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ECB Conference on Monetary Policy: bridging science and practice

Monday, 19 and Tuesday, 20 October 2020
Online event

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 and keynote speeches. Their topics will be connected to the ongoing review of the ECB’s monetary policy strategy as well as to the reaction of different policy areas to the current economic challenges induced by the pandemic.


Times are Central European Summer Time (UTC+2)

* indicates the presenter

Monday, 19 October 2020
Online event registration


Philip Lane, Chief Economist, European Central Bank


Opening remarks

Christine Lagarde, President, European Central Bank


Keynote speech: Climate change and monetary policy

William Nordhaus*, Yale University


Session 1 - Monetary policy objectives and transmission

Chair: Isabel Vansteenkiste, European Central Bank


Monetary policy with opinionated markets

  • Ricardo Caballero*, Massachusetts Institute of Technology (MIT) - Department of Economics

  • Alp Simsek, Massachusetts Institute of Technology (MIT) - Department of Economics

The distributional consequences of monetary policy

Gianluca Violante*, Princeton University


End of first conference day

Tuesday, 20 October 2020
Online event registration

Session 2 - Monetary policy instruments

Chair: Massimo Rostagno, European Central Bank


Exchange rates and asset prices in a global demand system

  • Ralph S.J. Koijen*, University of Chicago, Booth School of Business
  • Motohiro Yogo, Princeton University

Bond markets in spring 2020 and the response of the Federal Reserve

Annette Vissing-Jorgensen*, University of California, Berkeley


Session 3 - Monetary policy interactions

Chair: Luc Laeven, European Central Bank


Macroeconomic implications of COVID-19: Can negative supply shocks cause demand shortages?

  • Veronica Guerrieri*, University of Chicago, Booth School of Business
  • Guido Lorenzoni, Northwestern University
  • Ludwig Straub, Harvard University
  • Iván Werning, Massachusetts Institute of Technology (MIT) - Department of Economics

Outside the box: a heretical view of stimulative policy, the role of central banks, and monetary-fiscal interactions

John H. Cochrane*, Stanford University

Conference end

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

General information


Online event

Conference language


Organising committee

  • Carlo Altavilla
  • Wolfgang Lemke
  • Roberto Motto
  • Oreste Tristani

all European Central Bank


Ana Maria Lupu
+49 69 1344 0