2023 ECB Conference on Monetary Policy: bridging science and practice

Registration and coffee

Welcome address

Speech by Christine Lagarde, President, European Central Bank

Session 1: Monetary policy, inflation and financial instability

Chair: Katrin Assenmacher, European Central Bank

Loose monetary policy and financial instability

• Moritz Schularick*, Kiel Institute for the World Economy & Sciences Po
• Co-Authors: Maximilian Grimm, Òscar Jordà, and Alan M. Taylor

Discussant: José Luis Peydró, Barcelona School of Economics

Understanding post-Covid inflation dynamics

• Mathias Trabandt*, Goethe University Frankfurt
• Co-Authors: Martin Harding and Jesper Lindé

Discussant: Annukka Ristiniemi, European Central Bank

Lunch break

Session 2: Monetary policy, credit and banking

Chair: Massimo Rostagno, European Central Bank

Liquidity dependence and the waxing and waning of central bank balance sheets

• Viral Acharya*, New York University Stern School of Business
• Co-Authors: Rahul S. Chauhan, Raghuram Rajan, and Sascha Steffen

Discussant: Lorenzo Burlon, European Central Bank

Reserve demand, interest rate control, and quantitative tightening

• David Lopez-Salido*, Federal Reserve Board of Governors

• Co-Author: Annette Vissing-Jørgensen

Coffee break

Keynote speech session

Chair: Fabio Panetta, Member of the Executive Board, European Central Bank

Keynote speech: Interest rate risk, financial crises and bank supervision

Douglas W. Diamond, University of Chicago Booth School of Business, the 2022 recipient of the Nobel Memorial Prize in Economic Sciences 

Conference day 1 end

Dinner

Session 3: Monetary policy and financial markets 

Chair: Wolfgang Lemke, European Central Bank

A preferred-habitat model of term premia, exchange rates, and monetary policy spillovers

• Dimitri Vayanos*, London School of Economics
• Co-Authors: Pierre-Olivier Gourinchas, Walker D. Ray

Discussant: Andreea Liliana Vladu, European Central Bank

Un(conventional) monetary and fiscal policy

• Jing Cynthia Wu*, University of Notre Dame, USA
• Co-Author: Yinxi Xie

Discussant: Stéphane Dupraz, Banque de France

Coffee break

Policy Panel

Moderator: Frank Smets, European Central Bank

Panellists:

• Ben Broadbent, Bank of England
• Anna Breman, Sveriges Riksbank
• Philip R. Lane, European Central Bank
  

Lunch break

Session 4: Young Economists

Chair: Carlo Altavilla, European Central Bank

State-dependent pricing and cost-push inflation in a production network economy 

Anastasiia Antonova*, Aix-Marseille School of Economics

Housing markets and the heterogeneous effects of monetary policy across the Euro area

Stefano Pica*, Banca d'Italia

A behavioural heterogeneous agent new Keynesian model

Fabian Seyrich*, Berlin School of Economics, DIW

Coffee break

Keynote speech session

Chair: Luis de Guindos, Vice-President, European Central Bank

Keynote speech: The labor market and monetary policy

Peter A. Diamond, Massachusetts Institute of Technology, the 2010 recipient of the Nobel Memorial Prize in Economic Sciences

Concluding remarks

Conference end