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The course focuses on the interplay between monetary policy and developments in credit dynamics and intermediaries (banks and nonbanks) from both a microeconomic and a macroeconomic perspective. In particular, it analyses the impact of monetary policy on financial markets segments, the bank lending channel – with a focus on loans, lending rates and funding conditions – and more broadly the transmission of monetary policy via banks, including the interaction with microprudential and macroprudential policies.
During this course, you will take part in lectures and exercises that use both macroeconometric techniques and also microeconometric techniques.
After having completed this course, you will be able to:
- Illustrate substitution across intermediaries such as investment funds, fintech, shadow banks, and security issuing;
- Evaluate monetary policy (shocks, surprises, policy shifts), negative monetary policy rates, QE and other non-conventional policies;
- Explain the mechanisms of bank credit supply;
- Interpret the role of nonbanks, including shadow banks and fintech;
- Define the interaction between monetary policy and prudential policies;
- Assess some international spillovers of monetary policies.
- Macro and micro identification
- The impact of monetary policy actions on financial markets
- The transmission channels of both standard and non-standard monetary policy to lending conditions
- Real effects of policy measures
- Quantitative easing
- Negative rates
- Nonbank credit intermediaries, fintech, shadow banks
- Market finance substitution
- Interactions of monetary with prudential policies
- Anacredit European credit register
- Euro Area supervision and monetary policy interactions
- International spillovers of monetary policies
The ‘live online class’ format brings to your own devices, in real time, personal exchanges and interactions with instructors and other participants.
The course format will consist in a series of live lectures, followed by a policy roundtable featuring contributions from high-profile guest speakers from the ECB.
An intergral part of the course consists in practical applications and exercises, where you will work alongside the instructors in plenary sessions, as well as in small groups with the other course participants.
The course format will give ample room to Q&A and collaboration. You will benefit from close guidance and supervision throughout the whole course, with occasions for individual feedback and personal interactions with the instructors.
The course will take place over the course of five consecutive days, in series of synchronous live classes. Every day, you will be expected to devote approximately 3 hours to the course activities.
The course will require approximately 14 hours to be completed.
Course scheduleAll times CET
FRIDAY 30 OCTOBER(before the course)
- Access to the course platform.
- Virtual presentations by participants
- Access to readings, preparatory material
MONDAY 02 NOVEMBER | 12:30-15:15First live class (2h45)
- Session 1 – The Transmission Channels of Monetary Policy Actions
- Session 2 – Monetary Policy and Financial Markets Developments
- Short exercise in a live plenary session:
‘The use of High-Frequency Data in Banking, Macroprudential and Monetary Policy.’
TUESDAY 03 NOVEMBER | 12:30-15:15Second live class (2h45)
- Session 3 – Micro Evidence on Transmission Channels via Banks
- Session 4 – Monetary Policy in a Low Interest Rate Environment
- Session 5 – Negative Rates
- Short exercise in small breakout groups:
‘The Use of Granular Data (Credit register) for Banking, Macroprudential and Monetary Policy.’
WEDNESDAY 04 NOVEMBER | 12:30-14:30Third live class (2h)
- Session 6 – Macroprudential and Supervision Policies; International Transmission
- Session 7 – Non Banks and Monetary Policy
- Self-paced exercise
THURSDAY 05 NOVEMBER | 12:30-14:45Fourth live class (2h15)
- Correction and discussion of the exercise
- Session 8 – The Transmission of Monetary Policy to the Real Economy
- Short exercise in small breakout groups
‘Time-Series Macro-Models for Banking, Macroprudential and Monetary Policy.’
FRIDAY 06 NOVEMBER | 12:30-14:30Policy Roundtable Guest lecture ‘The ECB’s monetary policy at 20’
- Chair: Patrick Honohan (Trinity College Dublin, Peterson Institute for International Economics)
- Speaker: Massimo Rostagno (European Central Bank)
- Discussants: Edouard Challe, Natalie Kessler (European University Institute); Dominik Thaler (Bank of Spain)
Meet the instructors
Carlo Altavilla is Head of Bank Lending Conditions Section in the Directorate General Monetary Policy of the European Central Bank (ECB). He holds a Ph.D. in Economics from the Catholic University of Leuven. In his role, Carlo oversees the assessment of bank liquidity and funding conditions across the Euro area, the assessment of credit constraints, the functioning of the bank lending channel, and the calibration of standard and non-standard measures working through the banking system. He also chairs the taskforce on banking analysis for monetary policy of the Monetary Policy Committee of the European System of Central Banks. Before joining the ECB, he has taught econometrics and economic policy at the University of Naples and Université libre de Bruxelles and he has been a visiting scholar and professor at Columbia University and University College London, respectively. His research has appeared in several journals including the Journal of Money Credit and Banking, Economic Policy, and the Journal of Monetary Economics.
José-Luis Peydró is Full Professor of Finance at Imperial College London and ICREA Professor of Economics at UPF, Barcelona GSE and CREI, and CEPR Research Fellow. His research on Monetary Policy, Banking, Prudential Policies and Systemic Risk has been published in the top journals in Economics and Finance such as Journal of Financial Economics, Review of Financial Studies, Journal of Finance, Journal of Monetary Economics, Journal of International Economics, Journal of Political Economy, American Economic Review and Econometrica. José-Luis is currently a Duisenberg Fellow at the European Central Bank, advisor at Bank of Spain and Research Professor at Bundesbank. He currently works on issues on the rise of shadow banks and fintech, and how this depends on monetary and prudential policies. José-Luis holds a PhD in Finance from INSEAD and a Master in Economics from CEMFI. He has taught in-company executive education at the European Central Bank, Central Bank of Portugal, Central Bank of Chile and the Bundesbank.
