Workshop on Monetary Policy and Asset Prices: Lessons from the Crisis and New Tools, 3-4 May 2018

Following the great financial crisis, standard policy rates got constrained by the effective lower bound. In order to further stimulate the economy, many central banks across the globe turned to unconventional monetary policies. The effects of these unconventional monetary policies (e.g. asset purchases, forward guidance, etc.) are currently still debated. In order to provide an opportunity to exchange views between policymakers and academics, the Financial and Monetary Studies Directorate of the Banque de France has organized the workshop ‘Monetary Policy and Asset Prices: Lessons from the Crisis and New Tools’ to improve the understanding of the current monetary policy challenges and point towards possible solutions for the future.

Contact : DEMFI_CONFERENCE@banque-france.fr Organizers: Sarah MouabbiJean-Guillaume Sahuc

Thursday 3 May

 

10:30

Registration

10:45

Welcome by Olivier Garnier

Session 1

New Normal/ New Tools

11:00

Keynote – Frank Smets

12:00

Lunch

13:30

Should Unconventional Monetary Policies Become Conventional?
Dominic Quint, Pau Rabanal

14:10

Concerted Efforts? Monetary and Macro-Prudential Policies
Andrea Ferrero,  Richard Harrison and Benjamin Nelson.

14:50

A Large Central Bank Balance Sheet? The Role of Interbank Market Frictions
Oscar Arce, Galo Nuno, Dominik Thaler, Carlos Thomas

Friday 4 May

 

Session 2

The Low Interest Rate Environment

09:30

Keynote – Glenn Rudebusch

10:30

Break

11:00

Expectation and Duration at the Effective Lower Bound
Thomas King

11:40

A Time Series Model of Interest Rates With the Effective Lower Bound
Benjamin Johannsen, Elmar Mertens

12:20

A Shadow Rate New Keynesian Model
Cynthia Wu, Ji Zhang

13:00

Lunch

Session 3

Macroeconomic Effects of Monetary Policy Measures

14:30

Keynote – Thomas Laubach

15:30

Break

16:00

The Time-varying Effects of Conventional and Unconventional Monetary Policy: Results from a New Identification Procedure
Barbara Rossi, Atsushi Inoue

16:40

Global Impact of US and Euro Area Unconventional Monetary Policies: A Comparison
Qianying Chen, Marco Lombardi, Alex Ross and Feng Zhu

17:20

Evaluating the Macroeconomic Effects of the ECB’s Unconventional Monetary Policies
Sarah Mouabbi,  Jean-Guillaume Sahuc

 

visuel Workshop on Monetary Policy and Asset Prices 3-4 May 2018

Updated on: 06/15/2018 11:06