Monetary and financial stability policies in a changing economic landscape
Prague, June 13–14, 2024
Czech National Bank Congress Centre (The Commodity Exchange), Senovážné nám. 30, Prague 1
The conference is open to registered participants only. Registration has been closed.
Program
Thursday, 13 June 2024
All times are in Central European Summer Time.
| 8.30 | Registration & Morning Coffee |
| 8.55 | Opening Remarks Simona Malovaná, Director of Financial Research Division, Financial Stability Department, Czech National Bank |
| 9.00 | Buying Insurance at Low Economic Cost – The Effects of Bank Capital Buffer Increases Since the Pandemic (pdf, 572 kB) Markus Behn, Marco Forletta, Alessio Reghezza (European Central Bank) Discussant: Simona Malovaná (Czech National Bank) Discussion (pdf, 290 kB) |
| 9.40 | Effects of Bank Capital Requirements on Lending by Banks and Non-Bank Financial Institutions (pdf, 2 MB) Peter Bednarek (Deutsche Bundesbank), Olga Briukhova, Steven Ongena, (University of Zurich) and Natalja v. Westernhagen (Deutsche Bundesbank) Discussant: Linda Rousová (European Central Bank) Discussion (pdf, 525 kB) |
| 10.20 | Banks’ Credit Losses and Lending Dynamics (pdf, 554 kB) Peter Raupach, Christoph Memmel (Deutsche Bundesbank) Discussant: Manfred Kremer (European Central Bank) Discussion (pdf, 154 kB) |
| 11.00 | Coffee break |
| 11.15 | Keynote Speech: GDP-at-Risk: The State of Play and Future Priorities (pdf, 4 MB) David Aikman, King’s Business School, Director of the Qatar Centre for Global Banking & Finance |
| 12.15 | Lunch |
| 13.30 | Are Low Interest Rates Firing Back? Interest Rate Risk in the Banking Book and Bank Lending in a Rising Interest Rate Environment (pdf, 1 MB) Lara Coulier (Ghent University), Cosimo Pancaro, Alessio Reghezza (European Central Bank) Discussant: Dominik Menno (Deutsche Bundesbank) Discussion (pdf, 437 kB) |
| 14.10 | As Interest Rates Surge: Flighty Deposits and Lending (pdf, 1 MB) Giuseppe Cappelletti, David Marques-Ibanez, Alessio Reghezza, Carmelo Salleo (European Central Bank) Discussant: Michal Marenčák (National Bank of Slovakia) Discussion (pdf, 440 kB) |
| 14.50 | Does Firms’ Financing in Foreign Currency Matter for Monetary Policy? Jan Brůha, Volha Audzei, Ivan Sutoris (Czech National Bank) Discussant: Sergey Slobodyan (CERGE-EI) Discussion (pdf, 141 kB) |
| 15.30 | Coffee break |
| 15.45 | Long Run Inflation and Financial Panics (pdf, 234 kB) Nikolay Hristov, Dominik Menno (Deutsche Bundesbank) Discussant: Lara Coulier (Ghent University) Discussion (pdf, 191 kB) |
| 16.25 | Adaptive Learning and Survey Expectations of Inflation (pdf, 385 kB) Yuliya Rychalovska, Sergey Slobodyan (CERGE-EI), Raf Wouters (National Bank of Belgium) Discussant: Volha Audzei (Czech National Bank) Discussion (pdf, 686 kB) |
| 17.05 | State-Dependent Inflation Expectations and Consumption Choices (pdf, 685 kB) Michal Marenčák (National Bank of Slovakia) Discussant: František Brázdik (Czech National Bank) Discussion (pdf, 513 kB) |
| 18.30 | Dinner (by invitation) |
| 21.30 | End of Thursday´s program |
Friday, 14 June 2024
All times are in Central European Summer Time.
| 8.30 | Registration & Morning Coffee |
| 9.00 | Quantifying Financial Stability Trade-offs for Monetary Policy (pdf, 2 MB) Sulkhan Chavleishvili (Aarhus University), Manfred Kremer, Frederik Lund-Thomsen (European Central Bank) Discussant: Michal Franta (Czech National Bank) Discussion (pdf, 682 kB) |
| 9.40 | Market-Based Finance and the Business Cycle (pdf, 1 MB) Katharina Cera, Sujit Kapadia, Linda Rousová, Christian Weistroffer (European Cental Bank) Discussant: Adam Geršl (Charles University, Institute of Economic Studies) Discussion (pdf, 171 kB) |
| 10.20 | Financial Stability Considerations in the Conduct of Monetary Policy (pdf, 692 kB) Paul Bochmann, Daniel Dieckelmann, Stephan Fahr (European Cental Bank), Josef Ruzicka (Nazarbayev University) Discussant: Alessio Reghezza (European Central Bank) Discussion (pdf, 193 kB) |
| 11.00 | Coffee break |
| 11.15 | Keynote Speech: Guiding Star? The Natural Interest Rate and Monetary Policy (pdf, 6 MB) Phurichai Rungcharoenkitkul, Bank for International Settlements |
| 12.15 | Lunch |
| 13.30 | The Foreign Liability Channel of Bank Capital Requirements Luigi Falasconi (University of Pennsylvania), Pablo Herrero (European University Institute), Caterina Mendicino (European Central Bank), Dominik Supera (Columbia Business School) Discussant: Stanislav Tvrz (Czech National Bank) Discussion (pdf, 1 MB) |
| 14.10 | How Does International Capital Flow? (pdf, 2 MB) Michael Kumhof (Bank of England), Phurichai Rungcharoenkitkul (Bank for International Settlements), Andrej Sokol (Bloomberg) Discussant: Jan Brůha (Czech National Bank) Discussion (pdf, 259 kB) |
| 14.50 | Geopolitical Risks and Financial Stability (pdf, 940 kB) Martin Hodula, Jan Janků, Simona Malovaná (Czech National Bank) Discussant: Martin Čihák (International Monetary Fund) Discussion (pdf, 815 kB) |
| 15.30 | Coffee break, end of program |
The program can be downloaded here: Program (pdf, 378 kB)
Organizing Committee
- Jan Babecký (Czech National Bank)
- Martin Hodula (Czech National Bank)
Scientific Committee
- Volha Audzei (Czech National Bank)
- Jan Babecký (Czech National Bank)
- Jan Brůha (Czech National Bank)
- Martin Hodula (Czech National Bank)
- Jan Janků (Czech National Bank)
- Simona Malovaná (Czech National Bank)