Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

The use of surveys for monetary and economic policy

SUERF-Banca d’Italia-European Central Bank-European Investment Bank conference

26 and 27 April 2023 - Hybrid event

Over the past years, surveys have gained importance to supplement information from “hard” economic data on various aspects of the economy, and to provide timely insights on the impact from sudden and unexpected developments, such as COVID-19, the energy crisis and the sudden sharp increase in inflation. Surveys cover a broad range of economic actors and sectors, such as households, firms, financial institutions and economic and financial forecasters. Central banks, policy institutions and academia are using insights from such surveys increasingly to inform their appraisal of the state and outlook of the economy as well as possible risks, to study the distributional effects of policies and to inform policy decisions. That said, existing surveys also have many limitations and caveats, and survey methods and research are currently developing very rapidly, given a changing economic environment, with new pressing policy and research questions emerging at a rapid pace.

Registration link


Times are Central European Time

Wednesday, 26 April 2023

Welcome and Introduction

Luigi Federico Signorini, Senior Deputy Governor, Banca d’Italia
Jakob de Haan, SUERF President I Professor, University of Groningen


Keynote lecture
Heterogeneous spending and saving behaviors: What can we learn from survey experiments?

Stefanie Stantcheva, Professor, Harvard University


Session 1: Monetary Policy

Chair: Stefano Neri, Banca d’Italia I SUERF


Paper: A Diverse Fed Can Reach Underrepresented Groups

Michael Weber, University of Chicago I NBER
Co-authors: Francesco D'Acunto, Georgetown University, and Andreas Fuster, EPFL

Discussant: Luigi Guiso, Einaudi Institute for Economics and Finance


Paper: Fed Sentiment and Expectations: Evidence from Speeches by FOMC Members

Greta Meggiorini, University of California, Irvine
Co-authors: Eleonora Granziera, Norges Bank, and Vegard H. Larsen, BI Norwegian Business School

Discussant: Maria Sole Pagliari, Banque de France


Paper: Building Central Bank Credibility: The Role of Forecast Performance

Ryan Rholes, University of Oxford
Co-author: Michael McMahon, University of Oxford

Discussant: Laurent Maurin, European Investment Bank


Coffee break


Session 2: Firms

Chair: Marco Bottone, Banca d’Italia


Paper: Why firms lay off workers instead of cutting wages: Evidence from matched firm survey-administrative data

Marianna Kudlyak, Federal Reserve Bank of San Francisco I Hoover Institution
Co-authors: Antoine Bertheau, University of Copenhagen; Birthe Larsen, Copenhagen Business School, and Morten Bennedsen, University of Copenhagen

Discussant: Annalisa Ferrando, European Central Bank


Paper: The effects of the 2021 energy crisis on medium and large industrial firms: evidence from Italy

Matteo Alpino, Bank of Italy
Co-authors: Luca Citino and Annalisa Frigo, both Banca d'Italia

Discussant: Nils Wehrhöfer, Deutsche Bundesbank


Paper: Advanced digital technologies and investment in employee training: Complements or substitutes?

Christoph Weiss, European Investment Bank
Co-authors: Giorgio Brunello, University of Padova, and Désirée Rückert and Patricia Wruuck, both European Investment Bank

Discussant: Fabiano Schivardi, LUISS University


End of day 1

Thursday, 27 April 2023

Session 3: Households

Chair: Tiziano Ropele, Banca d’Italia


Paper: How do borrower households adjust in a household foreign currency debt crisis?

Győző Gyöngyösi, Leibniz Institute for Financial Research SAFE
Co-authors: Judit Rariga, European Central Bank, and Emil Verner, MIT

Discussant: Andrea Pozzi, Einaudi Institute for Economics and Finance


Paper: Wealth shocks and portfolio choice

Tullio Jappelli, Università di Napoli Federico II
Co-authors: Geoff Kenny, European Central Bank; Dimitris Georgarakos, European Central Bank and Center for Financial Studies, and Dimitris Christelis, University of Glasgow

Discussant: Maarten van Rooij, De Nederlandsche Bank


Paper: Household expectations and dissent among policymakers

Moritz Grebe, Giessen University
Co-author: Peter Tillmann, Justus-Liebig-Universität Gießen

Discussant: Klodiana Istrefi, Banque de France


Coffee break


Session 4: Monetary and Macroprudential Policies

Chair: Elisa Guglielminetti, Banca d’Italia


Paper: Cooling the mortgage loan market: The effect of value-based and income-based prudential limits on new mortgage lending

Martin Hodula, Czech National Bank
Co-authors: Milan Szabo, Lukáš Pfeifer and Martin Melecký, all Czech National Bank

Discussant: Aicha Kharazi, Free University of Bozen-Bolzano


Paper: Short and variable lags

Vasco M. Carvalho, Universitat Pompeu Fabra
Co-authors: Gergely Buda, Barcelona School of Economics; Giancarlo Corsetti, EUI; João B. Duarte, Nova School of Business and Economics; Stephen Hansen, University College London; Álvaro Ortiz and Tomasa Rodrigo, both BBVA, and José Rodríguez Mora, University of Edinburgh

Discussant: Stefano Pica, Bank of Italy




Session 5: Inequality

Chair: Giordano Zevi, Banca d’Italia


Paper: Inequality and business cycles

Florin Bilbiie, University of Cambridge
Co-authors: Giorgio E. Primiceri, Northwestern University, and Andrea Tambalotti, Federal Reserve Bank of New York

Discussant: José Elías Gallegos Dago, Banco de Españao


Paper: Distributional effects of inflation in the euro area

Filippo Pallotti, University College London
Co-authors: Gonzalo Paz-Pardo, Jiri Slacalek and Oreste Tristani, all European Central Bank, and Giovanni Violante, Princeton University

Discussant: Clodomiro F. Ferreira, Banco de España


The use of private market surveys at the European Investment Fund (EIF)

Antonia Botsari and Frank Lang, EIF


Policy panel

Chair: Silvia Fabiani, Head of Statistical Analysis Directorate, Banca d’Italia

  • Andrea Brandolini, Deputy Director, General for Economics, Statistics and Research, Banca d’Italia
  • Debora Revoltella, Director of the Economics Department, European Investment Bank I SUERF
  • Natacha Valla, Dean, Sciences Po, School of Management and Innovation I SUERF
  • Caroline Willeke, Deputy Director, General Statistics, European Central Bank

Concluding remarks

Ernest Gnan, SUERF Secretary General


End of conference

This programme may be subject to change without notice.

Audiovisual notice: Images and video recordings may be published online.

General information


Hybrid event

Banca d’ Italia
via Nazionale 91
00184 Rome
and online via Webex



Scientific committee
  • David Loschiavo and Concetta Rondinelli, Banca d’Italia, local organizers
  • Ernest Gnan, SUERF
  • Geoff Kenny and Dimitris Georgarakos, European Central Bank
  • Matteo Gatti and Peter Harasztosi, EIB