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- ECB Workshop
Analysing the role of credit in the macroeconomy
Venue: European Central Bank, Frankfurt am Main.
Participation is by invitation only.
| 9.15 a.m. – 9.30 a.m. | Welcome address, José Manuel González-Páramo, Member of the Executive Board of the ECB |
| Session I: Credit in DSGE models I Chair: Carsten Detken (ECB) |
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| 9.30 a.m. – 10.15 a.m. | Systemic banking crises and business cycles F. Boissay (ECB), with F. Collard (University of Bern) and F. Smets (ECB) paper Discussant: S. Gilchrist (Boston University) |
| 10.15 a.m. – 10.45 a.m. | Coffee break |
| 10.45 a.m. – 11.30 a.m. | A macroeconomic model with a financial sector Y. Sannikov (Princeton University), with M. Brunnermeier (Princeton University) paper Discussant: R. Wouters (Banque Nationale de Belgique) |
| 11.30 a.m. – 12.15 p.m. | Uncertainty, financial frictions and investment dynamics S. Gilchrist (Boston University), with J. W. Sim (Federal Reserve Board) and E. Zakrajšek (Federal Reserve Board) paper Discussant: P. Karadi (ECB) |
| 12.15 p.m. – 1.30 p.m. | Lunch |
| Session II: Empirical studies on credit and the macroeconomy I Chair: Francesco Drudi (ECB) |
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| 1.30 p.m. – 2.15 p.m. | When credit bites back: leverage, business cycles and crises M. Schularick (Freie Universität Berlin), with O. Jordá (University of California – Davis) and A. Taylor (University of Virginia) paper Discussant: A. Beyer (ECB) |
| 2.15 p.m. – 3 p.m. | Loan supply shocks and the business cycle A. Musso (ECB), with L. Gambetti (Universitat Autònoma de Barcelona) paper Discussant: P. A. Ahmadi (Goethe Universität Frankfurt) |
| 3 p.m. – 3.30 p.m. | Coffee break |
| 3.30 p.m. – 4.15 p.m. | The low monetary rates paradox, banking stability and credit: evidence from the euro area A. Maddaloni (ECB), with J.-L. Peydró (Universitat Pompeu Fabra) paper Discussant: S. Ongena (Tilburg University) |
| 4.30 p.m. – 6 p.m. | Policy Panel Philippe Moutot (ECB), James Talbot (Bank of England) and Egon Zakrajšek (Federal Reserve Board) |
| 7.30 p.m. | Dinner |
| Session III: Empirical studies on credit and the macroeconomy II Chair: Matthieu Darracq Paries (ECB) |
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| 9.30 a.m. – 10.15 a.m. | Corporate investment and bank-dependent borrowers during the recent financial crisis P. Vermeulen (ECB), with A. Buca (ECB) paper Discussant: E. Villanueva (Banco de España) |
| 10.15 a.m. – 11 a.m. | Credit supply versus demand: bank and firm balance-sheet channels in good and crisis times S. Ongena (Tilburg University), with G. Jiménez (Banco de España), J.-L. Peydró (Universitat Pompeu Fabra) and J. Saurina (Banco de España) paper Discussant: C. Kok Sørensen (ECB) |
| 11 a.m. – 11.30 a.m. | Coffee break |
| Session IV: Credit in DSGE models II Chair: Günter Coenen (ECB) |
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| 11.30 a.m. – 12.15 p.m. | Corporate debt structure and the financial crisis F. De Fiore (ECB), with H. Uhlig (University of Chicago) paper Discussant: E. Faia (Goethe Universität Frankfurt) |
| 12.15 p.m. – 1.30 p.m. | Lunch |
| 1.30 p.m. – 2.15 p.m. | Financial markets and unemployment T. Monacelli (Università Bocconi), with V. Quadrini (University of Southern California) and A. Trigari (Università Bocconi) paper Discussant: F. Zanetti (Bank of England) |