Virtual seminars
Cutting-edge analytics and toolkits
R for econometrics
6–8 February 2024
Event Director:
Andrew Blake
Open-source statistical software continues to grow both in importance and capability. R, one such statistical language, is an attractive platform for the central bank econometrician to use. Standard econometric methods – and many advanced ones – are readily available, with a growing list of leading practitioners creating libraries and packages. R can now feasibly replace a dedicated package as a primary econometric tool, with access to an impressive array of contemporary methods.
This event shows the power of R to do econometric analysis, leveraging the tools of the tidyverse to manipulate and visualise data effectively, using the programming language itself together with powerful, expert-authored R packages to create models for both time series and cross-sectional data. This includes building and testing classical regression models, covering topics such as clustering standard errors for cross sectional inference, stationarity testing for time series and applications of quantile regression. Bayesian estimation through both Gibbs Sampling and the Metropolis-Hastings algorithm is illustrated, with examples using transparent code as well as exploring dedicated packages.
Target group:
Applied economists in any area of a central bank/regulatory authority that use econometric methods to routinely analyse data and want to investigate how R can help them in this task. We cover the use of R from data manipulation, through standard (and some non-standard) econometric analysis to report writing in an integrated environment. Some knowledge of R is a prerequisite, and a familiarity with the tools of the tidyverse will further aid understanding.
Applied Bayesian econometrics
12–14 March 2024
Event Director:
Andrew Blake
This long-running CCBS seminar introduces participants to Bayesian thinking and some of the techniques frequently used in Bayesian econometrics. Bayesian methods are extremely useful for modelling and forecasting, particularly in central banks faced with either limited data or potential structural change. The event provides an overview of the theory, developing it from standard linear regression, through to practical implementation with computer-based exercises in MATLAB. Topics include understanding Gibbs sampling and the Metropolis Hastings algorithm, with applications such as the Bayesian estimation of time-varying parameter models, VARs and DSGE models.
Target group:
This seminar is aimed at economists working in the monetary policy, financial stability and research departments of central banks and regulatory authorities. They should have experience of classical econometrics (eg OLS, MLE) and be keen to understand Bayesian thinking. A knowledge of MATLAB programming is essential for this course, as is access to MATLAB on your own computer.
Economic modelling and forecasting
23–27 September 2024
Event Director:
Andrew Blake
Useful economic forecasts require good economic modelling. Building models that contain a clear statement of the assumed structure of the economy inform us about the shocks affecting it. Policymakers can then respond to those shocks. This seminar aims to improve participants’ understanding of current modelling strategies and forecasting techniques. Likely topics include state space models and the Kalman filter, structural VARs, mixed frequency (MIDAS) forecast models and DSGE models including Heterogeneous Agent New Keynesian (HANK) models – each will be accompanied by ample computer-based exercises.
Target group:
The event is aimed at economists working in quantitatively orientated departments of their central bank. They should have some experience of econometrics and a background in economics. A knowledge of MATLAB programming is essential for this course, as is access to MATLAB on your own computer.
Causal inference using microdata
12–15 November 2024
Event Directors:
Angus Foulis and Jagdish Tripathy
Quantification of causal mechanisms is the ultimate goal of empirical economics. However, in most cases this is challenging, as the underlying data are not generated randomly. A number of econometric techniques have been developed to overcome these challenges. The recent explosion of microdata has allowed these techniques to be applied to a wider range of questions. This course builds these frontier skills and applies them to a range of economic questions of interest for central bankers, using the microdata that are increasingly available to our community.
Target group:
The course is targeted at central bank economists working in quantitative areas. They should have experience with econometrics and an economics background. Some experience with Stata and microdata is preferred.
R for non-econometrics
26–29 November 2024
Event Director:
Andrew Blake
As data sets available to economists evolve, so too must the methods that form the analytical toolkit. Data sets with millions of observations or unstructured text documents, say, need a different approach to simple linear regression. At the same time, excellent texts such as James et al’s ‘An introduction to statistical learning’, McElreath’s ‘Statistical Rethinking’ and Silge and Robinson’s ‘Text Mining with R’ show how to deal with many of the problems that new data sources pose. These offer exciting – and surprisingly tractable – alternatives to traditional econometrics methods.
This event should get you started on analysing data in ways not found in the econometric textbooks. A number of self-contained applications are likely to be covered, all in R and within a common framework. Methods such as regularised regression, regression trees, multilevel modelling and sentiment modelling are all likely to form part of the course as well as others. Topical, cutting-edge examples from our Advanced Analytics Division will provide example uses of this increasingly important toolkit.
