Norges Bank

The Interaction between Monetary Policy and Financial Stability

Norges Bank organizes a research workshop to be held in Oslo on June 9-10 2011.


Thursday 9 June

8:30-9:00 Registration and coffee

9:00-9:15 Words of welcome by Governor Øystein Olsen

9:15-10:55 Session 1

Chair: Jon Nicolaisen (Norges Bank)

Luisa Lambertini (EPFL), Caterina Mendicino (Bank of Portugal), Maria Teresa Punzi (Central Bank of Ecuador):
“Leaning Against Boom-Bust Cycles in Credit and Housing Prices”

Paper (pdf)

Discussant: Jin Cao (Norges Bank)

Gert Peersman (University of Gent):
“Macroeconomic Consequences of Different Types of Credit Market Disturbances and Non-Conventional Monetary Policy in the Euro Area”
Paper (pdf)

Discussant: Benoit Mojon (Banque de France)

10:55-11:25 Coffee break

11:25-13:05 Session 2

Chair: Sigbjørn Atle Berg (Norges Bank)

Ignazio Angeloni (European Central Bank), Ester Faia (Goethe University of Frankfurt):
“Capital Regulation and Monetary Policy with fragile Banks”
Paper (pdf)

Discussant: Luisa Lambertini (EPFL)

Giovanni Dell’Ariccia (International Monetary Fund), Luc Laeven (International Monetary Fund), Robert Marquez (Boston University):
“Monetary Policy, Leverage and Bank Risk Taking”
Paper (pdf)

Discussant: Oreste Tristani (European Central Bank)

13:05-14:15 Lunch

14:15-15:25 Session 3

Chair: Francesco Furlanetto (Norges Bank)

Keynote Speaker: Philippe Bacchetta (University of Lausanne):
“Changing Risk in Macroeconomics“

15:25-15:50 Coffee break

15:50-17:30 Session 4

Chair: Kjetil Olsen (Norges Bank)

Ian Christensen (Bank of Canada), Cesaire Meh (Bank of Canada):
“Countercyclical loan-to-value ratios and monetary policy”
Paper (pdf)

Discussant: Paolo Gelain (Norges Bank)

Marco Airaudo (Drexel University), Roberta Cardani (University of Parma), Kevin J. Lansing (Federal Reserve Bank of San Francisco):
“Monetary policy and asset prices with news shocks and belief-driven fluctuations”
Paper (pdf)

Discussant: Caterina Mendicino (Bank of Portugal)


19:30 Bus to Ekeberg Restaurant from Norges Bank

19:45 Conference dinner at Ekeberg Restaurant


Friday 10 June

9:00-10:40 Session 5

Chair: Steinar Holden (University of Oslo)

Gianluca Benigno(London School of Economics), Huigang Chen (JD POwer), Christopher Otrok (University of Virginia), Alessandro Rebucci (Inter-American Development Bank), Eric Young (University of Virginia):
“Financial Crisis and Macro-Prudential Policies”
Paper (pdf)

Discussant: Pelin Ilbas (Norges Bank)

Anton Korinek (University of Maryland):
“Hot Money and Serial Financial Crisis”
Paper (pdf)

Discussant: Bianca De Paoli (Bank of England)

10:40-11:10 Coffee break

11:10-12:20 Session 6

Chair: Tommy Sveen (Norges Bank)

Keynote speaker: Albert Marcet (London School of Economics):
“Learning and Asset Prices Bubbles”

12:20-13:30 Lunch

Chair: Thea Kloster

Cristina Fuentes-Albero (Rutgers University):
“Financial Frictions, the Financial Immoderation, and the Great Moderation”
Paper (pdf)

Discussant: Raf Wouters (National Bank of Belgium)

Rochelle Edge (Federal Reserve Board), Ralf R. Meisenzahl (Federal Reserve Board):
“The unreliability of credit-to-GDP ratio gaps in real time and the implications for countercyclical capital buffers”
Paper (pdf)

Discussant: Hilde Bjørnland (BI Norwegian Business School)

Funding for accommodation and (economy class) transportation is available for presenters and discussants.

The organizing committee is composed by:

  • Francesco Furlanetto (Norges Bank)
  • Paolo Gelain (Norges Bank)
  • Steinar Holden (University of Oslo)
  • Thea Kloster (Norges Bank)

Questions should be directed to:

Published 24 November 2010 13:45
Edited 8 June 2011 13:26