ECB Forum on Central Banking 2024

Opening reception and dinner

Dinner hosted by the Executive Board of the European Central Bank

Introductory speech
Monetary policy in an unusual cycle: the risks, the path and the costs

Christine Lagarde, President, European Central Bank

Live streaming of the speech will begin at 20:00.

Session 1: The rise and fall of inflation in the euro area – past, present and future

Chair: Luis de Guindos, Vice-President, European Central Bank

Paper: “The drivers of post-pandemic inflation”

Author: Giorgio Primiceri, Professor, Northwestern University
(together with Domenico Giannone, International Monetary Fund)

Discussant: Fernanda Nechio, Vice President, Federal Reserve Bank of San Francisco
Discussion of “The drivers of post-pandemic inflation”

Session 2: The economics of biodiversity

Chair: Frank Elderson, Member of the Executive Board, European Central Bank

Paper: “The economics of biodiversity loss”

Author: Theresa Kuchler, Associate Professor, New York University, Stern School of Business
(together with Stefano Giglio, Yale University, Johannes Stroebel, New York University, Stern School of Business and Olivier Wang, New York University, Stern School of Business)

Discussant: Katia Karousakis, Biodiversity Programme Leader, Organisation for Economic Co-operation and Development
Comment on “The Economics of Biodiversity Loss” 

Young Economist Prize

Introduction of the finalists

Coffee break and poster session for the Young Economist Prize

Panel 1: Geopolitical shocks and inflation

Chair: Isabel Schnabel, Member of the Executive Board, European Central Bank

• Jan Hatzius, Chief Economist, Goldman Sachs
  Paper: Implications of Higher Tariffs for Euro Area and US Monetary Policy
• Matteo Iacoviello, Senior Associate Director, Board of Governors of the Federal Reserve System
  Paper: Geopolitical Shocks and Inflation
• Beata Javorcik, Chief Economist, European Bank for Reconstruction and Development
  Paper: Geopolitical Shocks and Inflation: Access to Critical Raw Materials
• Moritz Schularick, President, Kiel Institute for the World Economy
  Paper: The price of war

Lunch

Policy panel

• Roberto Campos Neto, Governor, Banco Central do Brasil
  
• Christine Lagarde, President, European Central Bank
• Jerome Powell, Chair, Board of Governors of the Federal Reserve System

Moderator: Sara Eisen, Anchor, CNBC

End of day 1

Group photo (all participants)

Informal dinner hosted by the Executive Board of the European Central Bank

Poster session for the Young Economist Prize

Session 3: Monetary policy cycles

Chair: Luis de Guindos, Vice-President, European Central Bank

Paper: “Rate cycles”

Author: Kristin Forbes, Professor, Massachusetts Institute of Technology
(together with Ayhan Kose and Jongrim Ha, both World Bank)

Discussant: Paolo Surico, Professor, London Business School
Discussion of “Rate Cycles”

Session 4: Euro area productivity in the short and long run

Chair: Piero Cipollone, Member of the Executive Board, European Central Bank

Paper: “The past, present and future of European productivity”

Author: Antonin Bergeaud, Associate Professor, HEC Paris

Discussant: Kalina Manova, Professor, University College London
Discussion of Past, Present and Future of European Productivity

Coffee break

Panel 2: Drivers of equilibrium interest rates

Chair: Philip R. Lane, Member of the Executive Board, European Central Bank

• Claudio Borio, Head of the Monetary and Economic Department, Bank for International Settlements
  Paper: In the eye of the beholder
• Federica Romei, Associate Professor, University of Oxford
  Paper: Monopsony, Income Risk and R*-Multiplicity
• Stephanie Schmitt-Grohé, Professor, Columbia University
  Paper at Panel 2
• John Williams, President, Federal Reserve Bank of New York
  Paper: R-Star: A Global Perspective

Lunch

A conversation about current issues facing the international financial system

• Lesetja Kganyago, Governor, South African Reserve Bank
• Klaas Knot, President, De Nederlandsche Bank and Chair of the Financial Stability Board

Award ceremony for the Young Economist Prize

Closing remarks

Christine Lagarde, President, European Central Bank

Reception and dinner hosted by the Banco de Portugal
The bus to the dinner venue departs at 18:00.