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?

Date: January 18, 2016, 10:30 am European Macroeconomics & Governance Tags & Topics

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

Jan 18, 2016

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, Senior Fellow

Cecilia Skingsley, Deputy Governor, National Bank of Sweden

Claudia M. Buch, Deputy President of the Deutsche Bundesbank

Ignazio Angeloni

12.30 - 13.00

Lunch

13.00 - 15.00

After the crisis, the evolving role of central banks

Chair: Grégory Claeys, Research 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

Ignazio Angeloni

Brunnermeier pic

Markus K. Brunnermeier

Professor, Princeton University

buch_pic

Claudia M. Buch

Deputy President of the Deutsche Bundesbank

Grégory Claeys

Grégory Claeys

Research Fellow

Goodhart pic

Charles Goodhart

Emeritus Professor, London School of Economics

Schoenmaker pic

Dirk Schoenmaker

Senior Fellow

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Andrzej Rzońca

Member of the Monetary Policy Council, National Bank of Poland

Cecilia_Skingsley

Cecilia Skingsley

Deputy Governor, National Bank of Sweden

Guntram B. Wolff

Guntram B. Wolff

Director

Location & Contact

Bruegel, Rue de la Charité 33, 1210 Brussels

Matilda Sevón

Matilda Sevón

matilda.sevon@bruegel.org +32 2 227 4212

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Opinion

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Japanese banks and US$ liquidity: Squeezed between expensive deposits and the BoJ

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External Publication

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What role for the financial markets in Europe?

The European European financial system is too strongly bank-based. How can it be rebalanced to become favourable to growth and employment again? (This paper is only available in French).

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Blog Post

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What’s at stake: At this week’s meeting, the Federal Reserve left interest rates unchanged. While this was largely expected, the economic blogosphere has been discussing whether and to what extent this is linked to the election, and what can be expected for the future.

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Past Event

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Opinion

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EZB-Chef Draghi enteignet die Sparer nicht

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Policy Contribution

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Blog Post

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By: Silvia Merler Topic: Global Economics & Governance Date: September 26, 2016
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Post-Jackson Hole low morale

What’s at stake: this year’s edition of the Jackson Hole symposium was awaited as an occasion to discuss how to redesign monetary policy for the future. We documented the state of academic and policymaking discussion on the topic in a previous review. But it seems the meeting has left many with the impression the Fed is not yet ready to start “rethinking normality”.

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By: Bruegel Topic: Global Economics & Governance Date: August 12, 2016
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Policy Contribution

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Total assets versus risk weighted assets: does it matter for MREL?

As a consequence of the global financial crisis, various initiatives have been taken in different jurisdictions to ensure the future resolvability of banks without massive use of public funds. In Europe, the BRRD introduced the concept of MREL, which is in the process of being defined.

By: Bennet Berger, Pia Hüttl and Silvia Merler Topic: European Parliament, Finance & Financial Regulation Date: August 9, 2016
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Past Event

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