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Centre for Central

Banking Studies
Prospectus 2017
2 Centre for Central Banking Studies Prospectus 2017
Contents

Foreword from the Governor 2

Overview from the CCBS Director 3

CCBS London events 4

Application and administration 24

CCBS publications 26

Centre for Central Banking Studies Prospectus 2017 1


Foreword from
Mark Carney

Securing monetary and financial stability


requires more than a purely domestic focus.
It requires cooperation, collaboration and
coordination.

The programme of work and events at CCBS


reflects the full range of the Bank of Englands
responsibilities, including macroprudential
policy and the regulation and supervision of
banks and insurance firms, as well as monetary
policy. The centre plays an integral role in
enhancing the Banks intellectual leadership and
international relationships, and promoting the
sharing of new ideas and best practice in central
bank policy and operations.

Mark Carney On behalf of the entire Bank, I am proud of the


Governor of the Bank of England work of CCBS this past quarter century and I am
confident the Centre will continue to thrive in
the many years ahead.
The Bank of England is proud of its long history
of working closely with other central banks.
Our Centre for Central Banking Studies (CCBS)
has continued this important tradition since its
inception in 1990.

Since 1990 CCBS has established relationships


with central banks and regulatory authorities
around the world. Over 27,200delegates from
177central banks and 42regulatory authorities
have participated in CCBS events in the past
26years.

The Centre supports the Banks core purposes by


promoting monetary and financial stability
internationally. It acts as a global forum where
experts from central banks and regulatory
authorities from all over the world can exchange
views and discuss central bank policies and
operations.

2 Centre for Central Banking Studies Prospectus 2017


Overview from
Gill Hammond

A global forum to promote best practice,


build capacity and foster networks among
central banks and regulatory authorities.

A key feature of our annual programme is our


series of highlevel workshops for senior
policymakers and supervisors. This year we will
host our 15thChief Economists Workshop, our
7thWorkshop for Heads of financial stability,
and, in conjunction with the FRBNY, our 7thJoint
Policy Forum on money market operations. Our
more recent policy forums for Heads of banking
supervision and Heads of insurance supervision
have grown in popularity and have also become
regular fixtures in our calendar.
Gill Hammond
Director of CCBS Our programme is shaped by the feedback we
receive from delegates and from our many
contacts within the international central banking
Building on the Banks intellectual leadership and
and regulatory community. We are privileged to
international engagement, our mission is to
have partnerships with the 125 or so central
promote best practice in central bank policy and
banks who attend our events each year. Since we
operations and to build capacity and foster
expanded our programme in 2013 to cover
networks across the global central bank and
events on macroprudential regulation and the
regulatory community.
prudential regulation and of both banks and
Our 2017programme of international seminars insurers, we have seen a steady increase in the
reflects the full range of the Bank of Englands number of regulatory authorities attending our
responsibilities for monetary policy, events, with delegates from around40 such
macroprudential policy and microprudential institutions attending our events each calendar
policy. CCBS is ideally placed in the heart of the year. We welcome any feedback from the central
Bank of England to promote the study of the bank and regulatory community on our events
interactions between these three strands of and hope to see many of you in London in 2017.
policy, and our programme of events reflects this
focus.

All of our 23international seminars and


workshops are provided free of charge and are
open to experts from central banks and banking
and insurance regulatory bodies around the
world. Full details of the events and how to apply
can be found in this Prospectus.

Centre for Central Banking Studies Prospectus 2017 3


CCBS
London
events

CCBS runs an extensive programme


of international seminars, workshops
and specialist events attended by
experts from central banks and
regulatory authorities from all over
the world. Our events take place
at the Bank of England in London.
CCBS
London events

Most activities last from two to fivedays and Some of our events, such as the expert forums
cover many of the key policy and operational or workshops for very senior officials, require a
areas of central banking from a practitioners higher level of expertise and participation. Our These events reflect
perspective. Speakers are experts in their fields aim here is to provide a forum where individual the latest thinking
from the Bank of England, the London financial experts can have a frank exchange of views and and research in the
markets, academia and, of course, delegates experiences in confidential and highly
particular specialist
from other central banks and regulatory interactive sessions.
authorities. area and examine the
Most CCBS international seminars are open to different approaches
Most of our seminars and workshops are aimed applicants from all central banks and eligible
used by central banks
at midcareer central bank and regulatory institutions. For more information on the
personnel who can contribute to the events application procedure, please see pages2425. around the world
from their expertise and experience in their own www.bankofengland.co.uk/education/pages/
country. These events reflect the latest thinking ccbs/applicationprocess.aspx.
and research in the particular specialist area and
examine the different approaches used by CCBS London events for 2017 are listed in date
central banks and regulatory authorities around order on pages67 and grouped by category on
the world. The format is usually a mixture of pages89. www.bankofengland.co.uk/
lectures, discussions and case studies to education/Pages/ccbs/events/events.aspx.
facilitate the sharing of diverse experiences.

