Monetary Policy Challenges for European Macroeconomies

Europe is fascinating in its richness of macroeconomic dynamics. These macroeconomies range from the euro area and its constituent countries to European Union member countries that are not in the euro area and to countries in Europe that are not part of the Union. Research into these economies, especially by academic economists, lags far behind that for the US although a wide array of European data are available, with an increasing level of granularity providing identifying variation for many questions of broad interest.

CEPR, Banque de France and the European Central Bank (ECB) wish to promote research that will afford a deeper understanding of macroeconomic dynamics in Europe. Towards that end, this conference will bring together researchers working on empirical questions touching on monetary policy using European data. These questions may be at the level of the European Union, the euro area, or individual countries of Europe. Studies on all monetary economics questions are encouraged, especially those of policy design and transmission, monetary and fiscal policy interactions, identifying monetary policy innovations, and interactions between macroprudential and monetary policies. The organizers would particularly like to encourage academic researchers to focus more on European questions. Travel and accommodation expenses of academic participants will be covered according to CEPR guidelines.

Jordi Gali (CREI and CEPR) and Helene Rey (LBS and CEPR) will be the keynote speakers of the conference.

While all empirical studies of European monetary policies are welcome, some of the most pressing ones that are especially important are:

• Monetary policy design and in the euro area, including heterogeneous transmission across countries
• Monetary policy shocks and surprises
• Fiscal policy and its effects on monetary policy design
• Similarities and differences between the US and euro area monetary policies and outcomes
• Financial versus real linkages in Europe and their implications for central bankers
• Interactions between macroprudential and monetary policies

Papers that are accepted for presentation at the conference may also be considered for possible publication in a special issue of the Journal of Monetary Economics, subject to editorial review and referee reports. Authors submitting a paper to the special issue must confirm in the comments field that their submitted paper is not under review at another journal. If you wish to have the paper considered for the special issue, please add the following phrase in the comments section when submitting your conference paper “I would also like to submit my paper to be considered for publication in the special issue of the Journal of Monetary Economics. I declare that my paper is not under submission or review at any other journal.

The organizers welcome submissions of papers by scholars who are early in their careers, who are not CEPR affiliates, and who are from under-represented groups.

Manuscripts in PDF format should be submitted to Paris-2023-research-conf@banque-france.fr.

The deadline for submission is 15 June 2023. Please note in your submission whether you are willing to discuss a paper.

The authors of accepted papers will be notified by 30 June 2023. Notifications will only be sent to the authors of accepted papers.

Organisers/Scientific committee

• Carlo Altavilla, European Central Bank and CEPR
• Matthieu Bussiere, Banque de France
• Yuriy Gorodnichenko, UC Berkeley and CEPR
• Refet S. Gürkaynak, Bilkent University and CEPR