Inflation: Drivers and Dynamics 2025 Conference – Speakers

Programme of the Inflation: Drivers and Dynamics 2025 Conference

Following the completion of his doctoral studies, he spent one year at Princeton University as a Postdoctoral Research Associate at the Bendheim Center for Finance. He subsequently joined the Department of Economics and Finance at Tor Vergata University of Rome where he currently serves as Assistant Professor. His primary areas of expertise lie in financial and monetary macroeconomics, and research interests include the implications of price rigidities for aggregate dynamics and welfare, as well as the design of optimal conventional and unconventional policies in macroeconomic models with financial frictions.

He was Professor of Economics at the University of Oxford (2014-2021). His main research interests are monetary policy, business cycle, inflation dynamics, monetary and fiscal policy interaction, and expectations driven fluctuations. He published his work in various academic journals such as American Economic Review, Economic Journal, Journal of Economic Literature, Journal of Economic Theory, Journal of International Economics, Journal of Monetary Economics. He recently edited, together with Riccardo Trezzi, the Research Handbook on Inflation.

She is an empirical macroeconomist whose research focuses on modeling energy market dynamics and quantifying the effects of oil price shocks on the macroeconomy. Much of her recent work is concerned with studying tail events in oil markets and the nonlinear and heterogeneous transmission of structural shocks to microeconomic units using vector autoregressive models. Her research has been published in Econometrica, American Economic Review, American Economic Journal: Macroeconomics, Journal of Monetary Economics, and Review of Economics and Statistics, among other scholarly journals. She is a Research Associate at the NBER and a Research Fellow at the CEPR. She serves as Associate Editor for the Journal of Monetary Economics and was recently appointed as Associate Editor at American Economic Review.

His research lies at the intersection of macroeconomics and international finance, with a focus on the drivers of business cycle dynamics in both closed and open economies. He frequently combines empirical analysis of macro and micro data with structural models to study the propagation of shocks and the effects of policy interventions. His work has advanced understanding of how risk, expectations, and financial conditions shape macroeconomic outcomes. His research has been published in leading academic journals, including the Journal of Monetary Economics, the Journal of International Economics, and the Review of Economics and Statistics.

He has held academic positions at several institutions in Italy and abroad, including the Universities of Melbourne and Oxford. His research explores the drivers of business cycle fluctuations and the role of monetary and fiscal policy, with particular attention to nonlinear dynamics. He has published widely in leading international journals such as the Journal of Monetary Economics, Journal of Business & Economic Statistics, The Economic Journal, International Economic Review, Journal of Applied Econometrics, and the European Economic Review. He has also served as Associate Editor for the Journal of Applied Econometrics and the Journal of Macroeconomics.

Her research focuses on macroeconomics, international economics, and information frictions. Her work has been published in the Journal of Economic Theory and the Journal of Monetary Economics. She is currently a Research Advisor at the Bank of England, with previous policy and research experience at the Federal Reserve Bank of New York.

Previously he was Professor of Macroeconomics at the University of Cambridge. He has been a long-serving consultant to the European Central Bank (ECB), the Bank of England, the Banca d’Italia, the United Nations and other institutions. As fellow of CERP, he is currently leading the Research and Policy Network “European Economic Policy”. He is a fellow of the British Academy. His academic work includes pioneering research on open macro macroeconomics, fiscal and monetary policy, and currency and financial crises---published by leading international journals. He co-authored books and policy reports on European integration, stabilization policy and global monetary cooperation.

She previously held the position of Head of Monetary Policy in the Monetary and Economic Department of the BIS and of Adviser in the Directorate Research of the ECB. Her research spans various areas of relevance for central banks, including the role of financial markets for the macroeconomy and the conduct of monetary policy, the impact of financial innovation on the transmission of monetary policy, the design of monetary policy frameworks, and the effectiveness of central banks’ communication. De Fiore holds a BSc in Economics and Social sciences from Bocconi University, an MSc in Economics from the London School of Economics, and a PhD in Economics from the European University Institute.

He recently obtained his PhD in Finance & Econometrics from Warwick Business School, the University of Warwick. His research interests cover monetary economics, Bayesian econometrics, and financial econometrics, with a focus on non-linear and non-Gaussian time series. Andrea will join the Banco de España as a Research Economist in the Monetary Policy and Capital Markets Division in October 2025.

Her research focuses on questions in monetary macroeconomics and behavioural macroeconomics, in particular questions related to central bank communication and the formation of macroeconomic expectations by households, firms and experts. Previously, she was Visiting Professor at the Johannes-Gutenberg University Mainz and Assistant Professor at the University of Hamburg. Lena Dräger holds a PhD in Economics from the ETH Zurich.