Centre for Central Banking Studies Prospectus 2017 5


London events in 2017
by date

Date Subject Page

1213 January 2017 Workshop on central bank compliance functions 20

30 January3 February 2017 Monetary policy the state of play 10

68 February 2017 Interaction of monetary and financial stability policy 10

1516 February 2017 Workshop for Heads of financial stability*

13 March 2017 Financial supervision and capital adequacy 16

1317 March 2017 Forecasting in central banks 13

57 April 2017 The supervision of corporate governance and risk management 16


in banks and insurers

45 May 2017 Workshop for Heads of banking supervision*

1819 May 2017 Chief Economists workshop*

2226 May 2017 Analytical tools for financial supervision and risk management 17

12 June 2017 Research forum on macrofinance*

1216 June 2017 Structure of financial markets 12

1921 June 2017 Joint CCBSFRBNY policy forum on the current state of 12
monetary operations

45 July 2017 Workshop for Heads of insurance supervision*

25 July2 August 2017 Applied Bayesian econometrics for central bankers 13

48 September 2017 The shadow banking system 17

*This event is by invitation only.

6 Centre for Central Banking Studies Prospectus 2017


Date Subject Page

24 October 2017 Risk management and financial supervision 18

913 October 2017 Systemic risk assessment: identification and monitoring 18

1618 October 2017 Central bank communication in a changing world 20

2327 October 2017 Building econometric models 14

610 November 2017 Macrofinancial modelling and analysis 11

1314 November 2017 Big data empirics and policy analysis 22

2022 November 2017 Microprudential supervisory frameworks 19

27 November8 December 2017 Economic modelling and forecasting 15

*This event is by invitation only.

Most of our seminars


and workshops are
aimed at midcareer
central bank and
regulatory personnel
who can contribute
to the events from
their expertise and
experience in their
own country

Centre for Central Banking Studies Prospectus 2017 7


London events in 2017
by category

Date Subject Page

Monetary policy

30 January3 February 2017 Monetary policy the state of play 10

68 February 2017 Interaction of monetary and financial stability policy 10

1819 May 2017 Chief Economists workshop*

610 November 2017 Macrofinancial modelling and analysis 11

Markets and operations

1216 June 2017 Structure of financial markets 12

1921 June 2017 Joint CCBSFRBNY policy forum on the current state of 12
market operations

Econometrics, modelling and forecasting

1317 March 2017 Forecasting in central banks 13

25 July2 August 2017 Applied Bayesian econometrics for central bankers 13

2327 October 2017 Building econometric models 14

27 November8 December 2017 Economic modelling and forecasting 15

*This event is by invitation only.

8 Centre for Central Banking Studies Prospectus 2017


Date Subject Page

Financial Stability and Prudential Regulation

1516 February 2017 Workshop for Heads of financial stability*

13 March 2017 Financial supervision and capital adequacy 16

57 April 2017 The supervision of corporate governance and risk management 16


in banks and insurers

45 May 2017 Workshop for Heads of banking supervision*

2226 May 2017 Analytical tools for financial supervision and risk management 17

45 July 2017 Workshop for Heads of insurance supervision*

48 September 2017 The shadow banking system 17

24 October 2017 Risk management and financial supervision 18

913 October 2017 Systemic risk assessment: identification and monitoring 18

2022 November 2017 Microprudential supervisory frameworks 19

Aspects of policy and management

1213 January 2017 Workshop on central bank compliance function 20

1618 October 2017 Central bank communication in a changing world 20

Research and analytics

12 June 2017 Research forum on macrofinance*

1314 November 2017 Big data empirics and policy analysis 22

*This event is by invitation only.

Centre for Central Banking Studies Prospectus 2017 9


CCBS
London events

Monetary Format
Presentations will be given by experts from the Bank of England
and elsewhere. Discussions of the experience of different

policy countries will form an important part of the event. The seminar
requires a high level of participation, including group discussions
and exercises. Participants are invited to give presentations in
their fields of expertise or on their countrys experience.
Monetary policy the state of play
30 January3 February 2017

Event Director Interaction of monetary and financial stability


Gill Hammond policy
Apply by 68 February 2017
24 October 2016
Event Directors
This seminar looks at the key questions facing central banks on David Barr and Andrew Blake
monetary policy strategy and implementation. What should
Apply by
determine the choice of monetary policy framework? How can
31 October 2016
we combine monetary stability with financial stability? What
is the state of play on modelling and forecasting for monetary The twin goals of monetary and financial stability are often
policy? How do we formulate a communications strategy? The the responsibility of the central bank, partly because they
seminar will be very interactive and will consider monetary policy are mutually dependent. Their interaction extends from the
challenges in a range of central banks. consequences that failing to achieve either one has for the
difficulty of achieving the other, to potential conflicts, overlaps
Content
and complementarities between their respective instruments.
The following key topics are likely to be covered:
This conflict is exacerbated by approaching the limit of one of the
current challenges for monetary policy; policy instruments in times of stress, most recently the interest
low and negative interest rates; rate lower bound. This seminar aims to examine the sources and
implications of the relationship between monetary and financial
unconventional monetary policy: quantitative easing and
policy.
forward guidance;
modelling and forecasting for monetary policy; Content
combining monetary policy and financial stability objectives; The event will include technical and discursive analyses of a range
and of topics and issues that are likely to include:

communicating about monetary policy in a fast changing the role of asset prices in the setting of monetary policy
world. instruments;

