Inflation and Financial Stability
5th Joint Workshop of the Macroprudential Analysis Working Group (MPAG) and Analysis Working Group (AWG)
Thursday, 17 November 2022
Online event - by invitation only
The broader objective of the workshop is to facilitate and strengthen the dialogue among policymakers and supervisors, while benefitting from the perspective of researchers, thereby advancing our collective understanding of the channels through which high inflation could affect financial stability, taking into account the implications for governments, firms (both financial and non-financial), households and financial markets.
Programme
Times are Central European Time
* indicates the presenter
- 11:00
-
Opening remarks
Emmanuelle Assouan, Deputy Director General, Financial Stability at the Banque de France & AWG-MPAG Co-Chair
-
Session 1: Impact of rising inflation on the non-financial private sector
Chair: Robert Kelly, Central Bank of Ireland
- 11:10
-
Winners and losers from unexpected inflation
Filippo Pallotti*, University College London
Discussant: Magnus Andersson, ESRB
- 11:45
-
A micro-simulation model for household resilience assessment for Ireland
- Tamanna Adhikari*, Central Bank of Ireland
- Fang Yao, Central Bank of Ireland
Discussant: Daniel Dieckelmann, ECB
- 12:20
-
Coffee break
- 12:30
-
Aggregate effects of inflation on financial stability
- Aino Silvo*, Bank of Finland
- Samu Kärkkäinen, Bank of Finland
Discussant: Petteri Juvonen, Bank of Finland
- 13:05
-
End of morning session
- 14:05
-
Keynote address “Financial Stability considerations for monetary policy”
Chair: Paul Hiebert, ECB
Keynote speaker: Nina Boyarchenko, Federal Reserve Bank of New York
-
Session 2: Rising inflation, financial stability and macroprudential policy
Chair: Emmanuelle Assouan, Banque de France
- 15:05
-
A tail of three occasionally-binding constraints: a modelling approach to GDP-at-Risk
- Kristina Bluwstein*, Bank of England
- David Aikman, King’s College of London
- Sudipto Karmakar, Bank of England
Discussant: Stephan Fahr, ECB
- 15:40
-
Coffee break
- 15:50
-
Macroeconomic effects of macroprudential policies
Evidence from a narrative panel VAR for the Euro Area- Katarzyna Budnik*, ECB
- Gerhard Runstler, ECB
Discussant: Antonio Conti, Banca d’Italia
- 16:25
-
Business cycle response to inflation shocks: the role of debt maturity and interest rate type
- Fabio Massimo Piersanti*, Banca d’Italia
- Valentina Michelangeli, Banca d’Italia
Discussant: Lisa Kerdelhue, Banque de France
- 17:00
-
Concluding remarks
Paul Hiebert, Head of Systemic Risk & Financial Institutions, at the ECB & AWG-MPAG Co-Chair
- 17:05
-
End of the workshop
Please note that this programme may be subject to change without notice.
General information
Online event - WebEx
Workshop language
English
Organisers
- Emmanuelle Assouan, AWG-MPAG Co-Chair, Banque de France
- Paul Hiebert, AWG-MPAG Co-Chair, ECB
- Ludivine Berret, AWG Secretary, ESRB Secretariat
- Giorgia De Nora, MPAG Secretary, ECB
- Magnus Andersson, ESRB Secretariat
- Federico M. Signoretti, Banca d’Italia
- Peter Welz, ECB
- Anne McTaggart, ECB
- Shirley Simmons-Nocca, ESRB Secretariat
Contacts
Organising Committee
EURiskWorkshop@ecb.europa.eu
AWG-MPAG Secretariat
Anne McTaggart
+49 69 1344 6372
MPAGSecretariat@ecb.int