Day 1: Monday 17 May 2021

09.45 – 10.00 

Welcome and Introductions

10.00 – 10.45

Keynote address: Professor Lucrezia Reichlin (London Business School)

11.00 – 12.30  – Session 1

“Aggregate-Demand Amplification of Supply Disruptions: The Entry-Exit Multiplier” 

By: Florin Bilbiie (University of Lausanne) and and Marc Melitz

Discussant: Andrea Ferrero (University of Oxford)

“The Transmission of Keynesian Supply Shocks” 

By: Ambrogio Cesa-Bianchi (Bank of England) and Andrea Ferrero

Discussant: Ivan Petrella (Warwick Business School)

13.00 – 14.30  – Session 2

“Why So Negative? The Effect of Monetary Policy on Bank Credit Supply across the Euro Area” 

By: Florian Heider (European Central Bank), Christian Bittner, Diana Bonfim, Farzad Saidi, Glenn Schepens and Carla Soares

Discussant: Skander van den Heuvel (Board of Governors of the Federal Reserve)

“Reversal Interest Rate and Macroprudential Policy” 

By: Matthias Rottner (European University Institute), Matthieu Darracq Pariès and Christoffer Kok

Discussant: Kristina Bluwstein (Bank of England)

14.45 – 16.15  – Session 3

“Hitting the Elusive Inflation Target” 

By: Leonardo Melosi (Federal Reserve Bank of Chicago), Francesco Bianchi and Matthias Rottner

Discussant: Jenny Chan (Bank of England)

“Falling Natural Rates, Rising Housing Volatility and the Optimal Inflation Target”

By: Oliver Pfäuti (University of Mannheim), Klaus Adam and and Timo Reinelt

Discussant: Caterina Mendicino (European Central Bank)

16.30- 17.30

What Next for Monetary Policy?

Chair: Tobias Adrian (International Monetary Fund)

Panel: Argia Sbordone (Federal Reserve Bank of New York), Frank Smets (European Central Bank) and Gertjan Vlieghe (Bank of England)

Day 2: Tuesday 18 May 2021

09.45 – 10.00 

Welcome and Introductions

10.00 – 10.45

Keynote address: Lord Macpherson of Earls Court

11.00 – 12.30 – Session 4

“Financial Stability Governance and Central Bank Communications” 

By: Juan M. Londono (Board of Governors of the Federal Reserve), Stijn Claessens and Ricardo Correa

Discussant: Stephen Hansen (Imperial College Business School)

“Voting Right Rotation and the Behaviour of Committee Members – a Case Study of the U.S. Federal Open Market Committee” 

By: Michael Ehrmann (European Central Bank), Robin Tietz and Bauke Visser

Discussant: Michael McMahon (University of Oxford)

13.00 – 14.30 – Session 5

“Central Banking and Shadow Banks” 

By: Quentin Vandeweyer (Chicago Booth), Adrien d’ Avernas and Matthieu Darracq Paries

Discussant: Roland Meeks (International Monetary Fund)

“How Does International Capital Flow?” 

By: Andrej Sokol (European Central Bank), Michael Kumhof and Phurichai Rungcharoenkitkul

Discussant: Genevieve Nelson (Danmarks National Bank)

14.45 – 16.15 – Session 6

“Climate Actions and Stranded Assets: The Role of Financial Regulation and Monetary Policy” 

By: Francesca Diluiso (MCC), Barbara Annicchiarico, Matthias Kalkuhl and Jan C. Minx

Discussant: Rick Van der Ploeg (University of Oxford)

“On the Dependence of Investor’s Probability of Default on Climate Transition Scenarios” 

By: Irene Monasterolo (Vienna University of Economics and Business) and Stefano Battiston

Discussant: Paul Hiebert (European Central Bank)

16.30 – 17.30

What Next for Financial Stability?

Chair: Nicolas Véron (Bruegel and the Peterson Institute)

Panel: Donald Khan (The Brookings Institution), Vitor Constancio (University of Navarra) and Carolyn Rogers (Bank for International Settlements) 

17.30 – 18.00

Young Economist Prize Giving Event

The above programme may be subject to change.