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 |
| 11:15 | Keynote Speech: Macroprudential Policy: Countering Financial Amplification of Shocks (pdf, 485 kB) Erlend Nier, International Monetary Fund |
| 12:15 | Lunch |
| 13:30 | The Governance of Macroprudential Policy in South Africa (pdf, 614 kB) Janine Aron (University of Oxford), Greg Farrell (University of the Witwatersrand), John Muellbauer (University of Oxford) Discussant: Adam Kučera (Czech National Bank) (pdf, 482 kB) |
| 14:10 | International Spillovers Form Euro Area Monetary Policy: Investment Behavior of Czech Firms (pdf, 3,8 MB) Michal Franta (Czech National Bank), Volha Audzei (Czech National Bank) Discussant: Stephanie Ettmeier (CERGE-EI) (pdf, 126 kB) |
| 14:50 | Monetary Policy, State-Dependent Bank Capital Requirements and the role of Non-Bank Financial Intermediaries (pdf, 1,7 MB) Manuel Gloria (Bank of England), Chiara Punzo (Bank of England) Discussant: František Mašek (National Bank of Slovakia) (pdf, 332 kB) |
| 15:30 | Coffee break, end of program |
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)