ESCB Challenges for Monetary Policy Transmission in a Changing World (ChAMP) Research Network

Opening remarks

Session 1 – Old and new challenges for monetary policy

Chair: Björn Imbierowicz, Deutsche Bundesbank

The Bank Transmission Channel of Monetary Policy Monetary Policy, Labor Income Redistribution and the Credit Channel: Evidence from Matched Employer-Employee and Credit Registers

• Martina Jasova, Columbia University, Barnard College
• Caterina Mendicino*, ECB
• Ettore Panetti, University of Naples Federico II, CSEF
• José-Luis Peydró, Imperial College London; Centre for Economic Policy Research (CEPR); Universitat Pompeu Fabra
• Dominik Supera, Columbia Business School

The Inflationary Effects of Quantitative Easing

Mathias Klein and Xin Zhang*, both Sveriges Riksbank

Discussant: Olivier De Jonghe, Nationale Bank van België/Banque Nationale de Belgique

Coffee break

Session 2 – Transmission of monetary policy through non-banks

Chair: Laura Moretti, Central Bank of Ireland

Insurance corporations' balance sheets, financial stability and monetary policy

• Christoph Kaufmann, ECB
• Jaime Leyva*, Banco de Portugal
• Manuela Storz, ECB

Discussant: Jurica Zrnc, Hrvatska narodna banka

Spare tyres with a hole: investment funds under stress and credit to firms

• Giulio Nicoletti*, ECB
• Ersebet-Judit Rariga, ECB
• Costanza Rodriguez-D'Acri, ECB

Discussant: Filippos Petroulakis, Bank of Greece

Lunch

Session 3 – Transmission of monetary policy to households and firms

Chair: Philipp Hartmann, ECB

Low interest rates and the distribution of household debt

Marina Emiris*, Nationale Bank van België/Banque Nationale de Belgique, and François Koulischer, University of Luxembourg

Discussant: Simona Malovaná, Česká národní banka

Housing Markets and the Heterogeneous Effects of Monetary Policy Across the Euro Area

Stefano Pica*, Banca d'Italia

Discussant: Thomas Krause, Danmarks Nationalbank

Monetary policy transmission and the French firms’ corporate debt structure

• Marie Alder, EUI
• Nuno Coimbra, Banque de France
• Urszula Szczerbowicz*, Banque de France

Discussant: Sergio Mayordomo, Banco de España

Coffee break

Future steps

End of the workshop