11th Workshop on Empirical Monetary Economics

12 December 2023 - 09:00

The Banque de France, CEPR, Sciences Po and OFCE are organizing their 11th Workshop on Empirical Monetary Economics in Paris on December 12-13, 2022.

The objective is to provide the opportunity to discuss and promote topical empirical research related to all areas of monetary economics. Some particularly relevant topics are:

  • Inflation dynamics, commodity prices and inflation expectations
  • The identification of the transmission channels of monetary policy
  • The role of heterogeneity for monetary policy transmission
  • Monetary policy, financial stability and macroprudential policies
  • Central bank balance sheet policies and quasi-fiscal monetary policies
  • Monetary policy and transition risks related to climate change
  • Central bank communication strategies

The workshop will include two keynote speakers Anna Cieslak (Duke University) and Giorgio Primiceri (Northwestern University).



Tuesday 12 December

8h30–9h          Welcome Coffee

9h–10h30        Session 1

-    Malin Hu (Vanderbilt University), with I. Agarwal, R. Roman, K. Zheng
Lending by Servicing: Monetary Policy Transmission through Shadow Banks
-    Pascal Paul (San Francisco Fed), with D. Greenwald, J. Krainer
Monetary Transmission through Bank Securities Portfolios

10h30–11h      Coffee break

11h–12h          Keynote speaker: Anna Cieslak (Duke University), with M. McMahon Tough Talk: The Fed and the Risk Premium

12h–14h         Lunch (on invitation only)

14h–15h30     Session 2

-     Michael Ehrmann (European Central Bank), with P. Gnan, K. Rieder
Central Bank Communication by ??? The Economics of Public Policy Leaks
-    Evgenia Passari (Université Paris Dauphine-PSL), with D. Malliaropulos, F. Petroulakis
Unpacking Commodity Price Swings: Reading the News to Understand Inflation

15h30–16h     Coffee break

16h–17h30     Session 3

-    Paul Bouscasse (Sciences Po), with S. Hong
Monetary-Fiscal Interactions in the United States
-    Marco Garofalo (Bank of England)
Granular monetary policy 

Wednesday 13 December

8h30–10h        Session 4

-    Lena Boneva (Swiss National Bank), with J. Jensen, S. Weidner
The Impact of Monetary Policy and Lender-of-Last-Resort Announcements on the Treasury Market 
-    Dorian Henricot (Banque de France/ECB), with M. Elsayed, J. Idier, T. Piquard
Habitat sweet habitat: the heterogeneous effects of Eurosystem asset purchase programs

10h–10h30      Coffee break

10h30–12h      Session 5

-    Gert Peersman (Ghent University), with E. Castelnuovo, L. Mori
Commodity Prices and Global Cycles: Monetary Policy Matters
-    Dmitriy Sergeyev (Bocconi University), with W. Miyamoto, T. Nguyen
How Oil Shocks Propagate: Evidence on the Monetary Policy Channel

12h–14h         Lunch (on invitation only)

14h–15h30     Session 6

-    Sebastian Graves (Federal Reserve Board), with C. Huckfeldt, E. Swanson
The Labor Demand and Labor Supply Channels of Monetary Policy
-    Magnus Gulbrandsen (Norges Bank), with A. Fagereng, M. Holm, G. Natvik
Fisher Effects, Monetary Policy, and Household Indebtedness


15h30–16h      Coffee break

16h–17h          Keynote speaker: Giorgio Primiceri (Northwestern University), with F. Bilbiie, A. Tambalotti Inequality and Business Cycles



- Christophe Blot (Sciences Po - OFCE & Université Paris-Nanterre)
- Paul Hubert  (Banque de France & Sciences Po - OFCE)    

Scientific Committee

- Refet Gürkaynak (Bilkent University & CEPR)
- Fabien Labondance (Université de Franche-Comté)
- Céline Poilly (Université d’Aix-Marseille & CEPR)
- Giovanni Ricco (Polytechnique & CEPR) 
- Urszula Szczerbowicz (Banque de France)

Registration:  eme.workshop@sciencespo.fr


Visuel - 11ème atelier Empirical Monetary Economics