THE FUTURE OF MONETARY POLICY - Conference Papers & Presentations

Welcoming remarks
Fabrizio Saccomanni (Banca d’Italia)

Session 1: Monetary policy and liquidity

Chair: Fabrizio Saccomanni (Banca d’Italia)

The Euro Area Interbank Market and the Liquidity Management of the Eurosystem in the Financial Crisis. - Slides.
Achim Hauck and Ulrike Neyer (Heinrich-Heine-Universität Düsseldorf)

Discussants : Filippo Altissimo (Brevan Howard AM LLP) - Slides
Laurent Clerc (Banque de France) - Slides

Bank Liquidity, Interbank Markets and Monetary Policy.
Xavier Freixas (Universitat Pompeu Fabra)
Antoine Martin and David Skeie (Federal Reserve Bank New York)

Discussants : Guillaume Plantin (Toulouse School of Economics) - Slides
Natacha Valla (Goldman Sachs)

Keynote Address: Mike Woodford (Columbia University)
Inflation Targeting and Financial Stability

Session 2: Modelling monetary policy and financial instability

Chair: Benoit Mojon (Banque de France)

The Great Escape? A Quantitative Evaluation of the Fed’s Non-Standard Policies - Slides
Marco Del Negro, Gauti Eggertsson, Andrea Ferrero (Federal Reserve Bank New York), Nobuhiro Kiyotaki (Princeton University)

Discussants : Pierpaolo Benigno (Libera Univ. Internaz. Studi Sociali and EIEF) - Slides
Diego Rodriguez (European Central Bank) - Slides

Monetary and Macroprudential Policies - Slides
Paolo Angelini, Fabio Panetta and Stefano Neri (Banca d’Italia)

Discussants : Martin Eichenbaum (Northwestern University)
Simon Potter (Federal Reserve Bank New York) - Slides

Session 3: Risk taking in financial markets

Chair: Salvatore Rossi (Banca d’Italia)

Risky Mortgages - Slides
Chiara Forlati and Luisa Lambertini (Ecole Polytech. Federale de Lausanne)

Discussants : Kasuke Aoki (London School of Economics) - Slides
Ethan Cohen-Cole (University of Maryland) - Slides

Session 4: The efficient level of credit

Chair: Francesco Lippi (EIEF and University of Sassari)

Managing Credit Booms and Busts: A Pigouvian Taxation Approach - Slides
Olivier Jeanne (Johns Hopkins University) and Anton Korinek (University of Maryland)

Discussants : Marco Battaglini (Princeton University) - Slides
Hugo Hopenhayn (University of California Los Angeles) - Slides

Revisiting Overborrowing and its Policy Implications - Slides
Gianluca Benigno (LSE), Huigang Chen (JD Power), Christopher Otrok (University of Virginia), Alessandro Rebucci (Inter-American Development Bank) and Eric R. Young (University of Virginia)

Discussants : Samuel Reynard (Swiss National Bank) - Slides
Fiorella de Fiore (European Central Bank) - Slides

Keynote Address: Markus Brunnermeier (Princeton University and NBER)
The I-Theory of Money: An Overview

Session 5: Asset prices bubbles?

Chair: Pierre Jaillet (Banque de France)

Monetary Policy and Herd Behavior in New-tech Investment - Slides
Olivier Loisel (Banque de France), Aude Pommeret (Université de Savoie & Université de Lausanne) and Franck Portier (Toulouse School of Economics)

Discussants : Christian Hellwig (Toulouse School of Economics) - Slides
Jean-Paul L’Huillier (EIEF) - Slides

Booms and Busts: Understanding Housing Market Dynamics - Slides
Craig Burnside (Duke University), Martin Eichenbaum and Sergio Rebelo (Northwestern University)

Discussants : Franck Portier (Toulouse School of Economics) - Slides
Xavier Ragot (Banque de France) - Slides

Policy Panel: The Future of Monetary Policy

Mario Draghi (Governor, Banca d’Italia)
Charles Evans (President, Federal Reserve Bank Chicago)
Christian Noyer (Governor, Banque de France)
Athanasios Orphanides (Governor, Cyprus Central Bank)
Moderator: Daniele Terlizzese (EIEF and Banca d’Italia)