He received his PhD in Economics from Princeton University in 2004, after having completed his B.S. in economics from the University of Iceland. He has worked at Research Departments of the International Monetary Fund and the Federal Reserve Bank of New York. Since graduation he has also been visiting faculty at Princeton, Yale, and Columbia where he taught international finance and macroeconomics at both graduate and undergraduate level. Eggertsson has published in a variety of professional journals such as the American Economic Review, American Economic Journal: Macroeconomics, American Economic Review: Insights, Brookings Papers on Economics Activity, Economic Journal, Journal of Monetary Economics, Journal of Money, Credit and Banking, Review of Economic Studies, Review of Economic Dynamics and the Quarterly Journal of Economics. The main focus of his work is the analysis of monetary and fiscal policy over the business cycle, both from a modern and historical perspective.

Prior to joining Frankfurt School, he was Head of Monetary Policy Research at the ECB and Managing Director of Economic and Financial Research at the Bank of Canada. He holds a PhD in Economics from the European University Institute. Michael’s research interests lie in monetary policy, central bank communication, international finance and household finance. He has been published in journals such as the Journal of Finance, the Journal of Monetary Economics, the Review of Economics and Statistics and the Journal of Economic Literature.

His research focuses on labour markets, business cycle fluctuations, and monetary and fiscal policy. Before joining Danmarks Nationalbank, he was a Senior Research Economist at the Bank of England, where he also held a George Fellowship, and a Senior Lecturer at Queen Mary University of London. His work has been published in leading journals, including the Quarterly Journal of Economics and the American Economic Review (forthcoming). Recent research includes “A Fiscal Theory of Persistent Inflation” (QJE, 2023) and work on financial frictions and volatility (AER, forthcoming, 2025). His research has informed policy discussions and has been cited in international media, including Reuters, the Wall Street Journal, and Brookings.

He graduated from ENSAE in 2004 and received a PhD in Economics from the EHESS - Paris School of Economics in 2008. Prior to his current position, he was junior economist at the Research Unit of the Banque de France, Professor of Economics at the University of Nantes and at the University of Brest and senior economist at the Monetary Policy Unit of the Banque de France. He has been member of the French Minimum Wage Expert Committee since 2024. His research focuses on inflation, price and wage dynamics, households’ and firms’ expectations and monetary policy. He has published several articles in international journals such as Review of Economic Studies, American Economic Journal: Macroeconomics, Journal of Monetary Economics.

He obtained his PhD from the University of Oxford in 2022, with the Edgeworth prize for best doctoral thesis. Mishel’s research interests are in macroeconomics, with a particular focus on production networks, firm heterogeneity and goods market frictions for monetary and fiscal policies. Mishel has recently published two articles in the Journal of Monetary Economics (JME), one of which has received the 2023 JME Best Paper Award. Other prizes include the Best Paper Prize at the 2022 European Winter Meeting of the Econometric Society, 2020 European Economic Association Young Economist Award as well as the Poster Session Award at the 2018 ECB Sintra Forum on Central Banking. Mishel’s policy experience comes from ongoing appointments as an Academic Consultant at the ECB, an Academic Visitor at the Bank of England, as well as a prior position as Chief Expert at the National Bank of Ukraine (NBU).

Her research interests include topics in macroeconomics, monetary economics, and forecasting. Ina Hajdini holds a BA in Economics and Mathematics from the American University in Bulgaria and a PhD in Economics from Drexel University.

Hammack has more than 30 years of experience in finance, capital markets, and risk management, as well as service on several advisory groups to the US Department of the Treasury and the financial industry. Most recently, she was Co_Head of Global Financing at the Goldman Sachs Group, Inc., where she was a member of its management committee. Hammack has worked closely with US policymakers as Chair of the Treasury Borrowing Advisory Committee and as a member of the Financial Research Advisory Committee and the Treasury Market Practices Group, the latter of which aims to advance financial industry best practices. She is the Chair of the Board of the nonprofit Math for America and is also a member of the City Harvest Board of Trustees.

Prior to joining the Deutsche Bundesbank in 2018 he was an Assistant Professor at the University of Surrey. He obtained his undergraduate, master’s and doctoral degrees from the University of Oxford. Tom’s research focuses on monetary policy and dynamic macroeconomics. His work on using monetary rules to control inflation was recently published in Econometrica, and his work on the zero lower bound was published in the Review of Economics and Statistics. He is currently working on the macroeconomic implications of firm rationing, on yield curve estimation, on capital aggregation, on monetary implementation via inflation swaps, on spatial macroeconomics, and on dynamic models of endogenous growth.

