13th Macroeconomic Policy Research Workshop on

The Changing Role of Central Banks Post-Crisis

October 16-17, 2014 Budapest, Hungary

New venue: Restaurant Kárpátia

Address: 1053. Budapest, Ferenciek ter 7-8. at M3 Ferenciek tere metro station


October 16, Thursday

08:30 – 09:00
Registration (Magyar Nemzeti Bank, Address: Szabadság tér 9.)

09:00 – 09:10

Ádám Balog (Magyar Nemzeti Bank)
Welcome address

Session 1

Chair:Dániel Palotai(Magyar Nemzeti Bank)


Javier Suarez  (CEMFI, ECGI and CEPR)
Capital Regulation in a Macroeconomic Model with Three Layers of Default (joint with L. Clerc, A. Derviz, C. Mendicino, S. Moyen, K. Nikolov, L. Stracca, A. Vardoulakis)

Discussant: Balázs Világi (Magyar Nemzeti Bank)


Hernán Seoane (Universidad Carlos III de Madrid) 
Sovereign Risk, Private Credit, and Stabilization Policies (joint with R. Pancrazi and M. Vukotic)

Discussant: Eyno Rots (Magyar Nemzeti Bank)

10:50 – 11:00 Coffee break

Session 2

Chair: Balázs Vonnák (Magyar Nemzeti Bank)

11:00 – 11:50

Ibolya Schindele (BI Norwegian Business School and Magyar Nemzeti Bank)
In Lands of Foreign Currency Credit, Bank Lending Channels Run Through? (joint with S. Ongena and D. Vonnák )

Discussant: Gábor Kőrösi (Hungarian Institute of Economics and CEU)

11:50 – 12:40

Neeltje van Horen (De Nederlandsche Bank)
The Impact of Sovereign Debt Exposure on Bank Lending (joint with A. Popov)

Discussant: Tim Eisert (Goethe University Frankfurt and New York University)

12:40 – 14:00 Lunch

Chair: Miklós Koren (Central European University, Hungarian Institute of Economics and CEPR)

14:00 – 15:15

Keynote Speech

Luc Laeven (IMF, Tilburg University, ECGI and CEPR)

15:15 – 15:40 Coffee break

Session 3

Chair:Barnabás Virág(Magyar Nemzeti Bank)

15:40 – 16:30

Tomasz Wieladek (Bank of England)
How Does Credit Supply Respond to Monetary Policy and Bank Minimum Capital Requirements? (joint with S. Aiyar and C. W. Calomiris)

Discussant: Robert Kollmann (ECARES)

16:30 – 17:20

Special speaker

Richard Portes (London Business School, European University Institute and CEPR)
Macroprudential Policy from a Macroeconomic Perspective

19:30   Danube cruise with dinner

October 17, Friday

Session 4

Chair: István Kónya(Magyar Nemzeti Bank)


Olivier Loisel (ENSAE-CREST and Banque de France)
Optimal Monetary and Prudential Policies (joint with F. Collard, H. Dellas, and B. Diba)

Discussant: Lóránt Kaszab (Magyar Nemzeti Bank)

9:50 – 10:40

Salvatore Nisticó (Universita di Roma La Sapienza)
Safe Assets, Liquidity and Monetary Policy (joint with P. Benigno)

Discussant: Paolo Gelain (Norges Bank)

10:40 – 11:00 Coffee break

Session 5

Chair: Viktor Várpalotai(Magyar Nemzeti Bank)

11:00 – 11:50

Luca Dedola (European Central Bank and CEPR)
 The Mystery of the Printing Press: Monetary Policy and Self-fulfilling Debt Crises (joint with G. Corsetti)

Discussant: Tamás Briglevics (Magyar Nemzeti Bank)

11:50 – 12:40

Philippe Andrade (Banque de France)
Heterogenous Beliefs and Forward Guidance (joint with G. Gaballo, E. Mengus and B. Mojon)

Discussant: Alessia Campolmi (University of Glasgow and CEU)

12:40 – 14:00 Lunch

Chair: Julius Horváth (Central European University)

14:00 – 15:15

Keynote Speech

Charlie Bean (London School of Economics and CEPR)

15:15 – 15:40 Coffee break

Session 6

Chair: Steven Ongena(University of Zurich, SFI, and CEPR)

15:40 – 16:30

Harald Hau (University of Geneva, GFRI, and SFI)
Asset Allocation and Monetary Policy: Evidence from the Eurozone (joint with S. Lai)

Discussant: András Fülöp (ESSEC Business School)

16:30 – 17:20

Eugenio Cerutti (International Monetary Fund)
Global Liquidity and Drivers of Cross-Border Bank Flows (joint with S. Claessens and L. Ratnovski)

Discussant: Alessandro Fontana (European Commission)

Organizing committee:

  • Wouter Den Haan (London School of Economics and CEPR)
  • Anna Naszódi (Magyar Nemzeti Bank)
  • Steven Ongena (University of Zurich, SFI, and CEPR)
  • Ibolya Schindele (BI Norwegian Business School and Magyar Nemzeti Bank)
  • Balázs Világi (Magyar Nemzeti Bank)

The program of last year’s workshop can be found at: