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The effectiveness of monetary policy in a low interest rate environment

Banca d’Italia and SUERF Workshop

The effectiveness of monetary policy in a low interest rate environment

Banca d"Italia
Palazzo Koch, Via Nazionale, 91
Rome, Italy 

Monday, 8 June 2020 - POSTPONED

Monetary policies worldwide are currently facing a number of challenges, including how to deal with the low level of nominal and real interest rates, how to deal with a persistent undershooting of inflation targets, how to align inflation expectations with the inflation target, how to deal with a changing inflation formation process, and how to gauge changes in the transmission of monetary policy impulses to the economy and inflation. Where actually is the effective lower bound of interest rates? How to incorporate unconventional policy tools such as outright asset purchases and forward guidance in the measurement of the policy stance and in the assessment of remaining policy scope? What do equilibrium and policy rates close to the effective lower bound imply for optimal monetary policy strategies, including the definition of price stability or the inflation aim? How has the post-crisis monetary policy toolbox performed; how should it develop further in the future? These and other topics are currently also reflected upon in global central banks’ ongoing monetary policy strategy reviews. The workshop will address several of these issues, combining insights from cutting edge academic research and policy makers’ practical experiences.

Confirmed speakers:
Martina Cecioni, Banca d"Italia
Leonardo Gambacorta, BIS
Richard Harrison, Bank of England
Leonardo Melosi, EUI, Chicago Fed, CEPR
Romina Ruprecht, University of Basel
Sebastian Schmidt, ECB

The conference has been postponed over concerns about the rapid spread of COVID-19 and related restrictive measures by the Italian Government.


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