The European System of Central Banks (ESCB) will hold a Day-Ahead Conference on Wednesday August 21st, 2019 in Lisboa, Portugal. This is one day prior to the 46th European Finance Association Meeting, which will be held in Carcavelos on August 21-24. The Day Ahead Conference will be hosted by Banco de Portugal (BdP).

The objective of the Day-Ahead conference is to create an opportunity for interaction among research economists within the ESCB, other central banks and academia; and to offer an outlet to present and discuss high-quality, policy-relevant research oriented towards banking, finance, and monetary economics.

Program

08:30 | Registration

08:45 | Opening remarks: Ana Paula Serra | Member of the Board of Directors of Banco de Portugal

Session 1: Stress-testing the Banking System

Chair: Kasper Roszbach | Norges Bank

09:00 | Stressed Banks

Diane Pierret | HEC - University of Lausanne, Roberto Steri | HEC - University of Lausanne

Discussant: João Granja| Chicago Booth

09:45 | Unintended Side Effects: Stress Tests, Entrepreneurship, and Innovation

Sebastian Doerr| University of Zurich

Discussant: Ralf Meisenzahl | Federal Reserve Bank of Chicago

10:30 | Coffee break

Session 2: Bank Capital and Crises

Chair: Toni Ahnert | Bank of Canada

11:00 | Financial Intermediation, Capital Accumulation and Crisis Recovery

Hans Gersbach | CER-ETH – Center of Economic Research at ETH Zurich and CEPR, Jean-Charles Rochet| Swiss Finance Institute at University of Geneva and University of Zurich, Martin Scheffel | Karlsruher Institute of Technology (KIT)

Discussant: David Martinez Miera | Universidad Carlos III

11:45 | Bank Capital Forbearance

Natalya Martynova | Deutsche Bundesbank, Enrico Perotti | University of Amsterdam and CEPR, Javier Suarez | University of Amsterdam and CEPR

Discussant: Wolf Wagner| Rotterdam School of Management and CEPR

12:30 | Lunch

Session 3: Savings and Real-estate Wealth

Chair: Leonardo Gambacorta | BIS

13:30 | Keynote Speech:

No Alternatives: Pension Investments around the World, 2008 to 2017

Victoria Ivashina | Harvard Business School

14:30 | Real Effects of Relaxing Financial Constraints for Homeowners: Evidence from Danish Firms

Alessia De Stefani | Danmarks Nationalbank, Julia Moertel | University of Edinburgh

Discussant: Andreas Fuster| Swiss National Bank

15:15 | Coffee break

Session 4: Bank Funding and Lending

Chair: Teodora Paligorova | Federal Reserve Board

15:45 | Bank capital and liquidity transformation

Jonathan Acosta-Smith | Bank of England, Guillaume Arnould | Bank of England, Kristoffer Milonas | Moody's Analytics, Quynh-Anh Vo | Bank of England

Discussant: Lev Ratnovski | European Central Bank

16:30 | Rollover Risk and Bank Lending Behavior

Martina Jasova | Barnard College, Columbia University, Caterina Mendicino | European Central Bank, Dominik Supera | Wharton School, University of Pennsylvania

Discussant: Cláudia Custódio | Imperial College London, CEPR and ECGI

17:15 | End of conference

Scientific Committee:

Margherita Bottero, Banca d’Italia

Christa Bouwman, Texas A&M University

Geraldo Cerqueiro, Católica Lisbon

Ralph de Haas, European Bank for Reconstruction and Development

Miguel Ferreira, Nova SBE

Emilia Garcia-Appendini, University of Zurich

Marie Hoerova, European Central Bank

Vasso Ioannidou, Lancaster University

Angela Maddaloni, European Central Bank

Farzad Saidi, Stockholm School of Economics

João Santos, Federal Reserve Bank of New York

Neeltje van Horen, Bank of England

Victoria Vanasco, CREi

Xin Zhang, Sveriges Riksbank

Organizing Committee:

Diana Bonfim (Banco de Portugal), Program Chair

Wilko Bolt (De Nederlandsche Bank)

Ettore Panetti (Banco de Portugal)

Kasper Roszbach (Norges Bank)