Ranaldo, University of St. Gallen Discussant: Gabriel Pérez-Quirós, Banco de España |
| 10.45 a.m. | Coffee break |
| 11.15 a.m. |
Interest rate duration channel versus local supply channel Stefania D'Amico, Board of Governors of the Federal Reserve System Discussant: Bernd Schwaab ( slides), European Central Bank |
| 12.00 a.m. |
Credit and liquidity in interbank rates: a quadratic approach Guillaume Roussellet, Banque de France Discussant: Thomas Werner, European Central Bank |
| 12.45 p.m. | Buffet lunch |
| 13:45 p.m. | Session 2 Impact on macroeconomic developments Chair: Francesco Drudi, European Central Bank |
| 2.15 p.m. |
A non-standard monetary policy shock: the ECB’s three-year LTROs and the shift in credit supply Roberto de Santis, European Central Bank Discussant: Jagjit Chadha, University of Kent ( slides) |
| 3.00 p.m. |
Unconventional monetary policy and the macroeconomy: Evidence from a shadow interest rate approach Tomasz Wieladek, Bank of England Discussant: Geert Mesters, Vrije Universiteit Amsterdam |
| 3.45 p.m. | Coffee break |
| 4.15 p.m. |
Bank lending in times of large bank reserves David Skeie, Federal Reserve Bank of New York Discussant: Benoît Mojon, Banque de France |
| 5.00 p.m. |
The collateral channel of monetary policy: Evidence from the European Central Bank François Koulischer, European Centre for Advanced Research in Economics and Statistics Discussant: Andreas Schabert, Technische Universität Dortmund ( slides) |
| 6.00 p.m. | Speakers' dinner (by invitation only) Hosted by Peter Praet, Member of the Executive Board of the European Central Bank |
| 09.00 a.m. | Welcome address Benoît Coeuré, Member of the Executive Board of the European Central Bank |
| 09.20 a.m. | Keynote speech Banking, Liquidity and Bank Runs in an Infinite Horizon Economy Nobuhiro Kiyotaki, Princeton University |
| Session 3 The theoretical perspective of non-standard measures Chair: Benjamin Sahel, European Central Bank |
|
| 10.20 a.m. |
Efficiency of central bank policy during the crisis: Role of expectations in reinforcing hoarding behaviour Volha Audzei, Centre for Economic Research and Graduate Education – Economics Institute Discussant: Andrew Filardo, Bank for International Settlements |
| 11.05 a.m. | Coffee break |
| 11.30 a.m. |
Escaping the great recession Leonardo Melosi, Federal Reserve Bank of Chicago Discussant: Martin Ellison, University of Oxford |
| 12.15 a.m. |
Panel discussion Non-standard measures under review Chair: Massimo Rostagno, European Central Bank Discussants: Shuji Kobayakawa ( slides), Bank of Japan; Mike Joyce ( slides), Bank of England; Huw Pill, Goldman Sachs; Daniel Thornton, Federal Reserve Bank of St. Louis |
| 1.45 p.m. | End of workshop and buffet lunch |
| Workshop dates | 17 and 18 June 2013 | |
| Workshop venue | European Central Bank Eurotower, CVII Kaiserstraße 29 60311 Frankfurt am Main Tel.: +49 (0) 69 1344 0 Fax: +49 (0) 69 1344 6000 E-mail: info@ecb.europa.eu |
|
| Conference language | English | |
| Dinner venue | Kubu by invitation only |
|
| Contact persons | Alain Durré European Central Bank Directorate General Economics E-mail: alain.durre@ecb.europa.eu Peter Karadi Silke Köhler (conference organisation) |
Thomas Werner European Central Bank Directorate General Market Operations E-mail: thomas.werner@ecb.europa.eu Bernd Schwaab Julia Carver |
| Website | http://www.ecb.europa.eu/events/conferences/html/2013_ws_non-stmopomeas.en.html | |
| Programme | Please note that this programme may be subject to change without notice. | |