Target group:
This event will likely benefit classically trained central bank econometricians who want an introduction to the insights that other disciplines such as machine learning can bring to analysing economic data.
Current priorities and topical issues in central banking and financial regulation
Innovation in payments systems and technology
18–19 April 2024
Event Director:
Matthew Pegg
The advancing digitisation of economies is creating opportunities for innovation in payments. Technological developments and regulatory initiatives have opened up the sector to competition, with new institutions and new business models emerging and changing the shape and length of traditional payment chains.
Regulators globally are implementing a road-map for enhancing cross-border payments. Central banks are refreshing their own infrastructure and, while doing so, are making the most of the opportunity to increase resilience, interoperability and access.
Many central banks are researching, piloting or have launched central bank digital currencies, as a form of trusted money in an increasingly digital world. Authorities are also considering challenges and risks for public policy, oversight and regulation posed by stablecoins.
Target group:
Participants should have some expertise in payment systems with a particular focus on innovation in payments as it relates to central banking and regulation. The event will likely require participation from delegates. We welcome offers from colleagues to present on payments innovation in your organisation.
Building public trust and engaging with the public: communicating in a crisis
13 May 2024
Event Directors:
Céline Gondat-Larralde and Rhiannon Sowerbutts
A high level of public trust is fundamental for central banks to deliver on their mandates. Stating that we are trustworthy is not enough – central banks have to demonstrate it. But building public trust is challenging. Clear and robust governance processes, as well as accountability frameworks can help to build trust, as can clear communications and transparent explanations of policy decisions, and engaging with the media. Relating to and engaging with the public is important – but central bankers can often be seen as out of touch. If building public trust is challenging – rebuilding it after it has been lost is even more so.
In these times of economic and financial uncertainty central banks are coming under particular scrutiny. This can be both a challenge and an opportunity. This event aims to explore and discuss how we can build public trust, engage with the public and communicate – in particular during times of stress.
There will be a complementary, invite-only, event following it to discuss communication in a crisis – when public trust is particularly salient.
Target audience:
The target audience is anyone involved in building the reputation of a central bank or regulator, these are most likely practitioners working in communications and external engagement parts of their institution. The event will require participation and discussion from delegates and we welcome offers to speak about your institution’s experience.
International – The approach of financial services regulators to an evolving trade policy landscape
11 July 2024
Event Directors:
Himali Hettihewa and Danish Sajjad
The Bank of England’s International Directorate is hosting a webinar on the role of central banks and financial services regulators in the development of trade policy. We will focus on ‘safe openness’ from a central banking/financial services regulatory perspective and will examine approaches to balancing national trade objectives and the statutory objectives of central banks/financial services regulators.
The session will explore topical questions related to the shifting Financial Services trade policy landscape, with a focus on Berne Financial Services Agreement and the evolving Digital trade landscape.
This event will be comprised of presentations, a panel discussion from specialists, policy experts, central bankers, and academics as well as opportunities for discussion/Q&A.
Target group:
As this is intended to be an interactive technical workshop, we welcome expressions of interest from central bankers and financial regulators who have contributed to the development of trade agreements and have expertise in FS trade policy, or with an interest in digital trade issues.
Making markets more resilient
3 July 2024
Event Director:
Christine Jayaseelan
There have been serious threats to financial stability from outside the core banking system and occurring in financial markets in recent years: the strains that emerged in US repo markets in 2019, the 2020 ‘dash for cash’, the failure of Archegos in 2021, the near-collapse of commodity market functioning in Spring 2022 and the UK’s liability-driven investment (LDI) fund crisis later that same year.
While the triggers for several of these events were highly unusual, the risks posed by non-bank financial institutions (NBFIs) to financial stability are on a growing trend. NBFIs have become increasingly important players in the core markets that lie at the heart of the economic and financial system. But the intermediation capacity in these markets, particularly from dealer banks, has failed to keep pace with their burgeoning size and struggles to meet the consequent demand for liquidity, particularly at times of stress.
This event aims to discuss issues around making financial markets more resilient, including NBFI’s leverage and resilience, market structure changes that could make markets more resilient, liquidity provision by NBFIs, NBFI’s trading behaviour and financial stability.
Target group
Please be aware that is an invitation only event.
Participants should be actively working on these topics in their organisations, whether in research, policy or market-facing roles. The aim of the event is to encourage debate and discussion and to share thinking and approaches. Participants should be ready to participate actively in the discussions.
