On October 8, the New Economic School and the Central Bank of Russia held a joint research workshop “Research on Granular Credit Registry/History Data with Implications for Monetary Policy and (Macro-) prudential Regulation”. The event was attended by experts from the Central Banks of Argentina, Italy and Russia, as well as NES professors.
Alexander Morozov, Director of the Research and Forecasting Department of the Bank of Russia, opened the workshop, and MOEX named professor, NES professor Anna Obizhaeva became the moderator of the first session on measurement and applications of risk-taking in central banks. José-Luis Peydró (Barcelona Graduate School of Economics) presented a paper entitled “Monetary and Macroprudential Policy Complementarities: Evidence from European Credit Registers”, which was discussed by NES professor Konstantin Egorov. Andrey Sinyakov (Bank of Russia) talked about his joint research "Measuring The Risk-Taking Of Russian Banks: Micro-Level Data Approach", discussed by José-Luis Peydró.
Alexey Ponomarenko (Bank of Russia) moderated the second session, which focused on credit cycles and their analysis. He also became a discussant for Vincenzo Cuciniello (Bank of Italy) and Nicola di lasio (ECB) who presented their research “Determinants of the credit cycle: A flow analysis of the extensive margin”. The final paper of the event "Measuring the Debt Service Ratio in Russia: Micro-Level Data Approach" was presented by Anna Burova (Bank of Russia) and discussed by Horacio A. Aguirre (Central Bank of Argentina).
Ksenia Yudaeva, First Deputy Governor of the Central Bank of Russia, delivered concluding remarks and closed the workshop.
“This workshop is one of the examples of successful cooperation between the New Economic School and the Bank of Russia. We were able to discuss very interesting research done by macroeconomists using microdata, that is, detailed data on each individual loan issued by banks in different countries. This analysis is carried out with large data volumes, and, today, it attracts a lot of attention from both academics and businesses, as well as regulators, as it allows to draw unique conclusions about macroeconomics,” says NES professor Anna Obizhaeva.
The full program of the seminar is available here, and the video is here.