15th Annual DNB Research Conference

17th Annual DNB Research Conference
“Forward guidance and communication about unconventional monetary policy”
De Nederlandsche Bank, 13-14 November 2014
THURSDAY, 13 NOVEMBER 2014 - Board room at DNB
8:45-9:30
Registration with coffee/tea
9:30-9.45
Opening by Klaas Knot, President of De Nederlandsche Bank (DNB)
SESSION I: Effects of forward guidance and unconventional monetary policy
Chair: Job Swank (Executive Director of DNB)
9:45-10:45
Tomas Key (Bank of England), Martin Weale and Tomasz Wieladek
‘The interest rate uncertainty channel of unconventional monetary policy’
10:45-11:00
11:00-12:00
Coffee break
Jakob de Haan (DNB), David-Jan Jansen and Richhild Moessner
‘The effect of forward guidance and the zero lower bound on interest rate sensitivity to
economic news in Sweden’
12:00-13:00
Lunch in Foyer, at 1st floor of DNB
13:00-14:00
Keynote Address: Charles Evans (President, Chicago Fed)
‘The Fed’s experience with forward guidance about policy rates and communication
about unconventional monetary policy’
Chair: Gabriele Galati (DNB)
14:00-14:30
Coffee break
SESSION II: Macroeconomic effects of forward guidance
Chair: Jan-Marc Berk (Director of Economics and Research of DNB)
14:30-15:30
Marco Del Negro (New York Fed), Marc Giannoni and Christina Patterson
‘The Forward Guidance Puzzle’
15:30-16:00
Coffee break
16:00-17:00
Philippe Andrade (Banque de France), Gaetano Gaballo, Eric Mengus and Benoit
Mojon
‘Heterogeneous Beliefs and Forward Guidance’
17:00-18:00
Keynote Address: David Miles (MPC member, Bank of England)
‘The experience of the Bank of England with forward guidance and communication
about unconventional monetary policy’
Chair: Richhild Moessner (DNB)
18:30-21:00
Dinner
FRIDAY, 14 NOVEMBER 2014 – Board room at DNB
9:00-9:30
Registration with coffee/tea
SESSION III: Spillovers internationally and to other financial markets
Chair: Peter van Els (Head of Monetary Policy Division of DNB)
9:30-10:30
Barry Eichengreen and Poonam Gupta (World Bank)
‘Tapering Talk: The Impact of Expectations of Reduced Federal Reserve Security
Purchases on Emerging Markets’
10:30-11:00
Coffee break
11:00-12:00
Matteo Falagiarda (ECB), Peter McQuade and Marcel Tirpak
‘Spillover effects of the ECB monetary policy on selected non-euro area EU countries:
Evidence from an event-study and a BVAR’
12:00-13:00
Lunch in Foyer, at 1st floor of DNB
13:00-14:30
Policy panel: Challenges in designing forward guidance about policy rates and
communication about unconventional monetary policy
Chair: Jakob de Haan (Head of Research Division of DNB)
Panellists: Karolina Ekholm (Deputy Governor, Riksbank); Charles Goodhart (LSE);
Bill Nelson (Deputy Director, Division of Monetary Affairs, FRB); Frank Smets (ECB)
14:30-15:00
Coffee break
SESSION IV: Signalling and unconventional monetary policy
Chair: Jakob de Haan (Head of Research Division of DNB)
15:00-16:00
Jens Christensen (San Francisco Fed) and Signe Krogstrup
‘Swiss Unconventional Monetary Policy: Lessons for the Transmission of Quantitative
Easing’
16:00-17:00
Saroj Bhattarai (University of Texas at Austin), Gauti Eggertsson and Bulat Gafarov
‘Time Consistency and the Duration of Government Debt: A Signalling Theory of
Quantitative Easing’
17:00-18:00
Farewell drinks

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