Monetary Policy

22.09.2026: Saki Bigio – The heterogeneous bank lending channel of monetary policy

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Presenter: Saki Bigio Affiliation: University of California, Los Angeles, Department of Economics Paper: The Heterogeneous Bank Lending Channel of Monetary Policy Date: September 22, 2026. Time: 15:00 Israel Time. Abstract: How does heterogeneity in banks’ interest-rate risk exposure shape monetary policy transmission? We develop a quantitative macroeconomic model of heterogeneous banks to answer this question. … Read more

30.06.2026: Emi Nakamura – Beyond the Taylor Rule

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Presenter: Emi Nakamura Affiliation: University of California, Berkeley, Department of Economics. Paper: Beyond the Taylor Rule. Date: June 30, 2026. Time: 15:00 Israel Time. Abstract: The Federal Reserve partially “looked through” the post-Covid rise in inflation and ultimately managed to bring about an “immaculate disinflation.” The Fed’s policy deviated strongly from the Taylor rule during … Read more

17.03.2026: Markus Brunnermeier – Optimal (un)conventional monetary policy

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Presenter: Markus K. Brunnermeier Affiliation: Princeton University, Department of Economics and Bendheim Center for Finance. Paper | Slides Date: March 17, 2026. Time: 15:00 Israel Time. Abstract: We study the optimal joint interest rate and central bank balance sheet policies in a macro model with financial sector, sticky prices, aggregate and idiosyncratic risk. The optimal … Read more

02.12.2025: Laura Castillo-Martínez – Frictionless inflation

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Presenter: Laura Castillo-Martínez Affiliation: Duke University, Department of Economics. Paper: Frictionless Inflation. Date: December 2, 2025. Time: 15:00 Israel Time. Abstract: The existence of menu costs of price adjustment is one of the leading explanations for the delayed response of prices to changes in economic conditions. This paper investigates the relationship between menu costs of … Read more

28.10.2025: Martín Uribe – The legacy of high inflation on monetary policy rules

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Presenter: Martín Uribe Affiliation: Columbia University, Department of Economics. Paper: The Legacy of High Inflation on Monetary Policy Rules. Date: October 28, 2025. Time: 15:00 Israel Time. Abstract: This paper shows the key, yet overlooked, role played by the legacy of a high inflation history on the strength of the monetary policy response to inflationary … Read more

20.05.2025: Pierpaolo Benigno – Monetary economics and policy: A foundation for modern currency systems

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Presenter: Pierpaolo Benigno Affiliation: University of Bern, Department of Economics. Book: Monetary Economics and Policy: A Foundation for Modern Currency Systems Date: May 20, 2025. Time: 15:00 Israel Time. Abstract: Over the past two decades, monetary policy has been deployed in unprecedented ways, as central banks attempted to mitigate the adverse consequences of the 2007–2008 … Read more

05.11.2024: Michael McMahon – Tough talk: The Fed and the risk premium

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Presenter: Michael McMahon Affiliation: University of Oxford, Department of Economics. Paper: Tough Talk: The Fed and the Risk Premium. Date: November 5, 2024. Time: 13:00 GMT (15:00 Israel Time) Abstract: We study how monetary policy affects financial risk premia. Unlike existing studies, we focus on the Federal Open Market Committee’s (FOMC’s) forward-looking policy stance, beyond … Read more

08.10.2024: Christoph Boehm – Monetary policy without moving interest rates: The Fed non-yield shock

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Presenter: Christoph E. Boehm Affiliation: University of Texas at Austin, Department of Economics. Paper: Monetary Policy without Moving Interest Rates: The Fed Non-Yield Shock. Date: October 8, 2024. Time: 12:00 GMT (15:00 Israel Time) Abstract: Existing high-frequency monetary policy shocks explain surprisingly little variation in stock prices and exchange rates around FOMC announcements. Further, both … Read more

17.09.2024: Anna Cieslak – Policymakers’ uncertainty

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Presenter: Anna Cieslak Affiliation: Duke University, Fuqua School of Business. Paper: Policymakers’ Uncertainty. Date: September 17, 2024. Time: 12:00 GMT (15:00 Israel Time) Abstract: We examine how uncertainty impacts decision-making by the Federal Open Market Committee (FOMC). Drawing from private deliberations, we quantify the uncertainty types the FOMC perceives and their policy impact. Inflation uncertainty … Read more

02.04.2024: Cristina Manea – Monetary tightening, inflation drivers and financial stress

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Presenter: Cristina Manea. Affiliation: Bank for International Settlements, Monetary and Economic Department. Paper: Monetary Tightening, Inflation Drivers and Financial Stress. Date: April 02, 2024. Time: 12:00 GMT (15:00 Israel Time) Abstract: The paper explores the state–dependent effects of a monetary tightening on financial stress, focusing on a novel dimension: the nature of supply versus demand … Read more