DB Room, 2 floor
BAFFI CAREFIN Centre, Bocconi University
Via Roentgen 1
20136 Milan, Italy




Thursday, April 14, 2016

In cooperation with

Central Bankers are currently facing big challenges in designing and implementing monetary policy, with the crisis perpetuating itself in several rounds of sudden adjustments around the world. Each of these rounds of tensions comes with international spillovers, through risk premiums, exchange rate fluctuations, asset prices, tensions among financial intermediaries, world trade and global demand. In this environment, central banks increasingly feel the international dimension of national monetary policies, and measures even though warranted from a single country perspective may not be optimal once global repercussions are considered. The problem is accentuated by globally divergent growth and inflation outlooks, which would normally call for different directions in major central banks’ policy. The crisis has also led to a substantial extension in many central banks’ legal or de facto mandates and competencies, with increasing emphasis on safeguarding micro and macrofinancial stability of banks and other financial market segments. Large sovereign bond purchase programmes and central banks’ involvement in crisis countries’ adjustment program design and monitoring have blurred the lines between fiscal and monetary policies. Against this background, the conference will discuss to what extent prevailing central bank governance rules – which were designed decades ago with a completely different economic setting in mind – are still appropriate in the post-crisis world. Are central bank independence, accountability and transparency, and the focus on consumer price stability (as embodied in its purest form in inflation targeting) which were at the heart of the pre-crisis central banking model, still functional and appropriate? Are existing governance mechanisms sufficient in the light of central banks’ increased powers? What adjustments may be called for? To develop these themes the conference will bring together academics, central bankers and market practitioners to discuss new research, practical experiences and insights in the field.


Thursday, 14 April 2016
Opening and welcome
Andrea Sironi, Rector, Bocconi University
Donato Masciandaro, Baffi Carefin President and Department Head, Bocconi University and SUERF
Urs Birchler, SUERF President and Professor of Banking, University of Zürich
Keynote Session I
Chair: Urs Birchler, SUERF President and Professor of Banking, University of Zürich

Monetary Policy and Central Banking: What We Learned

Fabio Panetta, Deputy Governor, Bank of Italy and Member of the Supervisory Board, SSM (ECB) presentation
Paper Session I
Chair: Ernest Gnan, OeNB and SUERF Secretary Generel

Transparency of Monetary Policy in the Post Crisis World

Petra Geraats, Lecturer, Faculty of Economics, University of Cambridge presentation
Discussant: Bilin Neyapti, Associate Professor, Bilkent University presentation

Monetary Policy Committees and Voting Behavior

Sylvester Eijffinger, President Tilburg University Society and Professor of Economics, Tilburg University and CEPR presentation
Discussant: Alessandro Riboni, Ecole Polytechnique Paris presentation
Keynote Session II
Chair: Francesco Saita, Director BAFFI CAREFIN Centre

Central Bank Credibility: Insights from an Historical and Quantitative Exploration

Michael Bordo, Board of Governors Professor of Economics Rutgers University presentation
Discussant: Tommaso Monacelli, Bocconi University presentation
Paper Session II
Chair: Donato Masciandaro, Baffi Carefin President, Bocconi University and SUERF

Central Bank Governance: Evolution, Goals and Crises

Geoffrey Wood, Professor, University of Buckingham
Forrest Capie, Professor, Cass Business School, City University, London
Discussant: Charles Goodhart, Emeritus Professor, London School of Economics

Central Bank Design and Banking Supervision

Martin Melecki, Lead Economist, World Bank
Anca Maria Podpiera, Consultant, World Bank presentation
Discussant: Alex Cukierman, Professor, Tel Aviv University and Research Fellow at CEPR
Paper Session III
Chair: Jakob De Haan, Head of Research, De Nederlandsche Bank & Professor of Political Economy, University of Groningen and SUERF

Finance and income inequality revisited

Jan-Egbert Sturm , KOF Swiss Economic Institute, ETH Zurich

Finance and Income Inequality Revisited

Discussant: Pierre Siklos, Professor, WLU Canada presentation

Gender and Monetary Policymaking: Trends and Drivers

Donato Masciandaro, Davide Romelli and Paola Profeta, Bocconi University presentation
Discussant: Aleksandra Maslowska-Jokinen, University of Turku presentation