Housing Markets, Monetary Policy and Macroprudential Policy

Bank of Finland and CEPR joint conference
22–23 October 2015
Helsinki

Programme

For each paper the speaker has 25 minutes and the discussant 10 minutes, with 5-10 minutes for general discussion.
Last updated 21 October - Please note: Second Keynote has been cancelled.

Venue: Bank of Finland, Auditorium, Rauhankatu 19, Helsinki
 

Thursday, 22 October

​8.30 ​Registration and coffee
​​9.00 ​Opening remarks
​9.10 – 11.10 ​Session 1
​ ​Chair: Jouni Timonen (Bank of Finland -Financial Markets and Statistics) 
The new financial regulation in Basel III and monetary policy:
A macroprudential approach
Margarita Rubio (University of Nottingham)
José A. Carrasco-Gallego (University of Portsmouth)
Discussant: Riccardo Masolo (Bank of England)

Capital requirements, risk shifting and the mortgage market
Tomasz Wieladek (Bank of England)
Presented by Arzu Uluc (Bank of England)
Discussant: Lucia Esposito (Banca d'Italia)

Welfare Analysis of Implementable Macroprudential Policy Rules: Heterogeneity and Trade-offs
Caterina Mendicino (ECB)
Kalin Nikolov (ECB)
Javier Suarez (CEMFI and CEPR)
Dominik Supera (ECB)
Discussant: Pietro Reichlin (LUISS Guido Carli University)
​11.10 – 11.40 ​Coffee
​​11.40 – 13.00 ​Session 2
​ ​Chair: Iikka Korhonen (Bank of Finland - BOFIT)
Housing finance and real-estate booms: A cross-country perspective
Eugenio Cerutti(IMF)
Jihad Dagher (IMF)
Giovanni Dell’Ariccia (IMF)
Discussant: Krzysztof Olszewski (Narodowy Bank Polski)

Global liquidity, house prices, and the macroeconomy: Evidence from advanced and emerging economies
Ambrogio Cesa-Bianchi (Bank of England)
Luis Felipe Cespedesz (Universidad Adolfo Ibanez)
Alessandro Rebucchi (Johns Hopkins University)
Discussant: Nicola Borri (LUISS Guido Carli University)
​13.00 – 14.30 Lunch
​14.30 – 15.30 ​Keynote 1
​ ​Chair: Jouko Vilmunen (Bank of Finland- Research)
Housing spillovers 
Matteo Iacoviello (Board of Governors of the Federal Reserve System)
​15.30 – 16.00 Coffee
​16.00 – 17.20 ​Session 3
​ ​​Chair: Jouko Vilmunen
Mortgage finance and technological change
Robin Döttling (University of Amsterdam and Timbergen Institute)
Enrico Perotti (University of Amsterdam, CEPR and Timbergen Institute)
Discussant: Gene Ambrocio (Bank of Finland)

Housing, Debt and Marginal Propensity to Consume
Jiaxiong Yao (Johns Hopkins University)
Andreas Fagerend (Statistics Norway)
Gisle Natvik (BI Norwegian Business School and Norges Bank)
Discussant: Andreas Kuchler (Danmarks Nationalbank)
​18.15 ​Dinner at the Bank of Finland’s Banqueting Hall,
hosted by Kimmo Virolainen, Head of Financial Markets and Statistics
 

Friday, 23 October

​8.30 – 9.00 Coffee
9.00 – 11.00 ​Session 4
​

Chair: Esa Jokivuolle (Bank of Finland – Research)

Matching and credit frictions in the housing market
Essi Eerola (Bank of Finland)
Niku Määttänen (Research Institute of the Finnish Economy)
Discussant: Marlène Isoré (HECER, University of Helsinki)

The Housing Cost Disease
Nicola Borri (LUISS Guido Carli University)
Pietro Reichlin (LUISS Guido Carli University & CEPR)
Discussant: Ingvar Strid (Sveriges Riksbank)

Optimal macroprudential and monetary policy in a currency union
Dmitriy Sergeyev (Bocconi University)
Discussant: Margarita Rubio (University of Nottingham)
​11.00 – 11.30 ​Coffee
11.30 – 12.50 ​Session 5
​

Chair: Jouko Vilmunen (Bank of Finland)
Do exposures to sagging real estate, subprime or conduits abroad lead to contraction and flight to quality in bank lending at home
Steven Ongena (University of Zurich, Swiss Finance Institute and CEPR)
Günseli Tümer-Alkan (VU University Amsterdam)
Natalja v. Westernhagen (Deutsche Bundesbank)
Discussant: Tommaso Oliviero (Università di Napoli Federico II)

Leaning against the credit cycle
Paolo Gelain (Norges Bank)
Kevin J. Lansing (Federal Reserve Bank of San Francisco)
Gisle Natvik (BI Norwegian Business School and Norges Bank)
Discussant: Björn Lagerwall (Sveriges Riksbank)
​12.50 Closing remarks​
​13.00 – 15.00 ​Lunch