Central banks around the world have recently engaged in a wide range of non-standard monetary policy measures, including for instance the provision of ample liquidity for long maturities or substantial purchases of public and private financial assets. The workshop aims to bring central bankers, academics and market participants together to discuss the effectiveness of the various measures implemented.
Theoretical and empirical contributions are welcome on issues including:
- Assessment of the effectiveness and possible risks of non-standard monetary policy measures
- The role of “forward guidance” for monetary policy in crisis and normal times as complement/substitute to non-standard measures
- Means to provide and withdraw large amounts of liquidity at long maturities
- Recent developments in central bank balance sheets and implications for the conduct of monetary policy
- Negative interest rates
- Optimal mix of standard and non-standard measures, including how non-standard measures have acted as substitutes (e.g. quantitative easing at the lower bound) or complements (to repair a broken transmission mechanism) of standard monetary policy
- The effectiveness of targeted monetary policy measures such as “Funding for Lending” schemes
John Cochrane (Chicago Booth) and Nobuhiro Kiyotaki (Princeton University) have confirmed their participation as keynote speakers.
Authors are encouraged to submit papers on the above-mentioned topics. Submissions must comprise a full paper (preferred) or an extended abstract and should be sent in PDF format no later than 31 March 2013. Authors of accepted papers will be notified by mid-April 2013. The final version of conference papers must be sent to the same e-mail address by May 31 2013.
Attendance of the workshop is by invitation only. It will start in the morning of 17 June 2013 and end at noon on 18 June 2013. A dinner is planned for the evening of the first day.
Expenses for accepted papers
The travel (economy fare) and accommodation expenses for the presenting academic speaker will be reimbursed.
The organising committee of the workshop includes Francesco Drudi, Alain Durré, Peter Karadi, Benjamin Sahel, Bernd Schwaab and Thomas Werner (all ECB).