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ECB Conference on Monetary Policy: bridging science and practice

Monday, 7 and Tuesday, 8 October 2019
Main Building, Press room

Frankfurt am Main

The conference is the ECB’s annual flagship event focusing on frontier issues of monetary policy. It brings together leading academics and central bankers to exchange views on the science and practice of monetary policy. The conference features research presentations, keynote speeches and a policy panel, with topics ranging from capital and financial market developments to bank intermediation capacity and credit outlook, as well as policy strategy issues.

Photos from the conference


* indicates the presenter

Monday, 7 October 2019
Registration and coffee

Welcome address


Keynote speech Answering the Queen: Machine learning and financial crises

Hélène Rey, London Business School

Chair: Isabel Vansteenkiste, European Central Bank

Interview with Hélène Rey

Coffee break

Session 1 - Monetary policy and financial markets

Chair: Livio Stracca, European Central Bank


Volatility, valuation ratios and bubbles: an empirical measure of market sentiment

  • Ian Martin*, London School of Economics
  • Can Gao, Imperial College, London

Discussant: Sarah Mouabbi, Banque de France

Interview with Ian Martin


Monetary policy communication, policy slope and the stock market

  • Michael Weber*, University of Chicago
  • Andreas Neuhierl, University of Notre Dame

Discussant: Matteo Leombroni, Stanford University and European Central Bank

Interview with Michael Weber


Stock price cycles and business cycles

  • Klaus Adam*, University of Oxford
  • Sebastian Merkel, Princeton University

Discussant: Ivan Jaccard, European Central Bank

Interview with Klaus Adam


Buffet lunch


Keynote speech The channels of financial distress during the great recession: some evidence on the aggregate effects

Chair: João Sousa, European Central Bank

Interview with Simon Gilchrist


Coffee break


Session 2 - Monetary policy, credit and banking

Chair: Frank Smets, European Central Bank


Low interest rates, market power and productivity growth

  • Amir Sufi*, University of Chicago
  • Ernest Liu, Princeton University
  • Atif Mian, Princeton University

Discussant: Alberto Martin, European Central Bank & CREI

Interview with Amir Sufi


Is there a zero lower bound? The effects of negative policy rates on banks and firms

  • Mariassunta Giannetti*, Stockholm School of Economics
  • Carlo Altavilla, European Central Bank
  • Lorenzo Burlon, European Central Bank
  • Sarah Holton, Central Bank of Ireland

Discussant: José-Luis Peydró, Imperial College and & CREI-UPF

Interview with Mariassunta Giannetti


Banking on deposits: maturity transformation without interest rate risk

  • Philipp Schnabl*, New York University
  • Itamar Drechsler, University of Pennsylvania
  • Alexi Savov, New York University

Discussant: Tim Eisert, Erasmus University

Interview with Philipp Schnabl


End of first conference day


Dinner – by invitation only


Dinner speech Expectations biases and their applications

Augustin Landier, HEC Paris

Interview with Augustin Landier

Tuesday, 8 October 2019
Registration and coffee

Opening address Measuring the probability of a financial crisis

Robert Engle, New York University

Interview with Robert Engle


Keynote speech The case for implementing effective negative interest rate policy

  • Kenneth Rogoff*, Harvard University
  • Andrew Lilley, Harvard University

Chair: Natacha Valla, European Central Bank

Interview with Kenneth Rogoff

Coffee break

Policy panel

Chair: Philip Lane, European Central Bank


  • Pablo Hernández de Cos, Banco de España
  • Lucrezia Reichlin, London Business School
  • Silvana Tenreyro, London School of Economics and Bank of England
Buffet lunch

Session 3 - Monetary policy frameworks and strategies

Chair: Luc Laeven, European Central Bank


A tale of two decades: the ECB’s monetary policy at 20

  • Massimo Rostagno*
  • Carlo Altavilla
  • Giacomo Carboni
  • Wolfgang Lemke
  • Roberto Motto
  • Arthur Saint-Guilhem
  • Jonathan Yiangou
  • all European Central Bank

Discussant: Andrew T. Levin, Dartmouth College


Managing expectations without rational expectations

  • George-Marios Angeletos*, Massachusetts Institute of Technology
  • Karthik Sastry, Massachusetts Institute of Technology

Discussant: Marcus Hagedorn, University of Oslo

Interview with George-Marios Angeletos


Fiscal backing for monetary policy: What if it ain’t there?

Eric M. Leeper, University of Virginia

Discussant: Salvatore Nisticò, Sapienza Università di Roma

Interview with Eric M. Leeper


End of conference

Please note that this programme may be subject to change without notice.

A photographer will be present at the event taking photographs for our internet/intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet/intranet.

General information


European Central Bank
Main building, Press room
Sonnemannstrasse 20
60314 Frankfurt am Main

Conference language



Participants are requested to arrange their own transfers, unless indicated otherwise.

Organising committee
  • Carlo Altavilla
  • Wolfgang Lemke
  • Roberto Motto
  • Oreste Tristani
  • Natacha Valla

all European Central Bank

  • Ana Maria Lupu
  • Rosa Aimi Vazquez Fukazawa
+49 69 1344 0