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SUERF/NBP Conference
"Monetary Policy after the Crisis"

4 March 2011
National Bank of Poland, Warsaw

Conference programme

Registration of participants

9.00 - 9.30 Opening remarks

  • Marek Belka, President, National Bank of Poland
  • Catherine Lubochinsky, SUERF President, University Paris 2
9.30 - 10.30 Keynote Session

Chairperson: Catherine Lubochinsky, SUERF President, University Paris 2
  • Monetary Policy after the Crisis - Lessons from a Fixed-Exchange-Rate Regime
    Jens Thomsen, Danmarks Nationalbank

  • Central banking in the years ahead: What compass for unchartered waters?
    Claudio Borio Bank for International Settlements
10.30 - 11.00
Coffee Break

11.00 - 12.30 Session 1: Conducting monetary policy - what have we learnt from the crisis?

Chairperson: Ernest Gnan, SUERF and Oesterreichische Nationalbank
  • Optimal conventional and unconventional monetary policy in the presence of collateral constraints and the zero bound
    Presented by Charles Brendon
    Co-authors: Matthias Paustian and Tony Yates

  • The role of macroeconomic policies in the global crisis
    Presented by Patrizio Pagano
    Co-authors: Pietro Catte, Pietro Cova and Ignazio Visco

  • How does Monetary Policy respond to Financial Stress?
    Presented by Roman Horváth
    Co-authors: Jaromír Baxa and Borek Vašiček

12.30 - 13.30
Buffet Lunch

13.30 - 15.00 Session 2: Coordination of monetary, fiscal and macroprudential policies – what have we learnt from the crisis?

Chairperson: Ryszard Kokoszczynski, National Bank of Poland and SUERF
  • Money Market Integration and Sovereign CDS Spreads Dynamics in the New EU States
    Presented by Petar Chobanov
    Co-authors: Amine Lahiani and Nikolay Nenovsky

  • Which policy-mix to mitigate the effects of financial heterogeneity in a monetary union?
    Presented by Cristina Badarau
    Co-author: Grégory Levieuge

  • Risk, Uncertainty and Monetary Policy
    Presented by Marco Lo Duca
    Co-authors: Geert Bekaert and Marie Hoerova

15.00 - 15.15
Coffee break

15.15 - 16.45 Session 3: The monetary transmission mechanism during and after the crisis

Chairperson: Urs W. Birchler, University of Zurich
  • Did the Federal Reserve's MBS Purchase Program lower Mortgage Rates?
    Presented by Wayne Passmore
    Co-author: Diana Hancock

  • Monetary Policy Transmission Disturbances during the Financial Crisis: a case of an Emerging Market Economy
    Presented by Ewa Wróbel
    Co-authors: Tomasz Łyziak, Jan Przystupa and Ewa Stanisławska

  • Are unconventional monetary policies effective?
    Presented by Urszula Szczerbowicz

End of event

NBP interest rates

Reference rate 0.10
Lombard rate 0.50
Deposit rate 0.00
Rediscount rate 0.11
Discount rate 0.12

Exchange rates

Table of 2020-12-02
1 EUR4.4642
1 USD3.7038
1 CHF4.1112
1 GBP4.9426
100 JPY3.5377

Economic outlook

Monthly data

Quarterly data

Financial markets



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00-919 Warszawa

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REGON: 000002223
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