The International Research Forum on Monetary Policy
Euro Area Business Cycle Network,
European Central Bank
and Federal Reserve Board
18 and 19 May 2026
Frankfurt am Main
This is the 14th edition of the biennial conference series organised by the Euro Area Business Cycle Network, the ECB, and the Federal Reserve Board. The conference promotes the discussion of innovative research on theoretical and empirical macroeconomic issues with relevance for monetary policy.
Programme
Times are Central European Time
* indicates the presenter
- 9:00
-
Registration and coffee
-
Session 1
Chair: Oreste Tristani, European Central Bank
- 9:30
-
The systematic origins of monetary policy shocks
- Lukas Hack, ETH Zurich
- Klodiana Istrefi, European Central Bank
- Matthias Meier*, University of Mannheim
Discussant: Daniel Lewis, University College London
- 10:15
-
How oil shocks propagate: Evidence on the monetary policy channel
- Wataru Miyamoto, University of Hong Kong
- Thuy Lan Nguyen*, Federal Reserve Bank of San Francisco and Santa Clara University
- Dmitriy Sergeyev, Bocconi University
Discussant: Davide Debortoli, Pompeu Fabra University
- 11:00
-
Coffee break
-
Session 2
Chair: Anna Lipińska, Federal Reserve Board
- 11:30
-
Monetary policy along the yield curve: Why can central banks affect long-term real rates?
- Paul Beaudry, University of British Columbia
- Paolo Cavallino, Bank for International Settlements
- Tim Willems*, Bank of England
Discussant: Keith Kuester, University of Bonn
- 12:15
-
The great redistribution that wasn’t: A HANK-OLG perspective on monetary policy in the euro area
- Michał Brzoza-Brzezina*, Narodowy Bank Polski and SGH Warsaw School of Economics
- Rodolfo Rigato, European Central Bank
Discussant: Bence Bardóczy, Federal Reserve Board
- 13:00
-
Lunch
-
Session 3
Chair: Annukka Ristiniemi, European Central Bank
- 14:15
-
When the unthinkable happens: Perceptions of monetary policy in tail events
- Christiane Baumeister, University of Notre Dame
- Fiorella De Fiore, Bank for International Settlements
- Jasmine Xiao*, University of Amsterdam
Discussant: Laura Gáti, European Central Bank
- 15:00
-
Consumers’ attention to monetary policy: The importance of having “skin in the game”
- Ina Hajdini*, Federal Reserve Bank of Cleveland
- Edward Knotek, Federal Reserve Bank of Cleveland
- James Mitchell, Federal Reserve Bank of Cleveland
- Mathieu Pedemonte, Inter-American Development Bank
- Taylor Shiroff, Duke University
Discussant: Michael McMahon, University of Oxford
- 15:45
-
Coffee break
-
Session 4
Chair: Matteo Iacoviello, Federal Reserve Board
- 16:15
-
The Employment Concentration Channel of Monetary Policy
- Guido Ascari*, De Nederlandsche Bank and University of Pavia
- Andrea Colciago, De Nederlandsche Bank and University of Milano Bicocca
- Marco Membretti, European Commission
Discussant: Sebastian Graves, University of Cambridge
- 17:00
-
Flash presentations by young economists
Mind the Gap: Disagreement and Credible Monetary Policy
Francesco Amodeo, University of California San Diego
The Fed Explicitly Speaks: Numerical Inflation Targeting and Smooth Diagnostic Expectations
Nayeon Kang, Deutsche Bundesbank
House Price Expectations and Inflation Expectations: Evidence from Survey Data
Roshni Tara, Bank of England
- 17:45
-
End of day 1
- 18:30
-
Dinner - by invitation only
- 8:30
-
Registration and coffee
-
Session 5
Chair: Günter Coenen, European Central Bank
- 9:00
-
Are fiscal transfers inflationary?
- Jonas E. Arias, Federal Reserve Bank of Philadelphia
- Juan F. Rubio-Ramírez*, Emory University and Federal Reserve Bank of Atlanta
- Minchul Shin, Federal Reserve Bank of Philadelphia
Discussant: Leonardo Melosi, European University Institute
- 9:45
-
Exchange rate disconnect and the trade balance
- Martin Bodenstein*, Federal Reserve Board
- Pablo Cuba-Borda, Federal Reserve Board
- Nils Gornemann, Federal Reserve Board
- Ignacio Presno, Federal Reserve Board
Discussant: Gernot Müller, University of Tübingen
- 10:30
-
Coffee break
-
Session 6
Chair: Luc Laeven, European Central Bank
- 11:00
-
Keynote – Trade wars, exchange rates and monetary policy
Giancarlo Corsetti, European University Institute
- 12:00
-
Flash presentations by young economists
Monetary Policy in the Euro Area, when Phillips Curves ... Are Curves
Alexandre Carrier, European Central Bank
Optimal Debt Policy and Liquidity Taxation
Ethan McClure, Federal Reserve Bank of Boston
Discretionary Spending is the Cycle, and Why it Matters for Monetary Policy
Chiara Vergeat, London Business School
- 12:45
-
Lunch
- 14:00
-
Panel
Moderator: Refet Gürkaynak, Bilkent University and Euro Area Business Cycle Network
- Philip R. Lane, Member of the Executive Board, European Central Bank
- Christopher J. Waller, Member, Federal Reserve Board
- 15:00
-
End of conference
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
European Central Bank
Press room
Sonnemannstrasse 20
60314 Frankfurt am Main
English
Participants are requested to arrange their own transfers, unless indicated otherwise.
- Refet Gürkaynak, Bilkent University and Euro Area Business Cycle Network
- Matteo Iacoviello, Federal Reserve Board
- Peter Karadi, European Central Bank
- Anna Lipińska, Federal Reserve Board
- Bartosz Maćkowiak, European Central Bank
- Giovanni Nicolo, Federal Reserve Board
- Annukka Ristiniemi, European Central Bank
- Barbara Rossi, European University Institute and Euro Area Business Cycle Network
- Oreste Tristani, European Central Bank