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


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
Markus Behn, Marco Forletta, Alessio Reghezza (European Central Bank)
Discussant: Simona Malovaná (Czech National Bank)
9.40 Effects of Bank Capital Requirements on Lending by Banks and Non-Bank Financial Institutions
Peter Bednarek (Deutsche Bundesbank), Olga Briukhova, Steven Ongena, (University of Zurich) and Natalja v. Westernhagen (Deutsche Bundesbank)
Discussant: Linda Rousová (European Central Bank)
10.20 Banks’ Credit Losses and Lending Dynamics
Peter Raupach, Christoph Memmel (Deutsche Bundesbank)
Discussant: Manfred Kremer (European Central Bank)
11.00 Coffee break
11.15 Keynote Speech: GDP-at-Risk: The State of Play and Future Priorities
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
Lara Coulier (Ghent University), Cosimo Pancaro, Alessio Reghezza (European Central Bank)
Discussant: Dominik Menno (Deutsche Bundesbank)
14.10 As Interest Rates Surge: Flighty Deposits and Lending
Giuseppe Cappelletti, David Marques-Ibanez, Alessio Reghezza, Carmelo Salleo (European Central Bank)
Discussant: Michal Marenčák (National Bank of Slovakia)
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)
15.30 Coffee break
15.45 Long Run Inflation and Financial Panics
Nikolay Hristov, Dominik Menno (Deutsche Bundesbank)
Discussant: Lara Coulier (Ghent University)
16.25 Adaptive Learning and Survey Expectations of Inflation
Yuliya Rychalovska, Sergey Slobodyan (CERGE-EI), Raf Wouters (National Bank of Belgium)
Discussant: Volha Audzei (Czech National Bank)
17.05 State-Dependent Inflation Expectations and Consumption Choices
Michal Marenčák (National Bank of Slovakia)
Discussant: František Brázdik (Czech National Bank)
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
Sulkhan Chavleishvili (Aarhus University), Manfred Kremer, Frederik Lund-Thomsen (European Central Bank)
Discussant: Michal Franta (Czech National Bank)
9.40 Market-Based Finance and the Business Cycle
Katharina Cera, Sujit Kapadia, Linda Rousová, Christian Weistroffer (European Cental Bank)
Discussant: Adam Geršl (Charles University, Institute of Economic Studies)
10.20 Financial Stability Considerations in the Conduct of Monetary Policy
Paul Bochmann, Daniel Dieckelmann, Stephan Fahr (European Cental Bank), Josef Ruzicka (Nazarbayev University)
Discussant: Alessio Reghezza (European Central Bank)
11.00 Coffee break
11.15 Keynote Speech: Guiding Star? The Natural Interest Rate and Monetary Policy
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)
14.10 How Does International Capital Flow?
Michael Kumhof (Bank of England), Phurichai Rungcharoenkitkul (Bank for International Settlements), Andrej Sokol (Bloomberg)
Discussant: Jan Brůha (Czech National Bank)
14.50 Geopolitical Risks and Financial Stability
Martin Hodula, Jan Janků, Simona Malovaná (Czech National Bank)
Discussant: Martin Čihák (International Monetary Fund)
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)