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Monetary policy during and after the pandemic

International Research Forum on Monetary Policy

12 and 13 May 2022 - Online event

The International Research Forum on Monetary Policy is a biennial conference organised by the European Central Bank, the Board of Governors of the Federal Reserve System and the Euro Area Business Cycle Network (EABCN). Its purpose is to discuss the latest research on monetary policy. Issues addressed at this year’s conference will include the particular challenges that the coronavirus (COVID-19) pandemic has posed to monetary policy.

This year's conference will also be an opportunity to mark the 20th anniversary of the EABCN.

Watch the webcast
Panel discussion “Monetary policy during and after the pandemic”

Programme

Times are Central European Time
* indicates the presenter

Thursday, 12 May 2022
14:00

Conference opens for participants to log in

14:30

Welcome

Michael Ehrmann, European Central Bank

 

Session 1 – Business cycles, inflation

Session chair: Michael Ehrmann, European Central Bank

14:35

Supply chain constraints and inflation

  • Robert C. Johnson*, University of Notre Dame
  • Diego Comin, Dartmouth College
  • Diego Anzoategui, Morgan Stanley Research

Discussant: Sebastian Graves, Federal Reserve Board

15:20

The impact of risk cycles on business cycles: a historical view

  • Ilknur Zer*, Federal Reserve Board
  • Jón Daníelsson, London School of Economics
  • Marcela Valenzuela, Pontificia Universidad Católica de Chile

Discussant: Gaston Gelos, International Monetary Fund

16:05
Coffee break
16:20

Session 1 (continued)

The long-run Phillips curve is ... a curve

  • Guido Ascari*, De Nederlandsche Bank, University of Pavia
  • Paolo Bonomolo, De Nederlandsche Bank
  • Qazi Haque, The University of Adelaide

Discussant: Argia M. Sbordone, Federal Reserve Bank of New York

17:05
Coffee break
 

Session 2 – Optimal policy

Session chair: Matteo Iacoviello, Federal Reserve Board

17:20

Firm heterogeneity, capital misallocation and optimal monetary policy

  • Beatriz González López*, Banco de España
  • Galo Nuño, Banco de España
  • Dominik Thaler, European Central Bank
  • Silvia Albrizio, International Monetary Fund

Discussant: Bence Bardóczy, Federal Reserve Board

18:05

Optimal exchange rate policy

  • Oleg Itskhoki*, University of California, Los Angeles
  • Dmitry Mukhin, London School of Economics
18:50
End of day 1
Friday, 13 May 2022
14:00
Conference opens for participants to log in
 

Session 3 – Monetary policy transmission

Session chair: Annukka Ristiniemi, European Central Bank

14:30

Big techs and the credit channel of monetary policy

  • Fiorella De Fiore*, Bank for International Settlements
  • Leonardo Gambacorta, Bank for International Settlements
  • Cristina Manea, Deutsche Bundesbank

Discussant: Peter Hoffmann, European Central Bank

15:15

Endogenous production networks and non-linear monetary transmission

Mishel Ghassibe*, Centre de Recerca en Economia Internacional

Discussant: Alireza Tahbaz-Salehi, Kellogg School of Management, Northwestern University

16:00
Coffee break
 

Session 4 - Quantitative easing

Session chair: Barbara Rossi, Pompeu Fabra and Barcelona School of Economics

16:15

A household housing portfolio channel of QE transmission

  • Alessandro Rebucci*, Johns Hopkins University
  • Dominik Boddin, Deutsche Bundesbank
  • Daniel Marcel te Kaat, University of Groningen
  • Chang Ma, Fanhai International School of Finance, Fudan University

Discussant: Gisle Natvik, BI Norwegian Business School

17:00

Exorbitant privilege? Quantitative easing and the bond market subsidy of prospective fallen angels

  • Matteo Crosignani*, Federal Reserve Bank of New York
  • Viral V. Acharya, NYU Stern
  • Ryan Banerjee, Bank for International Settlements
  • Tim Eisert, Erasmus University Rotterdam
  • Renée Spigt, Erasmus University Rotterdam

Discussant: Angela Maddaloni, European Central Bank

17:45
Coffee break
18:00

Panel discussion “Monetary policy during and after the pandemic”

Moderator: Isabel Schnabel, European Central Bank

  • Refet Gürkaynak, Bilkent University
  • Loretta Mester, Federal Reserve Bank of Cleveland
  • Lucrezia Reichlin, London Business School
19:00
End of conference

This programme may be subject to change without notice.

Audiovisual notice: Images and video recordings may be published online.

General information

Venue

Online event (via WebEx Events)

European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main

Language

English

Organising committee
  • Michael Ehrmann, European Central Bank
  • Matteo Iacoviello, Federal Reserve Board
  • Annukka Ristiniemi, European Central Bank
  • Barbara Rossi, Pompeu Fabra and Barcelona School of Economics
Time frame for presenters

For each paper, the presenter is allocated 20 minutes and the discussant 15 minutes, with a further 10 minutes allocated for general discussion.

Contact

Ms Carol Sue Lehmann
Directorate General Research
Monetary Policy Research Division
+49 (0)69 1344 7594
carol_sue.lehmann@ecb.europa.eu