12th Workshop of the MPC Taskforce on Banking Analysis for Monetary Policy
The Bank of Finland will host the 12th Workshop of the MPC Taskforce on Banking Analysis for Monetary Policy. The workshop is organised in cooperation with the European Central Bank.
Programme
Monday, 14 September
09:20 Opening remarks
Juha Kilponen, Head of Monetary Policy and Research Department and Member of the MPC, Suomen Pankki – Finlands Bank
09:30 Welcome address
Lorenzo Burlon, Task Force Chair, European Central Bank
09:45-11:15 SESSION 1 - Financial stability and macroprudential policies
Session chair: Zuzana Fungáčová, Suomen Pankki – Finlands Bank
- Physical climate risk, credit risk and lending activity
Ugo Albertazzi, European Central Bank
Davor Djekic*, European Central Bank
Aurea Ponte Marques, European Central Banks
Discussant: Winta Beyene, Leibniz Institute for Financial Research SAFE - Measuring Financial Vulnerabilities
Michele Modugno, Federal Reserve Board
Benjamin Roscoe, Federal Reserve Board
Sarah Zoi*, Federal Reserve Board
Discussant: Luis Fonseca, European Central Bank - Cross-Border Bank Flows, Regional Household Credit Booms and Bank Risk-Taking
Dominik Boddin, Deutsche Bundesbank
Daniel Marcel te Kaat, University of Groningen
Kasper Roszbach*, Norges Bank and University of Groningen
Discussant: Eeva Kerola, Suomen Pankki – Finlands Bank
11:15 Coffee break
11:45 Keynote address: Monetary Policy with Financial Conditions: Recruiting Markets
Alp Simsek, Yale School of Management
Chair: Lorenzo Burlon, European Central Bank
12:45 Lunch and poster session
14:30-15:30 SESSION 2 - Monetary policy transmission
Session chair: Franziska Maruhn, European Central Bank
- Granular Monetary Policy Surprises
Falko Fecht, Deutsche Bundesbank and Frankfurt School of Finance and Management
Björn Imbierowicz*, Deutsche Bundesbank
Moritz Kellers, Deutsche Bundesbank and Goethe University Frankfurt
Discussant: Benoit Nguyen, European Central Bank - The cash-flow channel of monetary policy: evidence from billions of transactions
SeHyoun Ahn, Norges Bank
Sigurd Mølster Galaasen*, Norges Bank
Mathis Mæhlum, Norges Bank
Discussant: Elena Vollmer, Stanford University
15:30 Coffee break
16:00-16:30 SESSION 2 continues
- Heterogeneous responses to monetary policy: the role of floating rate loans
Eeva Kerola, Suomen Pankki – Finlands Bank
Olli-Matti Laine*, Suomen Pankki – Finlands Bank
Aleksi Paavola, Suomen Pankki – Finlands Bank
Discussant: Sofia Anyfantaki, European Central Bank
16:30 Findings of the Research Network on Challenges for Monetary Policy Transmission in a Changing World (ChaMP)
Diana Bonfim, European Central Bank, Católica Lisbon and CEPR
16:45 End of first workshop day
Tuesday, 15 September
09:15-10:45 SESSION 3 - Bank funding
Session chair: Anete Kravinska, Latvijas Banka
- Monetary policy transmission by securitising banks
Dorian Henricot*, European Central Bank
Enrico Sette, Banca d’Italia
Discussant: Angélica Dominguez Cardoza, Christian-Albrechts-University Kiel
- The Nexus Between Deposits and Risk‑Taking: Channels of Monetary Policy
José E. Gutiérrez, Banco de España
Enric Martorell, Banco de España
Mariya Melnychuk*, Banco de España
Discussant: Stephen Kho, De Nederlandsche Bank
- The Anatomy of transmission: pass-through of market rates to bank deposit rates in the
euro area
Jan Kakes, De Nederlandsche Bank
Anna Samarina*, De Nederlandsche Bank and University of Groningen
Discussant: Sophie Guilloux-Nefussi, Banque de France
