SUERF/BAFFI CAREFIN Centre Conference

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?

Programme

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

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

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

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 Presentation

17:00	End of Conference