ESCB Challenges for Monetary Policy Transmission in a Changing World (ChAMP) Research Network
7th ChaMP Workstream 1 Workshop
Bank Ċentrali ta' Malta – Binja Laparelli
Monday and Tuesday, 27 and 28 October 2025
Programme
times are local
* indicates the presenter
- 8:30-9:00
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Registration
- 9.00-10.30
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Session I: Credit & Bank Lending I
Chair: Diana Bonfim (Banco de Portugal)
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Bank lending rates, firm-bank relationships and monetary policy transmission in euro area countries
Gabriele Di Filippo, Gastón Giordana, Bob Kaempff, David Kremer, Léonore Lebouteiller (all Banque centrale du Luxembourg)
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A Geopolitical Shock to Bank Assets and Monetary Policy Transmission
Falko Fecht, Stefan Greppmair, Björn Imbierowicz (all Deutsche Bundesbank)
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What drives banks’ credit standards? An analysis based on a large bank-firm panel
Donata Faccia, Franziska Hünnekes, Petra Köhler-Ulbrich (all ECB)
- 10.30-11.00
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Coffee break
- 11:00-12:00
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Session II: Deposit Pricing & Mortgage Pass-Through
Chair: Björn Imbierowicz (Deutsche Bundesbank)
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Clever banks, stupid customers? The phenomenon of low sight deposit interest rates despite sharply rising reference rates
Victoria Böhnke, Lotta Heckmann-Draisbach, Helge C. N. Littke (all Deutsche Bundesbank)
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Mortgage Liquidity Shocks and Corporate Lending: Evidence from Household-Initiated Bank Balance Sheet Adjustment
Sumit Agarwal (NUS), Sergio Mayordomo (Banco de España), Maria Rodriguez-Moreno (Banco de España), Emanuele Tarantino (LUISS)
- 12:00-13:30
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Lunch break
- 13:30-15:00
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Session III: Housing, Insurance & Household Channels
Chair: Jean-David Sigaux (ECB)
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Housing Markets and the Heterogeneous Effects of Monetary Policy Across the Euro Area
Stefano Pica (Banca d'Italia)
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Homeowners Insurance and the Transmission of Monetary Policy
Dominik Damast (University of Bonn), Christian Kubitza (ECB), Jakob Ahm Sørensen (Bocconi University)
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Monetary policy at the margin
Diana Bonfim (Banco de Portugal), Miguel Garcia-Posada (Banco de España), Maria Rodriguez Moreno (Banco de España), Sergio Mayordomo (Banco de España)
- 15:00-15:30
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Coffee break
- 15:30-16:00
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ChaMP network update
Philipp Hartmann (ECB), Margherita Bottero (Banca d’Italia), Diana Bonfim (Banco de Portugal)
- 16:00-17:30
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Session IV: Risk-Taking, Liquidity & NBFIs
Chair: Massimo Giovannini (Central Bank of Malta)
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Targeted monetary policy and risk
Diana Bonfim, Joana Sousa-Leite (all Banco de Portugal) -
Drivers of Convenience Yields
Felix Corell (VU Amsterdam), Lira Mota (MIT), Melina Papoutsi (ECB)
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Lighting the Shadows: Central Bank Policy Transmission through Banks and Non-Banks
Nicolò Bandera (Banque de France), Kristina Bluwstein (Bank of England), Mauricio Salgado-Moreno (Bank of England), and Jacob Stevens (Bank of England)
- 20:00-21:30
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Dinner (by invitation only)
- 9:00-10:30
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Session I: Aggregate Demand, Asymmetries & External Spillovers
Chair: Philipp Hartmann (ECB)
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Time-varying effects of monetary and macroprudential policies on credit, consumer prices, and economic growth
Wildmer Daniel Gregori, Ângelo Ramos (all Banco de Portugal)
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Are there asymmetries in euro area monetary policy?
Michael Pfarrhofer (Vienna University), Anna Stelzer (Oesterreichische Nationalbank)
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International Spillovers From Euro Area Monetary Policy to Advanced Small Open Economies: Investment Behavior of Czech Firms
Volha Audzei, Michal Franta (all Czech National Bank) - 10:30-10:45
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Break
- 10:45-12:15
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Session II: Monetary Policy Transmission to Firms and Households via Banks
Chair: Vasso Ioannidou (Bayes Business School)
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Monetary Policy, Uncertainty, and Credit Supply
Eric Vansteenberghe (Banque de France) -
Market-Priced Savings: Implications for Households, Banks, and Monetary Policy Transmission
Christoph Basten (ECB), Dominic Cucic (Danmarks Nationalbank), Glenn Schepens (ECB) -
The Aggregate Demand Channel of Loan-to-Value Shocks
Pablo Herrero (Banco de España), Caterina Mendicino (ECB), Christopher Schang (Karlsruhe Institute of Technology)
- 12:15-12:20
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Closing remarks & open discussion
This programme may be subject to change without notice.
This meeting will not be recorded.
General information
Participants are requested to arrange their flights and hotel reservations.