Monetary Policy Challenges

The Banque de France and the Deutsche Bundesbank have organize a conference on monetary policy challenges for the euro after teenage, in Paris, on June 21-22, 2018.
Program committee: Emmanuel Farhi (Harvard), Emanuel Moench (Bundesbank) & Benoit Mojon (Banque de France)

Thursday, June 21


Registration and coffee

9:00- 9:30

Opening addressFrançois Villeroy de Galhau (Governor, Banque de France)

Session Ia:

Mark up, labor share and macroeconomic adjustments

Chair: Gilbert Cette (Banque de France)  Slide


David Dorn (U. Zurich, with David Autor, Lawrence Katz, Christina Patterson, and John van Reenen):

The Fall of the Labor Share and the Rise of Superstar Firms

Discussant: Matthias Kehrig (Duke U.) Slide


David Baqaee (LSE, with Emmanuel Farhi):

Productivity and Misallocation in General Equilibrium

Discussant: Franck Portier (UCL) Slide


Coffee Break


Keynote by Jens Weidmann (President, Deutsche Bundesbank)



Session Ib:

Mark up, labor share and macroeconomic adjustments

Chair: Emanuel Moench (Deutsche Bundesbank)


Thomas Philippon (NYU, with German Gutierrez):

Investment-less Growth paper

Discussant: Simcha Barkai (LBS)


Jan Eeckhout (U. Pompei Fabra, with Jan de Loecker):

The Rise of Market Power and the Macroeconomic Implications Paper

Discussant: Susanto Basu (Boston College)


Coffee Break

Session IIa:

The international role of the Euro

Chair: Olivier Garnier (Banque de France)


Barry Eichengreen (Berkeley, with Arnaud Mehl and Livia Chitu):

How Global Currencies Work: Past, Present, and Future



Policy Panel on the Future of the Euro Zone

Chair: Emmanuel Farhi (Harvard)

Claudia Buch (Deutsche Bundesbank)

Barry Eichengreen (Berkeley)

Sylvie Goulard (Banque de France)

Philippe Martin (CAE and Sciences Po)

Friday, June 22

Session IIb:

The international role of the Euro

Chair: Bruno Cabrillac (Banque de France)


Gita Gopinath (Harvard, with Jeremy Stein):

Banking, Trade, and the Making of a Dominant Currency Paper Slide

Discussant: Stéphane Guibaud (Sciences-Po)


Ricardo Reis (LSE, with Saleem Bahaj):

Central Bank Swap Lines Paper Slide

Discussant: Charles Wyplosz (GI Geneva)


Coffee and Poster Session


Jesse Schreger (Columbia BS, with Matteo Maggiori and Brent Neiman):

International Currencies and Capital Allocation Paper Slide

Discussant: Isabelle Méjean (École polytechnique)


Lunch and Poster Session

Session III:

Monetary policy new normal

Chair: Benoit Mojon (Banque de France)


Klaus Adam (U. Mannheim, with Henning Weber):

Optimal Trend Inflation Paper Slide

Discussant: Vincent Sterk (University College London) Slide


Jordi Galí (Pompeu Fabra, with Philippe Andrade, Hervé Le Bihan and Julien Matheron):

Optimal inflation and the Natural Rate of Interest Paper

Discussant: Isabel Correia (Banco do Portugal)  Slide

Mis à jour le : 11/07/2018 15:31