9.10 - 10.40
Session 1
Financial Regulation, 1
Chair: Giulia Piccillo, Utrecht University
Central banks as balance sheets of last resort: ECB’s monetary policy in a flow-of-funds perspective, Philippine Cour-Thimann and Bernhard Winkler, ECB
Finance and inclusive growth, Boris Cournède, Oliver Denk, and Peter Hoeller, OECD
Fiscal policy and financial distress: A balance sheet perspective, John Fitzgerald, ESRI and Trinity College Dublin, Philip R. Lane, Trinity College Dublin
Discussant: Jasper Lukkezen, ESB / Utrecht University
9:10 - 10:40
Session 2
Euro area imbalances
Chair: Catherine Mathieu, OFCE
Estimating the effects of the “flight to quality”, with an application to German bond yields and interest payments during the Euro crisis, Claire A. Boeing-Reicher and Jens Boysen-Hogrefe, IfW
Asymmetric credit growth and current account imbalances in the euro area, Robert Unger, Deutsche Bundesbank
Rebalancing in the Eurozone, Thor Andreas Aursland, Norwegian School of Economics
Discussant: Bert Smid, CPB
11.00- 12.30
Session 3
Financial Regulation, 2
Chair: Rens van Tilburg, Utrecht University
Transmission of global financial shocks to EMU Member States: The role of monetary policy and national factors, Maria Gelman, Christian-Albrechts-University, Kiel, Axel Jochem, Deutsche Bundesbank, Stefan Reitz, Christian-Albrechts-University and IfW Kiel
Does mortgage lending decrease lending to business? Evidence from UK bank balance sheets, Lu Zhang, University of Groningen and Utrecht University, Arzu Uluc, Bank of England, Dirk Bezemer, University of Groningen
Interdependence between monetary policy and financial sector regulation in the post-crisis period, Marek Dabrowski, CASE
Discussant: Adam Elbourne, CPB
11.00 - 12.30
Session 4
Households’ debt and macroeconomic equilibrium
Chair: Stefania Tomasini, Prometeia
Household debt in OECD countries - Stylised facts and policy issues, Christophe André, OECD
Heterogeneous household finances and the effect of fiscal policy, Javier Andrés, University of Valencia, José E. Boscá, University of Valencia, FEDEA, Javier Ferri, University of Valencia, Fedea, and Cristina Fuentes-Albero, Federal Reserve Board
Negative home equity and household mobility: Evidence from administrative data, Sander van Veldhuizen, Benedikt Vogt, and Bart Voogt, CPB
Discussant: Jasper Lukkezen, ESB / Utrecht University
13.30 - 15.30
Session 5
Public Finance
Chair: Klaus‐Jürgen Gern, IfW
A balance sheet approach to general government finance: the legacy of the crisis in selected euro area countries, Maria Valentina Bresciani and Lucia Cossaro, Prometeia
Determinants of fiscal distress in Italian municipalities, Wildmer Daniel Gregori, Prometeia, Luigi Marattin, University of Bologna
Sovereign debt crisis and economic growth: new evidence for the euro area, Iuliana Matei, IESEG
Potential output and fiscal rules in a monetary union under asymmetric information, Luigi Marattin, University of Bologna, Simone Meraglia, University of Exeter
Discussant: Henri Sterdyniak, OFCE
13.30 - 15.30
Session 6
credit and growth patterns
Chair: Markku Kotilainen, ETLA
Credit networks in DSGE models, Michele Catalano and Emilia Pezzolla, Prometeia
The effect of debt overhang on the investment decisions of Italian and Spanish firms, Gianluca Antonecchia and Monica Ferrari, PROMETEIA
Stock-flow consistent modelling of real-financial cycles and balance sheet dynamics, Michael Gregor Miess and Stefan Schmelzer, Institute for Advanced Studies and Vienna University of Economics and Business
The real effects of the credit constraints in the economic crisis, Ioana Neamtu and Niels Westergaard-Nielsen, Center for Owner Managed Business Copenhagen Business School
Discussant: Dirk Bezemer, University of Groningen
15.50 - 18.10
Round Table
Chair: Jasper Lukkezen, ESB / Utrecht University
15.50 -16.50
Keynote introduction: Explaining the boom-bust cycle in the U.S housing market: A reverse-engineering approach, Kevin Lansing, SF Fed
Discussion: Clemens Kool, CPB
16.50 - 18.10
Panel discussion