8th Workstream 1 Workshop
8th Workstream 1 Workshop
Banco de Portugal - Lisbon, Portugal
Thursday and Friday, 11-12 December 2025
Programme
Chair: Nuno Alves
9.30-10.00
-
Welcome by Governor Álvaro Santos Pereira
- 10.00-10.30
-
Monetary transmission with frequent policy events
Refet Gurkaynak (Bilkent University), Carlo Altavilla (ECB), Thilo Kind (Frankfurt School of Finance & Management) and Luc Laeven (ECB) - 10.30-11.00
-
Break
-
Session I – Bank Funding
Chair: Philipp Hartmann (European Central Bank)
- 11:00-11:30
-
Monetary policy transmission by securitising banks
Dorian Henricot (ECB), Enrico Sette (ECB)
- 11:30-12:00
-
Enhancing Transmission of Monetary Policy Through Deposit Competition
Bono Beriša, Ivan Mužić and Jurica Zrnc (all Croatian National Bank)
- 12:00-12:30
-
Banks’ Funding Structure and Pass-Through in the Euro Area
Guido Spanò (University College London) and Juan Manuel Figueres (European Central Bank)
- 12:30-13:30
-
Lunch
- 13:30-14:00
-
ChaMP update
-
Session II – Mortgages
Chair: Margherita Bottero (Banca d’Italia)
- 14:30-15:00
-
Do Households React to Credit Supply Shocks? Evidence from Italy
Massimiliano Affinito, David Loschiavo, Mirko Moscatelli and Alfonso Rosolia (all Banca d’Italia)
- 15:00-15:30
-
Monetary Policy Pass-Through with Adjustable-Rate Mortgage
Sujiao (Emma) Zhao (Banco de Portugal), Manuel Adelino (Duke University), Miguel A. Ferreira (Nova SBE)
- 15:30-16:00
-
Break
-
Session III – Quantitative easing
Chair: Diana Bonfim (Banco de Portugal)
- 16:00-16:30
-
Quantitative Easing, Safe Asset Scarcity and Bank lending
Johannes Tischer (Bundesbank)
- 16:30-17:00
-
Quantitative Easing, Bank–Non-Bank Interactions, and Real Estate Investments
Thomas Krause (Danmarks Nationalbanken) and Manuel Mazidi (University of Neuchatel)
- 17:00-17:30
-
A Comparative Statics Approach to Central-Bank Balance Sheet Policies
Fernando Mendo (PUC - online presentation), Saki Bigio (UCLA), Tobias Linzert (ECB), Julian Schuhmacher (ECB) and Dominik Thaler (ECB)
- 19:00-21:30
-
Dinner (by invitation only)
-
Session I – Mortgages and investors
Chair: Jean-David Sigaux (European Central Bank)
- 9:00-9:30
-
When Foreign Rates Matter More: Domestic Investor Responses in a Small Open Economy
Martin Hodula (Czech National Bank – online presentation) and Simona Malovaná (Czech National Bank) - 9:30-10:00
-
Monetary Policy Tightening and Mortgage Refinancing: A Shield Against Rising Borrowing Costs
Martin Cesnak (National Bank of Slovakia) - 10:00-10:30
-
Heterogeneity in household credit characteristics: a cross-country analysis
Marina Emiris (NBB), Tamas Brieglevics (Magyar Nemzeti Bank), Olivier De Jonghe (ECB/NBB), Karolis Bielskis (Lietuvos bankas) et al. - 10:30-11:00
-
Break
-
Session II – Bank Lending
Chair: António Antunes (Banco de Portugal) - 11:00-11:30
-
Bank Lending Standards, Uncertainty and Monetary Policy Transmission
Dorian Henricot (ECB), Luis Herrera (Banco de España), Caterina Mendicino (ECB) , Dominik Supera (Columbia Business School)
- 11.30-12:00
-
The Nexus Between Deposits and Risk-Taking: Channels of Monetary Policy
Mariya Melnychuk, José E. Gutiérrez and Enric Martorell (all Banco de España)
- 12:00-12:30
-
Monetary and Macroprudential Policies: Does the Financial Cycle Matter
Wildmer Gregori, Diana Lima, Fátima Silva, Raquel Miranda (all Banco de Portugal)
- 12:30-13:30
-
Lunch