About the workshop
Date: 20 and 21 May 2024
Format: In-person event
Event Directors: Andrew Blake, Angus Foulis and Jagdish Tripathy
Successful monetary policy has become more challenging in recent years as the world economy has been subjected to unprecedented events. Central banks need to reconsider how best to achieve their targets in markedly changed circumstances.
This workshop will bring together leading researchers and policymakers to discuss frontier research on the transmission mechanism of monetary policy. The workshop will explore, amongst other things, how factors such as market microstructure and the mortgage market affect the MTM, whether this has changed since leaving the zero lower bound, and the alternative methods and data that will be required to assess the impact of rising interest rates.
Confirmed speakers include: Ben Broadbent (Deputy Governor, Bank of England) and Atif Mian (Princeton University).
Workshop programme| Monday 20 May | |
| Opening Remarks: John Power, Andrew Blake, Angus Foulis and Jagdish Tripathy (Bank of England) | |
| Speech by Ben Broadbent, Deputy Governor, Monetary Policy, Bank of England |
From NICE… to not so nice - speech by Ben Broadbent |
|
Keynote: Monetary Policy, Household Debt and Consumption: Evidence from Natural Experiments |
A.Mian slides |
| Estimating the effects of the Eurosystem’s asset purchase programme at the country level Speaker: Martin Mandler (Bundesbank) |
M.Mandler slides |
| How Does Interest Rate Pass-Through Change Over Time? Rolling Windows and the Role of the Credit Risk Premium in the Pricing of Czech Loans Speaker: Eva Hromádková (Czech National Bank) |
E.Hromádková slides |
| Fed Communication, Data News, and Treasury Markets Speaker: Ana Beatriz Galvao (Bloomberg Economics and CEPR) |
A.B.Galvao slides |
| Life-cycle forces make monetary policy transmission wealth-centric Speaker: Tim Willems (Bank of England) Discussant: Tatiana Kirsanova (University of Glasgow, Business School) |
T.Willems slides T.Kirsanova discussion slides |
| Short and variable lags Speaker: Stephen Hansen (UCL) Discussant: Ambrogio Cesa-Bianchi (Bank of England) |
| Tuesday 21 May | |
| Optimal Monetary Policy during a cost of living crisis Speaker: Vincent Sterk (UCL) Discussant: Walker Ray (LSE) |
V.Sterk slides W.Ray discussion slides |
| Monetary policy, labor income inequality and credit: evidence from matched employee-employer and credit register data Speaker: Caterina Mendicino (ECB) Discussant: Maren Froemel (Bank of England) |
|
| The Short-Term Effects of Monetary Policy: Evidence from the UK Speaker: Lennart Brandt (Bank of England) |
L.Brandt slides |
| Global supply chain pressures, inflation, and implications for monetary policy Speaker: Guido Ascari (De Nederlandsche Bank) |
G.Ascari slides |
| Monetary policy transmission in Denmark Speaker: Rasmus Bisgaard Larsen (Danmarks Nationalbank) |
R.B.Larsen slides |
| Heterogeneous Intermediaries and Bond Characteristics in the Transmission of Monetary Policy Speaker: Matteo Leombroni (Boston College) Discussant: Iryna Kaminska (Bank of England) |
M.Leombroni slides I.Kaminska discussion slides |
| The liquidity state-dependence of monetary policy transmission Speaker: Oliver Ashtari Tafti (LSE) Discussant: Alex Kontoghiorghes (Bank of England) |
O.Ashtari-Tafti slides A.Kontoghiorghes discussion slides |