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11th Conference

International Research Forum on Monetary Policy

Ensuring resilience – role and limitations of monetary policy

Conference room C5.01, Grossmarkthalle, Frankfurt am Main

The event is postponed. The new date will be announced in due course.

Participation is by invitation only.

11th Conference - International Research Forum on Monetary Policy

This conference is organised every two years by the European Central Bank, the Board of Governors of the Federal Reserve System and the Euro Area Business Cycle Network to discuss the latest research on monetary policy. Issues addressed include ways to ensure sufficient policy space for monetary policy, the effects and distributional consequences of the non-standard measures, and new channels through which monetary policy works.

Programme

Thursday, 26 March 2020

* indicates the presenter

8:30
Registration and coffee
 

Session 1
Ensuring sufficient policy space for monetary policy

Chair: Michael Ehrmann, European Central Bank and Centre for Economic and Policy Research (CEPR)

9:00

Macroeconomic effects of large-scale asset purchases: new evidence

  • Kyungmin Kim, Board of Governors of the Federal Reserve System
  • Thomas Laubach, Board of Governors of the Federal Reserve System
  • Min Wei*, Board of Governors of the Federal Reserve System

Discussant: Silvia Miranda-Agrippino, Bank of England and CEPR

10:00

Raising the inflation target: how much extra room does it really give?

  • Jean-Paul L’Huillier*, Brandeis University
  • Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland

Discussant: Guido Ascari, University of Oxford and University of Pavia

11:00
Coffee break
11:30

Optimal monetary policy according to HANK

  • Sushant Acharya, Federal Reserve Bank of New York
  • Edouard Challe*, Center for Research in Economics and Statistics and École Polytechnique
  • Keshav Dogra, Federal Reserve Bank of New York

Discussant: Florin Bilbiie, University of Lausanne and CEPR

12:30

Optimal monetary policy for the masses

  • James Bullard*, Federal Reserve Bank of St. Louis
  • Riccardo DiCecio, Federal Reserve Bank of St. Louis

Discussant: Mathias Trabandt, Freie Universität Berlin

13:30
Buffet lunch
 

Session 2
The real effects of monetary policy

Chair: Matteo Iacoviello, Board of Governors of the Federal Reserve System

15:00

Monetary policy and production networks: an empirical investigation

Mishel Ghassibe*, University of Oxford

Discussant: Julien Sauvagnat, Bocconi University and CEPR

16:00

The long-run effects of monetary policy

  • Òscar Jordà, Federal Reserve Bank of San Francisco and University of California, Davis
  • Sanjay Singh*, University of California, Davis
  • Alan Taylor, University of California, Davis

Discussant: Benoît Mojon, Bank for International Settlements

17:00
Coffee break
17:30

Panel discussion: Ensuring resilience – role and limitations of monetary policy

Panellists:

  • Philip Lane, European Central Bank and CEPR (Chair)
  • Loretta Mester, Federal Reserve Bank of Cleveland
  • Refet Gürkaynak, Bilkent University and CEPR
19:30

Conference dinner

Friday, 27 March 2020

9:00
Registration and coffee
 

Session 3
Monetary policy, uncertainty and heterogeneity

Chair: John Rogers, Board of Governors of the Federal Reserve System

9:30

Survey-based monetary policy uncertainty and its asymmetric effects

  • Tatjana Dahlhaus*, Bank of Canada
  • Tatevik Sekhposyan, Texas A&M University

Discussant: Francesca Loria, Board of Governors of the Federal Reserve System

10:30

Risk, uncertainty and monetary policy in a global world

  • Geert Bekaert, Columbia University
  • Marie Hoerova*, European Central Bank and CEPR
  • Nancy Xu, Boston College

Discussant: Stefania D’Amico, Federal Reserve Bank of Chicago

11:30
Coffee break
12:00

Keynote speech: Monetary policy for the next recession

Athanasios Orphanides, Massachusetts Institute of Technology and CEPR

13:00

Buffet lunch

 

Session 4
Reference rates, debt structure and monetary policy

Chair: Annukka Ristiniemi, European Central Bank

14:00

The bond lending channel of monetary policy

  • Olivier Darmouni*, Columbia University
  • Oliver Giesecke, Columbia University
  • Alexander Rodnyansky, University of Cambridge

Discussant: Ambrogio Cesa-Bianchi, Bank of England and CEPR

15:00

Is SOFR better than LIBOR?

Urban Jermann*, University of Pennsylvania

Discussant: Ester Faia, Goethe University Frankfurt and CEPR

16:00
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

Conference venue

European Central Bank
Main building
Conference room C5.01
Sonnemannstrasse 20
60314 Frankfurt am Main

+49 69 1344 0
Fax: +49 69 1344 6000
info@ecb.europa.eu

Conference language

English

Transfers

Unless stated otherwise, participants are asked to arrange their own transfer.

Contact

Iris Bettenhäuser
Directorate General Research
+49 69 1344 8782

Conference email: IRFMP_Conferences@ecb.europa.eu