Target group the impact of monetary and financial instruments on the real
Candidates will be economists from central banks interested in economy;
the theoretical and practical aspects of monetary policy, whether the role of financial markets in the generation of business
from industrialised or emerging market and developing cycles;
economies. Candidates should be working in the monetary the monetary transmission mechanism in times of financial
policy area of their central bank, or be involved in related disruption;
research, and have some experience of the subject in their own the extent to which monetary and financial stability can be
country. operated independently;
the operational relationships between monetary and financial
policymakers, using the Bank of Englands MPC and FPC as the
central example; and
the usefulness of monetary aggregates as indicators, and
shortterm interest rates as instruments, in a world of shadow
banking.
10 Centre for Central Banking Studies Prospectus 2017
Target group Target group
This event is aimed at economists from central banks and Candidates will be central bankers and financial regulators with
regulatory authorities with interests in monetary policy, some knowledge and experience of quantitative financial
macroprudential policy and financial stability. economics and its applications to central banking. They should
be literate in economics and mathematics with a good command
Format of technical English. Exercises will mostly be conducted in
Presentations will be given by experts from the Bank of England, EViewsand Matlab, so some prior experience in both would be
academics and financial market participants. The event requires a advantageous (prereading may be provided for those with none).
high level of participation and there will be plenty of scope for
discussions and interactions. Participants are invited to give Format
presentations in their fields of expertise or on their countrys Presentations will be given by experts from the Bank of England.
experience in this area. The event requires a high level of participation, including group
discussions and exercises.

Macrofinancial modelling and analysis


610 November 2017

Event Director
Pawel Zabczyk

Apply by
31 July 2017

Central banks rely increasingly on the empirical analysis of


financial markets and information to analyse the state of the
economy and the impact of policy actions. This oneweek
event will provide an overview of the foundations of empirical
finance and an exposition of selected topics vital to central bank
macrofinancial modelling and analysis.

Content
The following topics are likely to be covered:

the construction and analysis of yield curves and other term


structures;
volatility modelling and forecasting; and
the use of option prices to infer probability density functions of
expectations of the underlying assets future properties.

Lectures will typically be followed by computerbased exercises


to illustrate the relevant applied financial econometric and
empirical finance techniques.

Centre for Central Banking Studies Prospectus 2017 11


CCBS
London events

Markets and Joint CCBSFRBNY policy forum on the current


state of market operations
operations 1921 June 2017

Event Director
Elizabeth Mahoney
Structure of financial markets
Apply by
1216 June 2017 13 March 2017

Event Director Market operations have always been essential to the effective
Somnath Chatterjee implementation of a central banks monetary policy. As a
response to the global financial crisis, standard monetary
Apply by operations were extended and expanded to accomplish policy
6 March 2017 objectives. For some central banks, market stresses have eased,
The global financial crisis reinforced the importance of having a permitting the return to normal conditions drawing on lessons
clear appreciation of how financial markets work. In this seminar learned during the crisis. In some cases, these banks must now
we aim to equip participants to think more deeply about the consider the implications of larger balance sheets on monetary
structure of financial markets by providing some background policy implementation. For other central banks, market
theory, reviewing the structure of several specific markets and operations are still being adapted and updated to respond to
discussing the overall risk and performance/effectiveness of the ongoing market regulatory and economic developments.
financial system. The aim of this workshop is to allow those responsible for the
Content design and implementation of such policies to deepen their
The seminar is likely to focus on the following topics: theoretical understanding of monetary operations and to
compare and contrast experiences with their peers.
asset pricing;
Content
fixedincome markets;
The following topics will be covered:
market liquidity;
equity premia and credit spreads; the current state of market operations;

derivatives markets and central counterparties; and issues surrounding the implementation and communication of
new money market operations;
the repo market.
balancing monetary policy and financial stability goals within
Target group central bank market operations; and
This seminar is aimed at those who wish to increase their longer-term considerations for policy implementation.
understanding of the pricing of financial securities and the
characteristics of financial instruments in capital markets, money Target group
markets and derivatives markets. Candidates should have some Candidates will be experienced central bankers who are directly
knowledge of market operations and risk management responsible for the design and implementation of monetary
techniques. It is expected that candidates will be drawn from a operations within their respective central banks. It is expected
range of industrialised, emerging market and developing that candidates will be drawn from a range of industrialised,
economies. emerging market and developing economies.

Format Format
Presentations will be given by Bank of England experts and Presentations will be given by experts from the Bank of England,
market practitioners. the Federal Reserve Bank of New York (FRBNY) and others,
eg,financial market participants and academics. The event
requires a high level of participation, and several participants may
be invited to give presentations on their respective experiences.

12 Centre for Central Banking Studies Prospectus 2017


Econometrics,
Target group
Candidates will be central bankers and financial regulators
interested in learning about how modern econometric methods

modelling and can be used to forecast and how to construct and interpret
fancharts as a tool for communicating monetary policy goals.

forecasting Format
Presentations will be given by Bank of England experts, academics
and financial market participants. The lectures will be
complemented by a series of exercises that will focus on the
Forecasting in central banks implementation of the main techniques and tools. There will be
plenty of scope for discussion and interaction.
1317 March 2017