10:45 Coffee break
11:15-12:45 SESSION 4 - Non-bank financial intermediaries
Session chair: Aino Silvo, Suomen Pankki – Finlands Bank
- Banks, non-banks, and the macroeconomy
Marie Hoerova, European Central Bank and CEPR
Alejandro Van der Ghote*, European Central Bank
Discussant: Simone Lenzu, University of Cambridge, Federal Reserve Bank of New York, and
CEPR
- When the Spare Tyre Goes Flat: Monetary Policy Transmission through Non-Banks
Roman Goncharenko, Central Bank of Ireland and KU Leuven
Elizaveta Lukmanova*, Central Bank of Ireland and KU Leuven
Discussant: Ethan Cohen, University of Minnesota and Federal Reserve Bank of Minneapolis
- Market-based finance and the business cycle
Katharina Cera, European Central Bank
Sujit Kapadia, European Central Bank
Linda Rousová*, European Central Bank
Christian Weistroffer, European Central Bank
Discussant: Adam Gulan, Suomen Pankki – Finlands Bank
12:45 Lunch and poster session
14:15-15:45 SESSION 5 - Monetary policy instruments
Session chair: Jan Beka, Narodna Banka Slovenska
- A Public-Private Partnership? Central Bank Funding and Credit Supply
Matthieu Chavaz, Bank for International Settlements
David Elliott*, Bank of England
Win Monroe, Copenhagen Business School
Discussant: Camelia Minoiu, Federal Reserve Bank of Atlanta
- Corridors of Power
Robert Ferstl*, Österreichische Nationalbank and University of Regensburg
Claudia Kwapil, Österreichische Nationalbank
Kilian Rieder, Österreichische Nationalbank and CEPR
Discussant: Julian Schumacher, European Central Bank - From a supply- to a demand-driven reserves framework
Nicolo Bandera, Banque de France
Tommaso Gasparini*, Banque de France
Discussant: Gabriele La Spada, Federal Reserve Bank of New York
15:45 End of workshop
Poster Sessions - Detailed list of participating papers
- System Wide Dividend Restriction with Heterogeneous Banks
Angélica Dominguez Cardoza, Christian-Albrechts-University Kiel
Jochen Mankart, National Bank of Slovakia - Hedge Fund Trading and Treasury Yield Sensitivity
Felix Hermes, European Central Bank - Monetary policy in the non-linear realm: Evidence from bank lending to non-banks
Anisa Tiza Mimun, European Central Bank - Monetary Policy Transmission with Endogenous Reserves
Kristina Bluwstein, Bank of England
Ethan Cohen, University of Minnesota and Federal Reserve Bank of Minneapolis
Michael McLeay, Bank of England
Jacob Stevens, Bank of England - Internal Capital Markets and the Transmission of Monetary Policy
Daniel Dejuan-Bitria, Banco de España
Martin Farias, Banco de España - Fixed or Floating? Drivers of Interest Rate Fixation in Euro Area Corporate Loans
Margherita Bottero, Banca d’Italia
Alessandro Modica, Banca d’Italia
Elia Moracci, Banca d’Italia - Risk Off, Lending On? Synthetic Securitisation, Credit Supply and Monetary Policy
Transmission
Neža Ahčin, Banka Slovenije
Matjaž Volk, Banka Slovenije - Mind the App: Do European Deposits React to Digitalisation?
Francesco Asvisio, European Central Bank
Luisa Fascione, RBB Economics
Juan Ignacio Jacoubian, Boston University
Beatrice Scheubel, European Central Bank
Livio Stracca, European Central Bank
Nadya Wildmann, European Central Bank - Cross-Fund Flows, Mutual Liquidity Insurance and Liquidity Shock Transmission in
Mutual Fund Networks
Hannes Wilke, Deutsche Bundesbank - House on Fire: Climate Risk, Mortgages, and Monetary Policy
Diana Bonfim, European Central Bank, Católica Lisbon and CEPR
Sujiao (Emma) Zhao, Banco de Portugal and cefUP