• Linkedin
  • Twitter
  • Youtube

SUERF-Banca d’Italia-ECB-EIB conference

The use of surveys for monetary and economic policy

Date: 26 April 2023 - 27 April 2023 I hybrid, Rome

Venue: Banca d’ Italia, via Nazionale 91, 00184 Rome, Italy I online via Webex

Over the past years, surveys have gained importance to supplement information from “hard” economic data on various aspects of the economy, and to provide timely insights on the impact from sudden and unexpected developments, such as COVID-19, the energy crisis and the sudden sharp increase in inflation. Surveys cover a broad range of economic actors and sectors, such as households, firms, financial institutions and economic and financial forecasters. Central banks, policy institutions and academia are using insights from such surveys increasingly to inform their appraisal of the state and outlook of the economy as well as possible risks, to study the distributional effects of policies and to inform policy decisions. That said, existing surveys also have many limitations and caveats, and survey methods and research are currently developing very rapidly, given a changing economic environment, with new pressing policy and research questions emerging at a rapid pace. Call fpr Papers (pdf)

Scientific committee: David Loschiavo and Concetta Rondinelli (Banca d’Italia, local organizers), Ernest Gnan (SUERF), Geoff Kenny and Dimitris Georgarakos (ECB), Matteo Gatti and Peter Harasztosi (EIB).

Wednesday, 26 April 2023
14:00 Welcome and Introduction

Luigi Federico Signorini, Senior Deputy Governor, Banca d’Italia

Jakob de Haan, SUERF President I Professor, University of Groningen

14:15 Keynote Lecture

Heterogeneous spending and saving behaviors: What can we learn from survey experiments?
Stefanie Stantcheva, Professor, Harvard University
Presentation (pdf)Presentation (pdf)

15:00 Session 1: Monetary Policy

Chair: Stefano Neri, Banca d’Italia I SUERF

Paper: A Diverse Fed Can Reach Underrepresented Groups
Michael Weber, University of Chicago I NBER

Co-author(s): Francesco D"Acunto, Georgetown University; Andreas Fuster, EPFL

  • Discussant: Luigi Guiso, Einaudi Institute for Economics and Finance
Presentation (pdf)Presentation (pdf)

Paper: Fed Sentiment and Expectations: Evidence from Speeches by FOMC Members
Greta Meggiorini, University of California, Irvine

Co-author(s): Eleonora Granziera, Norges Bank; Vegard H. Larsen, BI Norwegian Business School
  • Discussant: Maria Sole Pagliari, Banque de France
Presentation (pdf)Presentation (pdf)

Paper: Building Central Bank Credibility: The Role of Forecast Performance
Ryan Rholes, University of Oxford

Co-author(s): Michael McMahon, University of Oxford 
  • DiscussantLaurent Maurin, European Investment Bank
Presentation (pdf)Presentation (pdf)

16:45 Coffee Break
17:00 Session 2: Firms

Chair: Marco Bottone, Banca d’Italia

Paper: Why firms lay off workers instead of cutting wages: Evidence from matched firm survey-administrative data
Marianna Kudlyak, Federal Reserve Bank of San Francisco I Hoover Institution

Co-author(s): Antoine Bertheau, University of Copenhagen; Birthe Larsen, Copenhagen Business School; Morten Bennedsen, University of Copenhagen 
  • Discussant: Annalisa Ferrando, European Central Bank
Presentation (pdf)Presentation (pdf)

Paper: The effects of the 2021 energy crisis on medium and large industrial firms: evidence from Italy
Matteo Alpino, Bank of Italy

Co-author(s): Luca Citino, Bank of Italy; Annalisa Frigo, Bank of Italy 
  • Discussant: Nils Wehrhöfer, Deutsche Bundesbank
Presentation (pdf)Presentation (pdf)

Paper: Advanced digital technologies and investment in employee training: Complements or substitutes?
Christoph Weiss, European Investment Bank

Co-author(s): Giorgio Brunello; University of Padova, Désirée Rückert and Patricia Wruuck; European Investment Bank 
  • Discussant: Fabiano Schivardi, LUISS University
Presentation (pdf)Presentation (pdf)

