Oesterreichische Nationalbank
Otto-Wagner-Platz 3, 1090 Vienna

& online via Webex


hybrid, Vienna


Monday, June 10, 2024
Tuesday, June 11, 2024

In cooperation with

Central banks are currently facing a number of substantial challenges and their various business areas, like in many sectors of the economy and in economic policy making, are undergoing fundamental structural changes. Among other themes, central banks face strategic questions such as: What will be the future monetary policy toolkit, once a “new normal” has been reached, with inflation back to established inflation targets, while the geopolitical and economic environment will likely remain challenging? How will the digital transformation and AI affect monetary policy? How to deal with persistent high uncertainty in an age of polycrises – how is monetary policy affected, what role for central bankers as risk managers? Are central bank finances relevant for central banks’ independence and their ability to deliver on their price stability mandate? How to deal with central banks’ strongly expanded de iure or de facto scope of responsibilities – what implications might “mission creep” have on democratic accountability and central bank independence? What are the interrelations between monetary policy and structural changes, do central banks have a role in facilitating certain structural reforms?




Monday, 10 June 2024
Registration and standing lunch
Robert Holzmann, Governor, Oesterreichische Nationalbank Opening remarks (pdf)
Donato Masciandaro, SUERF President I Professor, Bocconi University
Keynote 1

The central bank of the future: challenges for monetary policy and central bank communication

Athanasios Orphanides, Professor, Massachusetts Institute of Technology Presentation (pdf)
Moderated by Donato Masciandaro, SUERF President I Professor, Bocconi University
Academic Session 1 - What monetary policy toolkit in a rapidly changing environment?

How should central banks’ operational frameworks adapt to a rapidly and fundamentally changing environment? What implications from large central bank balance sheets and their repercussions on the volatility of central bank’s net earnings?

Central Bank Capital and Shareholder Relationship

Dirk Broeders, European Central Bank Presentation (pdf)

Co-authors: Matteo Bonetti, Damiaan Chen, Daniel Dimitrov, De Nederlandsche Bank

Collateral Easing and Safe Asset Scarcity: How Money Markets Benefit from Low-Quality Collateral

Stefan Greppmair, Deutsche Bundesbank Presentation (pdf)

Co-authors: Karol Paludkiewicz, Sascha Steffen, Frankfurt School of Finance and Management

Corridors of Power

Kilian Rieder, Northwestern University I Oesterreichische Nationalbank I SUERF Presentation (pdf)

Co-authors: Robert Ferstl, Claudia Kwapil, Oesterreichische Nationalbank

Moderated by Anna Stelzer, Economist, Oesterreichische Nationalbank
Policy Session 1 - Monetary policy in the age of digitalization

How does digitalization affect the interaction between the financial system and monetary policy? What effect has the rise of non-bank financial intermediaries? How will new forms of electronic money, including CBDC, change monetary policy and its interactions with the financial system and the economy at large?

Katrin Assenmacher, Head of Division, Stress Test Modelling, ECB I SUERF Fellow
Raphael Auer, Head of the Eurosystem Centre, BIS Innovation Hub
Martin Summer, Head of Research Section, Oesterreichische Nationalbank
Moderated by Birgit Niessner, Director, Economic Analysis and Research Department, Oesterreichische Nationalbank
End of Day 1
Dinner I Dinner speech

Mission creep, democratic accountability and central bank independence

Rosa Lastra, Sir John Lubbock Chair in Banking Law, Queen Mary University of London Dinner speech (pdf)
Moderated by Robert Holzmann, Governor, Oesterreichische Nationalbank
Tuesday, June 11, 2024
Registration and coffee
Academic Session 2 - Defining and communicating the monetary policy reaction function in an increasingly complex environment

Since the GFC, central banks have been facing a challenging and fast-chaging environment. In the face of large and multiple shocks and an increasingly complex monetary policy toolkit, defining and communicating the central bank’s reaction function becomes increasingly complex.

Market perceptions, monetary policy, and credibility

Vincenzo Cuciniello, Bank of Italy Presentation (pdf)

Fed’s policy rule: A discrete-choice regime-switching approach

Andriy Sirchenko, Nyenrode Business University Presentation (pdf)

Whose Inflation Rates Matter Most? A DSGE Model and Machine Learning Approach to Monetary Policy in the Euro Area

Johannes Zahner, Goethe University Frankfurt Presentation (pdf)

Co-authors: Daniel Stempel; Heinrich Heine University Düsseldorf

Moderated by Maria T. Valderrama, Head of Monetary Policy Section, Oesterreichische Nationalbank
Policy Session 2 - Are central bank finances relevant for their ability to deliver price stability?

After years of failing to deliver on their mandate, the post-pandemic overshooting of inflation and the required sharp rise in policy rates caught everybody, including central bank treasurers, by surprise. Could the prospect of central banks needing recapitalization threaten their independence and in turn their ability to deliver price stability?

Sarah Bell, Head of Central Banking Studies, Monetary and Economic Department, BIS
Ashok Bhatia, Special Advisor, Office of the Managing Director, IMF
Dirk Broeders, Senior Lead Financial Risk Manager, ECB
Vasso Ioannidou, Professor of Finance Bayes Business School (formerly Cass)
Moderated by Robert Holzmann, Governor, Oesterreichische Nationalbank
Standing lunch
Keynote 2
Francois Villeroy de Galhau, Governor, Banque de France (online)
Moderated by Robert Holzmann, Governor, Oesterreichische Nationalbank
Policy Session 3 - Monetary policy in the polycrisis new normal

How have businesses’, consumers’ and wage setters’ behavior changed in response to the return of inflation, the sharp rise in interest rates, rising uncertainty and multiple secular changes? What are the implications for optimal monetary policy?

Fiorella De Fiore, Research Adviser, Monetary and Economic Department, BIS Presentation (pdf)
Michal Horvath, Executive Director, Monetary Policy and Market Operations, National Bank of Slovakia Presentation (pdf)
Frank Smets, Adviser to the Counsel to the Executive Board at European Central Bank I SUERF Fellow Presentation (pdf)
Moderated by Ernest Gnan, Secretary General, SUERF
Academic Session 3 - Inflation: New insights

The global surge in inflation post-covid and due to escalating geopolitical conflict has triggered a rich research agenda on changes to the the inflation process, inflation forecasting, and the formation of inflation expectations.

The return of inflation and inflation risks

Juan Angel Garcia, ECB Presentation (pdf)

Co-authors: Ricardo Gimeno, Banco de España; Piers Hinds, Haozhe Su; Michael Tretyakov; University of Nottingham

Can supply shocks be inflationary with a flat Phillips Curve

Jean-Paul L’Huillier, Brandeis University Presentation (pdf)

Co-author: Gregory Phelan, Williams College

Maximally forward-looking core inflation

Karin Klieber, Oesterreichische Nationalbank Presentation (pdf)

Co-authors: Philippe Goulet Coulombe, Christophe Barrette; Université du Québec à Montréal; Maximilian Göbel, Bocconi University

Moderated by Alex Grimaud, Economist, Oesterreichische Nationalbank
End of conference