Monetary policy and financial stability

Opening remarks

Luc Laeven, European Central Bank

Session 1 Monetary policy, risk taking and financial stability

Chair: Thomas Vlassopoulos, European Central Bank

Liability structure and risk-taking: evidence from the money market fund industry

Ramin Baghai, Mariassunta Giannetti* and Ivika Jäger, Stockholm School of Economics

The rise of shadow banking: evidence from capital regulation and monetary policy

• José-Luis Peydró*, Universitat Pompeu Fabra
• Ralf R. Meisenzahl, Board of Governors of the Federal Reserve System

The incentive channel of monetary policy: quasi-experimental evidence from liquidity operations

• Ugo Albertazzi*, Carlo Altavilla and Miguel Boucinha, European Central Bank
• Marco di Maggio, Harvard Business School

Employment and the collateral channel of monetary policy

• Saleem Bahaj, Angus Foulis and Gabor Pinter, Bank of England
• Paolo Surico*, London Business School and Centre for Economic Policy Research

Keynote speech Low interest rates, market power and productivity growth

Atif Mian, Princeton University

Session 2 Financial crisis and macroprudential policy

Chair: Luca Dedola, European Central Bank

Credit Booms, Banking Crises and Macroprudential Policy

• Mark Gertler, New York University
• Nobuhiro Kiyotaki, Princeton University
• Andrea Prestipino*, Board of Governors of the Federal Reserve System

A macroeconomic model with financially constrained producers and intermediaries

• Vadim Elenev, Johns Hopkins University
• Tim Landvoigt*, The Wharton School, University of Pennsylvania
• Stijn Van Nieuwerburgh, New York University Stern School of Business

Extreme financial distress and the macroeconomy

• Caterina Mendicino* and Kalin Nikolov, European Central Bank
• Juan Rubio-Ramírez, Emory University
• Javier Suarez, Centro de Estudios Monetarios y Financieros
• Dominik Supera, The Wharton School, University of Pennsylvania

Household debt and macroeconomic risk

Lars Svensson, Stockholm School of Economics

Coffee

Session 3 Monetary policy, asset prices and bubbles

Chair: Natacha Valla, European Central Bank

Monetary policy for a bubbly world

• Vladimir Asriyan, Luca Fornaro and Jaume Ventura, Centre de Recerca en Economia Internacional
• Alberto Martin*, European Central Bank

Leaning against housing prices as robustly optimal monetary policy

• Klaus Adam*, University of Mannheim
• Michael Woodford, Columbia University

Monetary policy and bubbles in a new Keynesian model with overlapping generations

Jordi Galí, Centre de Recerca en Economia Internacional

Keynote speech Monetary and macroprudential policy with endogenous risk

Tobias Adrian, International Monetary Fund

Session 4 Impact of macroprudential policy

Chair: Philipp Hartmann, European Central Bank

Would macroprudential regulation have prevented the last crisis?

• David Aikman, Jonathan Bridges and Caspar Siegert*, Bank of England
• Anil Kashyap, University of Chicago Booth School of Business

Are bigger banks better? Firm-level evidence from Germany

Kilian Huber, University of Chicago Booth School of Business

The costs of macroprudential policy

• Björn Richter and Moritz Schularick*, University of Bonn
• Ilhyock Shim, Bank for International Settlements

Discussant: Angela Maddaloni, European Central Bank

Firm heterogeneity, credit spreads, and monetary policy

• Gareth Andersen, International Monetary Fund
• Ambrogio Cesa-Bianchi*, Bank of England

Closing remarks

Philipp Hartmann, European Central Bank