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  • 5th Joint Workshop of the Macroprudential Analysis Working Group (MPAG) and Analysis Working Group (AWG)

Inflation and Financial Stability


Thursday, 17 November 2022

Virtual Event – By Invitation Only

Opening remarks

Emmanuelle Assouan, Deputy Director General, Financial Stability at Banque de France & AWG-MPAG Co-Chair

Session 1: Impact of rising inflation on the non-financial private sector

Chair: Robert Kelly, Central Bank of Ireland


Winners and losers from unexpected inflation

Presenter: Filippo Pallotti, University College London

Discussant: Magnus Andersson, ESRB


A micro-simulation model for household resilience assessment for Ireland

Presenter: Tamanna Adhikari, Central Bank of Ireland

Co-authors: Fang Yao, Central Bank of Ireland

Discussant: Daniel Dieckelmann, ECB


Coffee break


Aggregate effects of inflation on financial stability

Presenter: Aino Silvo, Bank of Finland

Co-authors: Samu Kärkkäinen, Bank of Finland

Discussant: Petteri Juvonen, Bank of Finland


End of morning session


Keynote address “Financial Stability considerations for monetary policy”

Chair: Paul Hiebert, ECB

Keynote speaker: Nina Boyarchenko, Federal Reserve Bank of New York

Session 2: Rising inflation, financial stability and macroprudential policy

Chair: Emmanuelle Assouan, Banque de France


A tail of three occasionally-binding constraints: a modelling approach to GDP-at-Risk

Presenter: Kristina Bluwstein, Bank of England

Co-authors: David Aikman, King’s College of London and Sudipto Karmakar, Bank of England

Discussant: Stephan Fahr, ECB


Coffee break


Macroeconomic effects of macroprudential policies

Evidence from a narrative panel VAR for the Euro Area

Presenter: Katarzyna Budnik, ECB

Co-authors: Gerhard Runstler, ECB

Discussant: Antonio Conti, Banca d’Italia


Business cycle response to inflation shocks: the role of debt maturity and interest rate type

Presenter: Fabio Massimo Piersanti, Banca d’Italia

Co-authors: Valentina Michelangeli, Banca d’Italia

Discussant: Lisa Kerdelhue, Banque de France


Concluding remarks

Paul Hiebert, Head of Systemic Risk & Financial Institutions, at European Central Bank & AWG-MPAG Co-Chair


End of the workshop

General information

Workshop date: Thursday November 17th, 2022

Workshop Venue: Online – WebEx

Workshop Language: English


  • Emmanuelle Assouan, AWG-MPAG Co-Chair, Banque de France
  • Paul Hiebert, AWG-MPAG Co-Chair, ECB
  • Ludivine Berret, AWG Secretary, ESRB Secretariat
  • Giorgia De Nora, MPAG Secretary, ECB
  • Magnus Andersson, ESRB Secretariat
  • Federico M. Signoretti, Banca d’Italia
  • Peter Welz, ECB
  • Anne McTaggart, ECB
  • Shirley Simmons-Nocca, ESRB Secretariat


AWG-MPAG Secretariat

Anne McTaggart

+49 69 1344 6372

Please note that this programme may be subject to change without notice.