10th Research Workshop Task Force on Banking Analysis for Monetary Policy

The Oesterreichische Nationalbank hosted the 10th Research Workshop of the European Central Bank – “Task Force on Banking Analysis for Monetary Policy”. The workshop was jointly organised by the European Central Bank (ECB) and the OeNB. The event was held in a hybrid format, with both virtual and in-person participants, and was webcast live.

October 21-22, 2024
Oesterreichische Nationalbank, Vienna

Day 1: Monday 21 October

09:00 – 09:20 Registration

09:20 – 09:30 Opening remarks

Birgit Niessner, Head of Economic Analysis Department, Oesterreichische Nationalbank

09:30 – 09:40 Welcoming remarks

Carlo Altavilla, Head of Monetary Analysis Division and Task Force Chair, European Central Bank

09:40 – 11:10 Session 1 – Competition in the deposit and lending markets

Chair: Diana Bonfim (Banco de Portugal, European Central Bank)

“Regional loan market structure, bank lending rates and monetary transmission” by Sebastian Bredl (Deutsche Bundesbank) – Slides
Discussant: Sujiao Zhao (Banco de Portugal) – Slides

“Imperfect banking competition and the propagation of uncertainty shocks” by Tommaso Gasparini (Banque de France) – Slides
Discussant: Katarzyna Budnik (European Central Bank) – Slides

“The impact of TLTRO recalibration on banks and firms” by Lorenzo Burlon (European Central Bank), Alessandro Ferrari (European Central Bank), Stephen Kho (European Central Bank), Nikoleta Tushteva (European Central Bank) – Slides
Discussant: Sofia Anyfantaki (Bank of Greece) – Slides 

11:10 – 11:30 Coffee break

11:30 – 12:30 Session 2 – Non-bank Financial Institutions

Chair: María T. Valderrama (Oesterreichische Nationalbank)

“Monetary policy effects on investment funds' risk taking” by Sofia Anyfantaki (Bank of Greece) Charilaos Giannakidis (Bank of Greece) Dimitrios Malliaropoulos (Bank of Greece) Petros Migiakis (Bank of Greece) Filippos Petroulakis (Bank of Greece) – Slides
Discussant: Ugo Albertazzi (European Central Bank) – Slides

“Monetary policy and nonbank lending” by Peter Hoffmann (European Central Bank) Fergal McCann (Bank of Ireland) Oana Peia (University College Dublin) Glenn Schepens (European Central Bank)
Discussant: Guillaume Horny (Banque de France) 

12:30 – 14:00 Lunch and poster session

14:00 – 15:00 Session 3 –Climate change and digitalisation

Chair: Michael Sigmund (Oesterreichische Nationalbank)

“CBDC and the banking system” by Simone Auer (Banca d’Italia), Nicola Branzoli (Banca d’Italia), Giuseppe Ferrero (Banca d’Italia), Antonio Ilari (Banca d’Italia), Francesco Palazzo (Banca d’Italia)
Edoardo Rainone (Banca d’Italia) – Slides
Discussant: Maria Dimou (European Central Bank) – Slides

“Technological greenness and long-run performance” by Stefano Battiston (University of Zurich, Ca’ Foscari University of Venice and CEPR), Irene Monasterolo (Utrecht University and CEPR), Maurizio Montone (Utrecht University) – Slides
Discussant: Cristina Angelico (Banca d’Italia) – Slides 

15:30 – 16:30 Keynote address: “Monetary Policy and the Mortgage Market”

by Itamar Drechsler* (University of Pennsylvania) – Keynote address
Chair: Carlo Altavilla (European Central Bank and CEPR)

Day 2: Tuesday 22 October

09:15 – 10:45 Session 4 – Money markets

Chair: Lorenzo Burlon

“Collateral Easing and safe asset scarcity: How Money Markets benefit from low-quality collateral” by Stefan Greppmair (Deutsche Bundesbank), Karol Paludkiewicz (Deutsche Bundesbank), Sascha Steffen (Frankfurt School of Finance and Management) – Slides
Discussant: Sebastiaan Pool (European Central Bank) – Slides

“The impact of monetary policy normalisation on secured money markets” by Alicia Aguilar (Banco de España), Claudio Vela (Banco de España) – Slides
Discussant: Robert Ferstl (Oesterreichische Nationalbank) – Slides

“Ambiguity, liquidity and monetary policy” by Natalie Kessler (De Nederlandsche Bank), Poramapa Poonpakdee (De Nederlandsche Bank) – Slides
Discussant: Fabio Massimo Piersanti (Banca d’Italia) – Slides

10:45 – 11:00 Coffee break

11:00 – 12:00 Session 5 – Household consumption and monetary policy

Chair: Miguel Boucinha (European Central Bank)

“House prices, consumption and monetary policy: a cross-country analysis” by Paola di Casola (European Central Bank), Magdalena Grothe (European Central Bank)
Discussant: Marco Lombardi (BIS)

“Paying for the prices: the cost of taming inflation” by André Casalis (Národná banka Slovenska) – Slides
Discussant: Jorge Abad (Banco de España) – Slides

12:00 – 13:00 Session 6 – Heterogeneity in the transmission of monetary policy

Chair: Guillaume Horny (Banque de France)

“Monetary policy and bank lending: A country-specific shock identification in the euro area” by Robert Ferstl (Oesterreichische Nationalbank), Bernhard Graf (Oesterreichische Nationalbank), Michael Sigmund (Oesterreichische Nationalbank), María T. Valderrama (Oesterreichische Nationalbank) – Slides
Discussant: Thibault Cézanne (University of Mannheim and ZEW Mannheim) – Slides

“The original sin: fragmentation in the money market and its transmission to the credit market” by Caterina Forti Grazzini (European Central Bank), Carla Soares (Banco do Portugal) – Slides
Discussant: Bernhard Graf (Oesterreichische Nationalbank) – Slides

13:00 – 14:30 Lunch and poster session

Moderators: Giulio Nicoletti (European Central Bank); Andrea Tiseno (Banca d’Italia)

“Monetary policy transmission through the repo market's funding channel”
by Yannik Schneider (European Central Bank) – Poster 

“Monetary policy transmission from interest-sensitive sectors: the role of banks”
by Max Brès (Sveriges Riksbank)

“Credit supply, monetary policy and probabilities of future events”
by Caterina Mendicino (European Central Bank), Giulio Nicoletti (European Central Bank), Ivan Petrella (Warwick Business School), Sofía Velasco (European Central Bank)

“Business loan characteristics and inflation shocks transmission in the euro area”
by Valentina Michelangeli (Banca d’Italia), Fabio Massimo Piersanti (Banca d’Italia) – Poster

“The causal effects of inflation on financial stability: Evidence from history”
by Ugo Albertazzi (European Central Bank), James 't Hooft (European Central Bank), Lucas ter Steege (European Central Bank) – Poster

“Monetary policy, binding regulatory capital constraint and banks' reaction”
by Thibault Cézanne (University of Mannheim and ZEW Mannheim) – Poster

“The inflationary consequences of prioritising central bank profits”
by Stefan Gebauer (European Central Bank), Sebastiaan Pool (European Central Bank), Julian Schumacher (European Central Bank) – Poster