- 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.
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
- 9:00
- Registration and coffee
-
Session 3Monetary 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 4Reference 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
European Central Bank
Main building
Conference room C5.01
Sonnemannstrasse 20
60314 Frankfurt am Main
+49 69 1344 0
Fax: +49 69 1344 6000
[email protected]
English
Unless stated otherwise, participants are asked to arrange their own transfer.
Iris Bettenhäuser
Directorate General Research
+49 69 1344 8782
Conference email: [email protected]