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2014 - Programme Forward guidance and communication about unconventional monetary policy

THURSDAY, 13 NOVEMBER 2014, Board room at DNB

8:45-9:30 - Registration with coffee/tea

9:30-9:45 - Opening by Klaas Knot, President of De Nederlandsche Bank (DNB)

SESSION I: Effects of forward guidance and unconventional monetary policy

Chair: Job Swank (Executive Director of DNB)

9:45-10:45 - Tomas Key, Martin Weale and Tomasz Wieladek (Bank of England)
'The interest rate uncertainty channel of unconventional monetary policy'
Discussant: Richhild Moessner (DNB)

10:45-11:00 - Coffee break

11:00-12:00 - Jakob de Haan (DNB), David-Jan Jansen and Richhild Moessner   Presentation
'The effect of forward guidance and the zero lower bound on interest rate sensitivity to economic news in Sweden' 
Discussant: Birger Vikoren (Norges Bank)

12:00-13:00 - Lunch in Foyer, at 1st floor of DNB

13:00-14:00 - Keynote Address: Charles Evans (President, Chicago Fed) 
'The role of forward guidance in monetary policy communications'
Chair: Gabriele Galati (DNB)

14:00-14:30 - Coffee break

SESSION II: Macroeconomic effects of forward guidance

Chair: Jan-Marc Berk (Director of Economics and Research of DNB)

14:30-15:30 - Marco Del Negro (New York Fed), Marc Giannoni and Christina Patterson   Presentation
'The Forward Guidance Puzzle' 
Discussant: Ferre De Graeve (Riksbank)

15:30-16:00 - Coffee break

16:00-17:00 - Philippe Andrade (Banque de France), Gaetano Gaballo, Eric Mengus and Benoit Mojon   Presentation 
'Heterogeneous Beliefs and Forward Guidance'
Discussant: Vincent Sterk (University College London)

17:00-18:00 - Keynote Address: David Miles (MPC member, Bank of England)  Speech   Presentation
'What is the right amount of forward guidance?'
Chair: Richhild Moessner (DNB)

18:30-21:00 - Dinner

FRIDAY, 14 NOVEMBER 2014, Board room at DNB

9:00-9:30 -   Registration with coffee/tea

SESSION III: Spillovers internationally and to other financial markets

Chair: Peter van Els (Head of Monetary Policy Division of DNB)

9:30-10:30 -   Barry Eichengreen and Poonam Gupta (World Bank)   Presentation
'Tapering Talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets' 
Discussant: Gabriele Galati (DNB)

10:30-11:00 - Coffee break

11:00-12:00 - Matteo Falagiarda, Peter McQuade (IIIS) and Marcel Tirpak
'Spillover effects of the ECB monetary policy on selected non-euro area EU countries: Evidence from an event-study and a BVAR'
Discussant: Marco Hoeberichts (DNB)

12:00-13:00 - Lunch in Foyer, at 1st floor of DNB

13:00-14:30 - Policy panel: Challenges in designing forward guidance about policy rates and communication about unconventional monetary policy
Chair: Jakob de Haan (Head of Research Division at DNB)

Panellists: Charles Goodhart (LSE); Bill Nelson (Deputy Director, Division of Monetary Affairs, FRB); Frank Smets (ECB); Anders Vredin (Riksbank)

14:30-15:00 - Coffee break

SESSION IV: Signalling and unconventional monetary policy

Chair: Jakob de Haan (Head of Research Division of DNB)

15:00-16:00  - Jens Christensen and Signe Krogstrup (Swiss National Bank)   Presentation
'Swiss Unconventional Monetary Policy: Lessons for the Transmission of Quantitative Easing' 
Discussant: Massimo Giuliodori (Universiteit van Amsterdam)

16:00-17:00 - Saroj Bhattarai (University of Texas at Austin), Gauti Eggertsson and Bulat Gafarov 
'Time Consistency and the Duration of Government Debt: A Signalling Theory of Quantitative Easing' 
Discussant: Giuseppe Ferrero (Banca d'Italia)

17:00-18:00 - Farewell drinks