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Submission deadline: 15 November 2020

Call for Papers

ECB-RFS Macro-Finance Conference

Frankfurt am Main, 22-23 March 2021

This conference aims to bring together experts to present and discuss new research on macro-finance topics of particular interest to central banks, including research related to monetary policy, financial stability and financial markets. The conference, jointly organised by the European Central Bank (ECB) and The Review of Financial Studies (RFS), will be held on 22-23 March 2021 at the ECB in Frankfurt.

The conference marks the conclusion of a three-year initiative by the ECB to push the research agenda in the area of monetary policy and macroprudential regulation following the global financial crisis and the regulatory reforms that followed it. The effects on economies of the current coronavirus (COVID-19) crisis reinforce the importance of research in this area. For this purpose, the ECB has joined forces with the RFS, one of the world's top academic financial journals, to further increase the collaboration between central banks and academia in this important mission.

We are particularly interested in empirical and theoretical research on the following topics:

  • Transmission and effectiveness of monetary policy
  • Causes and effects of economic and financial crises
  • Asset prices and economic fluctuations
  • Macroeconomic models with financial frictions
  • Fiscal-monetary interactions and the resolution of the public and private sector debt overhang
  • Design and effectiveness of macroprudential policy and banking supervision
  • Impact of financial technologies on the functioning of the financial sector and financial markets
  • Systemic risk in the financial sector
  • Corporate governance of financial institutions
  • International portfolio choices, financial integration and global financial imbalances

We especially welcome papers on the effects on economies of the coronavirus (COVID-19) crisis, even if preliminary. Empirical work can be based on any relevant data. This includes, although it is not limited to, the increasingly rich datasets available at the ECB.

Programme chairs

  • Itay Goldstein, University of Pennsylvania, Wharton, and RFS sponsoring Executive editor
  • Ralph Koijen, University of Chicago, Booth School of Business, and RFS sponsoring Editor
  • Luc Laeven, European Central Bank
  • Angela Maddaloni, European Central Bank

Keynote speaker

Markus Brunnermeier, Princeton University


Interested authors should submit a pdf file containing their paper via the conference website. The deadline for submissions is 15 November 2020.

Conference website

Authors who would like to have their paper considered under the RFS dual-submission process must indicate this clearly in the comment field on the submission website. Details of the dual-submission process may be found on the Dual Submission Policy web page. Conference papers that are accepted for publication may be published in a special issue of the RFS.

Dual Submission Policy

The authors of accepted papers will be notified by 18 December 2020. The ECB will cover the cost of travel (lowest business class fare for flights from outside Europe and economy class within Europe) to attend the conference, as well as hotel expenses, for one author per paper.

Questions about the conference, including questions concerning access to ECB data, may be addressed to macro-finance.conference2021@ecb.europa.eu.

Programme Committee

  • Viral Acharya, NYU, Stern
  • Efraim Benmelech, Northwestern University
  • Nina Boyarchenko, Federal Reserve Bank of New York
  • Charles Calomiris, Columbia University
  • Gabriel Chodorow-Reich, Harvard University
  • Pierre Collin-Dufresne, École Polytechnique Fédérale de Lausanne
  • Giovanni Dell’Ariccia, International Monetary Fund
  • Itamar Drechsler, University of Pennsylvania, Wharton
  • Mark Gertler, New York University
  • Mariassunta Giannetti, Stockholm School of Economics
  • Florian Heider, European Central Bank
  • Victoria Ivashina, Harvard University
  • Marcin Kacperczyk, Imperial College
  • Anil Kashyap, University of Chicago
  • Arvind Krishnamurthy, Stanford University
  • Alberto Martin, European Central Bank
  • Simone Manganelli, European Central Bank
  • Steven Ongena, University of Zurich
  • Rafael Repullo, CEMFI
  • Philipp Schnabl, NYU Stern
  • Dimitri Vayanos, London School of Economics
  • Laura Veldkamp, Columbia University

Organising Committee

  • Florian Heider, European Central Bank
  • Luc Laeven, European Central Bank
  • Angela Maddaloni, European Central Bank
  • Erika Rüting, European Central Bank