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Joint ECB-IMF-IMFER Conference 2024

Global Challenges and Channels for Fiscal and Monetary Policy

Tuesday, 23 and Wednesday, 24 July 2024
Frankfurt am Main – Hybrid event

The conference, jointly organised by the European Central Bank, the International Monetary Fund, and the IMF Economic Review, will focus on new global challenges for international fiscal and monetary policy. These include increasing geoeconomic fragmentation, regional conflicts and climate change, which come with a higher frequency and changing nature of shocks. Against the backdrop of elevated inflation and record-high levels of public debt amid rising interest rates it will present approaches on how to design, calibrate and coordinate monetary and fiscal policies in today’s global economy.

Programme

* indicates the presenter

Tuesday, 23 July 2024
8:30

Registration and coffee

9:00

Welcome

Frank Smets, European Central Bank

Opening remarks

  • Philip R. Lane, European Central Bank
  • Gita Gopinath, International Monetary Fund – video message

Session 1 – Fiscal and monetary tradeoffs when balance sheets matter

Session chair: Ralph Lütticke, Eberhard Karls Universität Tübingen

9:15

Fiscal Multipliers in Small Open Economies with Heterogeneous Households

  • Laura Sunder-Plassmann*, Universität Rostock
  • Jeppe Druedahl, Københavns Universitet
  • Søren Hove Ravn, Københavns Universitet
  • Jacob Marott Sundram, Københavns Universitet
  • Nicolai Waldstrøm, Københavns Universitet

Discussant: Gernot Müller, Eberhard Karls Universität Tübingen

10:00

Balance sheet policies and Central Bank losses in a HANK model

  • Yann Perdereau*, Paris School of Economics
  • Charles Labrousse, Institut National de la Statistique et des Études Économiques - INSEE

Discussant: Luigi Iovino, Università Bocconi

10:45

Coffee break

Session 2 – Fiscal and monetary policy in volatile times

Session chair: Cornelia Holthausen, European Central Bank

11:15

Fiscal Stimulus with Supply Constraints

Luca Fornaro*, Centre de Recerca en Economia Internacional - CREI

Discussant: Giulia Gitti, European Central Bank

12:00

Taxing Sudden Capital Income Surges

  • Wei Cui*, University College London
  • Jianjun Miao, Boston University

Discussant: Johannes Brumm, Karlsruher Institut für Technologie

12:45

Buffet lunch

Session 3 – Labor markets, shocks and policies

Session chair: Antonella Trigari, Università Bocconi

14:00

Fiscal Management of Aggregate Demand: The Effectiveness of Labor Tax Credits

  • Axelle Ferriere*, Paris School of Economics
  • Gaston Navarro, Board of Governors of the Federal Reserve System

Discussant: Benjamin Born, Frankfurt School of Finance and Management

14:45

The Distributional Effects of Oil Shocks

  • Tobias Broer*, Paris School of Economics
  • John Kramer, Københavns Universitet
  • Kurt Mitman, Center for Monetary and Financial Studies - CEMFI

Discussant: Amalia Repele, Università Bocconi

15:30

Coffee break

Session 4 – Deglobalisation

Session chair: Philipp Hartmann, European Central Bank

16:00

Geopolitical Risk and Global Banking

  • Friederike Niepmann*, Board of Governors of the Federal Reserve System
  • Leslie Sheng Shen, Federal Reserve Bank of Boston

Discussant: Giovanni Dell'Ariccia, International Monetary Fund

16:45

The Dynamics of Trade Fragmentation: A Network approach

Javier Quintana*, Banco de España

Discussant: Baptiste Meunier, European Central Bank

17:30

Informal post-conference-chat and end of first day

18:30

Conference dinner – by invitation only

Wednesday, 24 July 2024
8:45

Registration and coffee

Session 5 – Keynote

Session chair: Luis de Guindos, European Central Bank

9:15

Keynote speech: Fiscal and Monetary Policy with Heterogeneous Agents

Ludwig Straub, Harvard University

10:30

Coffee break

Session 6 – Supply chain shocks and inflation

Session chair: Andrei Levchenko, University of Michigan

11:00

The Inflationary Effects of Global Supply Chain Shocks: Evidence from Swedish Microdata

  • Peter Tillmann*, Justus-Liebig-Universität Gießen
  • David Finck, Deutsche Bundesbank
  • Mathias Klein, Sveriges Riksbank

Discussant: Tim Schmidt-Eisenlohr, Board of Governors of the Federal Reserve System

11:45

Inflation Expectations and the Supply Chain

  • Francesco Grigoli*, International Monetary Fund
  • Elias Albagli, Banco Central de Chile
  • Emiliano Luttini, Banco Central de Chile

Discussant: Nitya Pandalai-Nayar, University of Texas at Austin

12:30

Buffet lunch

14:00

Policy Panel
“The global 'new normal': fragmentation, tensions, and uncertainty“

Moderator: Pierre-Olivier Gourinchas, International Monetary Fund

Panelists:

  • Olivier Blanchard, Peterson Institute for International Economics
  • Philip R. Lane, European Central Bank
  • Monika Piazzesi, Stanford University
15:00

Concluding remarks

Pierre-Olivier Gourinchas, International Monetary Fund

15:10

End of conference

This programme may be subject to change without notice.

Audiovisual notice: A photographer will be present at the event taking photographs for our internet and intranet webpage. If you prefer not to have your photograph taken, please approach the photographer directly. The event may be filmed and the video recording, or parts of it, may be published on the internet and intranet.

Organisational

Venue

European Central Bank
Eurotower C2.01
Kaiserstrasse 29
60314 Frankfurt am Main

Language

English

Time frame for presenters

45 minutes per paper: 30 minutes for the presenter, 10 minutes for the discussant, 5 minutes for Q&A

Transfers

Participants are requested to arrange their own transfers. 

The use of public transport is strongly encouraged. The relevant stops are “Taunusanlage” (for S-Bahn city trains) and “Willy-Brandt-Platz” (for U-Bahn underground and tram lines). Please refer to the relevant page on the ECB website and the public transportation provider website for details.

Organising committee
  • Andrei Levchenko, University of Michigan & Editor of IMF Economic Review
  • Prachi Mishra, International Monetary Fund & Co-Editor of IMF Economic Review
  • Nan Li, International Monetary Fund
  • Ralph Lütticke, Eberhard Karls Universität Tübingen & Guest Editor for IMF Economic Review
  • Carmelo Salleo, European Central Bank
  • Georg Strasser, European Central Bank
  • Antonella Trigari, Università Bocconi & Guest Editor for IMF Economic Review
Contact

Iris Bettenhäuser, European Central Bank

Joint_ECB-IMF-IMFER_Conference2024@ecb.europa.eu

Photos

High-quality images of the conference are available via Flickr.