ECB Conference on Monetary Policy 2026: bridging science and practice

Keynote speech: Diagnostic challenges for monetary policy

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

Session 1
Monetary policy and inflation

Chair: Sujit Kapadia, European Central Bank

Productivity and Inflation Dynamics

Jenny Chan*, Bank of England

Co-Authors: Silvana Terneyro, Ludovica Ambrosino

Discussant: Evi Pappa, Universidad Carlos III de Madrid

Paper

Risks and Uncertainty in Monetary Policy

Domenico Giannone*, Johns Hopkins University

Discussant: Juan Rubio-Ramírez, Emory University

Paper

Session 2
Monetary policy, credit and banking

Chair: Carlo Altavilla, European Central Bank

Dynamic Competition for Sleepy Deposits

Adi Sunderam*, Harvard Business School

Co-Authors: Mark Egan, Ali Hortacsu, Nathan Kaplan, and Vincent Yao

Discussant: Simone Lenzu, Cambridge University and Federal Reserve Bank of New York

Paper

Bank Runs with and without Failure

Stephan Luck*, Federal Reserve Bank of New York

Co-Authors: Sergio Correia, Emil Verner

Discussant: Elena Carletti, Bocconi University

Paper

Keynote speech: The Micro and Macro Effects of Government Household Transfers

Valerie Ramey, Stanford University

Chair: Luc Laeven, European Central Bank

Session 3
Monetary policy and financial markets

Chair: Simone Manganelli, European Central Bank

Interest Rate Surprises When the Fed Doesn’t Speak

Silvia Miranda-Agrippino*, Oxford University

Co-Author: John C. Williams

Discussant: Peter Karadi, European Central Bank

Paper

Kalshi and the Rise of Macro Markets 

Jonathan Wright*, Johns Hopkins University

Co-Authors: Anthony M. Diercks, Jared Dean Katz

Discussant: Christian Brownlees, Universitat Pompeu Fabra

Paper

Session 4
Young Economists

Chair: Roberto Motto, European Central Bank

The Effect of QE and Regulation on the Structure of the Financial System

Ciaran Rogers, HEC Paris

Paper

Reading Between the Lines: Uncovering Inflation Expectations from Multilingual Media Coverage 

Alexandra Piller, Study Center Gerzensee Foundation and University of Bern

Paper

Look-Through or Look Closer? Energy Shocks and Underlying Inflation in the Euro Area

Rosi Chankova, Bank of England

Paper

Keynote speech: Prompted to Start: How Generative AI is Transforming Entrepreneurship

Mariassunta Giannetti, Stockholm School of Economics; CEPR; ECGI; Swedish House of Finance

Chair: Roland Straub, European Central Bank

Closing remarks

Roland Straub, European Central Bank