Inflation and Financial Stability

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