He is responsible for the Directorate General Economics and the Directorate General Monetary Policy. Before joining the ECB, he was the Governor of the Central Bank of Ireland. He has also chaired the Advisory Scientific Committee and Advisory Technical Committee of the European Systemic Risk Board and was Whately Professor of Political Economy at Trinity College Dublin. He is also a Research Fellow at the Centre for Economic Policy Research. A graduate of Trinity College Dublin, he was awarded a PhD in Economics from Harvard University in 1995 and was Assistant Professor of Economics and International Affairs at Columbia University from 1995 to 1997, before returning to Dublin. In 2001 he was the inaugural recipient of the Bernácer Prize for outstanding contributions to European monetary economics.

She is also a CEPR Fellow. Her main research interests are in macroeconomics and business cycle analysis. More specifically, she works on labour economics; monetary, fiscal and macroprudential policy; firm dynamics and international macroeconomics. Her work has been published in the European Economic Review, the International Economic Review, the Journal of International Economics, the Journal of Monetary Economics, and the Review of Economic Dynamics, among other journals. She holds a PhD in Economics from KU Leuven (Belgium).

An expert on the study of business cycles, his recent research concentrates on the impact of supply disruptions on inflation dynamics, and on understanding medium-term macroeconomic boom-bust cycles. He has published more than 10 academic articles in refereed journals including the American Economic Review, the Journal of Monetary Economics, American Economic Journal: Macroeconomics, the Journal of Money, Credit, and Banking, and the Journal of Economic Dynamics and Control.

While with the ECB, Marco also spent five months as a visitor to the International Department of the Bank of Canada. Prior to joining the ECB, he was Assistant Professor at the University of Pisa and taught Bayesian econometrics, statistics and time series analysis. Marco holds a PhD in Applied Statistics from the University of Florence and has been Max Weber Fellow of the European University Institute. Before joining the BIS Financial Markets team in 2023, he worked in the Macroeconomic Analysis and Monetary Policy units, as well as in the Representative Office for Asia and the Pacific. Marco's research covers a broad range of applied issues, including monetary policy, inflation, commodities, forecasting, econometric methods and macroeconometric models.

His research has analysed price-setting behaviour of firms and global inflation. He pioneered research into how the physical impacts of climate change affect inflation. Prior to joining the ECB, he worked for the Reserve Bank of New Zealand and the Bank of England. He holds a PhD from Victoria University of Wellington.

He leads the Bank’s Center for Inflation Research, which seeks to improve the understanding of policymakers, researchers, and the public about inflation and the factors that influence its behavior. Damjan Pfajfar’s research focuses on macroeconomics, monetary economics, and inflation. Damjan joined the Cleveland Fed as vice president in 2024. Before joining the bank, he was the group manager, Monetary Studies section, Monetary Affairs division and, before that, a principal economist in the Macroeconomic and Quantitative Studies section, Research and Statistics division, at the Federal Reserve Board of Governors. He was also an assistant professor at Tilburg University from 2008 to 2014. Damjan holds a BS in Economics from the University of Ljubljana, an MS in Economics from the University of Warwick and a PhD in economics from the University of Cambridge.

His research centres on macroeconomics and international finance, with recent work examining the inflationary pressures from trade and supply chain disruptions, the international spillovers of U.S. monetary policy, and the intersection of monetary policy and financial stability. His research has appeared in leading journals, including the American Economic Journal: Macroeconomics, the Journal of Monetary Economics, and the Review of Financial Studies

He is responsible for oversight of Markets, Banking and Resolution directorates. Dave is a member of the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Committee. Dave's second five-year term as Deputy Governor ends on 3 September 2027. Before joining the bank, Dave was Chief Economic Adviser to the Treasury and Head of the Government Economic Service from 2007 – 2017. He was responsible for advising on UK macroeconomic policy and was the Government's representative of the meetings of the bank’s Monetary Policy Committee. Before that he held several civil service roles including leading the Treasury work advising on whether the UK should join the Euro. Dave was awarded a CBE in the New Year Honours 2004 and made a Knight Bachelor in the New Year Honours 2015. He graduated with an MA in Politics, Philosophy and Economics from Oxford University in 1986 and received an MSC in Economics from the London School of Economics in 1990. Dave is a visiting Professor at Kings College London. His outside interests include cycling, rock climbing and hill walking.

He served as Head of the Business Cycle Unit, as a member of the Eurosystem’s Working Group on Forecasting (WGF), and as a member of the Banca d'italia’s Forecasting Committee. He has been a Visiting Scholar at New York University, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System, as well as an NCB expert at the ECB. His research on inflation expectations and monetary policy has been published in leading journals, including the Quarterly Journal of Economics, Econometrica, American Economic Review: Insights and Journal of Monetary Economics.