Event Director
Andrew Blake
Applied Bayesian econometrics for central
Apply by bankers
5 December 2016
25 July2 August 2017
Given the famed long and uncertain lags in the monetary
transmission mechanism, all central banks have to forecast Event Directors
the main variables they are tasked with controlling in order Andrew Blake and Gabor Pinter
to react in a timely fashion. But academics and policymakers Apply by
alike have found that some of the variables of interest in 18 April 2017
particular inflation have become more difficult to forecast.
This is potentially because of changes in underlying data Computational advances have greatly facilitated the use of
generating process or other breaks in relationships. Periods of Bayesian estimation and simulation techniques. The main
stability in underlying macroeconomic variables can make it advantage of these techniques is that they provide precise results
even more challenging for a central bank forecaster to provide in small samples and allow researchers to incorporate offmodel
valueadded beyond the simplest univariate model. This event information into the estimation procedure. In addition,
will combine lectures on forecasting theory with complementary these techniques allow for the easy development of richer
computerbased exercises. specifications, iemodels with a large number of parameters to
estimate or parameters that vary over time.
Content
The following topics are likely to be covered: This event is an introduction to some of the techniques in
Bayesian econometrics which can be useful for modelling and
the econometric modelling and forecasting of inflation and forecasting in central banks. It will provide an overview of the
growth; theory and then focus on practical implementation through
formulating and using varieties of mechanical, statistical, computerbased exercises.
semistructural and structural forecasting models;
forecasting at different forecast horizons;
tools for forecast evaluation and combination;
forecasting in a datarich environment and nowcasting;
mixed frequency methods;
density forecasting, including constructing and using a
fanchart using both classical and Bayesian methods; and
forecast communication.

Centre for Central Banking Studies Prospectus 2017 13


CCBS
London events

Content
The seminar will be taught from the perspective of the Building econometric models
practitioner with the aim of discussing techniques that can
improve upon classical econometric methods, or are more 2327 October 2017
convenient alternatives. The topics covered are likely to include: Event Director
introduction to Bayesian analysis and Gibbs sampling; Pawel Zabczyk

Gibbs sampling for linear regression, vector autoregressions Apply by


and vector errorcorrection models; 17 July 2017
Gibbs sampling for statespace models including timevarying
This seminar will take participants through the derivation,
parameter and dynamic factor models;
estimation and assessment of the seminal Smets and
nonlinear regression models: the MetropolisHastings Wouters(2007) model of the USeconomy. The mediumscale
algorithm; and dynamic stochastic general equilibrium (DSGE) setup underlying
Bayesian estimation of dynamic stochastic general equilibrium the paper is representative of the types of structural models
models. used in leading policy institutions. Accordingly, by covering
the empirical tools used in the paper, discussing the underlying
Exercises will show how Bayesian methods may be useful when
methodology, and replicating the salient results, the event aims
available time series data are limited or when economic
to equip participants in the skills necessary to conduct state of
relationships are subject to structural shifts.
the art policy analysis and forecasting.
Target group
Content
This seminar is aimed at candidates working in the monetary
The event will cover the following topics:
policy, financial stability and research departments of central
banks. They should have experience of classical econometrics. macroeconomic data preparation: removing trends and
Candidates must be proficient in least squares estimation and isolating cycles;
have some knowledge of linear algebra and maximum likelihood vector autoregressions (VARs), structural VARs (SVARs) and
estimation. Knowledge of programming in Matlab is essential for Bayesian VARs (BVARs);
this course.
microfoundations: optimising agents behaviour, firstorder
Format conditions and DSGE model derivation;
This event consists of lectures on the underlying theory, followed maximum likelihood and Bayesian estimation of the
by exercises applying the theoretical models. DSGEmodel using Dynare;
the role and empirical importance of various frictions;
DSGE models as statespace representations: statespace
models and the Kalman filter; and
forecasting and policy analysis using estimated DSGE models.

Target group
The event is aimed at central bankers and financial regulators
who are new to, or have limited experience, of contemporary
modelbuilding in central banks. Candidates should know the
basics of optimisation, linear algebra and function differentiation.
A good command of technical English is essential. EViews as well
as Dynare and Matlab will be used in the empirical applications,
so a basic command of these packages would also be
advantageous.

14 Centre for Central Banking Studies Prospectus 2017


Format The event focuses on deriving and interpreting estimates of
Presentations and practical sessions will be given by equations used to construct small models, which can then be
BankofEngland experts. The lectures will be combined with a applied to monetary policy. In many cases, estimated models
series of exercises that will focus on implementing the main will then be used for forecasting purposes. Econometric and
techniques and tools, and ultimately replicating the main results modelling software such as Matlab for estimation and forecasting
reported in Smets and Wouters(2007). There will be plenty of and Dynare for model solution and simulation will be used
scope for discussion and interactions. extensively.

Target group
The event is aimed at economists working in quantitatively
oriented departments of their central bank. They should have
Economic modelling and forecasting some experience of econometrics and a background in
27 November8 December 2017 economics. Knowledge of Matlab is desirable.

Event Directors Format


Gabor Pinter and Pawel Zabczyk Presentations will be given by experts from the Bank of England
and academia. The twoweek seminar offers scope for active
Apply by participation through practical exercises. In addition, seminar
21 August 2017 participants should come prepared to share their practical
modelling and forecasting experiences.
The lags in the transmission mechanism of monetary policy mean
that policymakers must forecast the future path of the economy.
Accurate forecasts are only possible with a clear understanding
of the structure of the economy and the shocks affecting it. This
twoweek seminar aims to improve participants understanding
of current modelling strategies and forecasting techniques.

Content
The event is a combination of lectures on the theory and
methods of policy analysis and design, practical problems in
modelling and forecasting and computerbased exercises.

The following topics are likely to be covered:

techniques for modelling unobserved economic components,


statespace models and the Kalmanfilter;
models of volatility, nonlinearity and financial frictions;
GMM and Bayesian estimation;
dynamic stochastic general equilibrium (DSGE) models;
panel data methods; and
vector autoregressions (VARs), structural VARs and their
identification, and recent extensions of VAR modelling, such as
Bayesian VARs, factoraugmented VARs and DSGEVARs.

