14.06.2022: Boris Hofmann – Losing traction? The real effects of monetary policy when interest rates are low

Presenter: Boris Hofmann Affiliation: Bank for International Settlements, Monetary and Economic Department Paper: Losing Traction? The Real Effects of Monetary Policy when Interest Rates are Low Date: June 14, 2022 Time: 13:00 GMT (16:00 Israel Time) Abstract: Are there limits to how far reductions in interest rates can boost aggregate demand? In particular, as interest … Read more

16.05.2022: Cristina Manea – Big techs and the credit channel of monetary policy

Presenter: Cristina Manea Affiliation: Deutsche Bundesbank, Research Centre Paper: Big Techs and the Credit Channel of Monetary Policy Date: May 16, 2022 Time: 13:00 GMT Abstract: We study how the entry of large technology firms such as Amazon, Alibaba or Facebook (“Big Techs”) into finance may affect the transmission of monetary policy. Our empirical analysis … Read more

12.07.2022: Tommaso Monacelli – HBANK: Monetary policy with heterogeneous banks

Presenter: Tommaso Monacelli Affiliation: Bocconi University, Ettore Bocconi Department of Economics. Paper: HBANK: Monetary Policy with Heterogeneous Banks Date: July 12, 2022 Time: 13:00 GMT Abstract: We study how bank heterogeneity and market power shape the transmission of monetary policy. In the data, following a monetary contraction, large banks lower their credit mark-ups and quantities … Read more

15.03.2022: Jordi Galí – Monetary policy and endogenous financial crises

Presenter: Jordi Galí Affiliation: Universitat Pompeu Fabra, Department of Economics, CREI and Barcelona GSE. Paper: Monetary Policy and Endogenous Financial Crises Date: March 15, 2022 Time: 13:00 GMT Abstract: We study whether a central bank should deviate from its objective of price stability to promote financial stability. We tackle this question within a textbook New … Read more

22.02.2022: Lawrence H. Summers – The Fed’s strategy review: relevance for small open economies

Presenter: Lawrence H. Summers Affiliation: Harvard University Talk title: The Fed’s Strategy Review: Relevance for Small Open Economies. Date: February 22, 2022 Time: 13:30 GMT Click here to attend this seminar

28.12.2021: Cynthia Wu – Average inflation targeting: time inconsistency and intentional ambiguity

Presenter: Cynthia Wu Affiliation: University of Notre Dame, Department of Economics Paper: Average Inflation Targeting: Time Inconsistency and Intentional Ambiguity Date: December 28, 2021. Time: 13:00 GMT We study the implications of the Fed’s new policy framework of average inflation targeting (AIT) and its ambiguous communication. The central bank has the incentive to deviate from … Read more

14.12.2021: Jean Tirole – Industrial monetary policy

Presenter: Jean Tirole Affiliation: Toulouse School of Economics Paper: Industrial Monetary Policy (link available soon) Date: December 14, 2021 Time: 13:00 GMT Abstract: We consider “industrial monetary policies”: Liquidity support policies through which authorities shape the location and continuation of economic activity on their soil, with consequences for banks’ international specialization, place of incorporation, charter … Read more

02.11.2021: Lucrezia Reichlin – Monetary-fiscal crosswinds in the European Monetary Union

We study the monetary-fiscal mix in the European Monetary Union. The medium and long-run effects of conventional and unconventional monetary policy can be analysed by combining monetary policy shocks identified in a Structural VAR, and the general government budget constraint featuring a single central bank and multiple fiscal authorities. In response to a conventional easing of the policy rate, the real discount rate declines, absorbing the increase in deficit due to the fiscal policy leaning towards the easing. Conversely, in response to an unconventional easing of the long end of the yield curve, the discount rate declines strongly, while the primary fiscal surplus barely moves. The long-run effect of unconventional monetary easing on inflation is about half than that of conventional, a result which also explains the muted response of fiscal policy. Results do not point to large differences across countries.

05.10.2021: Saki Bigio – A model of credit, money, interest, and prices

Presenter: Saki Bigio Affiliation: University of California, Los Angeles, Department of Economics. Paper: A Model of Credit, Money, Interest, and Prices Date: October 05, 2021 Time: 15:00 IDT (GMT+3) Abstract: This paper integrates a realistic implementation of monetary policy through the banking system into an incomplete-market economy with wage rigidity. Monetary policy sets policy rates … Read more

07.07.2021: Ludwig Straub – Exchange rates and monetary policy with heterogeneous agents: sizing up the real income channel

Introducing heterogeneous households to a New-Keynesian small open economy model amplifies the real income channel of exchange rates: the rise in import prices from a depreciation lowers households’ real incomes, and leads them to cut back on spending. This channel counteracts the standard expenditure-switching channel of exchange rates, and can result in a contractionary effect of a depreciation on domestic output. We study the monetary policy implications of a large and dominant real income channel.

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