ECB Conference on Monetary Policy 2025: bridging science and practice
Monday, 6 and Tuesday, 7 October 2025
Frankfurt am Main
Hybrid event
The 8th Conference on Monetary Policy will feature once more an impressive academic line-up and will be held as a hybrid event. The three conference sessions will tackle issues related to monetary policy, including the role of financial markets and financial intermediaries in monetary policy transmission, and with relation to the current situation of elevated economic and geopolitical uncertainty. A special session will be showcasing monetary policy related research by young economists.
Programme
Times are CET (UTC+2)
* indicates the presenter
- 9:30
-
Registration and coffee
- 10:00
-
Keynote speech
Philip R. Lane, Member of the Executive Board, European Central Bank
- 10:45
-
Coffee break
-
Session 1
Monetary policy and financial marketsChair: Wolfgang Lemke, European Central Bank
- 11:15
-
Equity Duration and Interest Rates
Niels Gormsen*, University of Chicago Booth School of Business & NBER
Co-Author: Eben LazarusDiscussant: Mariano M. Croce, Bocconi University
- 12:00
-
Information in (and not in) interest rate surveys
Laura Coroneo*, University of York
Co-Author: Adam GolinskiDiscussant: Don H. Kim, Board of Governors of the Federal Reserve System
- 12:45
-
Buffet lunch
-
Session 2
Monetary policy, credit and bankingChair: Carlo Altavilla, European Central Bank
- 14:15
-
Bank Financing of Global Supply Chains
Camelia Minoiu*, Federal Reserve Bank of Atlanta
Co-Authors: Laura Alfaro, Mariya Brussevich, Andrea PresbiteroDiscussant: Björn Imbierowicz, Deutsche Bundesbank
- 15:00
-
QE, Bank Liquidity Risk Management, and Non-Bank Funding: Evidence from U.S. Administrative Data
José-Luis Peydró*, Imperial College London & CEPR
Co-Authors: R. Matthew Darst, Sotirios Kokas, Alexandros Kontonikas, Alexandros P. VardoulakisDiscussant: Leonardo D'Amico, Princeton University
- 15:45
-
Coffee break
- 16:15
-
Fireside chat
Chair: Massimo Rostagno, European Central Bank
Speakers:
- Olivier Blanchard, Massachusetts Institute of Technology
- Lawrence J Christiano, Northwestern University
- 17:30
-
Closing remarks and end of day 1
- 18:30
-
Reception
- 18:30
-
Dinner speech
- 19:00
-
Dinner
- 8:30
-
Registration and coffee
-
Session 3
Monetary policy and inflationChair: Sujit Kapadia, European Central Bank
- 9:00
-
The trouble with rational expectations in heterogeneous agent models: A challenge for macroeconomics
Benjamin Moll*, London School of Economics
Discussant: Laura V. Gati, European Central Bank
- 9:45
-
Tariffs as cost-push shocks: Implications for optimal monetary policy
Guido Lorenzoni*, University of Chicago Booth School of Business
Co-Authors: Ivan Werning, Veronica GuerrieriDiscussant: Kurt Mitman, Stockholm University
- 10:30
-
Coffee break
-
Session 4
Young EconomistsChair: Oreste Tristani, European Central Bank
- 10:45
-
Monetary Policy and the Firm-level Labor Share: A Story about Capital
Anna Matzner*, Vienna University of Economics and Business
- 11:05
-
Monetary Policy Normalization in the New Normal: The Role of Quantitative Tightening
Martin Arazi*, Bank of England
- 11:25
-
Carbon Pricing and Monetary Policy in an Estimated Macro-Climate Model
Sofia Semik*, Goethe University Frankfurt
- 11:45
-
Coffee break
- 12:00
-
Keynote speech
Lawrence J Christiano, Northwestern University
Chair: Roberto Motto, European Central Bank
- 13:00
-
Closing remarks
Carlo Altavilla, Sujit Kapadia, Wolfgang Lemke, Roberto Motto, Oreste Tristani
- 13:05
-
End of conference
This programme may be subject to change without notice.
Audiovisual notice: The event may be filmed and the video recording, or parts of it, may be published on the internet/intranet.
Organisational
European Central Bank
Main Building
Press Room
Sonnemannstrasse 20
60314 Frankfurt am Main
English
Carlo Altavilla, Sujit Kapadia, Wolfgang Lemke, Roberto Motto and Oreste Tristani, all European Central Bank