Centre for Central Banking Studies Prospectus 2017 15


CCBS
London events

Financial stability
Format
Presentations will be given by experts from the Prudential
Regulation Authority, Bank of England and elsewhere. The event

and prudential requires a high level of participation, and several participants may
be invited to give presentations on their countrys approach in

regulation
this area.

The supervision of corporate governance and


Financial supervision and capital adequacy risk management in banks and insurers
13 March 2017 57 April 2017
Event Directors Event Directors
Matthew Pegg and Somnath Chatterjee Michael Ainley and Matthew Pegg
Apply by Apply by
23 November 2016 28 December 2016
Prompted by the need to address several market failures that When a financial services firm fails, this can often be traced
have threatened financial stability and to ensure the continued to bad management and poor governance. This was clearly
safety and soundness of banks and insurers, financial regulators demonstrated in the banking crisis of 200708. Supervisors are
have been reassessing the fundamental role of regulatory increasingly focused on the effectiveness of governance, senior
capital requirements. BaselIII builds on previous regulation management expertise, remuneration and culture. These are
for banks, implementing significant new capital, leverage and prominently reflected in two recent EUDirectives, CRDIV and
liquidity requirements. SolvencyII for insurers is a once in a SolvencyII.
generation modernisation of European insurance regulation
which has introduced new regulatory requirements including The seminar will provide the participants with an understanding
capital, governance and risk management. This event will of the differing approaches in this area, within financial
analyse the stricter definition of eligible capital and capital institutions, as well as the regulatory tools used to ensure
buffers as indicated in BaselIII, the use of the leverage ratio as a necessary improvements. Participants will learn not only the
backstop to additional capital requirements, and new SolvencyII critical importance of corporate governance but also how
requirements. supervisors can assess governance and identify and address
weaknesses in firms.
Content
The following topics are likely to be covered: Content
This event will cover broad themes:
determining of firm capital requirements;
interaction between macroprudential and microprudential why is good corporate governance so important?;
policy; how corporate governance is regulated and what are the
leverage ratio; and majorgaps;
capital requirements for insurers under SolvencyII. the importance of Board effectiveness in the risk management
of firms;
Target group management expertise, culture and controls;
This seminar is aimed at experienced prudential supervisors and
the UKapproved persons regime, significant influence function
central bankers, whether from industrialised, emerging market or
and certification; and
developing economies. Participants must have a good
understanding of their organisations approach to supervision so remuneration.
they can engage fully in the discussions during the seminar.

16 Centre for Central Banking Studies Prospectus 2017


Target group Target group
This seminar is aimed at experienced prudential supervisors or This event is aimed at economists and others with a
central bankers, whether from industrialised, emerging market or mathematical background who wish to improve their
developing economies. Participants must have a good understanding of existing risk management techniques, and who
understanding of their organisations approach to corporate may be involved in analysing and attempting to improve
governance and risk management so they can engage fully in the regulatory regimes at a policy level. (It is not aimed specifically
seminars discussions. at those involved in the practical aspects of implementing
regulations or supervisory requirements, as in, for example, the
Format gathering of data or in visiting financial institutions.)
Presentations will be given by experts from the Bank of England
and elsewhere. The event requires a high level of participation, Format
and several participants may be invited to give presentations in Topics will be presented by Bank of England experts, academics
relation to their countrys approach in these area. and financial market participants.

Analytical tools for financial supervision and The shadow banking system
risk management
48 September 2017
2226 May 2017
Event Directors
Event Directors David Barr and Somnath Chatterjee
David Barr and Somnath Chatterjee
Apply by
Apply by 29 May 2017
13 February 2017
A significant proportion of the economys total credit
Financial supervision, and risk management more generally, intermediation now takes place in the `shadow banking system.
make extensive use of tools derived from mathematics, statistics The rise of shadow banks has had profound implications for the
and probability theory. This event introduces the core toolkit structure of the traditional banking system and for the wider
with the aim of allowing participants to understand and discuss economy. In this seminar we will aim to analyse how the new
the key concepts and their applications without having to delve system operates, explore its impact on the financial system more
into the advanced mathematics required of risk management generally, and consider its implications for financial regulation.
professionals.
Content
Content The following topics will be covered:
The event is expected to cover a wide range of topics including:
the structure of the new collateralbased banking system;
financial correlation risks; the impact of the new banking system upon the financial
Copulas; system more generally; and
Value-at-Risk; the challenges that the new banking system poses for
Extreme value theory; regulation and monetary policy.

MonteCarlo methods;
modelling credit risk; and
network analysis and agentbased models.

Centre for Central Banking Studies Prospectus 2017 17


CCBS
London events

Target group Target group


This seminar is aimed primarily at central bankers and regulators This seminar is aimed at experienced prudential supervisors and
who wish to improve their understanding of how the shadow central bankers, whether from industrialised, emerging market or
banking system works and of its implications for financial stability developing economies. Participants should have a good
and monetary policy. understanding of their organisations approach to supervision so
they can engage fully in the discussions during the seminar.
Format
Presentations will be given by experts from the Bank of England, Format
academia and financial markets. Participants will be invited to Presentations will be given by experts from the Prudential
make short presentations about shadow banks in their own Regulation Authority, Bank of England and elsewhere. The event
country. requires a high level of participation, and several participants may
be invited to give presentations on their countrys approach in
this area.

