Programme of International research conference “Macroprudential Policy Effectiveness: Theory and Practice”, 3rd July, 2019

programme in PDF

enue: North-Western Main Branch of the Bank of Russia (68 Fontanka River embankment)

8:00

Registration

8:40 Opening
Ksenia Yudaeva, First Deputy Governor of the Bank of Russia
9:00 – 10:40 Session 1: Identifying and measuring financial stability risks
9:00 – 9:50

How do financial vulnerabilities and bank resilience affect medium-term macroeconomic tail risk?

David Aikman, Bank of England
Jonathan Bridges, Bank of England
Sinem Hacioglu Hoke, Bank of England, DAFM
Cian O’Neill, Bank of England
Akash Raja, Bank of England, LSE

Discussant (10 min): Alexey Ponomarenko, Bank of Russia
Comments, Q&A (10 min)

9:50 – 10:40

Commodity Cycles and Financial Instability in Emerging Economies

M. Andreev, Bank of Russia
M. U. Peiris, ICEF, NRU Higher School of Economics
A. Shirobokov, FES, NRU Higher School of Economics
D. P. Tsomocos, Saıd Business School and St Edmund Hall, University of Oxford

Discussant (10 min): Valery Charnavoki, New Economic School
Comments, Q&A (10 min)

11:00 – 12:40 Session 2: Optimal monetary and macroprudential policy
11:00 – 11:50

Quest for Robust Optimal Macroprudential Policy

Pablo Aguilar, Bank of Spain
Stephan Fahr, European Central Bank
Eddie Gerba, Danmarks Nationalbank
Samuel Hurtado, Bank of Spain

Discussant (10 min): Armen Nurbekyan, Central Bank of Armenia
Comments, Q&A (10 min)

11:50 – 12:40

The Expansionary Lower Bound: Contractionary Monetary Easing and the Trilemma

Paolo Cavallino, Bank for International Settlements
Damiano Sandri, International Monetary Fund

Discussant (10 min): Konstantin Egorov, New Economic School
Comments, Q&A (10 min)

13:30 – 15:10 Session 3: (Unintended) effects of macroprudential policy
Chaired by Elizaveta Danilova, Bank of Russia
13:30 – 14:20

Digging Deeper – Evidence on the Effects of Macroprudential Policies from a New Database

Zohair Alam, University of Toronto
Adrian Alter, International Monetary Fund
Jesse Eiseman, CLS Group
Gaston Gelos, International Monetary Fund
ХHeedon Kang, International Monetary Fund
Machiko Narita, International Monetary Fund
Erlend Nier, International Monetary Fund
Naixi Wang, Saıd Business School

Discussant (10 min): Andrea Nobili, Bank of Italy
Comments, Q&A (10 min)

14:20 – 15:10

Has Regulatory Capital Made Banks Safer? Skin in the Game vs Moral Hazard

Ernest Dautovic, University of Lausanne

Discussant (10 min): Stephen Cecchetti, Brandeis International Business School
Comments, Q&A (10 min)

15:30 – 16:40

Policy session
Chaired by Richard Portes, London Business School

Monetary policy in the grip of a pincer movement
Claudio Borio, Bank for International Settlements

Discussion (30 min):
Patricia C. Mosser, Columbia University
Richard Portes, London Business School
Ksenia Yudaeva, Bank of Russia Comments,
Q&A (10 min)

16:40-16:50 Concluding remarks
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