Central counterparty (CCP) supervisory stress testing – a regulatory perspective
16–18 July 2024
Event Directors:
Krzysztof Drenda, Sarah Venables and Michael Smart
CCPs lie at the heart of the global financial system and are crucial to efficient functioning of financial markets and the wider economy. Resilience of CCPs to severe shocks is important to CCPs themselves, their clearing members and clients, and global financial markets. Supervisory stress testing has become an important tool for regulators in assessing CCPs’ resilience and has seen great progress in recent years in terms of coverage, methodology innovation and international co-operation and knowledge sharing.
The workshop will bring together experts and supervisors from across central banks and regulators to explore CCP supervisory stress testing and share lessons and experiences. You will gain insight from a strategic perspective as well as practical technical knowledge. You will learn about the full life-cycle of a CCP supervisory stress test from the design stage, through data collection and validation, the calculation process, to interpretation and publishing of results. The workshop will include an open discussion on what CCP stress testing results really tell us and how to apply findings to wider supervisory and policymaking activities, as well as how it can help understand interdependencies in the financial system and CCPs’ impact on other entities. It will also cover the potential for increasing international co-operation and exciting options for the future.
Target group:
The event is aimed at central bankers and regulators with an interest or responsibility for supervising, monitoring, assessing, identifying or mitigating risks related to central counterparties; supervisory stress testing of financial services firms; or development of relevant policies on supervisory stress testing or risk management. It is not only open to expert practitioners, but also to regulators who may be interested in learning more about the role supervisory stress testing can play as a regulatory tool. We welcome offers from participants to share their experiences.
Research, design and testing of central bank digital currencies
17 September 2024
Event Directors:
Lizzie Peck and Matthew Pegg
A retail central bank digital currency (CBDC) is digital money a country’s central bank can issue alongside cash for use by households and businesses for their everyday payments needs. Its value is linked to the issuing country’s official currency. Recent trends in the way we make payments and emerging digital technologies have led many countries to explore implementing a CBDC. A common theme internationally has been the increasing interest in and exploration of wholesale CBDC used to settle high-value payments between financial firms.
This one-day webinar will include international central bank’s motivations for investigating CBDC, and their approach to research and piloting. Different jurisdictions will share their experiences and current thinking on design requirements, architecture, and technology. We will also discuss how retail CBDC interacts with broader trends in payments innovation.
The webinar will provide an opportunity to discuss the benefits and challenges to implementing CBDC and the implications for monetary policy, financial stability, and resilient payments systems.
Target group:
This seminar is aimed at central bankers working on payment systems, CBDC, or those who have an interest in delivering innovative technological solutions across a variety of central banking activities.
Macroprudential Policy and Non-Bank Financial Intermediation
8–10 October 2024
Event Directors:
Angus Foulis and Christine Jayaseelan
Over the past decade macroprudential policy has evolved as an important policy function for central banks around the world. At the same time, a significant proportion of the economy’s total credit intermediation now takes place outside the traditional banking system, which has had profound implications for the structure of the traditional banking system and for the wider economy. This event will discuss the shared challenges and lessons learnt in the implementation of macroprudential policy, and the assessment of systemic risk across both the traditional banking system and non-bank financial intermediation. The event will likely cover: (1) the macroprudential policy framework; (2) the policy toolkit; (3) the financial stability implications of non-bank financial intermediation; and (4) the suite of approaches and techniques used to measure systemic risk and resilience. Presentations will be given by experts from the Bank of England. We welcome offers to present on any of the topics above.
Target group:
This event is aimed primarily at central bankers and regulators who wish to improve their understanding of macroprudential policy and non-bank financial intermediation.
Accelerating responsible innovation through Regulatory Technology (RegTech)
15–16 October 2024
Event Directors:
Matthew Pegg and Carmen Barandela
The Bank of England has continued to accelerate responsible innovation, by exploring and investing in RegTech.
The seminar will focus on the work of the Prudential Regulation Authority to develop and implement RegTech solutions for supervisory activities. Topics will include our digital skills journey, supervisory process improvements and our work with artificial intelligence.
Target group:
This seminar is aimed at central bankers and financial regulators with some expertise in, or responsibility for RegTech solutions in their organisation. The event will likely require participation from delegates. We welcome offers from colleagues to present on topics relevant to the development and implementation of RegTech.
Microprudential framework
22–24 October 2024
Event Director:
Michael Smart
The prudential regulation and supervision of financial services firms continually adapts to the external environment. The post-Great Financial Crisis regulatory regime aims to ensure the safety and soundness of firms, with an increasing focus on financial stability as well as financial and operational resilience. The approach to prudential supervision has shifted to forward-looking, risk-based supervisory decisions and the use of supervisory judgement. This seminar will cover new and developing approaches to supervision and tools used by supervisors to support the assessment, measurement and mitigation of risk.
