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Inaugural conference of the ChaMP Research Network

Challenges for Monetary Policy Transmission in a Changing World (“ChaMP”)

Thursday, 25 and Friday, 26 April 2024

Frankfurt am Main

This conference marks the launch of the ChaMP Research Network, which focuses on challenges for monetary policy transmission, amid unprecedented shocks, structural changes and shifting inflation dynamics. It consists of researchers from the ECB and all EU national central banks. Its main goal is to develop research to understand further how these changes have affected the speed, strength, and heterogeneity of monetary policy transmission in the euro area and the European Union.

Find out more about the speakers at the conference


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


* indicates the presenter

Thursday, 25 April 2024

Registration and coffee


Opening speech

Isabel Schnabel, Member of the Executive Board, European Central Bank


Introduction to the ChaMP Research Network

  • Diana Bonfim, Banco de Portugal and European Central Bank
  • Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique
  • Philipp Hartmann, European Central Bank

Session 1 – Supply chains, monetary policy transmission and inflation

Session chair: Christophe Kamps, European Central Bank


Supply chain constraints and inflation

  • Diego Comín*, Dartmouth College
  • Robert C. Johnson, University of Notre Dame
  • Callum J. Jones, Federal Reserve Board

Discussant: Mishel Ghassibe, CREI – Barcelona Center for Research in International Economics 


Supply Chain Shortages, Large Firms Market Power, and Inflation

  • Francesco A. Franzoni, Universita della Svizzera italiana
  • Mariassunta Giannetti*, Stockholm School of Economics
  • Roberto Tubaldi, BI Norwegian Business School

Discussant: Almut Balleer, RWI – Leibniz Institute for Economic Research


Coffee break and Poster session**


The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Theory and Evidence

  • Xiwen Bai, Tsinghua University
  • Jesús Fernández-Villaverde, University of Pennsylvania
  • Yiliang Li*, University of International Business and Economics
  • Francesco Zanetti, University of Oxford

Discussant: Hilde Bjørnland, BI Norwegian Business School


Buffet lunch


Session 2 – Monetary policy transmission through the banking sector

Session chair: Margherita Bottero, Banca d’Italia


Monetary Policy Transmission Through Cross-Selling Banks

  • Christoph Basten*, University of Zurich
  • Ragnar Enger Juelsrud, Norges Bank

Discussant: Camelia Minoiu, Federal Reserve Bank of Atlanta


Are low interest rates firing back? Interest rate risk in the banking book and bank lending in a rising interest rate environment

  • Lara Coulier*, European Central Bank
  • Cosimo Pancaro, European Central Bank
  • Alessio Reghezza, European Central Bank

Discussant: David Martínez-Miera, Universidad Carlos III de Madrid


Coffee break and Poster session**


Monetary Policy, Inflation, and Crises: Evidence from History and Administrative Data 

  • Jose-Luis Peydro, Imperial College Business School and Barcelona School of Economics
  • Gabriel Jiménez, Banco de España
  • Dmitry Kuvshinov*, Universitat Pompeu Fabra
  • Björn Richter, Universitat Pompeu Fabra

Discussant: Cristina Manea, Bank for International Settlements


End of first conference day


Dinner – by invitation only


Dinner speech

Fabio Panetta, Governor, Banca d'Italia

Friday, 26 April 2024

Registration and coffee


Session 3 – Climate risks and challenges for monetary policy transmission

Session chair: Galo Nuño, Banco de España and Bank for International Settlements


Climate Risk, Bank Lending and Monetary Policy

  • Carlo Altavilla, European Central Bank
  • Miguel Boucinha, European Central Bank
  • Marco Pagano *, University of Naples Federico II
  • Andrea Polo, Luiss University

Discussant: Vasso Ioannidou, City University of London, Bayes Business School


The New Keynesian Climate model

  • Jean-Guillaume Sahuc, Banque de France
  • Frank Smets, European Central Bank
  • Gauthier Vermandel*, École Polytechnique

Discussant: Philipp Pfeiffer, European Commission


Coffee break and Poster session**


Policy panel: Current issues for monetary policy transmission in Europe

Chair: Katrin Assenmacher, European Central Bank


  • Silvia Ardagna, Managing Director and Head of European Economics Research, Barclays
  • Mario Centeno, Governor, Banco de Portugal
  • Benoit Mojon, Head of Economic Analysis, Bank for International Settlements
  • Ricardo Reis, Professor of Economics, London School of Economics

Buffet lunch


Session 4 – Monetary policy transmission through non-banks

Session chair: Laura Moretti, Central Bank of Ireland


Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates

  • Ruggero Jappelli*, Goethe University Frankfurt
  • Loriana Pelizzon, Leibniz Institute for Financial Research SAFE
  • Marti G. Subrahmanyam, New York University

Discussant: Refet S. Gürkaynak, Bilkent University


Monetary policy transmission through online banks

  • Samuel Earnest, University of Chicago
  • Isil Erel*, The Ohio State University
  • Jack Liebersohn, University of California, Irvine
  • Constantine Yannelis, University of Chicago

Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago


Coffee break and Poster session**


Session 5 – Business cycles, monetary policy and long-run effects

Session chair: María T. Valderrama, Oesterreichische Nationalbank


Do Recessions Slow Technology Growth? Evidence from the Firm Level

Discussant: Paloma López-García, European Central Bank


Non-Essential Business Cycles

  • Michele Andreolli*, Boston College
  • Natalie Rickard, London Business School
  • Paolo Surico, London Business School

Discussant: Peter Karadi, European Central Bank


End of conference

** Papers and presenters of the Poster Session

This programme may be subject to change without notice.

Audiovisual 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


Press Room (C5.01)
Main building
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main



Organising committee and ChaMP Board
  • Diana Bonfim, Banco de Portugal
  • Margherita Bottero, Banca d’Italia
  • Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique
  • Philipp Hartmann, European Central Bank
  • Maria T. Valderrama, Oesterreichische Nationalbank
  • Melina Papoutsi, European Central Bank
  • Gonzalo Paz Pardo, European Central Bank
  • Justyna Ferstl, European Central Bank ChaMP Research Network
Scientific committee
  • Carlo Altavilla, European Central Bank
  • Guido Ascari, De Nederlandsche Bank
  • Vasco Carvalho, University of Cambridge, Economics Department
  • Matteo Ciccarelli, European Central Bank
  • Hans Degryse, KU Leuven, Department of Accountancy, Finance, and Insurance
  • Mishel Ghassibe, CREI and Barcelona School of Economics
  • Refet S. Gürkaynak, Bilkent University, Department of Economics
  • Björn Imbierowicz, Deutsche Bundesbank
  • Vasso Ioannidou, City University of London, Bayes Business School
  • Angela Maddaloni, European Central Bank
  • Laura Moretti, Central Bank of Ireland
  • Galo Nuño, Banco de España
  • Melina Papoutsi, European Central Bank
  • Nicola Pavanini, Tilburg University, Department of Finance
  • Gonzalo Paz Pardo, European Central Bank
  • Elisa Rubbo, University of Chicago, Booth School of Business
  • Gabriel Smagghue, Banque de France
  • Paolo Surico, London Business School, Economics Department