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2023 ECB Conference on Monetary Policy: bridging science and practice

Wednesday, 4 and Thursday, 5 October 2023

Frankfurt am Main – Hybrid event

The 6th Conference on Monetary Policy will feature once more an impressive academic line-up and will be held as a hybrid event. 


The three conference sessions will tackle issues related to monetary policy, inflation and financial instability, credit, liquidity and quantitative tightening as well as the role of financial markets in monetary policy transmission. A special session will be showcasing monetary policy related research by young economists.


High-quality images of the conference are available via Flickr.


Times are Central European Time (CET)

* indicates the presenter

Wednesday, 4 October

Registration and coffee


Welcome address

Speech by Christine Lagarde, President, European Central Bank


Session 1: Monetary policy, inflation and financial instability

Chair: Katrin Assenmacher, European Central Bank


Loose monetary policy and financial instability

  • Moritz Schularick*, Kiel Institute for the World Economy & Sciences Po
  • Co-Authors: Maximilian Grimm, Òscar Jordà, and Alan M. Taylor

Discussant: José Luis Peydró, Barcelona School of Economics


Understanding post-Covid inflation dynamics

  • Mathias Trabandt*, Goethe University Frankfurt
  • Co-Authors: Martin Harding and Jesper Lindé

Discussant: Annukka Ristiniemi, European Central Bank


Lunch break


Session 2: Monetary policy, credit and banking

Chair: Massimo Rostagno, European Central Bank


Liquidity dependence and the waxing and waning of central bank balance sheets

  • Viral Acharya*, New York University Stern School of Business
  • Co-Authors: Rahul S. Chauhan, Raghuram Rajan, and Sascha Steffen

Discussant: Lorenzo Burlon, European Central Bank


Reserve demand, interest rate control, and quantitative tightening

  • David Lopez-Salido*, Federal Reserve Board of Governors
  • Co-Author: Annette Vissing-Jørgensen

Discussant: Cyril Couaillier, European Central Bank

Coffee break


Keynote speech session

Chair: Fabio Panetta, Member of the Executive Board, European Central Bank


Keynote speech: Interest rate risk, financial crises and bank supervision

Douglas W. Diamond, University of Chicago Booth School of Business, the 2022 recipient of the Nobel Memorial Prize in Economic Sciences 


Conference day 1 end



Thursday, 5 October

Session 3: Monetary policy and financial markets 

Chair: Wolfgang Lemke, European Central Bank


A preferred-habitat model of term premia, exchange rates, and monetary policy spillovers

  • Dimitri Vayanos*, London School of Economics
  • Co-Authors: Pierre-Olivier Gourinchas, Walker D. Ray

Discussant: Andreea Liliana Vladu, European Central Bank


Un(conventional) monetary and fiscal policy

  • Jing Cynthia Wu*, University of Notre Dame, USA
  • Co-Author: Yinxi Xie

Discussant: Stéphane Dupraz, Banque de France


Coffee break


Policy Panel

Moderator: Frank Smets, European Central Bank


  • Ben Broadbent, Bank of England
  • Anna Breman, Sveriges Riksbank
  • Philip R. Lane, European Central Bank

Lunch break


Session 4: Young Economists

Chair: Carlo Altavilla, European Central Bank


State-dependent pricing and cost-push inflation in a production network economy 

Anastasiia Antonova*, Aix-Marseille School of Economics


Housing markets and the heterogeneous effects of monetary policy across the Euro area

Stefano Pica*, Banca d'Italia


A behavioural heterogeneous agent new Keynesian model

Fabian Seyrich*, Berlin School of Economics, DIW


Coffee break


Keynote speech session

Chair: Luis de Guindos, Vice-President, European Central Bank


Keynote speech: The labor market and monetary policy

Peter A. Diamond, Massachusetts Institute of Technology, the 2010 recipient of the Nobel Memorial Prize in Economic Sciences


Concluding remarks

Conference end

This programme may be subject to change without notice. 

Audiovisual notice: The event may be filmed and the video recording, or parts of it, may be published on the internet/intranet.

Previous editions

General information


ECB Main Building and WebEx

Conference language


Organising committee
  • Carlo Altavilla
  • Katrin Assenmacher
  • Wolfgang Lemke
  • Roberto Motto
  • Oreste Tristani

all European Central Bank