Joint ECB-IMF-IMFER Conference 2024
Global Challenges and Channels for Fiscal and Monetary Policy
Tuesday, 23 and Wednesday, 24 July 2024
Frankfurt am Main – Hybrid event
The conference, jointly organised by the European Central Bank, the International Monetary Fund, and the IMF Economic Review, will focus on new global challenges for international fiscal and monetary policy. These include increasing geoeconomic fragmentation, regional conflicts and climate change, which come with a higher frequency and changing nature of shocks. Against the backdrop of elevated inflation and record-high levels of public debt amid rising interest rates it will present approaches on how to design, calibrate and coordinate monetary and fiscal policies in today’s global economy.
Programme
* indicates the presenter
- 8:30
-
Registration and coffee
- 9:00
-
Welcome
Frank Smets, European Central Bank
Opening remarks
- Philip R. Lane, European Central Bank
- Gita Gopinath, International Monetary Fund – video message
-
Session 1 – Fiscal and monetary tradeoffs when balance sheets matter
Session chair: Ralph Lütticke, Eberhard Karls Universität Tübingen
- 9:15
-
Fiscal Multipliers in Small Open Economies with Heterogeneous Households
- Laura Sunder-Plassmann*, Universität Rostock
- Jeppe Druedahl, Københavns Universitet
- Søren Hove Ravn, Københavns Universitet
- Jacob Marott Sundram, Københavns Universitet
- Nicolai Waldstrøm, Københavns Universitet
Discussant: Gernot Müller, Eberhard Karls Universität Tübingen
- 10:00
-
Balance sheet policies and Central Bank losses in a HANK model
- Yann Perdereau*, Paris School of Economics
- Charles Labrousse, Institut National de la Statistique et des Études Économiques - INSEE
Discussant: Luigi Iovino, Università Bocconi
- 10:45
-
Coffee break
-
Session 2 – Fiscal and monetary policy in volatile times
Session chair: Cornelia Holthausen, European Central Bank
- 11:15
-
Fiscal Stimulus with Supply Constraints
Luca Fornaro*, Centre de Recerca en Economia Internacional - CREI
Discussant: Giulia Gitti, European Central Bank
- 12:00
-
Taxing Sudden Capital Income Surges
- Wei Cui*, University College London
- Jianjun Miao, Boston University
Discussant: Johannes Brumm, Karlsruher Institut für Technologie
- 12:45
-
Buffet lunch
-
Session 3 – Labor markets, shocks and policies
Session chair: Antonella Trigari, Università Bocconi
- 14:00
-
Fiscal Management of Aggregate Demand: The Effectiveness of Labor Tax Credits
- Axelle Ferriere*, Paris School of Economics
- Gaston Navarro, Board of Governors of the Federal Reserve System
Discussant: Benjamin Born, Frankfurt School of Finance and Management
- 14:45
-
The Distributional Effects of Oil Shocks
- Tobias Broer*, Paris School of Economics
- John Kramer, Københavns Universitet
- Kurt Mitman, Center for Monetary and Financial Studies - CEMFI
Discussant: Amalia Repele, Università Bocconi
- 15:30
-
Coffee break
-
Session 4 – Deglobalisation
Session chair: Philipp Hartmann, European Central Bank
- 16:00
-
Geopolitical Risk and Global Banking
- Friederike Niepmann*, Board of Governors of the Federal Reserve System
- Leslie Sheng Shen, Federal Reserve Bank of Boston
Discussant: Giovanni Dell'Ariccia, International Monetary Fund
- 16:45
-
The Dynamics of Trade Fragmentation: A Network approach
Javier Quintana*, Banco de España
Discussant: Baptiste Meunier, European Central Bank
- 17:30
-
Informal post-conference-chat and end of first day
- 18:30
-
Conference dinner – by invitation only
- 8:45
-
Registration and coffee
-
Session 5 – Keynote
Session chair: Luis de Guindos, European Central Bank
- 9:15
-
Keynote speech: Fiscal and Monetary Policy with Heterogeneous Agents
Ludwig Straub, Harvard University
- 10:30
-
Coffee break
-
Session 6 – Supply chain shocks and inflation
Session chair: Andrei Levchenko, University of Michigan
- 11:00
-
The Inflationary Effects of Global Supply Chain Shocks: Evidence from Swedish Microdata
- Peter Tillmann*, Justus-Liebig-Universität Gießen
- David Finck, Deutsche Bundesbank
- Mathias Klein, Sveriges Riksbank
Discussant: Tim Schmidt-Eisenlohr, Board of Governors of the Federal Reserve System
- 11:45
-
Inflation Expectations and the Supply Chain
- Francesco Grigoli*, International Monetary Fund
- Elias Albagli, Banco Central de Chile
- Emiliano Luttini, Banco Central de Chile
Discussant: Nitya Pandalai-Nayar, University of Texas at Austin
- 12:30
-
Buffet lunch
- 14:00
-
Policy Panel
“The global 'new normal': fragmentation, tensions, and uncertainty“Moderator: Pierre-Olivier Gourinchas, International Monetary Fund
Panelists:
- Olivier Blanchard, Peterson Institute for International Economics
- Philip R. Lane, European Central Bank
- Monika Piazzesi, Stanford University
- Olivier Blanchard, Peterson Institute for International Economics
- 15:00
-
Concluding remarks
Pierre-Olivier Gourinchas, International Monetary Fund
- 15:10
-
End of conference
This programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet and intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet and intranet.
Organisational
European Central Bank
Eurotower C2.01
Kaiserstrasse 29
60314 Frankfurt am Main
English
45 minutes per paper: 30 minutes for the presenter, 10 minutes for the discussant, 5 minutes for Q&A
Participants are requested to arrange their own transfers.
The use of public transport is strongly encouraged. The relevant stops are “Taunusanlage” (for S-Bahn city trains) and “Willy-Brandt-Platz” (for U-Bahn underground and tram lines). Please refer to the relevant page on the ECB website and the public transportation provider website for details.
- Andrei Levchenko, University of Michigan & Editor of IMF Economic Review
- Prachi Mishra, International Monetary Fund & Co-Editor of IMF Economic Review
- Nan Li, International Monetary Fund
- Ralph Lütticke, Eberhard Karls Universität Tübingen & Guest Editor for IMF Economic Review
- Carmelo Salleo, European Central Bank
- Georg Strasser, European Central Bank
- Antonella Trigari, Università Bocconi & Guest Editor for IMF Economic Review
Iris Bettenhäuser, European Central Bank
Joint_ECB-IMF-IMFER_Conference2024@ecb.europa.euPhotos
High-quality images of the conference are available via Flickr.