18:45 End - Day 1
Thursday, 27 April 2023
09:30 Session 3: Households

Chair: Tiziano Ropele, Banca d’Italia

Paper: How do borrower households adjust in a household foreign currency debt crisis?
Győző Gyöngyösi, Leibniz Institute for Financial Research SAFE

Co-author(s): Judit Rariga; European Central Bank, Emil Verner; MIT
  •  Discussant: Andrea Pozzi, Einaudi Institute for Economics and Finance
Presentation (pdf)Presentation (pdf)

Paper: Wealth shocks and portfolio choice
Tullio Jappelli, Università di Napoli Federico II

co-author(s): Geoff Kenny, ECB;  Dimitris Georgarakos, ECB and CFS, Dimitris Christelis, University of Glasgow

  • Discussant: Maarten van Rooij, De Nederlandsche Bank
Presentation (pdf)Presentation (pdf)

Paper: Household expectations and dissent among policymakers
Moritz Grebe, Giessen University

Co-author(s): Peter Tillmann; Justus-Liebig-Universität Gießen 
  • Discussant: Klodiana Istrefi, European Central Bank and CEPR
Presentation (pdf)Presentation (pdf)

11:15 Coffee Break
11:30 Session 4: Monetary and Macroprudential Policies

Chair: Elisa Guglielminetti, Banca d’Italia

Paper: Cooling the mortgage loan market: The effect of value-based and income-based prudential limits on new mortgage lending
Martin Hodula, Czech National Bank

Co-author(s): Milan Szabo, Lukáš Pfeifer, Martin Melecký, Czech National Bank 
  • Discussant: Aicha Kharazi, University of Exeter
Presentation (pdf)Presentation (pdf)

Paper: Short and variable lags
Vasco M. Carvalho, Universitat Pompeu Fabra

Co-author(s): Gergely Buda, Barcelona School of Economics; Giancarlo Corsetti, EUI; João B. Duarte, Nova School of Business and Economics; Stephen Hansen, University College London; Álvaro Ortiz, BBVA; Tomasa Rodrigo, BBVA; José Rodríguez Mora, University of Edinburgh 
  • Discussant: Stefano Pica, Bank of Italy

12:40 Lunch
13:40 Session 5: Inequality

Chair: Giordano Zevi, Banca d’Italia

Paper: Inequality and business cycles
Florin Bilbiie, University of Cambridge

Co-author(s): Giorgio E. Primiceri, Northwestern University; Andrea Tambalotti, Federal Reserve Bank of New York 
  • Discussant: José Elías Gallegos Dago, Banco de España

Paper: Distributional effects of inflation in the euro area
Filippo Pallotti, University College London

Co-author(s): Gonzalo Paz-Pardo, Jiri Slacalek, Oreste Tristani (ECB); Giovanni Violante; Princeton University
  •  Discussant: Clodomiro F. Ferreira, Banco de España

14:50 Presentation

The use of private market surveys at the European Investment Fund (EIF)
Antonia Botsari and Frank Lang, EIF
Presentation (pdf)Presentation (pdf)

15:15 Policy Panel

Chair: Silvia Fabiani, Head of Statistical Analysis Directorate, Banca d’Italia

Andrea Brandolini, Deputy Director, General for Economics, Statistics and Research, Banca d’Italia

Debora Revoltella, Director of the Economics Department, EIB I SUERF
Presentation (pdf)Presentation (pdf)

Natacha Valla, Dean, Sciences Po, School of Management and Innovation I SUERF
Presentation (pdf)Presentation (pdf)

Caroline Willeke, Deputy Director, General Statistics, ECB
Presentation (pdf)Presentation (pdf)

17:00 Concluding remarks

Ernest Gnan, SUERF Secretary General

17:10 End - Day 2

© SUERF - The European Money and Finance Forum 2010-2018 .:. Société Universitaire Européenne de Recherches Financières

Privacy Policy .:. Legal notice

Design by draganmarkovic.net