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9th Macroeconomic Policy Research Workshop on 'Understanding Financial Frictions' September 30-October 1, 2010

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Ninth Macroeconomic Policy Research Workshop on

Understanding Financial Frictions

September 30- October 1, 2010

Organized by the Magyar Nemzeti Bank, in Collaboration with the Centre for Economic Policy Research

          (closed)

Final Programme (version: September 27!!!)

September 30, Thursday

08:30 – 08:45 Registration

  (Magyar Nemzeti Bank, Address: Szabadság tér 8-9.)

08:45 – 09:00 Welcome address

Ferenc Karvalits (Deputy Governor, Magyar Nemzeti Bank)

Session 1

Chair: László Halpern (Institute of Economics, Hungarian Academy of Sciences)

09:00 – 09:50

Felipe Iachan (MIT): A monetary model of banking (joint with Abhijit Banerjee, MIT and CEPR, and Eric Maskin, IAS Princeton

Discussant: Ákos Valentinyi (Cardiff and CEPR)

09:50 – 10:40

Filippo Taddei (Collegio Carlo Alberto): On the Inefficiencies of Cheap Credit (joint with Alberto Martin, CREI, UPF, CEPR)

Discussant: Andrea Canidio (Central European University)

10:40 – 11:00 Coffee break

11:00 – 11:50

Ralph de Haas (European Bank for Reconstruction and Development): The crisis as a wake-up call. Do banks tighten screening and monitoring during a financial crisis? (joint with Neeltje van Horen, Central Bank of the Netherlands )

Discussant: Kasper Roszbach (Sveriges Riksbank)

11:50 – 12:40

Refet S. Gürkaynak (Bilkent University and CEPR): Leverage of Financial Intermediaries and Cyclical Fluctuations (joint with Burçin Kisacikoglu, Bilkent University)

Discussant: Balázs Világi (MNB)

12:40 – 14:00 Lunch

14:00 – 15:30

Keynote Speech

Ricardo Caballero (MIT), On the Macroeconomics of an Uncertain Global Recovery

Session 2

Chair: Péter Pete (Eötvös Loránd University, Budapest)

15:30 – 16:20

Nicola Gennaioli (CREI, Universitat Pompeu Fabra and CEPR): Financial Innovation and Financial Fragility (joint with Andrei Shleifer, Harvard and Robert Vishny, University of Chicago)

Discussant: Peter Kondor (Central European University)

16:20 – 16:40 Coffee break

16:40 – 17:30

Alp Simsek (Harvard): Fire Sales in a Model of Complexity (joint with Ricardo Caballero, MIT)

Discussant: Adam Zawadowski (Boston University)

17:30 – 18:20

Katrin Rabitsch (Magyar Nemzeti Bank and Central European University):An Incomplete Markets Explanation to the UIP Puzzle

Discussant: Refet S. Gürkaynak (Bilkent University and CEPR)

20:00   Danube cruise with dinner

 October 1, Friday

Session 3

Chair: Frank Smets (ECB)

9:00 – 9:50

Martin Andreasen (Bank of England): The Business Cycle Implications of Banks’ Maturity Transformation (joint with Marcelo Ferman, LSE, and Pawel Zabczyk, BoE and LSE)

Discussant: Peter Karadi (Magyar Nemzeti Bank)

9:50 – 10:40

Olivier Pierrard (Central Bank of Luxembourg and Catholic University of Louvain): Banking shock and monetary reactions in a New Keynesian model (joint with Gregory de Walque, National Bank of Belgium and University of Namur)

Discussant: Tommaso Monacelli (Universita Bocconi, IGIER, and CEPR)

10:40 – 11:00 Coffee break

Session 4

Chair: Márton Nagy (Magyar Nemzeti Bank)

11:00 – 11:50

Egon Zakrajsek (Federal Reserve Board): Uncertainty, Financial Frictions, and Investment Dynamics (joint with Simon Gilchrist, Boston University, NBER and Jae W. Sim, FRB)

