Second Czech National Bank Workshop on Financial Stability and Macroprudential Policy

“Advancing Financial Stability and Macroprudential Policy in a Changing World”

Czech National Bank Congress Centre (The Commodity Exchange), Senovážné nám. 30, Prague 1

Registration required. To register, please use the registration form. The registration is open until 5 December 2025.

Thursday, 11 December 2025
All times are in Central European Winter Time.

08:15	Registration & Morning Coffee
08:45	Opening Remarks Jan Frait, Deputy Governor, Czech National Bank

08:50	Implementing Borrower-Based Measures in the EU: The Role of Institutional Frameworks Elena Durante (European Central Bank), Giovanna Milone (European Central Bank), Mara Pirovano (European Central Bank), Radu Popa (European Central Bank) *Discussant*: Fergal McCann (Central Bank of Ireland)
09:30	Macroprudential Tightening and Multiple Property Ownership: New Evidence from EuropeanWealth Microdata Ján Klacso (National Bank of Slovakia), Mária Širaňová (Slovak Academy of Sciences and Commenius University in Bratislava), Andrej Cupák (National Bank of Slovakia) *Discussant*: Radu Popa (European Central Bank)
10:10	A Diagnostic TANK Model for the Housing Market Marcos Gaspar Montenegro Calvimonte (Bank of England) *Discussant*: Luis Herrera (Banco de Espaṅa)
10:50	Coffee break

11:05	Keynote Speech: Central Banks as Catalysts of Innovation in Payments Jon Frost, Bank for International Settlements
12:05	Lunch

13:20	The Marginal Propensity to Extract Housing Wealth: Evidence from Home Equity Windfalls Alvaro Mezza (Federal Reserve Board), Daniel Ringo (Federal Reserve Board), Kamila Sommer (Federal Reserve Board) *Discussant*: Branislav Saxa (Czech National Bank)
14:00	Monetary Policy Tightening and Macroprudential Policy Luis Herrera (Banco de Espaṅa), Caterina Mendicino (European Central Bank), Kalin Nikolov (European Central Bank), Valerio Scalone (European Central Bank) *Discussant*: Chiara Punzo (Bank of England)
14:40	The Aggregate Demand Channel of Loan-to-Value Shocks Pablo Herrero (Banco de Espaṅa), Caterina Mendicino (European Central Bank), Christopher Schang (European University Institute) *Discussant*: Marcos Gaspar Montenegro Calvimonte (Bank of England)
15:20	Coffee break

15:35	Covered but Exposed: Currency Risk in Collateralized Bank Funding Valentina Bruno (American University, NBER, CEPR and ECGI), Jin Cao (Norges Bank and CESifo), Valeriya Dinger (University of Osnabrűck and the University of Leeds) *Discussant*: Adam Geršl (Charles University in Prague)
16:15	“Who’s the Boss?” The Role of Dividend Clienteles in Banks' Lending Decisions Petros Katsoulis (Bank of England), Eddie Gerba (Bank of England), Jozef Baruník (Charles University in Prague), Jonathan Acosta-Smith (OECD) *Discussant*: Valeriya Dinger (University of Osnabrűck and the University of Leeds)
16:55	Lending to Hedge Funds: Does Competition Erode Bank Risk Management? Christian Bittner (Deutsche Bundesbank and Goethe University Frankfurt), Stephan Jank (Deutsche Bundesbank) *Discussant*: Kamila Sommer (Federal Reserve Board)
18:00	Guided tour of Prague (by invitation)
19:00	Dinner (by invitation)
21:30	End of Thursday´s program

Friday, 12 December 2025
All times are in Central European Winter Time.

08:30	Registration & Morning Coffee
09:00	Special Session: Conducting and Managing Research under Geopolitical Tensions Panelists: Mihnea Constantinescu (National Bank of Moldova) and Iikka Korhonen (Bank of Finland) *Moderator:* Josef Švéda (Czech National Bank)

09:40	Geopolitical Risk and Cross-border Bank Lending Dennis Reinhardt (Bank of England), Julian Reynolds (Bank of England and University of Oxford), Rhiannon Sowerbutts (Bank of England) *Discussant*: Patrik Kupkovič (National Bank of Slovakia)
10:20	Flight from the Front Line: Geopolitical Risk, Distance, and Capital Flow Dynamics Jan Janků (Czech National Bank), Martin Hodula (Czech National Bank), Simona Malovaná (Czech National Bank) *Discussant*: Rhiannon Sowerbutts (Bank of England)
11:00	Coffee break

11:15	Keynote Speech: Macroprudential Policy: Countering Financial Amplification of Shocks Erlend Nier, International Monetary Fund
12:15	Lunch

13:30	The Governance of Macroprudential Policy in South Africa Janine Aron (University of Oxford), Greg Farrell (University of the Witwatersrand), John Muellbauer (University of Oxford) *Discussant*: Adam Kučera (Czech National Bank)
14:10	International Spillovers Form Euro Area Monetary Policy: Investment Behavior of Czech Firms Michal Franta (Czech National Bank), Volha Audzei (Czech National Bank) *Discussant*: Stephanie Ettmeier (CERGE-EI)
14:50	Monetary Policy, State-Dependent Bank Capital Requirements and the role of Non-Bank Financial Intermediaries Manuel Gloria (Bank of England), Chiara Punzo (Bank of England) *Discussant*: František Mašek (National Bank of Slovakia)
15:30	Coffee break, end of program