Third Macroeconomic Policy Research Workshop on

Monetary Transmission in the New and Old Members of the EU

October 29-30, 2004

Organised by The Magyar Nemzeti Bank, in Collaboration with The Centre of Central Banking Studies (CCBS) of The Bank of England


October 29, Friday

12:00 – 13:30 Lunch and Registration

13:40 – 13:50 Welcome address

György Szapáry (Magyar Nemzeti Bank)

Session 1

Chair: Mario Blejer (Bank of England)

13:50 – 14:40 

Keynote Speech

Ignazio Angeloni (European Central Bank): Monetary integration of the EU new member states: A review of issues

14:40 – 15:30

Zoltán Jakab (Magyar Nemzeti Bank): Endogenous Exchange Rate Pass-through with Imported Intermediates

Discussant: Mario Blejer (Bank of England)

15:30 – 16:00 Coffee break

Session 2

Chair: György Kopits (Magyar Nemzeti Bank)

16:00– 16:50

Adam Kot (National Bank of Poland): Does Banking Sector Competitiveness Affect Interest Rate Pass-through?

Discussant: Bojan Markovic (Bank of England)

16:50 – 17:40

Csilla Horváth & Judit Krekó & Anna Naszódi (Magyar Nemzeti Bank): Interest Rate Pass-through: The Case of Hungary

Discussant: Thomas Reininger (Oesterreichische Nationalbank)

17:40 – 18:30

Lavan Mahadeva (Bank of England): The Output Gap and Modelling the Transmission Mechanism of Monetary Policy in a Wide Range of Economies

Discussant: István Kónya (Magyar Nemzeti Bank)

19:30   Reception

October 30, Saturday

Session 3

Chair: Zsolt Darvas (Magyar Nemzeti Bank)

9:00 – 9:50

Keynote Speech

Fabio Canova (Universitat Pompeu Fabra): Monetary Policy and the evolution of US economy: 1948-2002

9:50 – 10:40

Alessio Anzuini & Aviram Levy (Banca d'Italia): Monetary Policy Shocks in the New EU Members: A VAR Approach

Discussant: Péter Benczúr (Magyar Nemzeti Bank)

10:40 – 11:00 Coffee break

Session 4

Chair:  Zsolt Darvas (Magyar Nemzeti Bank)

11:00 – 11:50

Marek Jarocinski (Universitat Pompeu Fabra): Responses to Monetary Policy Shocks in the East and the West of Europe: A Comparison

Discussant: Gert Peersman (University of Gent)

11:50 – 12:40

Jaromir Hurnik & Kateřina Arnoštová (Czech National Bank): The Monetary Transmission Mechanism in the Czech Republic: Evidence from the VAR Analysis

Discussant: Gábor Kőrösi (Institute of Economics, Hungarian Academy of Sciences)

12:40 – 14:00 Lunch

Session 5

Chair:  Lavan Mahadeva (Bank of England)

14:00 – 14:50

Gábor Kátay & Zoltán Wolf (Magyar Nemzeti Bank): Investment Behavior, User Cost and Monetary Policy Transmission: The Case of Hungary

Discussant: Lavan Mahadeva (Bank of England)

14:50 – 15:40

Bojan Markovic (Bank of England): Bank Capital Channels in the Monetary Transmission Mechanism

Discussant: Balázs Világi (Magyar Nemzeti Bank)

15:40 – 16:10 Coffee break

Session 6

Chair: Lavan Mahadeva (Bank of England)

16:10 – 17:00

Rafal Kierzenkowski (Banque de France): The Multi-Regime Bank Lending Channel and the Effectiveness of the Polish Monetary Policy Transmission During Transition

Discussant: Leonardo Gambacorta (Banca d'Italia)

17:00 – 17:50

Birgit Schmitz (ZEI Center for European Integration Studies): What Role do Banks play in Monetary Policy Transmission in EU New Member Countries?

Discussant: Oliver Dieckmann (EC)

19:00   Danube cruise with dinner

Organising committee:

Mario Blejer (Director of the CCBS, BoE)

Zsolt Darvas (Deputy Head of the Research Division, MNB)

Gill Hammond (Deputy Director of the CCBS, BoE)

András Simon (Head of the Research Division, MNB)

For more information please contatc: MNB-CCBS Workshop 2004