Central bank

Joint Banque de France – Bundesbank Conference on Monetary Policy

Published on the 9th of July 2025

The Banque de France and the Deutsche Bundesbank are jointly organizing a Conference on Monetary Policy on 5–6 November 2025 at the Banque de France’s headquarters in Paris.

Conference Theme:
This two-day event will bring together leading academic researchers to discuss the latest theoretical and empirical insights on the drivers of inflation, monetary policy strategy, the role of expectations, and heterogeneous responses to monetary and fiscal interventions.

Keynotes and Remarks:
We are honored to have Linda S. Goldberg (Federal Reserve Bank of New York) and Yuriy Gorodnichenko (University of California, Berkeley) as keynote speakers. The program will also feature a fireside discussion with Joachim Nagel (President, Deutsche Bundesbank) and François Villeroy de Galhau (Governor, Banque de France).

Provisional Programme:

Day 1: Wednesday, 5 November
09:00 – 09:30	Registration and welcome coffee
09:30 – 09:45	Opening address
09:45 – 10:45	Session: Monetary Policy Tradeoffs Kristin J. Forbes (MIT Sloan School of Management): Tradeoffs over Rate Cycles: Activity, Inflation and the Price Level (with Jongrim Ha and M. Ayhan Kose) Discussion: Boris Hofmann (Bank for International Settlements)
10:45 – 11:00	Break
11:00 – 12:00	Fireside discussion with François Villeroy de Galhau (Governor, Banque de France) and Joachim Nagel (President, Deutsche Bundesbank)
12:00 – 13:30	Lunch
13:30 – 15:30	Session: Consumption and Price Distortions Ulrike Malmendier (University of California, Berkeley): Consumption Wedges: Measuring and Diagnosing Distortions (with Sasha Indarte, Raymond Kluender, and Michael Stepner) Discussion: Dimitris Georgarakos (European Central Bank) Klaus Adam (University College London): Inflation Distorts Relative Prices: Theory and Evidence (with Andrey Alexandrov and Henning Weber) Discussion: Tobias Broer (Paris School of Economics)
15:30 – 16:00	Coffee break
16:00 – 17:00	Keynote speech by Yuriy Gorodnichenko (University of California, Berkeley)
17:00 – 18:00	Session: Determinants of the Natural Interest Rate Federica Romei (University of Oxford): Monopsony, Income Risk, and R Multiplicity* (with Ambrogio Cesa-Bianchi, Sergio de Ferra, Andrea Ferrero, Alex Kohlhas, Michael McMahon, and Giovanni Rosso) Discussion: Clodomiro F. Ferreira (Banco de España)
19:00	Conference dinner (upon invitation)
Day 2: Thursday, 6 November
09:00 – 11:00	Session: Microfoundations of Monetary Transmission Florin O. Bilbiie (University of Cambridge): HANKSSON (with Sigurd Galaasen, Refet Gürkaynak, Mathis Maehlum, and Krisztina Molnar) Discussion: Axelle Ferrière (Sciences Po) Jonathon Hazell (London School of Economics): How Do Interest Rates Affect Consumption? The Financial Accelerator for Households (with Angus Foulis, Atif Mian, and Belinda Tracey) Discussion: Martin Holm (University of Oslo)
11:00 – 11:15	Break
11:15 – 12:30	Central Bank Session: Bank Funding and Monetary Transmission Chair: Fritzi Köhler-Geib (Deutsche Bundesbank) Tommaso Gasparini (Banque de France): Deposit Funding and the Credit Channel of Monetary Policy (with Matthieu Bussière, Guillaume Horny and Benoît Nguyen) Discussion: Diana Bonfim (Banco de Portugal) Björn Imbierowicz (Deutsche Bundesbank): A Geopolitical Shock to Bank Assets and Monetary Policy Transmission (with Falko Fecht and Stefan Greppmair) Discussion: Olena Havrylchyk (Université Paris 1 Panthéon Sorbonne)
12:30 – 13:45	Lunch
13:45 – 15:45	Session: Drivers of Inflation and Interest Rates Esther Ruiz Ortega (Universidad Carlos III de Madrid): International Vulnerability of Inflation (with Ignacio Garrón and Vladimir Rodríguez-Caballero) Discussion: Ine Van Robays (European Central Bank) Paul Beaudry (University of British Columbia): Monetary Policy Along the Yield Curve: Why Can Central Banks Affect Long-Term Real Rates? (with Paolo Cavallino and Tim Willems) Discussion: Wolfgang Lemke (European Central Bank)
15:45 – 16:15	Coffee break
16:15 – 17:15	Keynote speech by Linda S. Goldberg (Federal Reserve Bank of New York)
17:15 – 17:30	Farewell address

Program committee:
Matthieu Bussière (Banque de France)
Falko Fecht (Deutsche Bundesbank)
Pascal Meichtry (Banque de France)
Arthur Saint-Guilhem (Banque de France)
Eric Vansteenberghe (Banque de France)

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