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Níl an t-ábhar seo ar fáil i nGaeilge.

ECB Conference on Monetary Policy: bridging science and practice

Monday, 11 and Tuesday, 12 October 2021
Online Event

The conference is the ECB’s annual flagship event focusing on frontier issues of monetary policy. It brings together leading academics and central bankers to exchange views on the science and practice of monetary policy. The conference features research presentations and keynote speeches. They will cover a wide range of topics connected to monetary policy such as financial markets, bank-based transmission, monetary-fiscal interaction, and climate change.


Times are Central European Summer Time (UTC+2)

* indicates the presenter

Monday, 11 October 2021

Welcome address


Keynote speech: Monetary and Fiscal Policy Interactions

  • Kenneth Rogoff, Harvard University

Session 1 - Monetary policy decision making and financial markets


The Fed’s Response to Economic News Explains the “Fed Information Effect”

  • Michael D. Bauer*, Universität Hamburg
  • Eric T. Swanson, University of California, Irvine

Monetary policymakers’ uncertainty

  • Anna Cieslak*, Duke University
  • Stephen Hansen, Imperial College Business School
  • Michael McMahon, University of Oxford
  • Song Xiao, London School of Economics

Session 2 - Monetary policy, banks and firms


COVID-19 and SME Failures

  • Pierre Olivier Gourinchas, University of California, Berkeley
  • Sebnem Kalemli-Özcan*, University of Maryland
  • Veronika Penciakova, Federal Reserve Bank of Atlanta
  • Nick Sander, Bank of Canada

Have Banks Caught Corona?

  • Thorsten Beck*, City, University of London
  • Jan Keil, Humboldt University of Berlin

End of first conference day

Tuesday, 12 October 2021

Opening remarks


Keynote speech: The Macroeconomic Consequences of Uncertain Climate Change

  • Lars Peter Hansen, University of Chicago

Session 3 - Monetary policy, inflation and financial stability


Monetary policy and endogenous financial crises

  • Frédéric Boissay, Bank for International Settlements
  • Fabrice Collard, Toulouse School of Economics
  • Jordi Gali*, Universitat Pompeu Fabra
  • Cristina Manea, Deutsche Bundesbank

Monetary policy, fiscal policy and inflation expectations

  • Yuriy Gorodnichenko, University of California, Berkeley
Conference end

Please note that this programme may be subject to change without notice.

General information


WebEx events

Conference language


Organising committee

  • Carlo Altavilla
  • Wolfgang Lemke
  • Roberto Motto
  • Oreste Tristani

all European Central Bank


Ana Maria Lupu
+49 69 1344 0

The event may be filmed and the video recording, or parts of it, may be published on the internet/intranet.