Felix Corell is a PhD student in Economics (4th year) at the European University Institute where he is working on topics related to banking and financial stability. He has been working for the ECB (DG Research) as a trainee and research analyst for more than a year, so he is familiar not only with Stata in general, but also with various datasets used in ECB research.
Andrea Fabiani is a PhD candidate in Economics at Universitat Pompeu Fabra in Barcelona, Spain. His research focuses on the influence of financial intermediation on firms’ activity, with a special emphasis on their interaction with monetary policy, macroprudential regulation and financial globalization. Andrea holds an MSc in Economics from the University of Bologna and he has worked for one year at the Financial Research division of the European Central Bank.
Johannes Fischer is a PhD candidate in Economics at the European University Institute (EUI). His research focuses on the influence of monetary policy on firm activity as well as the formation of inflation expectations. Johannes obtained his Master in Economics at the Schockholm School of Economics.
Wolfram Horn is a PhD candidate in Economics at the European University Institute (EUI) in Florence. His research focuses on firm dynamics in the transmission of macroeconomic shocks. Wolfram holds a MSc. in Economics from Goethe University Frankfurt and has previously worked as a research assistant and research analyst in the research division at the ECB.
Chloe Larkou is a PhD candidate in Economics at the European University Institute (EUI) in Florence, Italy. Her research uses applied time-series and panel data econometric techniques to answer questions related to monetary policy, household finance and international economics. Chloe holds an MSc in Economics from the London School of Economics. She has previously worked as a research assistant at the Swiss National Bank and the European Central Bank.
Patrick Honohan was Governor of the Central Bank of Ireland from 2009-2015, and has returned to Trinity College Dublin, where he was appointed Professor in 2007. He is also a Nonresident Senior Fellow at the Peterson Institute for International Economics. Previously he was a Senior Adviser in the World Bank working on issues of financial policy reform. During the 1980s he was Economic Adviser to the Taoiseach (Irish Prime Minister) and spent several years at the Economic and Social Research Institute, Dublin. A graduate of University College Dublin and of the London School of Economics, from which he received his PhD in 1978, Dr. Honohan has published widely on issues ranging from exchange rate regimes and purchasing-power parity, to migration, cost-benefit analysis and statistical methodology.
Massimo Rostagno is Director General Monetary Policy at the European Central Bank. Before joining the European Central Bank in 1998, he was a research economist at the Banca d’Italia and later desk Economist in the European Department of the IMF. He has written on the political economy of fiscal policy, on the reform of social security, on the history and theory of monetary standards, on stochastic general equilibrium macro-modelling and on monetary economics in general. He has published in the American Economic Review, the Quarterly Journal of Economics, the Journal of Money, Credit and Banking, the Journal of Economic Dynamics and Control and contributed to several other publications.
Natalie Kessler is a 4th year PhD candidate in economics at the European University Institute (EUI). In her thesis, she focuses on various issues in financial economics with an overall focus on financial stability enhancing regulations. Working mainly theoretical, she explores both micro- and macro-economic issues. Her main research interests are unconventional monetary policy, financial market structure and bank competition, over-the-counter trading, and banks’ optimal capital allocations. Before coming to the EUI, she completed the Master in Advanced Economics and Finance at the Copenhagen Business School.
Edouard Challe joined the European University Institute in September 2020, coming from Ecole Polytechnique and CREST in Paris. He has also held positions at the University of Cambridge (2003-2005), Université Paris-Dauphine (2005-2008) and Columbia University (Spring 2016). His research focuses on speculative bubbles, precautionary saving behaviour, macroeconomic policy, and heterogeneous agents. His work has been published in AEJ Macroeconomics, Journal of Economic Theory, Journal of Economic Dynamics and Control, Economic Journal, International Economic Review, European Economic Review and Quantitative Economics. He is also the author of “Macroeconomic Fluctuations and Policies” (MIT Press, 2019) and an Associate Editor of the European Economic Review.
Dominik Thaler is an economist at the Monetary Policy Unit at the Bank of Spain. He holds a Ph.D. in Economics from the European University Institute. In his role at the Monetary Policy Unit, he contributes to the monetary policy making process at the Bank of Spain. Furthermore, he is engaged in research related primarily to topics in monetary economics and macro-finance. His research has been published in journals such as the Economic Journal, the Journal of Monetary Economics and the Journal of Money Credit and Banking.
A Master’s Degree is required to attend the course.
Participants are recommended to have at least an intermediate knowledge of the topics discussed in the course.
Device with video camera and zoom access enabled
1100€ – Public Authorities (e.g. National Competent Authorities, Central Banks and European Institutions).
1200€ – Private Sector.
850€ – Academics (Full-time Professors, full-time PhD Students and full-time Research Associates). Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to email@example.com before registering. FBF secretariat will provide you with a code to register. *Seats for academics are limited.
Please note that the payment must be settled one week before the start of the course.
A certificate of attendance will be provided to all participants after the course.
- In case a course is cancelled, registered participants will receive the full refund.
- In case a course is moved to another date, registered participants have the following three options: request a voucher to attend another FBF course, transfer their registration to a colleague or request a refund.
- Registered participants who have not yet paid the registration fee can cancel their participation until four weeks before the start of the course.
For more details, please contact firstname.lastname@example.org