Next Steps for Macroprudential Policy
November 12, 2015 | Italian Academy, Columbia University
Agenda
Introductory Remarks
- Merit Janow, Dean, Columbia SIPA
- Jordi Canals, Dean, IESE Business School
Session 1: Macro Prudential Policy: Goals, Conflicts & Outcomes
Progress in developing a framework for designing macro prudential policy tools
- Moderator: Takatoshi Ito, Columbia SIPA
- Stijn Claessens, Senior Advisor. Federal Reserve Board (slides)
- Jose Manual Campa, IESE and Global Head of Regulatory Affairs, Banco Santander (slides)
- Sandra E. O’Connor, Chief Regulatory Officer, JP Morgan Chase & Co (slides)
Session 2: Stress Testing: Macro Prudential, Micro Prudential or Both?
What are the next steps for use of regulatory stress tests as a macro prudential tool?
- Moderator: Charles Calomiris, Columbia SIPA and Graduate School of Business
- Viral Acharya, NYU Stern School of Business (slides)
- Nellie Liang, Director, Office of Financial Stability Policy and Research, FRB (slides)
- Rafael Salinas, Chief Risk Officer, BBVA (slides)
The Challenges of Macro Prudential Regulations for Management and Governance
- Moderator: Juan Jose Toribio, IESE Business School
- Matt King, Global Head of Credit Strategy, Citigroup
- Paco Ybarra, Global Head of Markets, Citigroup
- Benjamin Hesse, J.P. Morgan Asset Management
Session 3: Measuring the Effectiveness of Macro Prudential Policies Across Jurisdictions
Comparison of experiences designing and implementing macro prudential policies
- Moderator: Guillermo Calvo, Columbia SIPA
- Dong He, Deputy Director, Monetary and Capital Markets, IMF (slides)
- Claudio Raddatz, Director of Financial Policy Division, Central Bank of Chile (slides)
- Jean-Pierre Danthine, Columbia Graduate School of Business, former Vice Chair, Swiss National Bank (slides)
- Ryozo Himino, Vice Commissioner for International Affairs, Japan FSA (slides)
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Paulo Vieira de Cunha, ICE Canyon LLC (slides)
Closing Keynote Address
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Mervyn King, Governor of Bank of England and Chairman of its Monetary Policy Committee (2003-2013), Professor of Economics and Law at NYU Stern School of Business (since 2014)
Papers
Can Macroprudential Policy Make Global Finance Safer?
Sharon Kahn and Patricia C. Mosser
Macroprudential Policy: Goals, Conflicts, and Outcomes
Stijn Claessens
Federal Reserve Board
Macroprudential Policies in Emerging Markets
Paulo Vieira da Cunha
Macroprudential Policy In Switzerland: The First Lessons
Jean-Pierre Danthine
Paris School of Economics and CEPR
Policy Responses To Asset Price Bubbles In Japan And The U.S.: The Myth And The Reality
Ryozo Himino
Financial Services Agency, Japan
Macroprudential Policies, A View From Chile
Claudio Raddatz
Central Bank of Chile
Macroprudential Measures For Addressing Housing Sector Risks
Dong He, Erlend Nier, and Heedon Kang
International Monetary Fund