ECB Forum on Central Banking 2023

Opening reception and dinner

Hosted by the Executive Board of the European Central Bank

Welcome remarks

Christine Lagarde, President, European Central Bank

Dinner speech: Three Uncomfortable Truths for Monetary Policy

Gita Gopinath, First Deputy Managing Director, International Monetary Fund

Introductory speech

Christine Lagarde, President, European Central Bank

Session 1: Monetary policy in the face of multiple supply shocks

Chair: Fabio Panetta, Member of the Executive Board, European Central Bank

Paper: “Monetary policy in the face of supply shocks: the role of inflation expectations”

Author: Silvana Tenreyro, external member of the Monetary Policy Committee, Bank of England, and Professor, London School of Economics (together with Nicolò Bandera, Bank of England, Lauren Barnes, Bank of England, Matthieu Chavaz, Bank of England and Lukas von dem Berge, Bank of England and Oxford University)

Discussant: Daniel Gros, Professor, Bocconi University

Session 2: Assessing the costs of inflation

Chair: Frank Elderson, Member of the Executive Board, European Central Bank

Paper: “Inflation and misallocation in New Keynesian models”

Author: Francesco Lippi, Professor, LUISS University (together with Alberto Cavallo, Associate Professor, Harvard Business School, and Ken Miyahara, Graduate Student and Research Assistant at EIEF)

Discussant: Sharon Kozicki, Deputy Governor, Bank of Canada

Coffee break and poster session for the Young Economist Prize

Panel 1: Structural change in energy markets and implications for inflation

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank

• Ida Wolden Bache, Governor, Norges Bank
• Christiane Baumeister, Professor, University of Notre Dame
• Javier Blas, Columnist, Bloomberg
• Miguel Gil Tertre, Chief Economist and Head of Unit, European Commission
  Paper: Structural changes in energy markets and price implications: effects of the recent energy crisis and perspectives of the green transition

Lunch

Reception and dinner hosted by the Executive Board of the European Central Bank

Poster session for the Young Economist Prize

Session 3: Monetary policy normalisation

Chair: Luis de Guindos, Vice-President, European Central Bank

Paper: “Balance sheet policy above the ELB”

Author: Annette Vissing-Jørgensen, Senior Adviser, Board of Governors of the Federal Reserve System

Discussant: Jordi Galí, Professor, Pompeu Fabra University

Session 4: The optimal mix of fiscal and monetary policy in the context of high inflation

Chair: Luis de Guindos, Vice-President, European Central Bank

Paper: “Unconventional fiscal policy in times of high inflation”

Author: Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department, International Monetary Fund (together with Mai Chi Dao, Allan Dizioli, Chris Jackson and Daniel Leigh, all International Monetary Fund)

Discussant: Giancarlo Corsetti, Professor, European University Institute

Coffee break

Panel 2: Lessons from recent experiences in macroeconomic forecasting

Chair: Philip R. Lane, Member of the Executive Board, European Central Bank

• Alfred Kammer, Director of the European Department, International Monetary Fund
  
• Clare Lombardelli, Director General, Chief Economist and G20 Finance Deputy, Organisation for Economic Co-operation and Development
  
• Huw Pill, Chief Economist, Bank of England
  
• Chiara Scotti, Senior Vice President and Director of Research, Federal Reserve Bank of Dallas
  Paper: Financial shocks in an uncertain economy

Lunch

Policy panel

• Andrew Bailey, Governor, Bank of England
• Christine Lagarde, President, European Central Bank
• Jerome Powell, Chair, Board of Governors of the Federal Reserve System
• Kazuo Ueda, Governor, Bank of Japan
  

Moderator: Sara Eisen, Closing Bell anchor, CNBC

Award ceremony for the Young Economist Prize

Closing remarks

Christine Lagarde, President, European Central Bank

Group photo (all participants)

Reception and dinner hosted by the Banco de Portugal