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Research

Programme of International research conference “Macroprudential Policy Effectiveness: Theory and Practice”, 3rd July, 2019

programme in PDF

Venue: North-Western Main Branch of the Bank of Russia (68 Fontanka River embankment)

8:00	Registration
8:40	Opening Ksenia Yudaeva, First Deputy Governor of the Bank of Russia
9:00 — 10:40	Session 1: Identifying and measuring financial stability risks
9:00 — 9:50	How do financial vulnerabilities and bank resilience affect medium-term macroeconomic tail risk? David Aikman, Bank of England Jonathan Bridges, Bank of England Sinem Hacioglu Hoke, Bank of England, DAFM Cian O’Neill, Bank of England Akash Raja, Bank of England, LSE Discussant (10 min): Alexey Ponomarenko, Bank of Russia Comments, Q&A (10 min)
9:50 — 10:40	Commodity Cycles and Financial Instability in Emerging Economies M. Andreev, Bank of Russia M. U. Peiris, ICEF, NRU Higher School of Economics A. Shirobokov, FES, NRU Higher School of Economics D. P. Tsomocos, Saıd Business School and St Edmund Hall, University of Oxford Discussant (10 min): Valery Charnavoki, New Economic School Comments, Q&A (10 min)
11:00 — 12:40	Session 2: Optimal monetary and macroprudential policy
11:00 — 11:50	Quest for Robust Optimal Macroprudential Policy Pablo Aguilar, Bank of Spain Stephan Fahr, European Central Bank Eddie Gerba, Danmarks Nationalbank Samuel Hurtado, Bank of Spain Discussant (10 min): Armen Nurbekyan, Central Bank of Armenia Comments, Q&A (10 min)
11:50 — 12:40	The Expansionary Lower Bound: Contractionary Monetary Easing and the Trilemma Paolo Cavallino, Bank for International Settlements Damiano Sandri, International Monetary Fund Discussant (10 min): Konstantin Egorov, New Economic School Comments, Q&A (10 min)
13:30 — 15:10	Session 3: (Unintended) effects of macroprudential policy Chaired by Elizaveta Danilova, Bank of Russia
13:30 — 14:20	Digging Deeper — Evidence on the Effects of Macroprudential Policies from a New Database Zohair Alam, University of Toronto Adrian Alter, International Monetary Fund Jesse Eiseman, CLS Group Gaston Gelos, International Monetary Fund ХHeedon Kang, International Monetary Fund Machiko Narita, International Monetary Fund Erlend Nier, International Monetary Fund Naixi Wang, Saıd Business School Discussant (10 min): Andrea Nobili, Bank of Italy Comments, Q&A (10 min)
14:20 — 15:10	Has Regulatory Capital Made Banks Safer? Skin in the Game vs Moral Hazard Ernest Dautovic, University of Lausanne Discussant (10 min): Stephen Cecchetti, Brandeis International Business School Comments, Q&A (10 min)
15:30 — 16:40	Policy session Chaired by Richard Portes, London Business School Monetary policy in the grip of a pincer movement Claudio Borio, Bank for International Settlements Discussion (30 min): Patricia C. Mosser, Columbia University Richard Portes, London Business School Ksenia Yudaeva, Bank of Russia Comments, Q&A (10 min)
16:40-16:50	Concluding remarks

Department responsible for publication: Research and Forecasting Department

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Last updated on: 24.03.2020