Discussant: Frank Smets (ECB and CEPR)

11:50 – 12:40

Alberto Martin (CREI, Universitat Pompeu Fabra and CEPR): Theoretical notes on bubbles and the current crisis(joint with Jaume Ventura, CREI, UPF and CEPR)

Discussant: Nobuhiro Kiyotaki (Princeton and CEPR)

12:40 – 14:00 Lunch

14:00 – 15:30

Keynote Speech

Nobuhiro Kiyotaki (Princeton and CEPR): Financial Intermediation and Credit Policy in Business Cycle Analysis (joint with Mark Gertler, NYU)

15:30 – 15:40 Coffee break

Session 5

Chair: Júlia Király (Deputy Governor, Magyar Nemzeti Bank)

15:40 – 16:30

Philippe Bacchetta (University of Lausanne and CEPR): The Demand for Liquid Assets and International Capital Flows (joint with Kenza Benhima, University of Lausanne)

Discussant: Robert Kollmann (ECARES, Université Libre de Bruxelles, CEPR)

16:30 – 17:20

Javier Bianchi (University of Maryland): Overborrowing, Financial Crises and 'Macro-prudential Taxes' in an Equilibrium Model of Business Cycles and Asset Prices (joint with Enrique G. Mendoza, University of Maryland)

Discussant: Kenza Benhima (University of Lausanne)

17:30   Wine tasting

Organizing committee:

  • Péter Benczúr (MNB and Central European University)
  • Péter Karádi (MNB)
  • Péter Kondor (Central European University)
  • Frank Smets (ECB and CEPR)

The program of last year’s workshop can be found at Academic Conferences page.

Pictures of the 4th Macroeconomic Policy Research Workshop
9th Macroeconomic Policy Research Workshop on 'Understanding Financial Frictions' September 30-October 1, 2010
September 29-30 2005, 4th Macroeconomic Policy Research Workshop
October 3, 2002: Conference on Nominal and Real Convergence of Accession Countries
October 4-5, 2002: 1st Workshop on Macroeconomic Policy Research
January 19, 2007 Conference on Inflation Targeting
September 24-25, 2004: The CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West
October 26-27, 2006: 5th Macroeconomic Policy Research Workshop on Micro Behavior and Monetary Policy
7th Macroeconomic Policy Research Workshop on Productivity, Trade and Development - October 30-31, 2008
October 2-3, 2003: 2nd Workshop on Macroeconomic Policy Research
October 29-30 2004, 3rd Macroeconomic Policy Research Workshop
11th Macroeconomic Policy Research Workshop on: 'Microeconomic behavior and its macro- economic implications during the financial crisis' - September 6-7, 2012
12th EABCN Workshop: 'International Business Cycle – Linkages, Differences and Implications' June 28-29, 2010
February 27-28, 2003: Monetary Strategies for Accession Countries
European Winter Meeting of the Econometric Society, 12-13 November, 2009, Budapest
May 10-12 2007, Frontiers In Central Banking Conference
November 29-30, 2007: 6th Macroeconomic Policy Research Workshop on Labor markets, wage behavior and inflation dynamics
August 27, 2007: 2nd Japanese-European Bayesian Econometrics and Statistics Meeting
October 2, 2008: Conference on financial awareness
SUERF/MNB Conference: "The Future of Banking in CESEE after the Financial Crisis" June 23, 2010 (and SUERF Annual Lecture on: "The role of domestic financial markets in an integrated Europe")
8th Macroeconomic Policy Research Workshop on DSGE Models: A Closer Look at the Workhorse of Macroeconomics
Pictures of the 7th Macroeconomic Policy Research Workshop
12th Macroeconomic Policy Research Workshop on Growth, Rebalancing, and Macroeconomic Adjustment after Large Shocks - September 19-20, 2013
Pictures of the 8th Macroeconomic Policy Research Workshop