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


hybrid, Rome


Wednesday, April 26, 2023
Thursday, April 27, 2023

In cooperation with

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
Welcome and Introduction
Luigi Federico Signorini, Senior Deputy Governor, Banca d’Italia
Jakob de Haan, SUERF President I Professor, University of Groningen
Keynote Lecture

Heterogeneous spending and saving behaviors: What can we learn from survey experiments?

Stefanie Stantcheva, Professor, Harvard University presentation
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 presentation

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

  • Discussant: Luigi Guiso, Einaudi Institute for Economics and Finance

Paper: Fed Sentiment and Expectations: Evidence from Speeches by FOMC Members

Greta Meggiorini, University of California, Irvine presentation

Co-author(s): Eleonora Granziera, Norges Bank; Vegard H. Larsen, BI Norwegian Business School

  • Discussant: Maria Sole Pagliari, Banque de France

Paper: Building Central Bank Credibility: The Role of Forecast Performance

Ryan Rholes, University of Oxford presentation
Co-author(s): Michael McMahon, University of Oxford 
  • DiscussantLaurent Maurin, European Investment Bank
Coffee Break
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 presentation
Co-author(s): Antoine Bertheau, University of Copenhagen; Birthe Larsen, Copenhagen Business School; Morten Bennedsen, University of Copenhagen
  • Discussant: Annalisa Ferrando, European Central Bank

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

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

Paper: Advanced digital technologies and investment in employee training: Complements or substitutes?

Christoph Weiss, European Investment Bank presentation
Co-author(s): Giorgio Brunello; University of Padova, Désirée Rückert and Patricia Wruuck; European Investment Bank
  • Discussant: Fabiano Schivardi, LUISS University
End - Day 1
Thursday, 27 April 2023
Keynote Lecture

The role of investor expectations in measuring policy uncertainty

Şebnem Kalemli-Özcan, Professor, University of Maryland
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 presentation
Co-author(s): Judit Rariga; European Central Bank, Emil Verner; MIT
  •  Discussant: Andrea Pozzi, Einaudi Institute for Economics and Finance

Paper: Wealth shocks and portfolio choice

Tullio Jappelli, Università di Napoli Federico II presentation

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

  • Discussant: Maarten van Rooij, De Nederlandsche Bank

Paper: Household expectations and dissent among policymakers

Moritz Grebe, Giessen University presentation
Co-author(s): Peter Tillmann; Justus-Liebig-Universität Gießen
  • Discussant: Klodiana Istrefi, European Central Bank and CEPR
Coffee Break
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 presentation
Co-author(s): Milan Szabo, Lukáš Pfeifer, Martin Melecký, Czech National Bank
  • Discussant: Aicha Kharazi, University of Exeter

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
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

The use of private market surveys at the European Investment Fund (EIF)

Antonia Botsari and Frank Lang, EIF presentation
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
Natacha Valla, Dean, Sciences Po, School of Management and Innovation I SUERF presentation
Caroline Willeke, Deputy Director, General Statistics, ECB presentation
Concluding remarks
Ernest Gnan, SUERF Secretary General
End - Day 2