Macroprudential Regulation: Policy Dynamics and Limitations Friday 29 January 2016

January 29, 2016, Institute of Banking, 1 North Wall Quay, Dublin,
Speaker(s) Confirmed speakers include: Christoph Basten (Swiss Financial Market Supervisory Authority FINMA), Gabriel Bruneau (Bank of Canada), Eugenio Cerutti (International Monetary Fund), John Fell (European Central Bank), Marcelo Fernandes (Queen Mary University of London), Angus Foulis (Bank of England), Scott Frame (Federal Reserve Bank of Atlanta) and Kieran McQuinn (Economic and Social Research Institute)

Macroprudential regulation is fairly new, and there are many unanswered questions. Can macroprudential constraints on credit be reliably attuned with the business cycle and/or credit cycle? Are fixed constraints on credit safer and more reliable than attempts at dynamic anti-cyclical ones? Should regulators take account of market or regulatory imperfections, such as in the construction sector, in setting constraints on credit growth? Is macroprudential control by an independent central bank consistent with the democratic accountability of government economic and social policies? Potential topics include:

  • Business cycles, financial cycles, and the feasibility of dynamic macroprudential control
  • The desirability and effectiveness of LTI and LTV limits on mortgage lending
  • Democratic accountability and central bank independence
  • Modelling house price movements and household debt and their interactions
  • Controlling credit growth and credit flows in the Eurozone
  • International case studies of macroprudential regulation.
  • Assessment of macroprudential credit-restricting policies

This is a joint academic-practitioner conference organised by the Financial Mathematics and Computation Cluster (FMC2), the Department of Economics, Finance & Accounting at Maynooth University and the UCD School of Business at University College Dublin. The event is funded by Science Foundation Ireland.

Programme - Talks

Theme 1 - Measuring Macroprudential Policy Needs and Policy Effectiveness

Marcelo Fernandes (Queen Mary University of London) Response to Supervisory Stress Tests
Link to presentation       Link to paper

John Fell (European Central Bank) Credit Flow Restrictions: Implementation and Coordination Issues
Link to presentation Link to paper

Scott Frame
(Federal Reserve Bank) The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO
Link to presentation   Link to paper

Eugenio Cerutti (International Monetary Fund) The Use and Effectiveness of Macroprudential Policies: New Evidence
Link to presentation Link to paper

Theme 2 - Housing Markets and Macroprudential Policy

Gabriel Bruneau (Bank of Canada) Housing Market Dynamics and Macroprudential Policy
Link to presentation Link to paper

Kieran McQuinn (Economic and Social Research Institute) Macroprudential Policy in a Recovering Market: Too Much Too Soon
Link to presentation Link to paper

Christoph Basten (Swiss Financial Market Supervisory Authority FINMA) Countercyclical Capital Buffer in Switzerland
Link to presentation Link to paper

Angus Foulis
(Bank of England) The Role of Credit in the US Housing Boom: Insights from Tiered Housing Data
Link to presentation   Link to paper

Posters

Brian Byrne (DIT) Link to poster

Matija Lozej (Central Bank) Link to poster Link to paper

Anita Suurlaht (UCD) Link to poster

Javier Villar Burke (European Commission) Link to poster

 

Arrangements:

Participation:

Registration is free but please email irene.ward@ucd.ie.

Venue Details

The event will take place in the Auditorium of the Institute of Banking, 1 North Wall Quay, Dublin. Directions can be found here.

The Institute of Banking is within the Citi Building.

Lecture Theatre Facilities

The 120-seater lecture auditorium is equipped with a laptop, projector and screen.

Accommodation

There are several hotels close to the conference venue including:
Jury's Inn, Customs House Quay
Spencer Hotel
The Gibson Hotel
Clayton Hotel, Cardiff Lane

Registration

Please email irene.ward@ucd.ie.

Programme
Click Here To Download Programme