Central banks in advanced economies are striking a delicate balance in normalizing monetary policy amid heightened uncertainty about inflation dynamics and policy transmission in the current geopolitical context. In doing so, central banks do not operate in isolation, but must also account for shifting fiscal conditions, rapid technological change, and, in the euro area, the institutional complexities of a monetary union.
The conference aims to bring together leading researchers from academia, central banks and other policy institutions to present and discuss research findings related to current challenges in the conduct of monetary policy.
Program - Thursday, June 19
9h – 9h30
Registration & Welcome Coffee
9h30 – 9h45
Opening Remarks
Olivier Garnier, Director General, Economics & International, Banque de France
09h45-11h25
Session: New Channels of Monetary Policy Transmission
Chair: Silvia Miranda-Agrippino Christoph Boehm (UT Austin, NBER), “Monetary policy without moving interest rates: The Fed non-yield shock”, with Niklas Kroner
Discussant: Giovanni Ricco (École Polytechnique, CEPR) Dmitry Khametshin (BdE), “A Tale of Two Margins: Monetary Policy and Capital Misallocation”, with Silvia Albrizio and Beatriz González
Discussant: Timo Haber (DNB)
11h25 – 12h
Coffee break
12h-12h50
Session: Fiscal Policy & Inflation – Part 1
Chair: Leonardo Melosi Jonathon Hazell (LSE ,CEPR), “Do deficits cause inflation?”, with Stephan Hobler
Discussant: Frank Smets (BIS, Ghent)
12h50-14h00
Lunch
14h00-15h40
Session: Monetary Policy & Portfolio Rebalancing
Chair: Giulia Sestieri Tsvetelina Nenova (BIS), “Global or regional safe assets: Evidence from Bond Substitution Patterns”
Discussant: Julia Schmidt (BdF) Julia Selgrad (Chicago Booth), “Testing the Portfolio Rebalancing Channel of Quantitative Easing”
Discussant: Benoit Nguyen (ECB, BdF)
15h40 – 16h15
Coffee break
16h15-17h15
Keynote Domenico Giannone (UW, IMF), “The Drivers of Post-Pandemic Inflation”, with Giorgio Primiceri
Chair: Stéphane Dupraz
Program - Friday, June 20
9h30-10h
Coffee
10h-10h50
Session: Fiscal Policy & Inflation – Part 2
Chair: Leonardo Melosi Stéphane Dupraz (BdF), “Fiscal Requirements for Price Stability when Households are not Ricardian”, with Anna Rogantini-Picco
Discussant: Wei Cui (UCL)
10h50-11h10
Coffee break
11h10-12h50
Session: Inflation Propagation
Chair: Christoph Grosse Steffen Simone Lenzu (NYU Stern), “Micro and Macro Cost-price Dynamics across Inflation Regimes”, with Luca Gagliardone, Mark Gertler and Joris Tielens.
Discussant: Peter Karadi (ECB, CEPR) Alisdair McKay (Minneapolis Fed), “How Should Monetary Policy Respond to Housing Inflation”, with Javier Bianchi and Neil Mehrotra.
Discussant: Kevin Sheedy (LSE)
