ECB conference on financial stability and macroprudential policy 2024 

High-level policy forum 

- upon invitation only -

Registration and coffee

Welcome address / opening remarks

Christine Lagarde, ECB

Session 1
Financial stability communication: from tranquil times to crises

Session chair: John Fell, ECB

Keynote speech I

Stefan Ingves, former governor Sveriges Riksbank

Panel I
Central bank communication on financial stability

Panellists: 

• Vítor Constâncio, former ECB Vice-President/University of Navarra
• Stijn Claessens, Yale School of Management
• Ernest Gnan, SUERF 
• Ljiljana Čortan, ING 

Coffee break

Session 2
Financial stability analysis under uncertainty: false alarms versus missing crises

Session chair: Cornelia Holthausen, ECB

Keynote speech II

Sarah Breeden, Bank of England

Panel II
Financial stability analysis in changing times: Mind the gaps

Panellists: 

• Andreas Lehnert, Board of Governors of the Federal Reserve System
• Aino Bunge, Sveriges Riksbank
• Stephen Cecchetti, Brandeis International Business School

End of policy forum

Dinner – by invitiation only

Dinner speech

Luis de Guindos, ECB

Academic sessions

Registration and coffee

Keynote speech

Moritz Schularick, Kiel Institut für Weltwirtschaft

Coffee break

Session 1
Systemic risk and banking sector developments 

Session chair: Livio Stracca, ECB

LASH risk and Interest Rates

• Laura Alfaro, Harvard Business School
• Saleem Bahaj, University College London & Bank of England
• Robert Czech, Bank of England
• Jonathon Hazell, London School of Economics
• Ioana Neamtu*, Bank of England

Discussant: Jean David Sigaux, ECB

Diverging Banking Sector: New Facts and Macro Implications

Shohini Kundu*, Tyler Muir and Jinyuan Zhang, all Anderson School of Management (UCLA)

Discussant: Olivier De Jonghe, Nationale Bank van België/Banque Nationale de Belgique, ECB and Tilburg University

Private Debt versus Bank Debt in Corporate Borrowing

• Sharjil Haque, Federal Reserve Board of Governors
• Simon Mayer, Carnegie Mellon University
• Irina Stefanescu*, Federal Reserve Board of Governors

Discussant: Christoph Kaufmann, ECB

Buffet lunch

Session 2
Banking sector policies 

Session chair: Angela Maddaloni, ECB

Payout Restrictions and Bank Risk-Shifting

• Fulvia Fringuellotti*, Federal Reserve Bank of New York
• Thomas Kroen, International Monetary Fund

Discussant: Teodora Paligorova, Federal Reserve Board of Governors

From losses to buffer – calibrating the positive neutral CCyB rate in the euro area

• Giorgia De Nora*, ECB
• Ana Pereira, Bank of England
• Mara Pirovano, ECB
• Florian Stammwitz, Frankfurt School of Finance & Management

Discussant: Manuel A. Muñoz, Spanish Treasury

Coffee break

Session 3
Policy interactions

Session chair: Philipp Hartmann, ECB

The zombie lending channel of monetary policy

• Bruno Albuquerque*, International Monetary Fund
• Chenyu (Sophia) Mao, University of Maryland

Discussant: Enrico Sette, Banca d’Italia

Unintended Consequences of QE: Real Estate Prices and Financial Stability

• Tobias Berg, Goethe University
• Rainer Haselmann, Goethe University
• Thomas Kick, Deutsche Bundesbank
• Sebastian Schreiber*, Goethe University

Discussant: Caterina Mendicino, ECB

Banks’ Foreign Homes

• Kirsten Schmidt*, Deutsche Bundesbank
• Lena Tonzer, Otto-von-Guericke-University Magdeburg, Halle Institute for Economic Research

Discussant: Iñaki Aldasoro, Bank for International Settlements

Closing remarks and end of conference