ECB/CEPR WE_ARE_IN

Welcome

Hélène Rey, London Business School and CEPR

Opening remarks

Christine Lagarde, President, European Central Bank

Session 1: Macroeconomics

Chair: Silvana Tenreyro, London School of Economics and CEPR

Measuring TFP: The Role of Profits, Adjustment Costs, and Capacity Utilization

• Diego Comin, Dartmouth and CEPR
• Javier Quintana, Banco de España
• Tom Schmitz, Bocconi University and CEPR
• Antonella Trigari*, Bocconi University and CEPR

Discussant: Ozge Akinci, Federal Reserve Bank of New York and CEPR

Falling Interest Rates and Misallocation: Lessons from General Equilibrium

• Vladimir Asriyan, CREI, Universitat Pompeu Fabra, Barcelona School of Economics and CEPR
• Luc Laeven, European Central Bank
• Alberto Martin, CREI, Universitat Pompeu Fabra, Barcelona School of Economics and CEPR
• Alejandro Van der Ghote, European Central Bank
• Victoria Vanasco*, CREI, UPF, Barcelona GSE and CEPR

Discussant: Isabel Correia, Católica Lisbon School of Business and Economics and CEPR

Session 2: International finance

Chair: Isabel Vansteenkiste, European Central Bank

Capital Flows in Risky Times: Risk-On/Risk-Off and Emerging Market Tail Risk

• Anusha Chari*, University of North Carolina at Chapel Hill and CEPR
• Karlye Dilts Stedman, Federal Reserve Bank of Kansas City
• Christian Lundblad, University of North Carolina at Chapel Hill

Discussant: Kathy Yuan, London School of Economics and CEPR

A Fundamental Connection: Exchange Rates and Macroeconomic Expectations

• Vania Stavrakeva*, London Business School and CEPR
• Jenny Tang, Federal Reserve Bank of Boston

Discussant: Liliana Varela, London School of Economics and CEPR

Policy panel - Rebuilding after COVID: Central banking in support of society and a new social contract

Moderator: Stephanie Flanders, Bloomberg

Panellists:

• Carmen Reinhart, World Bank, Harvard Kennedy School and CEPR
• Isabel Schnabel, European Central Bank and CEPR
• Minouche Shafik, London School of Economics and CEPR

End of first day

Welcome

Luc Laeven, European Central Bank

Session 3: Monetary policy transmission and redistribution

Chair: Anna Kovner, Federal Reserve Bank of New York

Monetary Policy and Racial Inequality

• Alina Bartscher*, Danmarks Nationalbank
• Moritz Kuhn, University of Bonn and CEPR
• Moritz Schularick, Federal Reserve Bank of New York, University of Bonn and CEPR
• Paul Wachtel, New York University Stern School of Business

Discussant: Anna Rogantini Picco, Sveriges Riksbank

Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms

• Cecilia Caglio, Board of Governors of the Federal Reserve System
• R. Matthew Darst, Board of Governors of the Federal Reserve System
• Şebnem Kalemli-Özcan*, University of Maryland and CEPR

Discussant: Mariassunta Giannetti, Stockholm School of Economics and CEPR

Monetary Policy, Labor Income Redistribution and the Credit Channel: Evidence from Matched Employer-Employee and Credit Registers

• Martina Jasova*, Barnard College, Columbia University
• Caterina Mendicino, European Central Bank
• Ettore Panetti, Banco de Portugal, UECE-REM and SUERF
• José-Luis Peydró, Imperial College London, Universitat Pompeu Fabra, CREI, Barcelona School of Economics and CEPR
• Dominik Supera, Wharton School, University of Pennsylvania

Discussant: Claudia Ruiz Ortega, World Bank

Session 4: Central banking

Chair: Caterina Mendicino, European Central Bank

Words Speak as Loudly as Actions: Central Bank Communication and the Response of Equity Prices to Macroeconomic Announcements

• Ben Gardner, Board of Governors of the Federal Reserve System
• Chiara Scotti*, Board of Governors of the Federal Reserve System
• Clara Vega, Board of Governors of the Federal Reserve System

Discussant: Silvia Miranda-Agrippino, Bank of England and CEPR

How unconventional is green monetary policy?

• Melina Papoutsi, European Central Bank
• Monika Piazzesi*, Stanford University and CEPR
• Martin Schneider, Stanford University

Discussant: Hélène Rey, London Business School and CEPR