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2023 - Programme Challenges for monetary policy during normalisation

2-3 November 2023, 26th Annual Research Conference of the Dutch Central Bank, 

Venue: Artis, Plantage Middenlaan 41-43, Amsterdam


2th November 2023

9:15-9:30  Opening address

Klaas Knot (President, De Nederlandsche Bank)

Session I: Central bank asset purchase programs

Chair: Maurice Bun (Head of Research, De Nederlandsche Bank)

9:30-10:15 Announcement and implementation effects of central bank asset purchases

Marco Bernardini, Antonio M. Conti (both Banca d’Italia)

Discussant: Gabor Pinter (Bank of England)


10:15-11:00 Optimal quantitative easing and tightening

Richard Harrison (Bank of England)

Discussant: Dominik Thaler (European Central Bank)


11:00-11:30 Coffee break


11:30-12:30 Keynote speech: Stabilizing financial markets: the role of the central bank

Stephen Cecchetti (Brandeis International Business School)

Chair: Jorien Freriks (Head of Market Intelligence, De Nederlandsche Bank)


12:30-13:30 Lunch break


Session II: Bank-based monetary policy transmission

Chair: Niels Gilbert (Head of Monetary Policy, De Nederlandsche Bank)

13:30-14:15 Deposit market concentration and monetary transmission: evidence from the Euro Area

Stephen Kho (European Central Bank)

Discussant: Kornelia Fabisik (University of Bern)

14:15-15:00 Excess reserves and monetary policy tightening

Daniel Fricke Stefan Greppmair, Karol Paludkiewicz (all Deutsche Bundesbank)

Discussant: María T. Valderrama (Oesterreichische Nationalbank)


15:00-15:30 Coffee break


Session III: Balance sheet normalization

Chair: Tjerk Kroes (Head of Economics and Research, De Nederlandsche Bank)

15:30-16:15 Managing monetary policy normalization

Gianluca Benigno (New York Fed), Pierpaolo Benigno (University of Bern)

Discussant: Martin Ellison (Oxford University)

16:15-17:00 Unwinding quantitative easing: state dependency and household heterogeneity

Cristiano Cantore (Sapienza University of Rome), Pascal Meichtry (Banque de France)

Discussant: Timo Haber (De Nederlandsche Bank)


3th November 2023

Session IV: Monetary policy with ample reserves

Chair: Guido Ascari (Head of Monetary Policy Research, De Nederlandsche Bank)

9:30-10:15  Monetary policy implementation with ample reserves

Gara Afonso (New York Fed), Kyungmin Kim (Federal Reserve Board), Antoine Martin (New York Fed), Ed Nosal (Atlanta Fed), Simon Potter (Millennium Management), and Sam Schulhofer-Wohl (Dallas Fed)

Discussant: Casper de Vries (Erasmus University Rotterdam)

10:15-11:00 A model of post-2008 monetary policy

Behzad Diba (Georgetown University) and Olivier Loisel (CREST, ENSAE Paris)

Discussant: Roberto Billi (Sveriges Riksbank)


11:00-11.30 Coffee break


11:30-12:30 Keynote speech: Balance sheet policy above the effective lower bound

Annette Vissing-Jørgensen (Board of Governors of the Federal Reserve System)

Chair: Peter van Els (Head of Econometrics and Modelling, De Nederlandsche Bank)


12:30-13:30 Lunch break


Session V:  Bank funding and monetary policy

Chair: Dirk Broeders (Senior Risk Manager, De Nederlandsche Bank)

13:30-14:15 Banks’ balance-sheet costs, monetary policy, and the ON RRP

Gara Afonso, Marco Cipriani, Gabriele La Spada (all New York Fed)

Discussant: Egemen Eren (BIS)

14:15-15:00 Monetary tightening and U.S. bank fragility in 2023: mark-to-market losses and uninsured depositor runs?

Erica Xuewei Jiang (University of Southern California), Gregor Matvos (Northwestern University),Tomasz Piskorski (Columbia Business School), Amit Seru (Stanford University)

Discussant: Maria Dimou (European Central Bank)


15:00-15:30 Coffee break


15:30-17:00 Policy panel: Stephen Cecchetti (Brandeis International BS), Gaston Gelos (Bank for International Settlements), and Huw Pill (Bank of England) Moderator: Aerdt Houben (Head of Financial Markets, De Nederlandsche Bank)

17:00 End of the conference