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2018 - Programme Unclogging the credit channel

MONDAY, 12 November 2018 - Board room at DNB

8:45-9:30          Registration with coffee/tea
9:30-9:45          Opening address: Jan Marc Berk (Division Director Economic Policy and Research, De Nederlandsche Bank) Openings Speech

SESSION I: (Un)conventional monetary policy and credit channel

Chair: Peter van Els (De Nederlandsche Bank)
9:45-10:45        The signaling channel of negative interest rates
Presenter: Oliver de Groot (European Central Bank)   Presentation
Discussant: Paolo Bonomolo (De Nederlandsche Bank) Presentation

10:45-11:15   Coffee break

11:15-12:15       Credit supply and demand in unconventional times
Presenter: Sarah Holton (European Central Bank)   Presentation
Discussant: Ibolya Schindele (Central Bank of Hungary) Presentation

12:15-13:30   Lunch in Foyer

13:30-14:30    Keynote Address: Simon Gilchrist (Boston University) Keynote speech

SESSION II: Credit market frictions

Chair: Andrea Colciago (De Nederlandsche Bank)  

14:30-15:30   The aggregate effects of credit market frictions: evidence from firm-level default assessments
Presenter: Isabelle Roland (University of Oxford, LSE)
Discussant: Vivien Lewis (Deutsche Bundesbank)   Presentation

15:30-16:00   Coffee break 

16:00-17:30  Policy Panel: Simon Gilchrist (Boston University), Atif Mian (Princeton University), Leonardo Gambacorta (BIS)  Presentation Simon Gilchrist   Presentation Leonardo Gambacorta

Moderator: Jakob De Haan (De Nederlandsche Bank, University of Groningen)  

18:30-21:30   Conference Dinner (by invitation only)

TUESDAY, 13 November 2018 “   Board room at DNB

8:45-9:15          Registration with coffee/tea

SESSION III: Shadow banking

Chair: Christiaan Pattipeilohy (De Nederlandsche Bank)  

09.15-10:15    Implications of shadow bank regulation for monetary policy at the zero lower bound
Presenter: Falk Mazelis (European Central Bank)
Discussant: Margarita Rubio (University of Nottingham)   Presentation

SESSION IV: Expectations and credit cycles

Chair: Gabriele Galati (De Nederlandsche Bank)  

10:15-11:15   Default cycles
Presenter: Wei Cui (University College London) Presentation
Discussant: Francesco Zanetti (University of Oxford)   Presentation

11:15-11:30    Coffee break  

11:30-12:30      Funding shocks and credit quality
Presenter: Magdalena Rola-Janicka (University of Amsterdam) Presentation
Discussant: Kalin Nikolov (European Central Bank)   Presentation

12:30-13:30    Lunch in Foyer  

13.30-14:30    Keynote speech: Atif Mian (Princeton University)   Keynote Speech

14:30-15:00    Coffee break

SESSION V: Macroprudential policies and bank recapitalization

Chair: Aerdt Houben (De Nederlandsche Bank)  

15:00-16:00   The forced safety effect: how higher capital requirements can increase bank lending
Presenter: Saleem Bahaj (Bank of England) Presentation
Discussant: Caterina Mendicino (European Central Bank)   Presentation

16.00-16.15      Coffee break  

16:15-17:15    Bank recapitalizations, credit supply, and the transmission of monetary policy
Presenter: Sebastiaan Pool (De Nederlandsche Bank) Presentation
Discussant: Andrea Gerali (Bank of Italy) Presentation