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Monetary Policy Challenges from a Small Country Perspective

November 23-24, 2016
Venue: Hotel Saffron****, Radlinského 27, 811 07 Bratislava

Conference Programme

Wednesday, November 23

8:30 – 9:00 Registration

9:00 – 9:10 Opening Remarks

Jozef Makúch (Governor of the National Bank of Slovakia)

9:10 – 10:00 Keynote Speech

The Power and Limits of Extraordinary Monetary Policy
Randall Kroszner (University of Chicago)

10:00 – 11:10 Session 1: Where do we stand (sensitivity of inflation / responsiveness of financial markets) (chair: Martin Šuster)

Zsoka Koczan (International Monetary Fund) and Davide Furceri: “Global disinflation in an era of low oil prices and constrained monetary policy
Discussant: Julien Pinter (Université Paris 1)

Jan Willem van den End (De Nederlandsche Bank) and Leo de Haan “Unconventional monetary policy and market expectations: some evidence for the euro area
Discussant: Roberto Billi (Sveriges Riksbank)

11:10 – 11:30 Coffee Break

11:30 – 13:00 Session 2: Conditional effects of unconventional monetary policy (chair: Ľuboš Pástor)

Marien Ferdinandusse (European Central Bank), Maximilian Freier and Annukka Ristiniemi: “Quantitative easing and the liquidity trade-off” Discussant: Martijn A.Boermans (De Nederlandsche Bank)

Marco di Pietro (Universita di Roma) and Giovanni Di Bartolomeo “The optimal duration of the forward guidance at the zero lower bound” Discussant: Alexandra G. Detmers (Magyar Nemzeti Bank)

Martijn Adriaan Boermans (De Nederlandsche Bank) and Viacheslav Keshkov: “The impact of the ECB public sector purchases on the European bond market structure: Empirical evidence from security-by­security holdings data

13:00 – 14:00 Lunch

14:00 – 15:10 Session 3: Monetary policy and financial stability from birdseye perspective (chair: Svatopluk Kapounek)

Martina Jančoková (European Central Bank) and Georgios Georgiadis “Financial Globalisation, Monetary Policy Spillovers and Macro-Modelling: Tales from One Hundred and One Shocks
Discussant: Stanislav Tvrz (National Bank of Slovakia)

Jarko Fidrmuc (Zeppelin University) and Ronja Lind: “Macroeconomic Impact of Basel III: Evidence from a Meta-Analysis
Discussant: Caroline Stern (Oesterreichische Nationalbank)

15:10 – 15:30 Coffee Break

15:30 – 17:50 Session 4: Business cycle debate in monetary policy preparation

(chair: Pavel Gertler) Irfan Qureshi (University of Warwick): “The Role of Money in Federal Reserve Policy
Discussant: Romain Baeriswyl (Swiss National Bank)

Roberto M. Billi (Sveriges Riksbank): “Output Gaps and Robust Monetary Policy Rules” Discussant: Andreas Wörgötter (TU Vienna, OECD)

Roland Meeks (Bank of England), Lien Laureys and Boromeus Wanengkrityo: “Should monetary policy stabilize lending spreads? Optimal monetary policy in an estimated model of the euro area
Discussant: Irfan Quereshi (University of Warwick)

Romain Baeriswyl (Swiss National Bank) and Camille Cornand “The distortionary effect of monetary policy: credit expansion vs. lump-sum transfers in the lab
Discussant: Daniel Dujava (Unviversity of Economics in Bratislava)

17:50 End of day 1

19:00 Dinner

Dinner address by Ján Tóth (deputy governor of the NBS)

Thursday, November 24

9:00 – 10:45 Session 5 (chair: Ján Tóth)

Keynote Speech

Spillovers and Spillbacks: Monetary policy frameworks, financial stability and the challenges facing small, open economies

Andrew Filardo (Bank for International Settlements)

Eleonora Mavroeidiy (Bank of England), Giancarlo Corsetti, Gregory Thwaitesz and Martin Wolf: “Step away from the zero lower bound: Policy options for small open economies in a world of secular stagnation
Discussant: Aleš Maršál (National Bank of Slovakia)

10:45 – 11:15 Coffee Break

11:15 – 13:00 Session 6: Overlaps with financial stability

(chair: Štefan Rychtárik)

Federico Diaz Kalan (International Monetary Fund), Aleksandra Zdzienicka, Sally Chen, Stefan Laseen, and Katsiaryna Svirydzenkaa “Effects of Monetary and Macro-prudential Policies on Financial Conditions: Evidence from the United States
Discussant: Ján Klacso (National Bank of Slovakia)

Yannick Lucotte (Paris School of Business), Grégory Levieuge and Florian Pradines-Jobet: “Central bank preferences and banking sector vulnerability
Discussant: Ľuboš Šesták (National Bank of Slovakia)

Julia Giese (Bank of England), David Aikman, Sujit Kapadia and Michael McLeay: “Targeting financial stability: macro-prudential or monetary policy?
Discussant: Simona Malovaná (Czech National Bank)

13:00 – 13:15 Governor Awards ceremony

Governor awards ceremony -the best student thesis 2015

13:15 – 14:15 Lunch

14:15 – 15:25 Session 7: Effects of unconventional policies in small open economies (chair: Andreas Wörgötter)

Julien Pinter

(Université Paris 1), Marc Pourroy: “Breaking the Swiss Franc peg: afraid of financial losses?” Discussant: Soňa Muzikárová (Institute for Financial Policy)

Adriana Lojschová (National Bank of Slovakia) “Did quantitative easing boost bank lending? Slovak experience” Discussant: Svatopluk Kapounek (Mendel University Brno)

15:25 – 15:45 Coffee Break

15:45 – 17:30 Session 8: Monetary policy transmission in small open economies (chair: Roman Horváth)

Mahir Binici (Central Bank of the Republic of Turkey), Hakan Kara and Pınar Özlü: “Interest Rate Corridor and Bank Interest Rates: Evidence on Monetary Policy Transmission” Discussant: Yannick Lucotte (Paris School of Business)

Gerti Shijaku (Bank of Albania): “The macroeconomic pass-through effects of monetary policy through sign restriction approach: In the case of Albania” Discussant: Branislav Saxa (Czech National Bank)

Daniel Dujava (University of Economics in Bratislava), Ján Dráb “Central bank credibility and channels of monetary policy: Case of Western Balkan countries” Discussant: Roman Horváth (IES, Charles University in Prague)

17:30 End of day 2

Conference language: English
Organizers: Martin Šuster Pavel Gertler
Contacts: NBS research department: