
Banca d’Italia and SUERF Workshop
Monetary policies worldwide are currently facing a number of challenges, including how to deal with the low level of nominal and real interest rates, how to deal with a persistent undershooting of inflation targets, how to align inflation expectations with the inflation target, how to deal with a changing inflation formation process, and how to gauge changes in the transmission of monetary policy impulses to the economy and inflation. Where actually is the effective lower bound of interest rates? How to incorporate unconventional policy tools such as outright asset purchases and forward guidance in the measurement of the policy stance and in the assessment of remaining policy scope? What do equilibrium and policy rates close to the effective lower bound imply for optimal monetary policy strategies, including the definition of price stability or the inflation aim? How has the post-crisis monetary policy toolbox performed; how should it develop further in the future? These and other topics are currently also reflected upon in global central banks’ ongoing monetary policy strategy reviews. The workshop will address several of these issues, combining insights from cutting edge academic research and policy makers’ practical experiences.
Scientific committee:
Jakob De Haan, SUERF President
Ernest Gnan, OeNB and SUERF Secretary General
Giuseppe Grande, Banca d"Italia
Mario Pietrunti, Banca d"Italia
Stefano Siviero, Banca d"Italia
Frank Smets, ECB and SUERF Fellow
Format: Online Workshop
SUERF gratefully acknowledges professional technical support of SUERF online events by the OeNB’s Information Management and Services Division.
Date and Time
Wednesday, 18 November 2020 - 14:00-16:20 CET
Thursday, 19 November 2020 - 14:00-16:35 CET
Programme
Wednesday, 18 November 2020 | |
14:00 | Welcome address |
Daniele Franco, Senior Deputy Governor, Bank of Italy |
|
14:20 | Keynote Lecture |
Should the ECB Adjust its Strategy in the Face of a Lower r*? ![]() |
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15:05 | Session 1 - Strategy |
Chair: Ernest Gnan, Counsel to the Board and Head, Economic Analysis Division, OeNB I SUERF Secretary General
Discussant: Flora Budianto, Economist, BIS - Presentation ![]()
Discussant: Juan Passadore, Assistant Professor, EIEF - Presentation ![]() |
|
16:05 | Q&A |
16:15 | Wrap up of the Day 1 and Close |
Thursday, 19 November 2020 | |
14:00 | Welcome |
14:05 | Session 2: Structural Change/Transmission |
Chair: Frank Smets, Director General Economics, European Central Bank I SUERF Fellow
Discussant: Carlo Altavilla, Head of Section, European Central Bank - Presentation ![]()
Discussant: Luisa Corrado, Professor of Economics, University of Rome Tor Vergata - Presentation ![]() |
|
14:55 | Q&A |
15:15 | Break |
15:20 | Session 3: Tools/Instruments |
Chair: Stefano Siviero, Deputy Director General for Markets and Payment Systems, Bank of Italy
Discussant: Andreas Tischbirek, Assistant Professor of Economics, HEC Lausanne - Presentation ![]()
Discussant: Kilian Rieder, Research Economist at the Oesterreichische Nationalbank - Presentation ![]() |
|
16:20 | Q&A |
16:30 | Wrap up of the Day 2 and Close |
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