ECB Conference on Monetary Policy: bridging science and practice
Monday, 7 and Tuesday, 8 October 2019
Main Building, Press room
Frankfurt am Main
The conference is the ECB’s annual flagship event focusing on frontier issues of monetary policy. It brings together leading academics and central bankers to exchange views on the science and practice of monetary policy. The conference features research presentations, keynote speeches and a policy panel, with topics ranging from capital and financial market developments to bank intermediation capacity and credit outlook, as well as policy strategy issues.
Photos from the conferenceProgramme
* indicates the presenter
- 8:30
- Registration and coffee
- 9:00
-
Welcome address
- 9:15
-
Keynote speech Answering the Queen: Machine learning and financial crises
Hélène Rey, London Business School
Chair: Isabel Vansteenkiste, European Central Bank
Interview with Hélène Rey
- 10:15
- Coffee break
-
Session 1 - Monetary policy and financial markets
Chair: Livio Stracca, European Central Bank
- 10:45
-
Volatility, valuation ratios and bubbles: an empirical measure of market sentiment
- Ian Martin*, London School of Economics
- Can Gao, Imperial College, London
Discussant: Sarah Mouabbi, Banque de France
Interview with Ian Martin
- 11:30
-
Monetary policy communication, policy slope and the stock market
- Michael Weber*, University of Chicago
- Andreas Neuhierl, University of Notre Dame
Discussant: Matteo Leombroni, Stanford University and European Central Bank
Interview with Michael Weber
- 12:15
-
Stock price cycles and business cycles
- Klaus Adam*, University of Oxford
- Sebastian Merkel, Princeton University
Discussant: Ivan Jaccard, European Central Bank
Interview with Klaus Adam
- 13:00
-
Buffet lunch
- 14:30
-
Keynote speech The channels of financial distress during the great recession: some evidence on the aggregate effects
- Simon Gilchrist*, New York University
- Mark Gertler, New York University
Chair: João Sousa, European Central Bank
Interview with Simon Gilchrist
- 15:30
-
Coffee break
-
Session 2 - Monetary policy, credit and banking
Chair: Frank Smets, European Central Bank
- 16:00
-
Low interest rates, market power and productivity growth
- Amir Sufi*, University of Chicago
- Ernest Liu, Princeton University
- Atif Mian, Princeton University
Discussant: Alberto Martin, European Central Bank & CREI
Interview with Amir Sufi
- 16:45
-
Is there a zero lower bound? The effects of negative policy rates on banks and firms
- Mariassunta Giannetti*, Stockholm School of Economics
- Carlo Altavilla, European Central Bank
- Lorenzo Burlon, European Central Bank
- Sarah Holton, Central Bank of Ireland
Discussant: José-Luis Peydró, Imperial College and & CREI-UPF
Interview with Mariassunta Giannetti
- 17:30
-
Banking on deposits: maturity transformation without interest rate risk
- Philipp Schnabl*, New York University
- Itamar Drechsler, University of Pennsylvania
- Alexi Savov, New York University
Discussant: Tim Eisert, Erasmus University
Interview with Philipp Schnabl
- 18:15
-
End of first conference day
- 19:00
-
Dinner – by invitation only
- 20:30
-
Dinner speech Expectations biases and their applications
Augustin Landier, HEC Paris
Interview with Augustin Landier
- 8:30
- Registration and coffee
- 9:00
-
Opening address Measuring the probability of a financial crisis
Robert Engle, New York University
Interview with Robert Engle
- 10:00
-
Keynote speech The case for implementing effective negative interest rate policy
- Kenneth Rogoff*, Harvard University
- Andrew Lilley, Harvard University
Chair: Natacha Valla, European Central Bank
Interview with Kenneth Rogoff
- 11:00
- Coffee break
- 11:30
-
Policy panel
Chair: Philip Lane, European Central Bank
Panellists
- Pablo Hernández de Cos, Banco de España
- Lucrezia Reichlin, London Business School
- Silvana Tenreyro, London School of Economics and Bank of England
- 13:00
- Buffet lunch
-
Session 3 - Monetary policy frameworks and strategies
Chair: Luc Laeven, European Central Bank
- 14:30
-
A tale of two decades: the ECB’s monetary policy at 20
- Massimo Rostagno*
- Carlo Altavilla
- Giacomo Carboni
- Wolfgang Lemke
- Roberto Motto
- Arthur Saint-Guilhem
- Jonathan Yiangou
all European Central Bank
Discussant: Andrew T. Levin, Dartmouth College
- 15:15
-
Managing expectations without rational expectations
- George-Marios Angeletos*, Massachusetts Institute of Technology
- Karthik Sastry, Massachusetts Institute of Technology
Discussant: Marcus Hagedorn, University of Oslo
Interview with George-Marios Angeletos
- 16:00
-
Fiscal backing for monetary policy: What if it ain’t there?
Eric M. Leeper, University of Virginia
Discussant: Salvatore Nisticò, Sapienza Università di Roma
Interview with Eric M. Leeper
- 17:00
-
End of conference
Please note that this programme may be subject to change without notice.
A photographer will be present at the event taking photographs for our internet/intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet/intranet.
General information
European Central Bank
Main building, Press room
Sonnemannstrasse 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Carlo Altavilla
- Wolfgang Lemke
- Roberto Motto
- Oreste Tristani
- Natacha Valla
all European Central Bank