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 ?”.
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).