Inaugural conference of the ChaMP Research Network
Challenges for Monetary Policy Transmission in a Changing World (“ChaMP”)
Thursday, 25 and Friday, 26 April 2024
Frankfurt am Main
This conference marks the launch of the ChaMP Research Network, which focuses on challenges for monetary policy transmission, amid unprecedented shocks, structural changes and shifting inflation dynamics. It consists of researchers from the ECB and all EU national central banks. Its main goal is to develop research to understand further how these changes have affected the speed, strength, and heterogeneity of monetary policy transmission in the euro area and the European Union.
PHOTOS
High-quality images of the conference are available via Flickr.
Programme
* indicates the presenter
- 8:30
-
Registration and coffee
- 9:00
-
Opening speech
Isabel Schnabel, Member of the Executive Board, European Central Bank
- 9:25
-
Introduction to the ChaMP Research Network
- Diana Bonfim, Banco de Portugal and European Central Bank
- Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique
- Philipp Hartmann, European Central Bank
-
Session 1 – Supply chains, monetary policy transmission and inflation
Session chair: Christophe Kamps, European Central Bank
- 9:45
-
Supply chain constraints and inflation
- Diego Comín*, Dartmouth College
- Robert C. Johnson, University of Notre Dame
- Callum J. Jones, Federal Reserve Board
Discussant: Mishel Ghassibe, CREI – Barcelona Center for Research in International Economics
- 10:40
-
Supply Chain Shortages, Large Firms Market Power, and Inflation
- Francesco A. Franzoni, Universita della Svizzera italiana
- Mariassunta Giannetti*, Stockholm School of Economics
- Roberto Tubaldi, BI Norwegian Business School
Discussant: Almut Balleer, RWI – Leibniz Institute for Economic Research
- 11:35
-
Coffee break and Poster session**
- 12:05
-
The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Theory and Evidence
- Xiwen Bai, Tsinghua University
- Jesús Fernández-Villaverde, University of Pennsylvania
- Yiliang Li*, University of International Business and Economics
- Francesco Zanetti, University of Oxford
Discussant: Hilde Bjørnland, BI Norwegian Business School
- 13:00
-
Buffet lunch
-
Session 2 – Monetary policy transmission through the banking sector
Session chair: Margherita Bottero, Banca d’Italia
- 14:45
-
Monetary Policy Transmission Through Cross-Selling Banks
- Christoph Basten*, University of Zurich
- Ragnar Enger Juelsrud, Norges Bank
Discussant: Camelia Minoiu, Federal Reserve Bank of Atlanta
- 15:40
-
Are low interest rates firing back? Interest rate risk in the banking book and bank lending in a rising interest rate environment
- Lara Coulier*, European Central Bank
- Cosimo Pancaro, European Central Bank
- Alessio Reghezza, European Central Bank
Discussant: David Martínez-Miera, Universidad Carlos III de Madrid
- 16:35
-
Coffee break and Poster session**
- 17:05
-
Monetary Policy, Inflation, and Crises: Evidence from History and Administrative Data
- Jose-Luis Peydro, Imperial College Business School and Barcelona School of Economics
- Gabriel Jiménez, Banco de España
- Dmitry Kuvshinov*, Universitat Pompeu Fabra
- Björn Richter, Universitat Pompeu Fabra
Discussant: Cristina Manea, Bank for International Settlements
- 18:00
-
End of first conference day
- 18:30
-
Dinner – by invitation only
- 19:30
-
Dinner speech
Fabio Panetta, Governor, Banca d'Italia
- 8:20
-
Registration and coffee
-
Session 3 – Climate risks and challenges for monetary policy transmission
Session chair: Galo Nuño, Banco de España and Bank for International Settlements
- 8:50
-
Climate Risk, Bank Lending and Monetary Policy
- Carlo Altavilla, European Central Bank
- Miguel Boucinha, European Central Bank
- Marco Pagano *, University of Naples Federico II
- Andrea Polo, Luiss University
Discussant: Vasso Ioannidou, City University of London, Bayes Business School
- 9:45
-
The New Keynesian Climate model
- Jean-Guillaume Sahuc, Banque de France
- Frank Smets, European Central Bank
- Gauthier Vermandel*, École Polytechnique
Discussant: Philipp Pfeiffer, European Commission
- 10:40
-
Coffee break and Poster session**
- 11:00
-
Policy panel: Current issues for monetary policy transmission in Europe
Chair: Katrin Assenmacher, European Central Bank
