Monetary Policy and Financial Stability: What Role for Central Bank Communication?



Monday, 15 nov 2010

Welcome speech by Prof. dr. Lex Hoogduin, executive director De Nederlandsche Bank

First Session: Central bank communication about policy decisions

Chair: Jakob de Haan (DNB, RUG)

Sandra Schmidt (Centre for European Economic Research) and Dieter Nautz (Free University Berlin)
'Why do financial market experts misperceive future monetary policy decisions?'
Discussant: Pinar Özlü (The Central Bank of the Republic of Turkey)

Andrei Sirchenko (European University Institute, Florence)
'Do MPC voting records help predicting policy rate changes?'
Discussant: Beata Bierut (DNB)

Petr Král, Jiří Böhm, and Branislav Saxa (Czech National Bank)
Perception is Always Right: The CNB’s Monetary Policy in the Media
Discussant: David-Jan Jansen (DNB)

Second Session: Central bank transparency: Does it really work?

Chair: Michael Ehrmann (ECB)

Dmitri Vinogradov (University of Essex)
'Destructive effects of constructive ambiguity in risky times'
Discussant: Jakob Bosma (RUG) 

Byoung-Ki Kim (Bank of Korea)
'Local Sharing of Private Information and Central Bank Communication'

Discussant: Itai Agur (DNB) 

Christian Matthes (New York University)
'Figuring Out the Fed - Beliefs about Policymakers and Gains from Transparency'
Discussant Martin Ellison (Oxford University)

Jan-Egbert Sturm and Michael J. Lamla (KOF Swiss Economic Institute)
'ECB Communication and Inflation Expectations'
Discussant: Selva Demiralp (Koç University)

Boris Cournède and Makoto Minegishi (OECD)
'The role of transparency in the conduct of monetary policy'
Discussant: Stefan Krause (Banque de France)

Tuesday, November 16

Third Session: Central bank communication and financial stability

Chair: Michael Koetter (RUG)

Pierre Siklos (Wilfrid Laurier University)
'Communication for Multi-taskers: Perspectives on Dealing with Both Monetary Policy and Financial Stability'
Discussant: Gabriele Galati (DNB)

Matthias Neuenkirch (Philipps University Marburg), Ingo Fender (BIS), and Bernd Hayo (Philipps University Marburg)
'Monetary policy spillovers and emerging market credit: The impact of Federal Reserve communications on sovereign CDS spreads'
Discussant: Julia Körding (ECB) 

Michael Ehrmann (ECB), Benjamin Born (University of Bonn), and Marcel Fratzscher (ECB)
'Macroprudential policy and central bank communication'
Discussant: Jorge Ponce (Banco Central del Uruguay) 

Carin van der Cruijsen, David-Jan Jansen, Jakob de Haan and Robert Mosch (DNB)
'Expectations of banking supervision: Evidence from a survey of Dutch households'
Discussant: Kostas Tsatsaronis, (BIS)

Fourth Session: Policy issues

Chair: Frank Smets (ECB, RUG)

Carsten Detken (ECB) and Lucia Alessi (ECB)
'Real time' early warning indicators for costly asset price boom/bust cycles: A role for global liquidity'
Discussant: Matthieu Bussiere (Banque de France)

Roman Kessler
'Central bank communication: The perspective of a journalist'

Policy panel with Patrick Honohan (Central Bank & Financial Services Authority of Ireland), Donato Masciandaro (Bocconi University) and Lars Nyberg (The Riksbank)