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ECB Workshop on Non-standard monetary policy measures: Lessons from recent international experience
25 and 26 June 2012, Frankfurt am Main
Monday, 25 June 2012
| 1.30 p.m. - 2 p.m. | Registration |
| 2 p.m. - 2.15 p.m. | Welcome address Peter Praet, Executive Board Member, European Central Bank |
| 2.15 p.m. - 3.15 p.m. | Keynote speech The dynamics of sovereign debt crises and bailouts Harald Uhlig, University of Chicago |
| Session 1: Structural models and non-standard monetary policy measures Chair: Oreste Tristani, European Central Bank |
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| 3.15 p.m. - 4 p.m. | The macroeconomic effects of large-scale asset purchase programs Han Chen, Vasco Cúrdia and Andrea Ferrero, Federal Reserve Bank of New York Discussant: David Vestin, Sveriges Riksbank |
| 4 p.m. - 4.30 p.m. | Coffee break |
| 4.30 p.m. - 5.15 p.m. | Balance sheet policies in the euro area Kai Christoffel, European Central Bank, and Andreas Schabert, Technische Universität Dortmund Discussant: Mathias Trabandt, Board of Governors of the Federal Reserve System |
| 5.15 p.m. - 6 p.m. | QE 1 vs. 2 vs. 3: A framework for analysing large-scale asset purchases as a monetary policy tool Mark Gertler, New York University, and Peter Karadi, European Central Bank Discussant: Ester Faia, Goethe University Frankfurt |
| 7.15 p.m. | Dinner Restaurant Emma Metzler, Frankfurt am Main |
Tuesday, 26 June 2012
| 8.45 a.m. - 9 a.m. | Registration |
| 9 a.m. - 10 a.m. | Keynote speech Systemic sovereign credit risk: Lessons from the U.S. and Europe Andrew Ang, Columbia University |
| Session 2: Non-standard monetary policy measures in the euro area Chair: Francesco Drudi, European Central Bank |
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| 10 a.m. - 10.30 a.m. | How the ECB fitted its non-standard measures to the financial crisis Philippe Moutot, European Central bank |
| 10.30 a.m. - 10.45 a.m. | Coffee break |
| 10.45 a.m. - 12.30 p.m. | The ECB Securities Markets Programme A European Twist: The efficacy of the Securities Markets Programme Michiel De Pooter, Robert F. Martin and Seth Pruitt, Board of Governors of the Federal Reserve System The yield impact of the Securities Markets Programme Fabian Eser and Bernd Schwaab, European Central Bank A high frequency assessment of the ECB Securities Markets Programme Eric Ghysels, University of North Carolina, Julien Idier, Simone Manganelli and Olivier Vergote, European Central Bank Discussants: Jean Barthelemy, Banque de France Christian Upper, Bank for International Settlements |
| 12.30 p.m. - 1.30 p.m. | Buffet lunch |
| 1.30 p.m. - 2.30 p.m. | Keynote speech Fiscal Crises, Confidence and Default Giancarlo Corsetti, University of Cambridge |
| Session 3: International evidence on quantitative easing and other measures Chair: Massimo Rostagno, European Central Bank |
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| 2.30 p.m. - 3.40 p.m. | Analyzing Federal Reserve asset purchases: From whom does the Fed buy? Seth Carpenter, Michelle Bowbeer, Selva Demiralp, Jane Ihrig, Elizabeth Klee and Zeynep Senyuz, Board of Governors of the Federal Reserve System The impact of QE on the UK economy – some supportive monetarist arithmetic Jonathan Bridges and Ryland Thomas, Bank of England Discussant: Michele Lenza, European Central Bank |
| 3.40 p.m. - 4 p.m. | Coffee break |
| 4 p.m. - 5 p.m. | Quantitative easing, portfolio choice, and international capital flows Marcel Fratzscher, Marco Lo Duca and Roland Straub, European Central Bank Central bank swap line effectiveness during the euro area sovereign debt crisis Richhild Moessner, Bank for International Settlements and William A. Allen, Cass Business School Discussant: Giuseppe Ferrero, Banca d’Italia |
| Session 4: What are the lessons from international experience? | |
| 5 p.m. - 6.30 p.m. | Panel discussion Chair: Frank Smets, European Central Bank Claudio Borio, Bank for International Settlements Satoshi Kawazoe, Bank of Japan Andrew Levin, Board of Governors of the Federal Reserve System |
General Information
| Conference venue: | European Central Bank Eurotower Kaiserstrasse 29 60311 Frankfurt am Main Germany Tel.: +49 69 1344 0 Fax: +49 69 1344 6000 |
| Workshop language: | English |
| Programme: | The workshop programme may be changed without notice. |
| Dinner venue: | Restaurant Emma Metzler Schaumainkai 17 60594 Frankfurt am Main |
| Contact persons: | Alexandra Kroppenstedt ECB Directorate Communications Publishing, Events and Protocol Division E-mail: EVP-Events@ecb.europa.eu Janina Desoi ECB Directorate General Economics Monetary Policy Stance Division E-mail: janina.desoi@ecb.europa.eu |