Panellists:
- Silvia Ardagna, Managing Director and Head of European Economics Research, Barclays
- Mario Centeno, Governor, Banco de Portugal
- Benoit Mojon, Head of Economic Analysis, Bank for International Settlements
- Ricardo Reis, Professor of Economics, London School of Economics
- Silvia Ardagna, Managing Director and Head of European Economics Research, Barclays
- 12:30
-
Buffet lunch
-
Session 4 – Monetary policy transmission through non-banks
Session chair: Laura Moretti, Central Bank of Ireland
- 14:15
-
Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates
- Ruggero Jappelli*, Goethe University Frankfurt
- Loriana Pelizzon, Leibniz Institute for Financial Research SAFE
- Marti G. Subrahmanyam, New York University
Discussant: Refet S. Gürkaynak, Bilkent University
- 15:10
-
Monetary policy transmission through online banks
- Samuel Earnest, University of Chicago
- Isil Erel*, The Ohio State University
- Jack Liebersohn, University of California, Irvine
- Constantine Yannelis, University of Chicago
Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago
- 16:05
-
Coffee break and Poster session**
-
Session 5 – Business cycles, monetary policy and long-run effects
Session chair: María T. Valderrama, Oesterreichische Nationalbank
- 16:20
-
Do Recessions Slow Technology Growth? Evidence from the Firm Level
- Michaela Elfsbacka-Schmöller*, Suomen Pankki – Finlands Bank
- Olga Goldfayn-Frank, Deutsche Bundesbank
- Tobias Schmidt, Deutsche Bundesbank
Discussant: Paloma López-García, European Central Bank
- 17:15
-
Non-Essential Business Cycles
- Michele Andreolli*, Boston College
- Natalie Rickard, London Business School
- Paolo Surico, London Business School
Discussant: Peter Karadi, European Central Bank
- 18:10
-
End of conference
** Papers and presenters of the Poster Session
-
The impact of monetary policy normalisation on secured money markets
by Alicia Aguilar, Banco de España - The zombie lending channel of monetary Policy
by Bruno Albuquerque, International Monetary Fund - Monetary policy in the presence of supply constraints: Evidence from German firm-level data
by Marvin Nöller, RWI – Leibniz Institute for Economic Research - Excess Reserves and Monetary Policy Tightening
by Karol Paludkiewicz, Deutsche Bundesbank - Monetary Policy in a Tightening Cycle
by Alexander Haas, University of Oxford - Monetary Policy and Corporate Debt Maturity
by Janko Heineken, University of Bonn - Monetary Tightening, Inflation Drivers and Financial Stress
by Cristina Manea, Bank for International Settlements - Job polarization, labor market fluidity and the flattening of the Phillips Curve
by Riccardo Zago, Banque de France
This programme may be subject to change without notice.
Audiovisual notice: A photographer will be present at the event taking photographs for our internet / 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 / intranet.
General information
Press Room (C5.01)
Main building
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
English
- Diana Bonfim, Banco de Portugal
- Margherita Bottero, Banca d’Italia
- Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique
- Philipp Hartmann, European Central Bank
- Maria T. Valderrama, Oesterreichische Nationalbank
- Melina Papoutsi, European Central Bank
- Gonzalo Paz Pardo, European Central Bank
- Justyna Ferstl, European Central Bank
- Carlo Altavilla, European Central Bank
- Guido Ascari, De Nederlandsche Bank
- Vasco Carvalho, University of Cambridge, Economics Department
- Matteo Ciccarelli, European Central Bank
- Hans Degryse, KU Leuven, Department of Accountancy, Finance, and Insurance
- Mishel Ghassibe, CREI and Barcelona School of Economics
- Refet S. Gürkaynak, Bilkent University, Department of Economics
- Björn Imbierowicz, Deutsche Bundesbank
- Vasso Ioannidou, City University of London, Bayes Business School
- Angela Maddaloni, European Central Bank
- Laura Moretti, Central Bank of Ireland
- Galo Nuño, Banco de España
- Melina Papoutsi, European Central Bank
- Nicola Pavanini, Tilburg University, Department of Finance
- Gonzalo Paz Pardo, European Central Bank
- Elisa Rubbo, University of Chicago, Booth School of Business
- Gabriel Smagghue, Banque de France
- Paolo Surico, London Business School, Economics Department