Monetary policy during and after the pandemic
International Research Forum on Monetary Policy
12 and 13 May 2022 - Online event
The International Research Forum on Monetary Policy is a biennial conference organised by the European Central Bank, the Board of Governors of the Federal Reserve System and the Euro Area Business Cycle Network (EABCN). Its purpose is to discuss the latest research on monetary policy. Issues addressed at this year’s conference will include the particular challenges that the coronavirus (COVID-19) pandemic has posed to monetary policy.
This year's conference will also be an opportunity to mark the 20th anniversary of the EABCN.
Watch the webcast
Panel discussion “Monetary policy during and after the pandemic”
Programme
Times are Central European Time
* indicates the presenter
- 14:00
Conference opens for participants to log in
- 14:30
-
Welcome
Michael Ehrmann, European Central Bank
Session 1 – Business cycles, inflation
Session chair: Michael Ehrmann, European Central Bank
- 14:35
Supply chain constraints and inflation
- Robert C. Johnson*, University of Notre Dame
- Diego Comin, Dartmouth College
- Diego Anzoategui, Morgan Stanley Research
Discussant: Sebastian Graves, Federal Reserve Board
- 15:20
The impact of risk cycles on business cycles: a historical view
- Ilknur Zer*, Federal Reserve Board
- Jón Daníelsson, London School of Economics
- Marcela Valenzuela, Pontificia Universidad Católica de Chile
Discussant: Gaston Gelos, International Monetary Fund
- 16:05
- Coffee break
- 16:20
Session 1 (continued)
The long-run Phillips curve is ... a curve
- Guido Ascari*, De Nederlandsche Bank, University of Pavia
- Paolo Bonomolo, De Nederlandsche Bank
- Qazi Haque, The University of Adelaide
Discussant: Argia M. Sbordone, Federal Reserve Bank of New York
- 17:05
- Coffee break
-
Session 2 – Optimal policy
Session chair: Matteo Iacoviello, Federal Reserve Board
- 17:20
-
Firm heterogeneity, capital misallocation and optimal monetary policy
- Beatriz González López*, Banco de España
- Galo Nuño, Banco de España
- Dominik Thaler, European Central Bank
- Silvia Albrizio, International Monetary Fund
Discussant: Bence Bardóczy, Federal Reserve Board
- 18:05
-
Optimal exchange rate policy
- Oleg Itskhoki*, University of California, Los Angeles
- Dmitry Mukhin, London School of Economics
- 18:50
- End of day 1
- 14:00
- Conference opens for participants to log in
-
Session 3 – Monetary policy transmission
Session chair: Annukka Ristiniemi, European Central Bank
- 14:30
Big techs and the credit channel of monetary policy
- Fiorella De Fiore*, Bank for International Settlements
- Leonardo Gambacorta, Bank for International Settlements
- Cristina Manea, Deutsche Bundesbank
Discussant: Peter Hoffmann, European Central Bank
- 15:15
Endogenous production networks and non-linear monetary transmission
Mishel Ghassibe*, Centre de Recerca en Economia Internacional
Discussant: Alireza Tahbaz-Salehi, Kellogg School of Management, Northwestern University
- 16:00
- Coffee break
Session 4 - Quantitative easing
Session chair: Barbara Rossi, Pompeu Fabra and Barcelona School of Economics
- 16:15
A household housing portfolio channel of QE transmission
- Alessandro Rebucci*, Johns Hopkins University
- Dominik Boddin, Deutsche Bundesbank
- Daniel Marcel te Kaat, University of Groningen
- Chang Ma, Fanhai International School of Finance, Fudan University
Discussant: Gisle Natvik, BI Norwegian Business School
- 17:00
-
Exorbitant privilege? Quantitative easing and the bond market subsidy of prospective fallen angels
- Matteo Crosignani*, Federal Reserve Bank of New York
- Viral V. Acharya, NYU Stern
- Ryan Banerjee, Bank for International Settlements
- Tim Eisert, Erasmus University Rotterdam
- Renée Spigt, Erasmus University Rotterdam
Discussant: Angela Maddaloni, European Central Bank
- 17:45
- Coffee break
- 18:00
-
Panel discussion “Monetary policy during and after the pandemic”
Moderator: Isabel Schnabel, European Central Bank
- Refet Gürkaynak, Bilkent University
- Loretta Mester, Federal Reserve Bank of Cleveland
- Lucrezia Reichlin, London Business School
- 19:00
- End of conference
This programme may be subject to change without notice.
Audiovisual notice: Images and video recordings may be published online.
General information
Online event (via WebEx Events)
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
English
- Michael Ehrmann, European Central Bank
- Matteo Iacoviello, Federal Reserve Board
- Annukka Ristiniemi, European Central Bank
- Barbara Rossi, Pompeu Fabra and Barcelona School of Economics
For each paper, the presenter is allocated 20 minutes and the discussant 15 minutes, with a further 10 minutes allocated for general discussion.
Ms Carol Sue Lehmann
Directorate General Research
Monetary Policy Research Division
+49 (0)69 1344 7594
carol_sue.lehmann@ecb.europa.eu