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Central banking and monetary policy: Which will be the new normal?
Central Banking and Monetary Policy: Which Will Be the New Normal?


Central banking and monetary policy: Which will be the new normal?

Thursday, 14 April 2016

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

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
08:00 Registration
08:30 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

08:45 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)
Fabio Panetta_2016 MilanFabio Panetta_2016 Milan

09:45 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
Petra Geraats_Milan 2016Petra Geraats_Milan 2016

Discussant: Bilin Neyapti, Associate Professor, Bilkent University
Bilin Neyapti_Milan 2016Bilin Neyapti_Milan 2016

Monetary Policy Committees and Voting Behavior
Sylvester Eijffinger, President Tilburg University Society and Professor of Economics, Tilburg University and CEPR
Sylvester Eijffinger_Milan 2016Sylvester Eijffinger_Milan 2016

Discussant: Alessandro Riboni, Ecole Polytechnique Paris
Alessandro Riboni_Milan 2016Alessandro Riboni_Milan 2016

11:15 Coffee
11:45 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
Michael Bordo_Milan 2016Michael Bordo_Milan 2016

Discussant: Tommaso Monacelli, Bocconi University
Tommaso Monacelli_Milan 2016Tommaso Monacelli_Milan 2016

12:30 Lunch
13:30 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
Anca Maria Podpiera_Milan 2016Anca Maria Podpiera_Milan 2016

Discussant: Alex Cukierman, Professor, Tel Aviv University and Research Fellow at CEPR

15:00 Coffee
15:30 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

Discussant: Pierre Siklos, Professor, WLU Canada
Pierre Siklos_Milan 2016Pierre Siklos_Milan 2016

Gender and Monetary Policymaking: Trends and Drivers
Donato Masciandaro, Davide Romelli and Paola Profeta, Bocconi University
Davide Romelli_Milan 2016Davide Romelli_Milan 2016

Discussant: Aleksandra Maslowska-Jokinen, University of Turku
Aleksandra Maslowska-Jokinen_Milan 2016Aleksandra Maslowska-Jokinen_Milan 2016

17:00 Closing

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