ESCB Challenges for Monetary Policy Transmission in a Changing World (ChAMP) Research Network
Special Workstream 1 NBFI Workshop
SAFE Institute, Frankfurt am Main
Monday, 17 November 2025
Programme
times are local
* indicates the presenter
- 9:00
-
Keynote
Growth of non-bank financial intermediaries, monetary policy, and financial stability- Loriana Pellizzon*, SAFE
- Riccardo Mattiello, University of Warwik
- Jonas Schlegel, SAFE
-
Session I – Lending
Chair: Diana Bonfim, Banco de Portugal and Católica Lisbon
- 9:30
-
Nonbank lending and the transmission of monetary policy
- Dominic Cucic*, Danmarks Nationalbank
- Denis Gorea, BIS
- 10:00
-
Beyond Banks: Lender Heterogeneity in Monetary Policy Pass-Through
- Elizaveta Lukmanova*, CBI and KU Leuven
- Roman Goncharenko, CBI and KU Leuven
- 10:30
-
Bank to Non-Bank Lending and the Reallocation of Credit
- Caterina Mendicino*, ECB
- Jane (Jian) Li, Columbia Business School
- Yiming Ma, Columbia Business School
- Dominik Supera, Columbia Business School
- 11:00
-
Coffee break
-
Session II – Banks and non-banks
Chair: Philipp Hartmann, ECB
- 11:15
-
Green or Brown, Small or Big? How Nonbanks Reshape Monetary Transmission and Credit Allocation
- Francesco Febbraro*, University of Groningen
- Peter Bednarek, Deutsche Bundesbank
- Natalja von Westernhagen, Deutsche Bundesbank
- Steven Ongena, University of Zurich
- 11:45
-
The effects of monetary policy on banks and non-banks in times of stress
Anisa Tiza-Mimun* and Matthias Sydow, both ECB
- 12:05
-
Lighting the Shadows: Central Bank Policy Transmission through Banks and Non-Banks
- Jacob Stevens, Bank of England – remote presentation
- Nicolò Bandera, Banque de France
- Kristina Bluwstein, Bank of England
- Mauricio Salgado-Moreno, Bank of England
- 12:25
-
General discussion
- 12:40
-
Lunch
-
Session III – Mutual funds
Chair: Jean-David Sigaux, ECB
- 13:40
-
Mutual Fund Lenders of Last Resort
- Ricardo Barahona*, Banco de España
- Sergio Mayordomo, Banco de España
- Emanuele Tarantino, Luiss, European Comission
- 14:10
-
Monetary Policy, Fragility, and Fund Flows
Moritz Kellers* and Falko Fecht, both Deutsche Bundesbank
- 14:30
-
Spare tyres with a hole: investment funds under stress and credit to firms
Giulio Nicoletti*, Judit Rariga and Costanza Rodriguez-D'Acri, all ECB
- 14:50
-
General Discussion
- 15:10
-
Coffee break
-
Session IV – Insurance
Chair: Margherita Bottero, Banca d’Italia
- 15:40
-
Homeowners Insurance and the Transmission of Monetary Policy
- Dominik Damast*, University of Bonn – remote presentation
- Christian Kubitza, ECB
- Jakob Sorensen, Bocconi
- 16:00
-
Insurance corporations' balance sheets, financial stability and monetary policy
- Christop Kaufmann*, ECB
- Jaime Leyva, Banco de Portugal
- Manuela Storz, ECB
- 16:20
-
Break
-
Session V – Bond financing and money markets
Chair: Loriana Pellizzon, SAFE
- 16:35
-
The impact of monetary policy normalisation on secured money markets
Alicia Aguilar Fargas* and Claudio Vela, both Banco de España
- 16:55
-
Corporate Debt Composition, Access to Credit, and Monetary Policy
Aino Silvo* and Adam Gulan, both Suomen Pankki – Finlands Bank
- 17:15
-
Bond funds’ risk-taking and monetary policy
Petros Migiakis*, Sofia Anyfantaki, Dimitris Malliaropulos and Filippos Petroulakis, all Bank of Greece
- 17:35
-
General discussion
This programme may be subject to change without notice.
This meeting will not be recorded.
General information
SAFE Institute
Theodor-W.-Adorno-Platz 3
60323 Frankfurt am Main
Germany
Participants are requested to arrange their flights and hotel reservations.