Risk management and financial supervision


24 October 2017 Systemic risk assessment: identification and
Event Directors monitoring
Michael Ainley and Matthew Pegg
913 October 2017
Apply by
Event Director
26 June 2017
Somnath Chatterjee
Risk management is a vital second line of defence for firms,
Apply by
an important focus for regulators and central banks seeking to
3 July 2017
ensure the safety and soundness of the financial system. It is
vital that effective risk management by firms, and supervisors Achieving macroeconomic stability requires the identification
assessment of risk and the quality of firms risk management of systemic risk in the financial system and of the factors that
frameworks keeps pace with financial innovation. New and are driving it. Efforts are now underway in central banks and
emerging risks will provide regulators with difficult challenges. regulatory authorities to put systemic risk assessment onto a
This event will cover the management of various categories of sounder, more productive and more measurable footing. In this
risk faced by banks and insurance companies, and approaches seminar we survey and evaluate some of these new approaches.
used by supervisors to assess, monitor and mitigate these risks.
Content
Content The following topics are likely to be covered:
The following topics are likely to be covered:
credit and asset price cycles;
assessment, management, and supervision of risktaking in constructing financial stress indexes;
regulated firms;
Conditional Value-at-Risk (CoVaR);
credit risk;
Marginal Expected Shortfall (MES);
liquidity risk;
estimating default probabilities using contingent claims
operational risk and cyber risk initiatives in the analysis;
UnitedKingdom;
network models for systemic risk assessment; and
trading risk;
stress testing of banks.
major insurance risks, including longevity and catastrophe
risks; and
the use of stress testing at different levels as a tool in risk
management.

18 Centre for Central Banking Studies Prospectus 2017


Target group Content
This seminar is aimed at central bankers and regulators actively The topics covered in the event will fit within the following broad
involved in developing or evaluating systemic risk assessment themes:
models, or those who use systemic risk models as an input into
their tasks and wish to acquire a deeper understanding of how models of financial services regulation including the
they work. twinpeaks model adopted in the UnitedKingdom;
a judgementbased, forwardlooking approach to prudential
Format supervision;
Presentations will be given by experts from the Bank of England
interaction between microprudential and macroprudential
and guest speakers.
supervision; and
financial stability as a focus for microprudential regulators,
including resolution.

Microprudential supervisory frameworks Target group


This seminar is aimed at experienced prudential supervisors or
2022 November 2017
central bankers, whether from industrialised, emerging market or
Event Directors developing economies. Participants must have a good
Michael Ainley and Matthew Pegg understanding of their organisations approach to supervision so
they can engage fully in the seminars discussions.
Apply by
14 August 2017 Format
Presentations will be given by experts from the Prudential
In recent years, many governments have had to review and revise Regulatory Authority, Bank of England and elsewhere. The event
their regulatory structures and supervisory frameworks. New requires a high level of participation, and several participants may
regulators have been set up both nationally and internationally. be invited to give presentations in relation to their countrys
Supervision is now more forward looking and risk based, which is approach in this area.
becoming more intensive and intrusive, with increasing focus on
financial stability, critical economic functions and resolution. The
work of prudential supervisors has also moved from point in time
to more forwardlooking assessments. This seminar will cover
new and developing supervisory frameworks and approaches,
including daytoday supervisory actions, intervention strategies,
and enforcement.

Centre for Central Banking Studies Prospectus 2017 19


CCBS
London events

Aspects of policy
Target group
This workshop is aimed at the heads and other staff of central
bank compliance functions, or those tasked with establishing

and management such a function.

Format
The workshop will be an interactive mix of presentations,
roundtable and breakout discussions. Participants will be
Workshop on central bank compliance encouraged to discuss their own experiences and share expertise.
functions Some participants may be invited to give presentations in
relation to their countrys approach for particular topics.
1213 January 2017

Event Directors
Gillian Boundy and Alison Kavanagh
Central bank communication in a
Apply by changingworld
6 October 2016
1618 October 2017
Compliance functions are a recognised part of governance within
financial services firms. Central banks are recognising that they Event Director
too should have an internal compliance function for conduct and Gill Hammond
ethics policies.
Apply by
This reflects the renewed focus on conduct matters within 10 July 2017
financial markets, the standards of integrity necessary to avoid
risk of reputational harm, and how public trust is essential to the Innovations in social media and information technology
mission of central banks. provide both opportunities and challenges for central banks
communication strategies. The changed landscape of central
However, a financial services firm model of a compliance function banks operations and policies also provides challenges in
may not be the ideal model for a central bank given the nature communication to a wide set of stakeholders. This workshop
of a central banks public functions, independence and provides a forum for central bank experts in communication
accountability. to deepen their understanding of the issues and share their
experiences.
A variety of approaches could be adopted by central banks. This
workshop provides a forum for central banks to discuss such Content
approaches and to discuss issues around developing a central The following key topics are likely to be covered:
bank compliance function.
developing a communication strategy;
Content dealing with the media;
The following key topics are likely to be covered:
communicating about policy and regulation;
where a compliance function fits within a central banks central banks and social media;
governance structure; banknotes; and
developing and maintaining a code of conduct and ethics; managing key stakeholder relationships, communicating with
integrating the compliance function with bankwide risk the public, parliament and media.
management;
raising staff awareness, communication and training;
monitoring, reviews and investigations;
management reporting, information and escalation; and
benchmarking a compliance function.

