Second Czech National Bank Workshop on Financial Stability and Macroprudential Policy

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

Prague, December 11–12, 2025

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

The conference is open to registered participants only. Registration closed.

Program

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 (pdf, 727 kB)
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 (pdf, 539 kB)
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) (pdf, 732)
10:10 A Diagnostic TANK Model for the Housing Market (pdf, 2,1 MB)
Marcos Gaspar Montenegro Calvimonte (Bank of England)
Discussant: Luis Herrera (Banco de Espaṅa) (pdf, 124)
10:50 Coffee break
11:05 Keynote Speech: Central Banks as Catalysts of Innovation in Payments (pdf, 5 MB)
Jon Frost, Bank for International Settlements
12:05 Lunch
13:20 The Marginal Propensity to Extract Housing Wealth: Evidence from Home Equity Windfalls (pdf, 2 MB)
Alvaro Mezza (Federal Reserve Board), Daniel Ringo (Federal Reserve Board), Kamila Sommer (Federal Reserve Board)
Discussant: Branislav Saxa (Czech National Bank) (pdf, 273)
14:00 Monetary Policy Tightening and Macroprudential Policy (pdf, 953 kB)
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) (pdf, 1 MB)
14:40 The Aggregate Demand Channel of Loan-to-Value Shocks (pdf, 1 MB)
Pablo Herrero (Banco de Espaṅa), Caterina Mendicino (European Central Bank), Christopher Schang (European University Institute)
Discussant: Marcos Gaspar Montenegro Calvimonte (Bank of England) (pdf, 118)
15:20 Coffee break
15:35 Covered but Exposed: Currency Risk in Collateralized Bank Funding (pdf, 678 kB)
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) (pdf, 148)
16:15 “Who’s the Boss?” The Role of Dividend Clienteles in Banks' Lending Decisions (pdf, 387 kB)
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) (pdf, 142)
16:55 Lending to Hedge Funds: Does Competition Erode Bank Risk Management? (pdf, 891 kB)
Christian Bittner (Deutsche Bundesbank and Goethe University Frankfurt), Stephan Jank (Deutsche Bundesbank)
Discussant: Kamila Sommer (Federal Reserve Board) (pdf, 606)
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 (pdf, 4,5 MB)
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) (pdf, 609)
10:20 Flight from the Front Line: Geopolitical Risk, Distance, and Capital Flow Dynamics (pdf, 604 kB)
Jan Janků (Czech National Bank), Martin Hodula (Czech National Bank), Simona Malovaná (Czech National Bank)
Discussant: Rhiannon Sowerbutts (Bank of England) (pdf, 930)
11:00 Coffee break

Organizing committee:

  • Zuzana Gric (Czech National Bank)
  • Tomáš Karhánek (Czech National Bank)
  • Kateřina Šlapáková (Czech National Bank)

Scientific committee:

  • Zuzana Gric (Czech National Bank)
  • Martin Hodula (Czech National Bank)
  • Jan Janků (Czech National Bank)
  • Tomáš Karhánek (Czech National Bank)
  • Simona Malovaná (Czech National Bank)
  • Josef Švéda (Czech National Bank)