9.10 - 10.40

Session 1
Financial Regulation, 1

Chair: Giulia Piccillo, Utrecht University


Central banks as balance sheets of last resort: ECB’s monetary policy in a flow-of-funds perspective, Philippine Cour-Thimann and Bernhard Winkler, ECB

Finance and inclusive growth, Boris Cournède, Oliver Denk, and Peter Hoeller, OECD

Fiscal policy and financial distress: A balance sheet perspective, John Fitzgerald, ESRI and Trinity College Dublin, Philip R. Lane, Trinity College Dublin



Discussant: Jasper Lukkezen, ESB / Utrecht University


9:10 - 10:40

Session 2
Euro area imbalances

Chair: Catherine Mathieu, OFCE


Estimating the effects of the “flight to quality”, with an application to German bond yields and interest payments during the Euro crisis, Claire A. Boeing-Reicher and Jens Boysen-Hogrefe, IfW 

Asymmetric credit growth and current account imbalances in the euro area, Robert Unger, Deutsche Bundesbank

Rebalancing in the Eurozone, Thor Andreas Aursland, Norwegian School of Economics



Discussant: Bert Smid, CPB


11.00- 12.30

Session 3
Financial Regulation, 2

Chair: Rens van Tilburg, Utrecht University


Transmission of global financial shocks to EMU Member States: The role of monetary policy and national factors, Maria Gelman, Christian-Albrechts-University, Kiel, Axel Jochem, Deutsche Bundesbank, Stefan Reitz, Christian-Albrechts-University and IfW Kiel

Does mortgage lending decrease lending to business? Evidence from UK bank balance sheets, Lu Zhang, University of Groningen and Utrecht University, Arzu Uluc, Bank of England, Dirk Bezemer, University of Groningen

Interdependence between monetary policy and financial sector regulation in the post-crisis period, Marek Dabrowski, CASE



Discussant: Adam Elbourne, CPB


11.00 - 12.30

Session 4
Households’ debt and macroeconomic equilibrium

Chair: Stefania Tomasini, Prometeia


Household debt in OECD countries - Stylised facts and policy issues, Christophe André, OECD

Heterogeneous household finances and the effect of fiscal policy, Javier Andrés, University of Valencia, José E. Boscá, University of Valencia, FEDEA, Javier Ferri, University of Valencia, Fedea, and Cristina Fuentes-Albero, Federal Reserve Board

Negative home equity and household mobility: Evidence from administrative data, Sander van Veldhuizen, Benedikt Vogt, and Bart Voogt, CPB



Discussant: Jasper Lukkezen, ESB / Utrecht University


13.30 - 15.30

Session 5
Public Finance

Chair: Klaus‐Jürgen Gern, IfW


A balance sheet approach to general government finance: the legacy of the crisis in selected euro area countries, Maria Valentina Bresciani and Lucia Cossaro, Prometeia

Determinants of fiscal distress in Italian municipalities, Wildmer Daniel Gregori, Prometeia, Luigi Marattin, University of Bologna

Sovereign debt crisis and economic growth: new evidence for the euro area, Iuliana Matei, IESEG

Potential output and fiscal rules in a monetary union under asymmetric information, Luigi Marattin, University of Bologna, Simone Meraglia, University of Exeter



Discussant: Henri Sterdyniak, OFCE


13.30 - 15.30

Session 6
credit and growth patterns

Chair: Markku Kotilainen, ETLA


Credit networks in DSGE models, Michele Catalano and Emilia Pezzolla, Prometeia

The effect of debt overhang on the investment decisions of Italian and Spanish firms, Gianluca Antonecchia and Monica Ferrari, PROMETEIA

Stock-flow consistent modelling of real-financial cycles and balance sheet dynamics, Michael Gregor Miess and Stefan Schmelzer, Institute for Advanced Studies and Vienna University of Economics and Business

The real effects of the credit constraints in the economic crisis, Ioana Neamtu and Niels Westergaard-Nielsen, Center for Owner Managed Business Copenhagen Business School



Discussant: Dirk Bezemer, University of Groningen


15.50 - 18.10

Round Table

Chair: Jasper Lukkezen, ESB / Utrecht University

15.50 -16.50
Keynote introduction: Explaining the boom-bust cycle in the U.S housing market: A reverse-engineering approach, Kevin Lansing, SF Fed

Discussion: Clemens Kool, CPB


16.50 - 18.10

Panel discussion

John FitzGerald, ESRI, Paolo Onofri, PROMETEIA