Macroprudential policy: effectiveness, interactions and spillovers

Opening remarks

Luigi Federico Signorini, Deputy Governor, Banca d’Italia

Session 1: Interactions among macroprudential instruments

Chair: Tomas Garbaravičius, Board member of Lietuvos bankas and MPPG Co-Chair

Beyond the LTV ratio: new macroprudential lessons from Spain

Presenter: Matías Lamas, Banco de España
Co-author: Jorge E. Galán, Banco de España

Discussant: Marco Lo Duca, European Central Bank

The effectiveness of combinations of borrower-based measures: a quantitative analysis for Slovakia

Presenter: Pavol Jurča, Národná banka Slovenska

Co-authors

• Jan Klacso, Národná banka Slovenska
• Marco Gross, International Monetary Fund
• Marco Forletta, European Central Bank
• Eugen Tereanu, European Central Bank

Discussant: Niamh Hallissey, Central Bank of Ireland

Keynote address Macroprudential policy and household leverage: evidence from administrative household-level data

José-Luis Peydró, Imperial College, Universitat Pompeu Fabra, Centre de Recerca en Economia Internacional, Barcelona Graduate School of Economics and Centre for Economic Policy Research

Session 2: Effectiveness of macroprudential instruments – part 1

Chair: Carsten Detken, Head of Macroprudential Policy Division at the European Central Bank

The effect of higher capital requirements on bank lending: the capital surplus matters

Presenter: Simona Malovaná, Česká národní banka
Co-author: Dominika Kolcunová, Česká národní banka

Discussant: Pavol Jurča, Národná banka Slovenska

The macroeconomic effects of bank capital regulation

Presenter: Benedikt Kolb, Deutsche Bundesbank, EUI

Co-authors

• Sandra Eickmeier, Deutsche Bundesbank, CAMA, CEPR
• Esteban Prieto, Deutsche Bundesbank, IWH

Discussant: Stijn Ferrari, Nationale Bank van België/Banque Nationale de Belgique

Session 3: Effectiveness of macroprudential instruments – part 2

Chair: Alessio de Vincenzo, Deputy Head of the Regulation and Macroprudential Analysis Directorate at the Banca d’Italia

Measuring mortgage availability and utilisation application to macroprudential policy

Presenter: Elena Mazza, Central Bank of Ireland
Co-author: Robert Kelly, Central Bank of Ireland

Discussant: Matías Lamas, Banco de España

In macroprudential policies we trust

Presenter: Gabriel Pérez-Quirós, European Central Bank
Co-authors:

• María Dolores Gadea-Rivas, Universidad de Zaragoza
• Leonie Bräuer, European Central Bank

Discussant: Emilia Bonaccorsi, Banca d’Italia

Session 4: Macroprudential policy – spillovers across national borders

Chair: Hans Dewachter, Senior coordinator in the Prudential Policy and Financial Stability Department of the Nationale Bank van België/Banque Nationale de Belgique and Professor at the University of Leuven

Macroprudential policy spillovers and international banking – taking the gravity approach

Presenter: Anni Norring, Suomen Pankki

Discussant: Marisa Basten, Banque Centrale du Luxembourg

Beggar-thy-neighbour in macroprudential policy? Cross-border impact assessment of the Austrian systemic risk buffer

Presenter: Eva Ubl, Oesterreichische Nationalbank
Co-authors:

• Judith Eidenberger
• Stefan W. Schmitz
• Katharina Steiner

all Oesterreichische Nationalbank

Discussant: Julien Idier, Banque de France

Policy panel The interaction between monetary and macroprudential policy: experiences so far and the case for effective coordination

Moderator: John Fell, Deputy Director General of Directorate General Macroprudential Policy and Financial Stability at the European Central Bank, and MPPG Co-Chair

Panellists:

• Maria Demertzis, Deputy Director at Bruegel
• Gaston Gelos, Assistant Director and Chief of the Monetary and Macroprudential Policies Division in the Monetary and Capital
• Giorgio Gobbi, Head of Financial Stability Directorate at the Banca d’Italia

Closing remarks

Tomas Garbaravičius, Board member of Lietuvos bankas and MPPG Co- Chair

End of workshop