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Magyar Nemzeti Bank – Centre for Economic Policy Research – European Systemic Risk Board

The Magyar Nemzeti Bank (MNB), in collaboration with the Centre for Economic Policy Research (CEPR) and the European Systemic Risk Board (ESRB), will hold its 14th Workshop on Macroeconomic Policy Research in Budapest on 27-28 April 2017.


Macroeconomic Policy Research Workshop on
Macroprudential policy: Designing the tools and assessing their effectiveness
27-28 APRIL, 2017

April 27, Thursday

08:00 – 08:50 Registration

08:50 – 09:00


Welcome address


Márton Nagy (Deputy Governor, Magyar Nemzeti Bank)

Session 1

Chair: Márton Nagy (Deputy Governor, Magyar Nemzeti Bank)

09:00 – 09:50

Oliver Bush (London School of Economics): Monetary vs Macroprudential Policies: Casual Impacts of Interest Rates and Credit Controls in the Era of the UK Radcliffe Report (joint with David Aikman and Alan M. Taylor)

Discussant: Norbert Metiu (Deutsche Bundesbank)


Jonathan Bridges (Bank of England): Down in the Slumps: the Role of Credit in Five Decades of Recessions (joint with Chris Jackson and Daisy McGregor)

Discussant: Emil Verner (Princeton University)

10:40 – 11:00 Coffee break


Session 2

Chair: Dániel Palotai (Magyar Nemzeti Bank)

11:00 – 11:50

Toni Ahnert (Bank of Canada):

Rollover Risk, Liquidity and Macroprudential Regulation

Discussant: David Pothier (DIW Berlin)

11:50 – 12:40

Dawid Zochowski (European Central Bank):

When Shadows Grow Longer: Shadow banking with endogenous entry (joint with Anil Ari, Matthieu Darracq Pariés and Christoffer Kok)

Discussant: Paul Schempp (University of Cologne)

12:40 – 14:00 Lunch


Session 3

Chair: Sam Langfield (European Systemic Risk Board)

14:00 – 14:50

Saleem Bahaj (Bank of England): A Positive Analysis of Bank Behavior under Capital Requirements (joint with Frederic Malherbe)

Discussant: David Martinez-Miera (Universidad Carlos III de Mardid) 2/3

14:50 – 15:40

Elena Rancoita (European Central Bank):

Cross-border Banking, Macroprudential Policy and Monetary Policy in a Monetary Union (joint with Matthieu Darrack-Pariés and Christoffer Kok)

Discussant: Michał Brzoza-Brzezina (National Bank of Poland and Warsaw School of Economics)

15:40 – 16:00 Coffee break


Session 4

Chair: Szilárd Benk (Magyar Nemzeti Bank)

16:00 – 16:50

Eddie Gerba (Banco de Espana/LSE/CESIfo): Macroprudential Policy in a Knightian Uncertainty Model with Credit-, Risk-, and Leverage Cycles (joint with Dawid Zochowski)

Discussant: Zsuzsanna Hosszú (Magyar Nemzeti Bank)

16:50 – 17:40

Bence Mérő (Magyar Nemzeti Bank): Long credit cycles and countercyclical capital buffer in an agent based Keynesian model (joint with Zsu-zsanna Hosszú)

Discussant: Tirupam Goel (Bank for International Settlements)

19:30 Danube cruise with dinner


April 28, Friday


Session 5

Chair: Barnabás Virág (Magyar Nemzeti Bank)


Filippo De Marco (Bocconi University): The Real Effects of Capital Requirements and Monetary Policy: Evidence from the United Kingdom (joint with Thomas Wieladek)

Discussant:Ibolya Schindele (Magyar Nemzeti Bank and CEU Business School)

10:20 – 11:10

Liam Kirwin (Bank of England): Specializing in Risky Mortgages: Unintended Consequences of Basel II (joint with Matteo Benetton, Peter Eckley, Nicola Garbarino, Gergia Latsi and Paolo Siciliani)

Discussant: Katalin Varga (Magyar Nemzeti Bank)

11:10 – 11:30 Coffee break

Keynote Speech

Chair: Anikó Szombati (Magyar Nemzeti Bank)

11:30 – 12:45

Javier Suarez (CEMFI and CEPR):

Assessing the Cyclical Implications of IFRS 9: A Recursive Model

12:45 – 14:00 Lunch 3/3


Session 6

Chair: Ádám Banai (Magyar Nemzeti Bank)


Luminita Tatarici (National Bank of Romania): Coping with unsustainable lending: early warning indicators and the use of macro-prudential instruments (joint with Irina Mihai)

Discussant: Tibor Szendrei (Magyar Nemzeti Bank)

14:50 – 15:40

Katalin Varga (Magyar Nemzeti Bank): SSFI – A Factor Based Index of Systemic Stress in the Financial System (joint with Tibor Szendrei)

Discussant: Jan Klacso (National Bank of Slovakia)

16:00 Wine tasting