“The central bank balance sheet in a long-term perspective: How to construct it, how to read it, what to learn from it”

Workshop in Vienna on October 1, 2015

With the recent quantitative easing by some major central banks and large-scale purchases of foreign exchange by others, the central bank balance sheet, long a side-show to interest rate policy, has moved into the focus of public interest. Questions include the channels how QE and shifts in the composition of assets and liabilities impact the economy as well as the possible repercussions on central banks themselves, as the risk of substantial losses might affect their ability to effectively pursue their objectives in the future.

The aim of the workshop on central bank balance sheets is to gather scholars who have worked with historical central bank balance sheets to put these current debates into a longer-term perspective.

The workshop is organized jointly by the Oesterreichische Nationalbank and the University of Vienna, Institute for Economic and Social History. The workshop will take place at the Oesterreichische Nationalbank on October 1, 2015.

Further details see download.


Ewald Nowotny
Welcome address and introductory statement

Patrice Baubeau – Discounting at the Banque de France

György Kövér – Information transfer in the local discount committees of the Austro-Hungarian Bank 1878–1914

Juha Tarkka – Mortgages to real bills: The transformation of north European public banks in the 19th century

Pamfili Antipa, Christophe Chamley – The evolution of the balance sheets of the Bank of England during the first two suspensions of the Gold Standard: 1797–1821 and 1914–1925

Roland Uittenbogaard – “Go with the flow… ” – Bank rate decisions at De Nederlandsche Bank before central banking, 1814–1870

Klas Fregert – Monetary policy implementation regimes and the structural liquidity position of the banking system in Sweden 1904–2014