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Joint Conference Fondation BDF and Institut Louis Bachelier Thursday 9 November 2017

Thursday 9 November, the conference organized by the Foundation Banque de France in partnership with the Institute Louis Bachelier will gather six presentations of research works on the following topics : “Macro effects of Financial Frictions”, “Default Risk and Loan Supply”, “Inflation Expectations and Interest Risk”. In addition, Richard Portes will present a keynote lecture on “Macroprudential Regulation : Where do we Stand ?”.

Programme

8:45 - 9:15 WELCOME AND REGISTRATION

9:15 - 9:30 OPENING SPEECH / Denis BEAU (Deputy Governor of the Banque de France)

9:30 - 11:00 MACRO EFFECTS OF FINANCIAL FRICTIONS /

Chairman : Robert McCauley (Bank for International Settlements)

“Aggregate Effects of Collateral Constraints”, Thomas CHANEY (SciencesPo), Zongbo HUANG

(Chinese University of Hong-Kong), David SRAER (UC Berkeley) and David THESMAR (MIT Sloan).

“A Macro-Finance Model of the Term Structure with Time-Varying Market Prices of Risk”,

René GARCIA (Université de Montréal and Toulouse School of Economics), Florian PELGRIN

(EDHEC Business School) and Eric JONDEAU (HEC Lausanne and Swiss Finance Institute).

11:00 - 11:30 COFFEE BREAK

11:30 - 13:00 DEFAULT RISK AND LOAN SUPPLY /

Chairman : Philipp Hartmann (European Central Bank)

“Cyclicality in Losses on Bank Loans”, Bart DIRIS (Erasmus University Rotterdam),

Bart KEIJSERS (Erasmus University Rotterdam) and Erik KOLE (Erasmus School of Economics).

“Bank Ratings and Lending Supply: Evidence from Sovereign Downgrades”, Manuel ADELINO

(Duke University) and Miguel A. FERREIRA (Nova School of Business and Economics).

13:00 - 14:15 BUFFET

14:15 - 15:15 : Keynote Richard PORTES (London Business School) /

Chairman Elyès JOUINI (Université Paris-Dauphine)

“Macroprudential Regulation: Where do we Stand?”

15:15 - 15:30 : Awards of the Foundation Young Researcher Prizes in Economics

by Guillaume HORNY (Banque de France)

15:30-16:00 COFFEE BREAK

16:00 - 17:30 INFLATION EXPECTATIONS AND INTEREST RISK /

Chairman : Hervé Le Bihan (Banque de France)

“Bank Interest Rate Risk Management”, Guillaume VUILLEMEY (HEC Paris).

“Central Bank Communication and Inflation Expectations”, Stephen HANSEN (University

of Oxford), Paul HUBERT (OFCE SciencesPo) and Michael MACMAHON (University of Warwick).