Internationale Konferenz 2016 zum Thema "The transmission mechanism of new and traditional instruments of monetary and macroprudential policy "
13. -14. Oktober 2016 - Auditorium der Belgischen Nationalbank in Brüssel
Die Finanzkrise und die darauf folgende Wirtschaftskrise haben neue Herausforderungen für die Geldpolitik hervorgebracht und die Notwendigkeit eines makroprudenziellen Ansatzes aufgezeigt. Zudem stoßen konventionelle geldpolitische Instrumente in der gegenwärtigen, von niedriger Inflation und Nullzinspolitik geprägten Situation an ihre Grenzen. Aus diesem Grund erfordert der aktuelle wirtschaftliche Kontext die Einführung neuer sowohl geldpolitischer als auch makroprudenzieller Instrumente. Die Übertragungskanäle und die Wirksamkeit dieser neuen Instrumente sind bislang wenig erforscht und deshalb mit großen Unwägbarkeiten verbunden. Diese Konferenz hat zur Schließung dieser Forschungslücke beigetragen und neue Untersuchungsergebnisse präsentiert.
Session 1: The transmission of macroprudential instruments
chaired by director Jean Hilgers
The relationship between monetary policy and financial stability
Giovanni Dell'Ariccia
Keynote presentation
The impact of sectoral macroprudential capital requirements on mortgage loan pricing: evidence from the Belgian risk weight add-on
Stijn Ferrari, Mara Pirovano, Pablo Rovira Kaltwasser
Working Paper 306 – presentation
Discussion by Christoph Basten
Bank capital (requirements) and credit supply: evidence from pillar 2 decisions
Olivier De Jonghe, Hans Dewachter, Steven Ongena
Working Paper 303 – presentation
Discussion by Margherita Bottero
Session 2: The transmission of unconventional monetary policy
chaired by Vice-Governor Pierre Wunsch
Funding quantitative easing to target inflation
Ricardo Reis
Keynote presentation – paper
Forward guidance, quantitative easing, or both?
Ferre De Graeve, Konstantinos Theodoridis
Working Paper 305 – presentation
Discussion by Andrea Ferrero
The transmission mechanism of credit support policies in the euro area
Jef Boeckx, Maité de Sola Perea, Gert Peersman
Working Paper 302 – presentation
Discussion by Matteo Ciccarelli
The response of euro area sovereign spreads to the ECB unconventional monetary policies
Hans Dewachter, Leonardo Iania, Jean-Charles Wijnandts
Working Paper 309 – presentation
Discussion by Thomas Werner
Session 3: Interactions between monetary and macroprudential policy
chaired by director Marcia De Wachter
Assessing the role of interbank network structure in business and financial cycle analysis
Jean-Yves Gnabo, Nicolas K. Scholtes
Working Paper 307 – presentation
Discussion by Olivier Pierrard
The interdependence of monetary and macroprudential policy under the zero lower bound
Vivien Lewis, Stefania Villa
Working Paper 310 – presentation
Discussion by Carlos Thomas
The trade-off between monetary policy and bank stability
Martien Lamers, Frederik Mergaerts, Elien Meuleman, Rudi Vander Vennet
Working Paper 308 – presentation
Discussion by Jean-Stéphane Mésonnier
Monetary and macroprudential policy games in a Monetary Union
Richard Dennis, Pelin Ilbas
Working Paper 304 – presentation
Discussion by Olivier Loisel
Session 4: Policy implications
chaired by director Tim Hermans
Optimal dynamic capital requirements
Javier Suarez
Keynote presentation
Panel session
moderated by director Mathias Dewatripont
panellist: Jean-Pierre Landau, Francesco Mazzaferro, Paul Tucker