20 Centre for Central Banking Studies Prospectus 2017


Target group
The workshop is aimed at experienced central bank/regulatory
authority personnel working in the PressOffice or similar
function.

Format
The workshop will be highly interactive, allowing participants to
discuss their own experiences and share expertise. The format
will be roundtable discussions rather than formal presentations.
External speakers will be invited from the media and markets.

Centre for Central Banking Studies Prospectus 2017 21


CCBS
London events

Research and
Submissions
Submissions should be sent to BoE_BigData_2017@
bankofengland.co.uk with the subject SUBMISSION.

analytics Submissions from a wide range of topics are welcome, but should
be related to central banking, financial markets and associated
policy questions. A nonexhaustive list of areas of interests are
investment and productivity, labour market issues, consumption
and transmission channels, financial market structure and
Big data empirics and policy analysis regulation, alternative economic indicators, international trade
1314 November 2017 and value chains, economic forecasting. All contributions should
be based on the analysis of large datasets, roughly defined as
Event Director containing 110million observations and above.
Andreas Joseph
The submission format should be a maximum twopage extended
Abstract submission abstract including one figure or table, addressing the following
4 June 2017 points:
Author notifications Explanations of the research question and its relevance.
7 July 2017 Results obtained and how they could be insightful for policy
Event application/registration setting.
7 August 2017 Description of the used data, size, format, content, etc.
www.cvent.com/d/45qpl2 The techniques used, egeconometrics, machine learning,
simulations/calibration, etc.
Participant notification
18 August 2017 The problems faced, egdata collection, management and
cleaning, methodological and technical challenges,
identification, etc., and how they have been overcome.
Event description Problems that could not be overcome and how these affected
The Advanced Analytics Division and the Centre for Central the analysis and what has been learned from this. The
Banking Studies at the Bank of England jointly invite you to submission of informative negative results is encouraged.
discuss the juncture of big data, analytics and policy, and how
these can be used to better understand the economy and its Notes
interaction with policymaking. The event is free of charge for all participants. There is no
financial support for travel or accommodation for speakers or
A wide range of large granular datasets have recently become participants. Please contact BoE_BigData_2017@bankofengland.
available to central banks and regulators. Simultaneously there co.uk and sarah.pegg@bankofengland.co.uk for further questions.
have been considerable advances in datadriven modelling
techniques. These include machine learning and artificial
intelligence which may themselves have a profound impact on a
multitude of industries and the labour market. The combination
of large data sets and cuttingedge novel and established
modelling techniques should enable central banks and regulators
to gain fresh insights into the working of the economy, financial
markets and allow them to carefully gauge their policy actions.

Target group and format


Candidates will be central bankers, regulators and academics
interested in big data questions and analytical techniques. The
event aims at sharing insights from innovative projects and
exchange ideas on how to harness these for policy
recommendations. The event will consist of invited and
contributed talks, while allowing plenty of time for discussion.

22 Centre for Central Banking Studies Prospectus 2017


How to apply

Full details of our webbased electronic Registration


application process can be found at
www.bankofengland.co.uk/education/ccbs/
If you are a firsttime user of the electronic If you are a firsttime
application system, you need to register on the
index.htm.
CCBSwebsite, using your official email address.
user of the electronic
Online Help and Frequently Asked Questions A password will then be emailed to you. Once application system,
(FAQs) are also available on the CCBS website. registered you can monitor the progress of your you need to register
application and apply for other CCBS events. on the CCBSwebsite,
If you need further information or assistance
using your official
please email the CCBS Administration Team at Online application
ccbsinfo@bankofengland.co.uk. email address
After registering with CCBS and having obtained
a password you should:
Application process
All candidates must obtain prior approval from 1 go to the CCBS website and sign in with
their training department before applying. yourusername (your official email address)
and password;
Applications must be received by the stated 2 select the relevant event and click
deadline (a minimum of fourteenweeks before on Apply Now;
the event start date) and are limited to oneper
3 complete all sections of the
central bank/regulatory authority.
application form; and
As most events are oversubscribed and places 4 submit the application form.
are limited, we are not able to consider late or
multiple applications. If more than one You will be informed by email whether your
application per organisation is received, it will application has been successful some two to
be at the discretion of the EventDirector to threemonths before an event.
choose the most suitable applicant.
CCBS advises not to book any travel
arrangements before your application has
been accepted.

24 Centre for Central Banking Studies Prospectus 2017


Practical information

Administration form Travel and medical insurance


The administration form should be completed The Bank of England does not provide any Please ensure that
and submitted once your travel arrangements insurance cover for participants travelling
are final. You will receive an acknowledgement to/from or staying in London. Please ensure
you have adequate
by email. Please use this form to give details of that you have adequate insurance cover for your insurance cover for
any dietary and special requirements. It is needs. You should also ensure you have your needs. You
essential that you provide contact details for adequate medical insurance. Any medical costs should also ensure
your stay in the UnitedKingdom to enable us to incurred in the UnitedKingdom will have to be
you have adequate
contact you outside event hours, should the met by you or your organisation.
need arise. medical insurance
Working hours
Administrative information The normal working day on our seminars is from
Successful applicants can download from the 9.00am to 5.30pm. Because of the high
CCBSwebsite the event programme, list of interactive nature of the event, all participants
participants and location maps. are expected to be present for the entire
duration of the event and should not accept any
Accommodation extracurricular assignments/appointments.
Participants will need to make their own
arrangements for accommodation. A list of Special requirements
hotels recommended by previous participants is If you have any special needs or requirements,
available at www.bankofengland.co.uk/ ega disability, dietary needs or religious
education/pages/ccbs/admininfo.aspx. requirements, please ensure that this
information is set out in the administration
Cancellations form to ensure that your needs can be
In the event of cancelling, it is absolutely accommodated as fully as possible.
necessary to inform us at least tendays prior to
the seminar. Given the large number of Dress code
applications, a late cancellation deprives Normal business attire.
another central bank/regulator authority
applicant from joining the seminar.

