Radein South Tyrol


Monday, February 19, 2018
Saturday, February 24, 2018

In cooperation with

The disappearance of money and banking from macroeconomic analysis can be interpreted as a step backwards. It happened after World War 2. Before the war, there was a fairly broad consensus that banks can create money and that this matters. Both Keynes and Friedman have converted the profession to the belief that money (or at least the monetary base) should be modelled as exogenous and they have largely eliminated banks from macroeconomics. One way to get banks back into macro models would be to treat them not just as monitors but first and foremost as creators of money. Up until late-2016, neither ultra-low interest rates nor the huge expansion of central banks‘ balance sheets seemed to be sufficient to move inflation rates back to its target levels, notably in Japan and also in the Euro Area. One factor that may explain why monetary policy does not have a stronger impact is the hesitant credit policy of commercial banks. This puts the macroeconomic significance of the commercial banking sector into focus. A potential extension of the range of topics would focus on developments that may have a significant impact on the relationship between commercial banks and central banks. In Switzerland, lack of trust in banks has triggered strong public support for 100% banking (Vollgeld). In other countries, the declining use of cash gives central banks food for thought about central bank digital money and/or non-bank access to central bank accounts. Any of these innovations would have fundamental implications for the role of commercial banks.

The preliminary time table is available here.

Keynote Speakers

Could (Should) We Introduce Debt Cancellation Jubilees Nowadays?
Charles Goodhart
, London School of Economics

Population growth and the rate of interest
Carl Christian von Weizsäcker,
Max Planck Institute

Core Conference

The Swiss Sovereign Money Initiative
Katrin Assenmacher, European Central Bank

Agent-based models: Keynesian and Schumpetarian
Charlotte Bruun, Aalborg University

Future of monetary policy and central bank independence
Jakob de Haan, Netherlands Bank

Intercompany loans and monetary policy
Malte Krueger, University of Aschaffenburg

Central bankers and monetary policy: Economics, political economy and behaviorism
Donato Masciandaro, Bocconi University

The independence of the ECB
Ulrike Neyer,
University of Düsseldorf

Welfare costs of abolishing cash
Gerhard Rösl, OTH Regensburg
Franz Seitz, Weiden Technical University of Applied Sciences

The Swedish e-krona project – a case study of central-bank issued digital currency
Björn Segendorff, Sveriges Riksbank

Unconventional monetary policy in the euro area: Macroeconomic context, effective-ness, unintended consequences, and normalization
Stefano Siviero, Bank of Italy

Can Central Banks Determine the Rate of Inflation? Forward Guidance, Neo-Fisherian View and Fiscal Theory of the Price Level
Peter Spahn, University of Hohenheim

What can we learn from the real bills doctrine?
Juha Tarkka, Bank of Finland

On Bank lending, Money Creation and Financial Intermediation
Dimitrios Tsomocos, SAID Business School and University of Oxford

Some thoughts on optimal inflation targets
Jens Ulbrich, Deutsche Bundesbank