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Populism, Economic Policies and Central Banking


Populism, Economic Policies and Central Banking

Date:    Friday, 8 November 2019
Venue: BAFFI CAREFIN Centre -  Bocconi University
            Via Roentgen 1, 20136 Milan, Italy

With friendly support of INTESA SANPAOLO

There seems to be general agreement that „populism“ has been on the rise over the past decade, and that it has implications for election outcomes and economic policies. There is the notion that populist economic policies oriented towards short-term gains at the cost of long-term structural growth, favor pressure groups at the cost of minorities and other groups less relevant for electoral outcomes, and do generally not attach great importance to economic facts and analysis. This conference first asks what „populist economic policies“ are. Are they actually a new phenomenon? Are they confined to specific political camps? How would they be classified in more conventional economic categories? Once more clarity on the definition has been achieved, second, the question is asked about causalities: Have past economic developments (fiscal consolidation, reform fatigue, economic inequality, financial crisis, unemployment) led to public discontent and thus encouraged or even forced „populist“ policies; or do populist narratives merely serve as justification for the policies taken against mainstream economists‘ advice?


Friday, 8 November 2019
08:15 Registration
08:45 Welcome

Donato Masciandaro, Professor of Economics, Chair in Economics of Financial Regulation Director, BAFFI CAREFIN Centre Bocconi University I SUERF

08:50 Opening Speech

Prof. Mario Monti, President, Bocconi University I SUERF Honorary Member

09:20 SUERF Annual Lecture 2019

Central banking in challenging times
Claudio Borio, Head of the Monetary and Economic Department, BIS I SUERF Fellow

SUERF Policy Note_Issue 114SUERF Policy Note_Issue 114

10:00 Session I: Populism and Economics

Chair: Ernest Gnan, Head, Economic Analysis Division, OeNB I SUERF

Populism and European Economic Dynamics
Stefan Gerlach, Chief Economist, EFG Bank

Populism: Demand and Supply?
Massimo Morelli, Professor of Political Sciences, Bocconi University

11:00 Coffee break
11:30 Session II: Economics and Culture

Chair: Vincenzo Galasso, Full Professor of Economics, Bocconi University

New Populism in Latin America
Antonio Spilimbergo, Deputy Director, Research Department, IMF

Collective Emotions and Protest Vote
Francesco Passarelli, Associate Professor of Economics Professor, University of Turin

12:30 Session III: Populism and Central Banking

Chair: Sylvester C W Eijffinger, President, Tilburg University Society I SUERF Fellow

Political Pressure on Central Banks
Carola Binder, Assistant Professor of Economics, Haverford College

Populism and Central Bank Independence
Itai Agur, Senior Economist, IMF

13:30 Lunch
14:15 Session III: Populism and Central Banking (continued)

Autocratic Breakdown: Does central bank independence matter?
Cristina Bodea, Professor of Political Science, Michigan State University

Populism, Political Pressure and Central Bank (in)dependence
Donato Masciandaro, Professor of Economics, Director, BAFFI CAREFIN Centre Bocconi University I SUERF

15:15 Coffee break
15:45 SESSION IV: High Level Policy Panel

Chair: Ryszard Kokoszczynski, Member of the Board, Narodowy Bank Polski (NBP) I SUERF

Daniel Daianu, Chairman of the Romanian Fiscal Council and Special Adviser to the Governor, National Bank of Romania

Jakob de Haan, SUERF President , University of Groningen and De Nederlandsche Bank

17:00 End of Conference

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