6ème Atelier du groupe de recherche du SEBC sur l'économie monétaire

La Banque de France et la Banque de Suède organisent le sixième atelier annuel du groupe de recherche sur l'économie monétaire du Système européen de banques centrales (SEBC), à Paris les 10 et 11 octobre 2022



Day 1: Monday, 10 October


09:10 Welcome and registration

09:20 Introductory remarks

09:25 – 10:45 Session 1: Households and Inflation

 Chair: Klodiana Istrefi (Banque de France)


The Heterogeneous Impact of Inflation on Households’ Balance Sheet

by Miguel Cardoso (BBVA), Clodomiro Ferreira (Banco de España), José Miguel Leiva (BBVA), Galo Nuño (Banco de España), Álvaro Ortiz (BBVA), Tomasa Rodrigo (BBVA), Sirenia Vazquez (BBVA)

Discussant: Anna Rogantini Picco (Sveriges Riksbank)


Reactions of Household Inflation Expectations to a Symmetric Inflation Target and High Inflation

by Gabriele Galati (De Nederlandsche Bank), Richhild Moessner (BIS) and Maarten van Rooij (De Nederlandsche Bank)

Discussant: Sylverie Herbert (Banque de France)


10:45 – 10:55 Break

10:55 – 12:15 Session 2: Interest Rates

Chair: Adrian Penalver (Banque de France)


The Term Structure of Interest Rates in a Heterogeneous Monetary Union by James Costain (Banco de España), Galo Nuño (Banco de España) and Carlos Thomas (Banco de España)

Discussant: Andreea Liliana Vladu (ECB)


Interest Rate Uncertainty and Firms in the Euro Area

by Anne Duquerroy (Banque de France), Klodiana Istrefi (Banque de France) and Sarah Mouabbi (Banque de France)

Discussant: Marcel Peruffo (ECB)

12:15 – 13:30 Lunch

13:30 – 14:30 Keynote

Gambling on Price (and Fiscal) Stability

By Giancarlo Corsetti (European University Institute)

14:30 – 15:30 Poster Session


The Effects of the ECB’s New Inflation Target on Households’ Inflation Expectations

by Mathias Hoffmann (Bundesbank), Emanuel Mönch (Frankfurt School of Finance & Management), Lora Pavlova (Bundesbank), Guido Schultefrankenfeld (Bundesbank)


The Impact of Providing Information about the ECB’s Instruments on Inflation Expectations and Trust in the ECB: Experimental Evidence

by Nils Brouwera (De Nederlandsche Bank) and Jakob de Haan (University of Groningen)


Corporate Debt Maturity Matters for Monetary Policy

by Joachim Jungherr (University of Bonn), Matthias Meier (University of Mannheim), Timo Reinelt (ECB), Immo Schott (Université de Montréal)


The Preferential Treatment of Green Bonds

by Francesco Giovanardi (University of Cologne), Matthias Kaldorf (Bundesbank), Lucas Radke (University of Cologne), Florian Wicknig (Bundesbank)


15:30 – 16:50 Session 3: Inclusive and Green

Chair: Paul Hubert (Banque de France)


Inclusive Monetary Policy in a Model with Heterogeneous Workers

by Federico Ravenna (Danmarks Nationalbank) and Carl E. Walsh (Univ. of California, Santa Cruz)

Discussant: Jacek Suda (National Bank of Poland)


Will the Green Transition be Inflationary? Expectations Matter

by Alessandro Ferrari (Banca d’Italia) and Valerio Nispi Landi (Banca d’Italia)

Discussant: Stéphane Dupraz (Banque de France)

19:30 Dinner, by invitation only. Venue TBA

Day 2: Tuesday, 11 October

09:25 – 10:45 Session 1: Monetary and Fiscal Policy Interaction

Chair: Roberto Billi (Sveriges Riksbank)


Passive Monetary Policy and Active Fiscal Policy in a Monetary Union

by Bartosz Mackowiak (ECB) and Sebastian Schmidt (ECB)

Discussant: Nigel McClung (Suomen Pankki)


The Central Bank, the Treasury, or the Market: Which One Determines the Price Level?

by Jean Barthelemy (Banque de France), Eric Mengus (HEC Paris) and Guillaume Plantin (Sciences Po)

Discussant: Richard Harrison (Bank of England)

10:45 – 10:55 Break

10:55 – 12:15 Session 2: Inflation in the Global Economy

Chair: Christoph Grosse Steffen (Banque de France)


Global Inflation and Exchange Rate Stabilization under a Dominant Currency

by Giancarlo Corsetti (European University Institute), Luca Dedola (ECB) and Sylvain Leduc (FRB San Francisco)

Discussant: Nuno Coimbra (Banque de France)


Global Value Chains and Dynamics of the UK Inflation

by Tommaso Aquilante (Dun&Bradstreet), Aydan Dogan (Bank of England), Melih Firat (JHU), Aditya Soenarjo (LSE)

Discussant: Sophie Guilloux-Nefussi (Banque de France)


12:15 – 13:30 Lunch

13:30 – 14:50 Session 3: Firm Debt and House Prices

Chair: Klodiana Istrefi (Banque de France)


Overindebtness in the North and the South

by Vincenzo Cuciniello (Banca d’Italia), Claudio Michelacci (EIEF) and Luigi Paciello (EIEF)

Discussant: Paola Di Casola (ECB and Sveriges Riksbank)


House Prices and Negative Nominal Interest Rates

by Genevieve Nelson (Danmarks Nationalbank)

Discussant: Mattia Girotti (Banque de France)

14:50 – 15:00 Closing remarks


Organisers: Klodiana Istrefi (Banque de France) and Roberto Billi (Sveriges Riksbank)

Mis à jour le : 15/09/2022 17:46