Fifth Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy

Les 1er et 2 février 2018, la Banque nationale de Belgique a organisé le Fifth Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy. 

Le groupe de travail, créé sous l’égide du comité de politique monétaire de l’Eurosystème, a pour objectif d’améliorer la compréhension de l’efficacité et du mécanisme de transmission des mesures de politique monétaire, de surveiller leur incidence sur et leur transmission par les banques de la zone euro, et d’analyser l’effet des modifications réglementaires sur la capacité d’intermédiation des banques. Le groupe de travail se concentre en particulier sur les données bancaires individuelles, qui deviennent de plus en plus importantes pour comprendre la transmission de la politique monétaire. Les workshops annuels visent à partager les résultats des travaux menés au sein de l’Eurosystème sur des questions liées au mandat du groupe de travail.

Opening remarks by Mr Peter Praet

Session 1: The role of balance sheet resilience

Chair: Carlo Altavilla, European Central Bank

  • Capital and liquidity buffers and the resilience of the banking system in the euro area
    Katarzyna Budnik and Paul Bochmann, European Central Bank
    Paper - Slides 
    Discussion by Benoit Mojon, Banque de France
  • The role of non-performing loans in the transmission of monetary policy
    Sebastian Bredl, Deutsche Bundesbank
    Paper - Slides 
    Discussion by Angela Maddaloni, European Central Bank  

Session 2: Banking market stress and the effects on firms

Chair: Luc Aucremanne, National Bank of Belgium

  • Some borrowers are more equal than others: Bank funding shocks and credit reallocation
    Olivier De Jonghe and Hans Dewachter, National Bank of Belgium
    Klaas Mulier, Ghent University and National Bank of Belgium
    Steven Ongena, University of Zurich, SFI and CEPR
    Glenn Schepens, ECB
    Slides
    Discussion by Emilia Bonaccorsi Di Patti, Banca d’Italia
  • How did the 2008-9 Financial Crisis affect Bank Credit Supply and the Real Economy? Bank-Firm-level evidence from Austria
    Paul Pelzl, Tinbergen Institute, Vrije Universiteit Amsterdam & De Nederlandsche Bank
    María Teresa Valderrama, Oesterreichische Nationalbank
    Discussion by Sanja Jakovljevic, Lancaster University Management School

Keynote Speech

  • Identifying Credit Supply Shocks with Bank-Firm Data
    Hans Degryse, KU Leuven
    Slides

Session 3: Credit surveys: monetary policy, supply and demand

Chair: Jef Boeckx, National Bank of Belgium

  • Credit demand and supply: a two-way feedback relation
    Ugo Albertazzi, European Central Bank
    Lucia Esposito, Banca d’Italia
    Discussion by Miguel Boucinha, European Central Bank
  • Credit Supply and Demand in Unconventional Times
    Carlo Altavilla, Miguel Boucinha and Sarah Holton, European Central Bank
    Steven Ongena, University of Zurich, SFI and CEPR
    Slides
    Discussion by Andrea Tiseno, Banca d'Italia

Session 4: Bank lending: the impact of regulation and credit easing

Chair: Maite de Sola Perea, National Bank of Belgium

  • Bank capital constraints, lending supply and the real economy: evidence from a BVAR model
    Antonio Maria Conti, Andrea Nobili and Federico Maria Signoretti, Banca d’Italia
  • The impact of the TLTROs on bank lending
    Desislava Andreeva and Dimitris Georgarakos, European Central Bank

Session 5: Non-standard monetary policy measures

Chair: Sarah Holton, European Central Bank

  • Unconventional Monetary Policy and Bank Lending Behavior: The Yield-Induced Portfolio Rebalancing Channel
    Karol Paludkiewicz, Deutsche Bundesbank
    Paper - Slides
    Discussion by Ladislav Wintr, Banque Centrale du Luxembourg
  • Making room for the needy: The credit-reallocation effects of the ECB’s Corporate QE
    Oscar Arce, Ricardo Gimeno and Sergio Mayordomo, Banco de España
    Paper
    Discussion by Sascha Steffen, Frankfurt School of Finance & Management

Session 6: Monetary policy and risk taking

Chair: Bruno De Backer, National Bank of Belgium

  • The risk-taking channel of monetary policy: exploring all avenues
    Diana Bonfim, Banco de Portugal and Católica Lisbon School of Business and Economics
    Carla Soares, Banco de Portugal and Nova SBE
    Paper - Slides
    Discussion by Jan Willem van den End, De Nederlandsche Bank

Session 7: Negative interest rates

Chair: Raf Wouters, National Bank of Belgium

  • Adapting lending policies when negative rates bite banks’ profits
    Oscar Arce and Sergio Mayordomo, Banco de España
    Miguel García-Posada, European Central Bank
    Steven Ongena; University of Zurich, SFI and CEPR
    Discussion by Florian Heider, European Central Bank

Keynote Speech

  • Unconventional monetary policy, negative rates and banks
    José-Luis Peydró, Universitat Pompeu Fabra, CREI and Barcelona GSE

Closing remarks by Governor Jan Smets