Evaluating the monetary-policy toolkit: lessons for the future

Sveriges Riksbank will host a conference on theoretical and empirical research on the use of the central bank’s balance sheet as a monetary policy tool on September 1−2, 2022.

Silvana Tenreyro (London School of Economics and Bank of England) and Arvind Krishnamurthy (Stanford Graduate School of Business) will deliver keynote speeches.

The conference aims to bring together high-quality research providing new insights into the transmission mechanisms and economic effects of central-bank asset purchases, liquidity support and other monetary-policy actions conducted via the central bank’s balance sheet.

Program [pdf]

Thursday September 1

8:45‐9:15        Coffee and registration

9:15-9:30 Stefan Ingves, Governor (Sveriges Riksbank)
Introductory remarks

Session I 

Chair: Meredith Beechey Österholm (Sveriges Riksbank)

9:30-10:30 “The Fed Takes on Corporate Credit Risk: An Analysis of the Efficacy of the SMCCF” Simon Gilchrist, Vivian Yue, Bin Wei and Egon Zakrajsek (BIS) [Paper] [Slides]

Discussant: Iryna Kaminska (Bank of England)

10:30-11:30 “ECB Euro Liquidity Lines” Silvia Albrizio (IMF), Iván Kataryniuk, Luis Molin and Jan Schäfer [Paper] [Slides]

Discussant: Ambrogio Cesa-Bianchi (Bank of England) [Slides]

11:30-12:00 Break

12:00-13:00 Keynote speech: “Quantitative Easing: A perspective based on the UK experience” Silvana Tenreyro (Bank of England and London School of Economics) 

13:00-14:15 Lunch

Session II

Chair: Johan Almenberg (Sveriges Riksbank)

14:15-15:15 “How Does Monetary Policy Affect Income and Wealth Inequality? Evidence from Quantitative Easing in the Euro Area”
Michele Lenza and Jiri Slacalek (ECB) [Paper] [Slides]

Discussant: Anna Rogantini Picco (Sveriges Riksbank) [Slides]

15:15-16:15 “Fiscal and Monetary Policy Interactions in a Low Interest Rate World” Boris Hofmann, Marco Lombardi (BIS), Benoît Mojon and Athanasios Orphanides [Paper] [Slides]

Discussant: John Hassler (IIES, Stockholm University) [Slides]

16:15-16:45 Break

16:45-17:45 Keynote speech (online): Arvind Krishnamurthy (Stanford Graduate School of Business) [Slides]

Friday September 2

8:30-9:00 Coffee and registration

Session III

Chair: Daria Finocchiaro (Sveriges Riksbank and ECB)

9:00-10:00 “Liquidity, Liquidity Everywhere, Not a Drop to Use”
Viral Acharya (New York University Stern School of Business) and Raghuram Rajan [Paper] [Slides]

Discussant: Mariassunta Giannetti (Swedish House of Finance, Stockholm School of Economics) [Slides]

10:00-11:00 “Quantitative Easing and Local Banking Systems in the Euro Area”
Ciaran Rogers (IIES, Stockholm University) [Paper] [Slides]

Discussant: Kalin Nikolov (ECB) [Slides]

11:00-11:30 Break

11:30-12:30 “Unexpected Supply Effects of Quantitative Easing and Tightening”
Stefania D’Amico (Federal Reserve Bank of Chicago) and Tim Seida [Paper] [Slides]

Discussant: Min Wei (Federal Reserve Board) [Slides]

12:30-13:30 Lunch

Session IV             

13:30-15:00 Panel discussion – Lessons for policymakers
Lucrezia Reichlin
(London Business School), Athanasios Orphanides (MIT Sloan School of Management), Martin Flodén (Sveriges Riksbank)
Moderator: Ulf Söderström (Sveriges Riksbank)

Organizing committee

Johan Almenberg (Sveriges Riksbank)
Meredith Beechey Österholm (Sveriges Riksbank)
Daria Finocchiaro (Sveriges Riksbank and ECB)
Åsa Olli Segendorf (Sveriges Riksbank)
Ulf Söderström (Sveriges Riksbank and CEPR)

Time allocation

Presenter 35 minutes
Discussant 15 minutes
General discussion 10 minutes

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Updated 02/08/2022