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
- 8:30
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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
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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
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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
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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
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
The Dynamics of Trade Fragmentation: A Network approach
Javier Quintana*, Banco de España
Discussant: Baptiste Meunier, European Central Bank
Informal post-conference-chat and end of first day
Conference dinner – by invitation only