Mise en ligne le 11 Avril 2025
19 Juin 2025 - 08:30
La Banque de France organise une « Conférence sur la politique monétaire 2025 » les 19 et 20 juin à Paris. Intervenant principal : Domenico Giannone (UW, FMI).
Mise en ligne le 11 Avril 2025
La Banque de France organise une « Conférence sur la politique monétaire 2025 » les 19 et 20 juin à Paris. Intervenant principal : Domenico Giannone (UW, FMI).
Central banks in advanced economies are striking a delicate balance in normalizing monetary policy amid heightened uncertainty about inflation dynamics and policy transmission in the current geopolitical context. In doing so, central banks do not operate in isolation, but must also account for shifting fiscal conditions, rapid technological change, and, in the euro area, the institutional complexities of a monetary union.
The conference aims to bring together leading researchers from academia, central banks and other policy institutions to present and discuss research findings related to current challenges in the conduct of monetary policy.
Program - Thursday, June 19
| 9h – 9h30 | Registration & Welcome Coffee |
| 9h30 – 9h45 | Opening Remarks Olivier Garnier, Director General, Economics & International, Banque de France |
| 09h45-11h25 | Session: New Channels of Monetary Policy Transmission Chair: Silvia Miranda-Agrippino Christoph Boehm (UT Austin, NBER), “Monetary policy without moving interest rates: The Fed non-yield shock”, with Niklas Kroner Discussant: Daniel Lewis (UCL) Dmitry Khametshin (BdE), “A Tale of Two Margins: Monetary Policy and Capital Misallocation”, with Silvia Albrizio and Beatriz González Discussant: Timo Haber (DNB) |
| 11h25 – 12h | Coffee break |
| 12h-12h50 | Session: Fiscal Policy & Inflation – Part 1 Chair: Matthieu Bussière Jonathon Hazell (LSE ,CEPR), “Do deficits cause inflation?”, with Stephan Hobler Discussant: Frank Smets (BIS, Ghent) |
| 12h50-14h00 | Lunch |
| 14h00-15h40 | Session: Monetary Policy & Portfolio Rebalancing Chair: Giulia Sestieri Tsvetelina Nenova (BIS), “Global or regional safe assets: Evidence from Bond Substitution Patterns” Discussant: Julia Schmidt (BdF) Julia Selgrad (Chicago Booth), “Testing the Portfolio Rebalancing Channel of Quantitative Easing” Discussant: Benoit Nguyen (ECB, BdF) |
| 15h40 – 16h15 | Coffee break |
| 16h15-17h15 |
Keynote Chair: Stéphane Dupraz |
Program - Friday, June 20
| 9h30-10h | Coffee |
| 10h-10h50 | Session: Fiscal Policy & Inflation – Part 2 Chair: Guillaume Horny Stéphane Dupraz (BdF), “Fiscal Requirements for Price Stability when Households are not Ricardian”, with Anna Rogantini-Picco Discussant: Wei Cui (UCL) |
| 10h50-11h10 | Coffee break |
| 11h10-12h50 | Session: Inflation Propagation Chair: Christoph Grosse Steffen Simone Lenzu (NYU Stern), “Micro and Macro Cost-price Dynamics across Inflation Regimes”, with Luca Gagliardone, Mark Gertler and Joris Tielens. Discussant: Peter Karadi (ECB, CEPR) Alisdair McKay (Minneapolis Fed), “How Should Monetary Policy Respond to Housing Inflation”, with Javier Bianchi and Neil Mehrotra. Discussant: Kevin Sheedy (LSE) |
| 12h50 | End of the conference |
Presentation format: 25’ presentation + 15’ discussion + 10’ Floor
Scientific & organizing committee:
Stéphane Dupraz (BdF)
Christoph Grosse-Steffen (BdF)
Leonardo Melosi (EUI, CEPR)
Silvia Miranda-Agrippino (NY Fed, CEPR)
Giulia Sestieri (BdF)
Nos thématiques du moment