Navigation Path: Home > Events > Conferences & seminars > Conference on 'The implications of changes in banking and financing for the monetary policy transmission mechanism'
Organising team:
Christoffer Kok Sørensen (Capital Markets and Financial Structure)
Philip Vermeulen (Monetary Policy Research)
Anil K. Kashyap – University of Chicago Booth School of Business
Administration:
Antonella Boschi (Capital Markets and Financial Structure)
Programme
| 08:45 - 09:15 | Registration and coffee |
| 09:15 - 09:30 | Opening address by Wolfgang Schill (ECB) |
| Session 1: Pro-cyclical bank behaviour, regulation and monetary policy Chairman: Mauro Grande (ECB) |
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| 9:30 - 10:15 | Rafael Repullo and Javier Suarez (CEMFI/CEPR): The pro-cyclical effects of Basel II:
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Discussant: Dimitrios P. Tsomocos (Saïd Business School, Oxford University) en |
| 10:15 - 11:00 | Tobias Adrian (Federal Reserve Bank of New York) and Hyun Song Shin (Princeton University): Liquidity and leverage:
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Discussant: Steven Ongena (CentER at Tilburg University/CEPR) en |
| 11:00 - 11:15 | Coffee Break |
| 11:15 - 12:00 | Gabriel Jiménez (Banco de España), Steven Ongena (CentER at Tilburg University/CEPR), José-Luis Peydró (ECB) and Jesús Saurina (Banco de España): Hazardous times for monetary policy: what do 23 million bank loans say about the effects of monetary policy on credit risk?
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Discussants: Stephen G. Cecchetti (Brandeis International Business School) en |
| 12:00 - 12:45 | Invited speaker: Claudio Borio (BIS)
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| 12:45 - 14:00 | Lunch break (seated lunch at Fundus restaurant) |
| Session 2: Recent advances in banking theory Chairman: Lucrezia Reichlin (ECB) |
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| 14:00 - 14:45 | Xavier Freixas (Universitat Pompeu Fabra) and José Jorge (CEMPRE): The role of interbank markets in monetary policy: a model with rationing: en
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Discussant: George G. Pennacchi (University of Illinois) en |
| 14:45 - 15:30 | Christine A. Parlour (Haas School, UC Berkeley) and Guillaume Plantin (London Business School): Loan sales and relationship banking: en, www.blackwell-synergy.com Discussant: Andrea Attar (Institute of Industrial Economics, Toulouse) en |
| 15:30 - 15:45 | Coffee break |
| 15:45 - 16:30 | Invited speaker: Patrick Bolton (Columbia Business School) en |
| Session 3: Financial integration, bank consolidation and cross-border contagion Chairman: Philippe Moutot (ECB) |
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| 16:30 - 17:15 | Allen N. Berger (Board of Governors of the Federal Reserve System), Reint Gropp (Goethe University Frankfurt, ECB), Christoffer Kok Sørensen (ECB) and Jung-Duk Lichtenberger (ECB): Cross-Atlantic monetary policy transmission in bank deposit and lending rates
Discussant: John Leahy (New York University) |
| 17:15 - 18:00 | Marco Arena (World Bank), Carmen Reinhart (University of Maryland) and Francisco Vázquez (IMF): The lending channel in emerging economies: are foreign banks different?
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Discussant: Linda S. Goldberg (Federal Reserve Bank of New York) en |
| 20:00 | Dinner at Le Méridien Parkhotel Dinner speech by Jürgen Stark (Executive Board member, ECB), en |
| 09:00 - 09:15 | Registration and coffee |
| Session 4: The impact of financial innovation on bank behaviour Chairman: Benjamin M. Friedman (Harvard University) |
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| 09:15 - 10:00 | Beverly Hirtle (Federal Reserve Bank of New York): Credit derivatives and bank credit supply: http://www.newyorkfed.org/research/staff_reports/sr276.html Discussant: Robert McDonald (Kellogg School, Northwestern University) en |
| 10:00 - 10:45 | Yener Altunbas (University of Wales, Bangor), Leonardo Gambacorta (Banca d’Italia) and David Marqués (ECB): Securitisation and the bank lending channel: en, en Discussant: Joe Peek (University of Kentucky) en |
| 10:45 - 11:15 | Coffee break |
| 11:15 - 12:00 | Invited speaker: Stephen Dulake (JPMorgan Securities Ltd.) en |
| 12:00 - 13:30 | Lunch break (seated lunch at Living XXL) |
| Session 5: Bank lending and the business cycle Chairman: Francesco Drudi (ECB) |
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| 13:30 - 14:15 | Sandra Eickmeier (Deutsche Bundesbank), Boris Hofmann (ECB) and Andreas Worms (Deutsche Bundesbank): Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area: en Discussant: Benjamin M. Friedman (Harvard University) |
| 14:15 - 15:00 | Lawrence J. Christiano (Northwestern University), Roberto Motto (ECB) and Massimo Rostagno (ECB): Financial factors in business cycles: en, 1.53 MB en Discussant: Kosuke Aoki (The London School of Economics and Political Science) en |
| 15:00 - 15:15 | Coffee break |
| 15:15 - 16:00 | Invited speaker: Anil K. Kashyap (University of Chicago Booth School of Business) www.chicagogsb.edu/usmpf/docs/usmpf2008confdraft.pdf |
| Session 6: Monetary policy, the financing of firms and investment (broad credit channel) Chairman: Huw Pill (ECB) |
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| 16:00 - 16:45 | Simon Gilchrist (Boston University/NBER) and Egon Zakrajsek (Board of Governors of the Federal Reserve System): Investment and the cost of capital: new evidence from the corporate bond market: en, en Discussant: Daniele Terlizzese (Banca d’Italia) en |
| 16:45 - 17:30 | Joshua D. Rauh (University of Chicago Booth School of Business): The effects of financial conditions on capital investment and financing: evidence from variation in pension fund asset performance: 2.53 MB en, en Discussant: Steve Bond (Oxford University) |
| 17:30 - 18:30 | Panel discussion on the changing role of banks and its implications for monetary policy Panellists: Otmar Issing (Center for Financial Studies/Goldman Sachs) Alberto Giovannini (Unifortune Asset Management SGR) Charles A.E. Goodhart (The London School of Economics and Political Science) Chairman: Lucas Papademos (Vice-President, ECB) |
| 18:30 | Closing of the conference |
