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ECB Conference on Monetary Policy: bridging science and practice

Monday, 10 and Tuesday, 11 October 2022

Online event

The conference will feature once more an impressive academic line-up and, as last year, will be in virtual format. The three conference sessions will tackle issues related to monetary policy, credit and financial crises, the role of financial markets in monetary policy transmission as well as current questions for monetary policy strategy.


Times are Central European Summer Time (UTC+2)

* indicates the presenter


Monday, 10 October 2022

Welcome address

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


Session 1 - Monetary policy, credit and financial crisis

Chair: Christophe Kamps, European Central Bank


Let the worst one fail: a credible solution to the too-big-to-fail conundrum

Thomas Philippon*, New York University
Co-Author: Olivier Wang

Discussant: Michaela Pagel, Columbia Business School


Reserves were not so ample after all

Darrell Duffie*, Stanford University
Co-Authors: Adam Copeland, Yilin Yang

Discussant: Tara Rice, Bank for International Settlements




Session 2 - Monetary policy and financial markets

Chair: Cornelia Holthausen, European Central Bank


Bond convenience yields in the eurozone currency union

Stijn Van Nieuwerburgh*, Columbia University
Co-Authors: Zhengyang Jiang, Hanno N. Lustig, Mindy Z. Xiaolan

Discussant: Andrea Vedolin, Boston University


Information spillovers and sovereign debt: Theory meets the eurozone crisis

Guillermo Ordoñez*, University of Pennsylvania
Co-Authors: Harold Cole, Daniel Neuhann

Discussant: Federica Romei, University of Oxford


End of first conference day

Tuesday, 11 October 2022

Keynote speech session

Chair: Oscar Arce, European Central Bank

Keynote speech: Challenges faced by central banks in normalising their policy and the related international dimension

Carmen Reinhart, Harvard Kennedy School

Interview with Carmen Reinhart




Session 3 - Monetary policy strategy

Chair: Isabel Vansteenkiste, European Central Bank


Trust and monetary policy

Paul De Grauwe*, London School of Economics
Co-Author: Yuemei Ji

Discussant: Natacha Valla, Sciences Po Paris (Paris Institute of Political Studies)


Managing monetary policy normalization

Pierpaolo Benigno*, University of Bern
Co-Author: Gianluca Benigno

Discussant: Elisa Rubbo, The University of Chicago Booth School of Business




Keynote speech session

Chair: Massimo Rostagno, European Central Bank

Keynote speech: Learning and the long run

Emi Nakamura, University of California, Berkeley


End of conference

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

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

General information


WebEx events

Conference language


Organising committee

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

all European Central Bank


Teresa Altersberger; Anastasiya Shnitova