ECB Forum on Central Banking

Investment and growth in advanced economies

Sintra, Portugal, 26-28 June 2017

The fourth annual ECB Forum on Central Banking will focus on investment and growth in advanced economies.

The ECB’s President, Mario Draghi, and Ben Bernanke, Distinguished Fellow in Residence, Brookings Institution, will open the Forum with dinner speeches.

Sessions and panels

During two days of sessions and panels, approximately 150 central bank governors, academics, financial journalists and high-level financial market representatives will exchange views on current policy issues and discuss the chosen topic from a longer-term perspective.

The Forum will be webcast live for the first time.

Young economists’ poster session

Posters produced by young economists presenting their research will be on display until 13:30 on Wednesday, 28 June.

Participants are invited to talk to the students individually about their research and to rate the posters using the electronic facility provided. Participants’ ratings will serve as input for the selection of the best paper, which will be awarded a prize at the end of the Forum.

Participation is by invitation only.


Programme

All times are local.

Monday, 26 June

18:30

Opening reception and dinner

Opening remarks
Mario Draghi, President, European Central Bank

Dinner hosted by the Executive Board of the European Central Bank

Dinner speech
When growth is not enough
Ben Bernanke, Distinguished Fellow in Residence, Brookings Institution

The live webcast will begin at approximately 19:45.

Tuesday, 27 June

9:00

Introductory speech

Mario Draghi, President, European Central Bank

9:30

Session 1
Innovation, investment and productivity

Chair: Benoît Cœuré, Member of the Executive Board, European Central Bank

Does productivity growth threaten employment?
David Autor, Professor, Massachusetts Institute of Technology (with Anna Salomons, Associate Professor, Utrecht University)

Discussant: Dietmar Harhoff, Professor, Max Planck Institute for Innovation and Competition

Is there an investment gap in advanced economies? If so, why?
Thomas Philippon, Professor, New York University (with Robin Döttling, University of Amsterdam, and German Gutierrez, New York University)

Discussant: Janice Eberly, Professor, Northwestern University

11:30
Coffee break
12:00

Panel: Innovation, investment and productivity

Chair: Peter Praet, Member of the Executive Board, European Central Bank

Mariana Mazzucato, Professor, University College London
Joel Mokyr, Professor, Northwestern University
Hal Varian, Chief Economist, Google
Reinhilde Veugelers, Professor, KU Leuven and Bruegel

13:30

Lunch

Building an innovation ecosystem: lessons learned and a view to the future from MIT and Kendall Square

Martin Schmidt, Provost, Massachusetts Institute of Technology

19:15

Reception and dinner

Wednesday, 28 June

9:00

Session 2
Business cycles, growth and macroeconomic policy

Chair: Yves Mersch, Member of the Executive Board, European Central Bank

Sources and mechanisms of stagnation and impaired growth in advanced economies
Robert Hall, Professor, Stanford University

Discussant: Gauti Eggertsson, Professor, Brown University

On the interaction between monetary policy, corporate balance sheets and structural reforms
Philippe Aghion, Professor, Collège de France (with Emmanuel Fahri, Professor, Harvard University and Enisse Kharroubi, Senior Economist, Bank for International Settlements)

Discussant: Charles Jones, Professor, Stanford University

11:00
Coffee break
11:30

Panel: Business cycles, growth and macroeconomic policy

Chair: Vítor Constâncio, Vice-President, European Central Bank

Agnès Bénassy-Quéré, Professor, Paris-Sorbonne University
Marco Buti, Director General Economic and Financial Affairs, European Commission
Sergei Guriev, Chief Economist, European Bank for Reconstruction and Development
Simon Johnson, Professor, Massachusetts Institute of Technology

13:00
Lunch
14:30

Policy panel

Mark Carney, Governor, Bank of England
Mario Draghi, President, European Central Bank
Haruhiko Kuroda, Governor, Bank of Japan
Stephen Poloz, Governor, Bank of Canada

Moderator: Karnit Flug, Governor, Bank of Israel

18:30
Dinner hosted by the Banco de Portugal

This programme may be subject to change without notice.

Information for participants

For the opening reception and dinner on Monday, 28 June, business attire is appropriate. For the conference sessions, receptions and dinners on Tuesday, 27 June and Wednesday, 28 June, smart casual attire is appropriate.