Visas
If you require a visa to visit the UnitedKingdom,
you are strongly advised to contact the relevant
BritishEmbassy or BritishHigh Commission as
soon as you are accepted on the event to ensure
that the necessary formalities are completed in
time. For further information please visit
www.visa4uk.fco.gov.uk.

Costs
The Bank of England makes no charge for
tuition, and we provide lunch and refreshments
and organise some social activities. Participants
and their central banks are responsible for their
own travel expenses, accommodation and other
daily living costs (approximately 35 a day).
Please note that CCBS does not arrange
transfers to and from airports.

Centre for Central Banking Studies Prospectus 2017 25


CCBS publications

CCBS places considerable emphasis


on excellent academic research related
to all aspects of central banking.

Our interests are many and varied, with an CCBS also publishes more specialist
emphasis on applied research but encompassing publicationsand the output from research
many aspects of econometrics and economic workshops in edited books. CCBS often
theory. We publish some research work through provides research advice to participants.
our series of handbooks and joint research
papers (see right).

Handbooks in central banking Title Author No

The text of all CCBSHandbooks can be Modelling credit risk Somnath Chatterjee 34
downloaded from our website at
www.bankofengland.co.uk/education/Pages/ Text mining for central banks David Bholat, Stephen Hansen, 33
ccbs/handbooks/default.aspx. Pedro Santos and
Cheryl Schonhardt-Bailey
The Bank of England retains copyright of the
Handbooks. Permission to reproduce them, in Understanding the central bank Garreth Rule 32
English or in local translation, should be applied balance sheet
for in advance from CCBS.
Collateral management in Garreth Rule 31
Some Handbooks are available in Arabic (A), central bank policy operations
Armenian (AM), Russian (R) and Spanish (S).
Issuing central bank securities Garreth Rule 30

State of the art of inflation Gill Hammond 29


targeting (AM) (R)

Forecasting banknotes Mohamed A Norat 28

Liquidity forecasting Simon T Gray 27

Developing financial markets Simon T Gray and Nick Talbot 26


(A) (S)

26 Centre for Central Banking Studies Prospectus 2017


Title Author No
Handbooks: Technical series
Deriving option-implied probability Andrew Blake 5
densities for foreign exchange markets and Garreth Rule

Applied Bayesian econometrics Andrew Blake and 4


for central bankers Haroon Mumtaz

Solving rational expectations models: Andrew Blake and 2


a practical approach using Scilab Emilio Fernandez

Estimating general equilibrium Federico S Mandelman and 1


models: an application with labour Francesco Zanetti
market frictions

Joint research papers Title Author No

Financial conditions and density Piergiorgio Alessandri and 4


forecasts for US output and inflation Haroon Mumtaz

Money-based inflation risk indicator Elena Deryugina and 3


for Russia: a structural dynamic factor Alexey Ponomarenko
model approach

An application of data-rich Haroon Mumtaz and 2


environment for policy analysis of the Nitin Kumar
Indian economy

Asset prices, credit and the Haroon Mumtaz, Alexandra 1


Russianeconomy Solovyeva and Elena Vasilieva

Books Title Author

The capital needs of central banks, Milton, S and Sinclair, P (eds)


Routledge (2010)

Monetary policy frameworks for Hammond, G, Kanbur, R and


emerging markets Prasad, E (eds) (2009)

Exchange rates, capital movements Elgar, E, Driver, R, Sinclair, P


and policy, Routledge andThoenissen, C (2005)

A new currency for Iraq, Central Gray, S and Nell, J (2005)


Banking Publications

How monetary policy works, Routledge Mahadeva, L and Sinclair, P (2004)

Monetary transmission in diverse Mahadeva, L and Sinclair, P (eds)


economies, Cambridge University Press (2002)

Financial stability and central banks: Halme, L, Hawkesby, C, Healey, J,


selected issues for financial safety Saapar, I and Soussa, F (2000)
netsand market discipline,
CentreforCentral Banking Studies,
Bank of England

Monetary frameworks in a global Mahadeva, L and Sterne, G (eds)


context, Routledge (2000)

Centre for Central Banking Studies Prospectus 2017 27


Contact details

Centre for Central Banking Studies


Bank of England
Threadneedle Street
London EC2R 8AH
Tel
+44 (0)20 3461
3770/3892/4542/5856/5859
Fax
+44 (0)20 3461 5860
Web
www.bankofengland.co.uk/
education/Pages/ccbs/default.aspx
Email
ccbsinfo@bankofengland.co.uk

28 Centre for Central Banking Studies Prospectus 2017


Centre for Central Banking Studies Prospectus 2017 29
Bank of England
Threadneedle Street
London EC2R 8AH
www.bankofengland.co.uk