Feb 2018 - Fifth Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy
On 1 and 2 February 2018 the National Bank of Belgium organised the Fifth Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy.
The Task Force, established under the auspices of the Monetary Policy Committee of the Eurosystem, aims at increasing understanding of the effectiveness and the transmission mechanism of monetary policy measures, monitoring their impact on and their transmission via euro area banks, and analysing the effect of regulatory changes on banks’ intermediation capacity. The Task Force particularly focuses on bank micro data, which have become increasingly important for understanding monetary policy transmission. The objective of the annual Research Workshops is to share research conducted within the Eurosystem on issues related with the mandate of the Task Force.
Opening remarks by Mr Peter Praet
Session 1: The role of balance sheet resilience
Chair: Carlo Altavilla, European Central Bank
- Capital and liquidity buffers and the resilience of the banking system in the euro area
Katarzyna Budnik and Paul Bochmann, European Central Bank
Paper - Slides
Discussion by Benoit Mojon, Banque de France - The role of non-performing loans in the transmission of monetary policy
Sebastian Bredl, Deutsche Bundesbank
Paper - Slides
Discussion by Angela Maddaloni, European Central Bank
Session 2: Banking market stress and the effects on firms
Chair: Luc Aucremanne, National Bank of Belgium
- Some borrowers are more equal than others: Bank funding shocks and credit reallocation
Olivier De Jonghe and Hans Dewachter, National Bank of Belgium
Klaas Mulier, Ghent University and National Bank of Belgium
Steven Ongena, University of Zurich, SFI and CEPR
Glenn Schepens, ECB
Slides
Discussion by Emilia Bonaccorsi Di Patti, Banca d’Italia - How did the 2008-9 Financial Crisis affect Bank Credit Supply and the Real Economy? Bank-Firm-level evidence from Austria
Paul Pelzl, Tinbergen Institute, Vrije Universiteit Amsterdam & De Nederlandsche Bank
María Teresa Valderrama, Oesterreichische Nationalbank
Discussion by Sanja Jakovljevic, Lancaster University Management School
Keynote Speech
- Identifying Credit Supply Shocks with Bank-Firm Data
Hans Degryse, KU Leuven
Slides
Session 3: Credit surveys: monetary policy, supply and demand
Chair: Jef Boeckx, National Bank of Belgium
- Credit demand and supply: a two-way feedback relation
Ugo Albertazzi, European Central Bank
Lucia Esposito, Banca d’Italia
Discussion by Miguel Boucinha, European Central Bank - Credit Supply and Demand in Unconventional Times
Carlo Altavilla, Miguel Boucinha and Sarah Holton, European Central Bank
Steven Ongena, University of Zurich, SFI and CEPR
Slides
Discussion by Andrea Tiseno, Banca d'Italia
Session 4: Bank lending: the impact of regulation and credit easing
Chair: Maite de Sola Perea, National Bank of Belgium
- Bank capital constraints, lending supply and the real economy: evidence from a BVAR model
Antonio Maria Conti, Andrea Nobili and Federico Maria Signoretti, Banca d’Italia - The impact of the TLTROs on bank lending
Desislava Andreeva and Dimitris Georgarakos, European Central Bank
Session 5: Non-standard monetary policy measures
Chair: Sarah Holton, European Central Bank
- Unconventional Monetary Policy and Bank Lending Behavior: The Yield-Induced Portfolio Rebalancing Channel
Karol Paludkiewicz, Deutsche Bundesbank
Paper - Slides
Discussion by Ladislav Wintr, Banque Centrale du Luxembourg - Making room for the needy: The credit-reallocation effects of the ECB’s Corporate QE
Oscar Arce, Ricardo Gimeno and Sergio Mayordomo, Banco de España
Paper
Discussion by Sascha Steffen, Frankfurt School of Finance & Management
Session 6: Monetary policy and risk taking
Chair: Bruno De Backer, National Bank of Belgium
- The risk-taking channel of monetary policy: exploring all avenues
Diana Bonfim, Banco de Portugal and Católica Lisbon School of Business and Economics
Carla Soares, Banco de Portugal and Nova SBE
Paper - Slides
Discussion by Jan Willem van den End, De Nederlandsche Bank
Session 7: Negative interest rates
Chair: Raf Wouters, National Bank of Belgium
- Adapting lending policies when negative rates bite banks’ profits
Oscar Arce and Sergio Mayordomo, Banco de España
Miguel García-Posada, European Central Bank
Steven Ongena; University of Zurich, SFI and CEPR
Discussion by Florian Heider, European Central Bank
Keynote Speech
- Unconventional monetary policy, negative rates and banks
José-Luis Peydró, Universitat Pompeu Fabra, CREI and Barcelona GSE