ECB Conference on Monetary Policy 2025: bridging science and practice

Registration and coffee

Keynote speech: The conduct of monetary policy

Philip R. Lane, Member of the Executive Board, European Central Bank

Coffee break

Session 1
Monetary policy and financial markets

Chair: Wolfgang Lemke, European Central Bank

Equity Duration and Interest Rates

Niels Gormsen*, University of Chicago Booth School of Business & NBER
Co-Author: Eben Lazarus

Discussant: Mariano M. Croce, Bocconi University

Information in (and not in) interest rate surveys

Laura Coroneo*, University of York
Co-Author: Adam Golinski

Discussant: Don H. Kim, Board of Governors of the Federal Reserve System

Buffet lunch

Session 2
Monetary policy, credit and banking

Chair: Carlo Altavilla, European Central Bank

Bank Financing of Global Supply Chains

Camelia Minoiu*, Federal Reserve Bank of Atlanta
Co-Authors: Laura Alfaro, Mariya Brussevich, Andrea Presbitero

Discussant: Björn Imbierowicz, Deutsche Bundesbank

QE, Bank Liquidity Risk Management, and Non-Bank Funding: Evidence from U.S. Administrative Data

José-Luis Peydró*, LUISS and EIEF
Co-Authors: R. Matthew Darst, Sotirios Kokas, Alexandros Kontonikas, Alexandros P. Vardoulakis

Discussant: Leonardo D'Amico, Princeton University

Coffee break

Fireside chat 

Chair: Massimo Rostagno, European Central Bank

Speakers: 

• Olivier Blanchard, Massachusetts Institute of Technology
• Lawrence J Christiano, Northwestern University

Closing remarks and end of day 1

Reception

Dinner

Registration and coffee

Session 3
Monetary policy and inflation

Chair: Sujit Kapadia, European Central Bank

The trouble with rational expectations in heterogeneous agent models: A challenge for macroeconomics

Benjamin Moll*, London School of Economics

Discussant: Laura V. Gati, European Central Bank

Tariffs as cost-push shocks: Implications for optimal monetary policy

Guido Lorenzoni*, University of Chicago Booth School of Business
Co-Authors: Ivan Werning, Veronica Guerrieri

Discussant: Kurt Mitman, Stockholm University

Coffee break

Session 4
Young Economists

Chair: Oreste Tristani, European Central Bank

Monetary Policy and the Firm-level Labor Share: A Story about Capital

Anna Matzner*, Vienna University of Economics and Business

Monetary Policy Normalization in the New Normal: The Role of Quantitative Tightening

Martin Arazi*, Bank of England

Carbon Pricing and Monetary Policy in an Estimated Macro-Climate Model

Sofia Semik*, Goethe University Frankfurt

Coffee break

Keynote speech: When the Fed Sneezes, the Cold Goes Global Through the Import Channel

Lawrence J Christiano, Northwestern University
Co-Authors: Santiago Camara, Husnu Dalgic

Chair: Roberto Motto, European Central Bank

Closing remarks

Carlo Altavilla, Sujit Kapadia, Wolfgang Lemke, Roberto Motto, Oreste Tristani

End of conference