Target group:
This seminar is aimed at experienced prudential supervisors or central bankers who are interested in or have contributed to the development of forward-looking risk-based supervision. We welcome offers from participants to share their experiences.
Operational resilience of the financial sector
19–21 November 2024
Event Directors:
Libin Dahir and Matthew Pegg
Operational disruption can affect financial stability, threaten the viability of individuals firms and Financial Market Infrastructures, or cause harm to consumers and other market participants in the financial system. The challenges of making the financial sector resilient to this disruption have become more complex in an increasingly hostile cyber environment. Growing digitalisation, interconnectedness and third-party dependencies have also increased the potential for operational risks to impact financial stability in recent years.
The workshop will explore the macroprudential and microprudential challenges of operational resilience and cyber; firms and policymakers must now move beyond preventing operational incidents towards actively responding, recovering and learning from them.
Target group:
The event is aimed at central bankers and regulators with an interest in or responsibility for monitoring, assessing, identifying or mitigating risks related to operational disruption. This responsibility may relate to the supervision of specific firms/financial market infrastructures; the financial stability of the sector as a whole; or the development of relevant policy We welcome offers from participants to share their experiences.
Key current issues in the international monetary and financial system (IMFS)
2–4 December 2024
Event Directors:
Glenn Hoggarth and Mark Joy
This workshop will assess the impact of the various shocks affecting the global economy and the policies taken by central banks in high-income countries and emerging and developing countries to bring inflation back to target on a permanent basis. It will cover the potential trade-offs in the timing and scale of reducing policy rates set against the backdrop of a slow growing world economy, the war in Ukraine and geo-political tensions in the middle east.
It will also take stock of the state of the international financial architecture. Set against the uncertain external environment, very high sovereign debt and volatile capital inflows – especially from non-bank financial institutions – are posing financial risks to a number of emerging and particularly developing countries. More broadly, the IMFS that has developed and, in general, served the global economy well over the past 75 years is at risk of fragmenting.
The workshop will also focus on structural issues affecting central banks individually and collectively. It will consider the role of technology in revolutionising the global payment systems, the potential costs and benefits of central bank digital currencies (CBDC) and their impact on the IMFS. It will also cover the role that central banks are playing in assessing the impact on the financial system of climate change and the transition to a net-zero emissions economy. The workshop will conclude by looking ahead to next year’s finance work programme of the G20 and the Financial Stability Board.
Target group:
This event is aimed at those leading or supporting the central bank’s work and engagement on the international economy including at international fora such as the IMF, G20, FSB and the BIS. It will include short set-piece presentations by Bank of England staff or invited experts and a moderated roundtable discussion between participants. We welcome offers from colleagues from a diverse range of jurisdictions to share their experiences.
Artificial intelligence, central banking and financial regulation
11 December 2024
Event Directors:
Mohammed Gharbawi, Seema Visavadia and Matthew Pegg
Recent advances in AI, including the release of powerful Large Language Models, have led to a surge of interest in AI, thrusting it firmly onto institutional and regulatory agendas. While the technology (including its ‘generative’ varieties) is expected to drive significant economic benefits, firms, governments, and regulators, as well as the technology firms responsible for creating sophisticated AI systems, have been quick to react pointing to risks ranging from the mundane to the existential. Central banks and financial regulators have an important role in navigating the complexities of this rapidly developing field.
Target group:
Participants should have some expertise in artificial intelligence and its application to central banking and regulation. The event will likely require participation from delegates.
Research and analytics-focused conferences
New evidence on the monetary transmission mechanism workshop
Date: 20–21 May 2024
Event Directors:
Andrew Blake, Angus Foulis and Jagdish Tripathy
Successful monetary policy has become more challenging in recent years as the world economy has been subjected to unprecedented events. Central banks need to reconsider how best to achieve their targets in markedly changed circumstances. This workshop will bring together leading researchers and policymakers to discuss frontier empirical research on the transmission mechanism of monetary policy and consider it might impact on policy choices in the light of competing objectives.
This event will be held in person. Please be aware we have limited availability for this workshop, there is no guarantee of attendance. You will receive a notification as to whether your application is successful or not.
To register and for more information please visit the event page.
5th Workshop on household finance and housing
6–7 June 2024
Event Directors:
Angus Foulis and Jagdish Tripathy
This workshop will bring together leading researchers to present frontier empirical and theoretical work related to the Bank of England Agenda for Research in the broad fields of household finance and housing. It follows on from successful workshops and is jointly organised with Imperial College Business School.
Target group:
Academics, central bank economists and financial regulators in the areas of household finance and housing are welcome to attend. Papers included in the programme are by invitation.
This event will be held in person.
