Seventh Edition Finlawmetrics 2012

21-22 June, Bocconi University

More Than The Taylor Rule: Monetary Policy, Prudential Issues And Central Banking

AIM: After six editions, Finlawmetrics has established itself as a unique forum for scientific and policy analyses and discussions of the most relevant issues related to the evolution of thinking, judgment, and practice in the fields of monetary policy and financial regulation and supervision.

The initiative is scientifically promoted by three leading research centres: The Paolo Baffi Centre on Central Banking and Financial Regulation (Bocconi University), the European Banking Center (Tilburg University) and the Center on Central Banks and Financial Institutions (New York University).

The crisis started in 2007 has raised important questions about the design of monetary policy, which was well established on three intertwined pillars: Taylor Rule (strategy), interest rate policy (tactics) and central bank independence (setting). How the increasing role of prudential issues can change the three pillars? The 2012 edition wishes to address the key issues that are emerging for the design of post-crisis policies and institutions.

STEERING COMMITTEE:
- Coordinators: Donato Masciandaro (Bocconi University), Sylvester Eijffinger (Tilburg University and CEPR), Geoffrey Miller (New York University), Steven Ongena (Tilburg University), Marc Quintyn (IMF Institute, International Monetary Fund), Tommaso Monacelli (Bocconi University)
- Economics: Jerry Caprio (Williams College), Alex Cukierman (CEPR and University of Tel Aviv), Kevin Davis (University of Melbourne), Jakob De Haan (University of Groningen), Charles Goodhart (London School of Economics), George Kaufman (Loyola University Chicago), Iftekhar Hasan (Fordham University), Ross Levine (Brown University), Rafael Repullo (CEMFI Madrid and CEPR), Pierre Siklos (Wilfrid Laurier University), Stijn Claessens (International Monetary Fund), Guido Tabellini (Bocconi University and CEPR)
- Law: Kern Alexander (Queen Mary University of London), Fabian Amtenbrink (Erasmus University Rotterdam), Rosa Lastra (Queen Mary University of London), Fabio Recine (European Central Bank), Hal Scott (Harvard University), Joe McCahery (Tilburg University and EBC)

CONFERENCE TIMETABLE:

First Day June 21
Room E (Via Sarfatti 25)

9.00-10.30
Alex Cukierman, Tel Aviv University and Interdisciplinary Center
Monetary Policy and Institutions before and after the Global Financial Crisis

Hal Scott, Harvard Law School
Interconnectedness, Contagion and Central Banking

COFFEE BREAK, Room F (Via Sarfatti 25)

1.00-12.30
Edward Kane, Boston College
Systemic Risk of US Banks in the Period 1974-2010

Maria Nieto, Banco d'Espana
The Insufficiency of Traditional Safety Nets: What Bank Resolution Fund for Europe?

LUNCH Buffet, Room F (Via Sarfatti 25)

14.00-15.30
Pierre Siklos, Wilfrid Laurier University
What's in a Second Opinion? Shadowing the ECB and the Bank of England

Anil Perera, Monash University
Central Bank Financial Strength and Macroeconomic Outcomes

COFFEE BREAK, Room F (Via Sarfatti 25)

16.00-17.30
Davide Romelli, Universite de Cergy Pontoise and ESSEC Business School
Dynamic Central Bank Independence Indexes and Inflation: An Empirical Exploration

Kenichi Ueda, IMF
Central Bank Independence and Macro Prudential Regulation

DINNER 19.30, Bocconi's Restaurant Via Sarfatti 25, floor-1

Second Day June 22
Room E (Via Sarfatti 25)

9.00-10.30: Keynote Speakers: Charles Goodhart (LSE)
Charles Goodhart (London School of Economics)
Ratio Controls needs Reconsideration

Lorenzo Bini Smaghi (Harvard's Weatherhead for International Affairs)
Monetary and Banking Policy in a Currency Union

COFFEE BREAK Room F (Via Sarfatti 25)

11.00-12.30
Sylvester Eijffinger, Rob Nijskens, Tilburg University
A Dynamic Analysis of Bank Bailouts and Constructive Ambiguity

Matej Marinc, University of Ljubljana
Demand Deposits and Bank Monitoring

LUNCH Buffet, Room F (Via Sarfatti 25)