He is currently on leave from the Research Centre of the Deutsche Bundesbank. He conducts research in macroeconomics with a particular focus on monetary policy, macro-finance, nonlinear dynamics and numerical methods. He has published in the Journal of the European Economic Association, Journal of Monetary Economics, Journal of International Economics, and European Economic Review. He received his PhD from the European University Institute in 2021.

He also serves as the scientific director at the Central Bank Research Association (CEBRA) and recently served as the deputy director of the Center for Inflation Research at the Federal Reserve Bank of Cleveland. His research and policy interests lie at the intersection of macroeconomics and central banking. His studies focus on inflation, inflation expectations, and price setting as well as on government spending and behavioural economics. Prof. Schoenle holds a PhD and an MA in economics from Princeton University and an AM in statistics and an AB in economics (magna cum laude) from Harvard University.

Her research focuses on macroeconomics and monetary economics, with particular emphasis on climate change and inequality. In one line of work, she estimates a New Keynesian macro-climate model to study the effects of carbon policy shocks on the euro area and implications for monetary policy. In another, she investigates the asymmetric responses of inflation and income inequality to business cycle shocks using a nonlinear heterogeneous-agent framework. During her PhD, she participated in the ECB Summer Research Graduate Programme in honour of Ivan Jaccard and visited Northwestern University. She holds an MSc in Quantitative Economics from Goethe University and a BSc in Central Banking from the University of Applied Sciences of the Deutsche Bundesbank.

Prior to his doctoral studies, he worked as a trainee and consultant in the Monetary Policy Strategy Division at the ECB. He holds an MPhil in Economics from the University of Oxford, and a bachelor’s degree in finance from Bocconi University. His research focuses on macroeconomics, particularly models with heterogeneous firms. He is interested in the intersection of empirical macroeconomics and structural modeling, using rich micro-level data to study firm dynamics, financial frictions, and the transmission of macroeconomic shocks. His current work examines how firm-level heterogeneity shapes aggregate responses to monetary policy and other macroeconomic disturbances.

Her work centres on global financial markets, including exchange rates and commodity prices, and developments in the international monetary system. She holds a PhD in Economics from Ghent University, with research interests spanning international macroeconomics, monetary policy, and empirical macro-finance.

He oversees the department’s team of research analysts. His research focuses on questions regarding business fluctuations, inflation dynamics, and monetary policy. Prior to joining the bank in 2019, he spent eleven years with the Federal Reserve Bank of Kansas City, where he joined the Research Department as an economist in 2008 and was appointed assistant vice president and economist in 2013. He obtained his undergraduate degree in economics from KU Leuven, a PhD in economics from Carnegie Mellon University, and is an alumnus of the Kiel Institute Advanced Studies Program.

Since joining, he has worked on forecasting price and wage inflation, as well as on projects related to the measurement of prices and wages. His research has focused on sticky prices, primarily working with the data that underlies official price indexes. Particularly, his research tries to understand how price adjustment along various dimensions operates differently in high versus low inflation environments, and what this implies for the transmission of monetary policy and the behavior of inflation. He has also done work on measuring and understanding wage rigidity using both survey and administrative data.

His recent work studies the relationship between labour markets, the production of investment goods, and monetary policy transmission. He received his PhD in Economics from UC Berkeley in 2023, following a BA in Mathematics–Economics and Classical Archaeology from Brown University in 2015. During his PhD he interned at the Federal Reserve Bank of Chicago and was supported by a dissertation fellowship at the Federal Reserve Bank of San Francisco, reflecting his broad research interests in central bank-relevant topics. His work has been published in the Review of Economic Dynamics, the Journal of Money, Credit and Banking, and Explorations in Economic History.

He is also a faculty research fellow at the National Bureau of Economic Research in the Monetary Economics and Asset Pricing groups, Research Affiliate in the Monetary Economics and Fluctuations programme of CEPR, a member of the Macro Finance Society, a Research Professor at Ifo Institute and a research affiliate at the CESifo Research Network. He is also academic consultant for the Deutsche Bundesbank, the Colombian Central Bank, the Federal Reserve Bank of Cleveland, Suomen Pankki – Finlands Bank and several other central banks. Previously, he was on the faculty of the University of Chicago Booth School of Business for 11 years. His research interests include asset pricing, macroeconomics, international finance, and household finance. He has received four National Science Foundation grants and the Humboldt Professorship, the most highly endowed research prize in Germany. His work on downside risk in currency markets and other asset classes earned the 2013 AQR Insight Award. He has published in leading economics and finance journals such as the American Economic Review, the Review of Economic Studies, Econometrica, the Journal of Political Economy, the Review of Financial Studies and the Journal of Financial Economics.