Past Event
Central banking after the great recession
Have Central Banks lost their ability to control domestic inflation? Are macroprudential tools sufficient to ensure financial stability? Do new monetary tools, a closer relationship with fiscal policy and the renewed financial stability mandate require a new central banking paradigm?
Old theories in monetary policy are being challenged and macroprudential policy is ever more important. This two-session workshop addressed the place of central banks in the post-crisis economy.
Session 1: Macroprudential policy and its relationship with monetary policy: the complex European framework
Macroprudential policy has two main goals: to increase the resilience of the financial system and to tame the financial cycle with more targeted tools than monetary policy. These measure can be tailored to country-specific circumstances, which is especially important in a heterogeneous monetary union. However, macroprudential policies are new and still under construction, especially in advanced economies. Are macroprudential tools sufficient to ensure financial stability? Could the complex European set-up make their implementation less effective?
Session 2: After the crisis, the evolving role of central banks
Do we have to re-open the institutional design question we had thought we had solved establishing independent central bank moving interest rates in the pursuit of price stability? Do new monetary tools, a closer relationship with fiscal policy and the renewed financial stability mandate require a new central banking paradigm?
Event materials
Event Notes
Markus Brunnermeier – Presentation
Claudia Buch – Presentation
Charles Goodhart – Presentation
Andrzej Rzońca – Presentation
Schedule
10.30 - 10.50
Check-in and Coffee
10.50 - 11.00
Welcome
Guntram B. Wolff, Director
11.00 - 12.30
Macroprudential policy and its relationship with monetary policy: the complex European framework
Chair: Dirk Schoenmaker, Non-Resident fellow
Cecilia Skingsley, Deputy Governor, National Bank of Sweden
Claudia M. Buch, Vice-President, Deutsche Bundesbank
12.30 - 13.00
Lunch
13.00 - 15.00
After the crisis, the evolving role of central banks
Chair: Grégory Claeys, Senior Fellow
Andrzej Rzońca, Member of the Monetary Policy Council, National Bank of Poland
Charles Goodhart, Emeritus Professor, London School of Economics
Markus K. Brunnermeier, Professor, Princeton University
Speakers

Ignazio Angeloni

Markus K. Brunnermeier
Professor, Princeton University

Claudia M. Buch
Vice-President, Deutsche Bundesbank

Grégory Claeys
Senior Fellow

Charles Goodhart
Emeritus Professor, London School of Economics

Dirk Schoenmaker
Non-Resident fellow

Andrzej Rzońca
Member of the Monetary Policy Council, National Bank of Poland

Cecilia Skingsley
Deputy Governor, National Bank of Sweden

Guntram B. Wolff
Director
Location & Contact

Matilda Sevón
[email protected] +32 2 227 4212