Challenges for Monetary Policy Transmission in a Changing World (“ChaMP”) – Day1

Inaugural conference of the ChaMP Research Network

Challenges for Monetary Policy Transmission in a Changing World (“ChaMP”)
Thursday, 25 April 2024

Frankfurt am Main

This conference marks the launch of the ChaMP Research Network, which focuses on challenges for monetary policy transmission, amid unprecedented shocks, structural changes and shifting inflation dynamics. It consists of researchers from the ECB and all EU national central banks. Its main goal is to develop research to understand further how these changes have affected the speed, strength, and heterogeneity of monetary policy transmission in the euro area and the European Union.

Programme
* indicates the presenter

Thursday, 25 April 2024

9:00
Opening speech
Isabel Schnabel, Member of the Executive Board, European Central Bank

9:25
Introduction to the ChaMP Research Network
Diana Bonfim, Banco de Portugal and European Central Bank
Emmanuel Dhyne, Nationale Bank van België/Banque Nationale de Belgique
Philipp Hartmann, European Central Bank

Session 1 – Supply chains, monetary policy transmission and inflation
Session chair: Christophe Kamps, European Central Bank

9:45
Supply chain constraints and inflation
Diego Comín*, Dartmouth College
Robert C. Johnson, University of Notre Dame
Callum J. Jones, Federal Reserve Board
Discussant: Mishel Ghassibe, CREI – Barcelona Center for Research in International Economics

10:40
Supply Chain Shortages, Large Firms Market Power, and Inflation
Francesco A. Franzoni, Universita della Svizzera italiana
Mariassunta Giannetti*, Stockholm School of Economics
Roberto Tubaldi, BI Norwegian Business School
Discussant: Almut Balleer, RWI – Leibniz Institute for Economic Research

11:35
Coffee break and Poster session**

12:05
The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Theory and Evidence
Xiwen Bai, Tsinghua University
Jesús Fernández-Villaverde, University of Pennsylvania
Yiliang Li*, University of International Business and Economics
Francesco Zanetti, University of Oxford
Discussant: Hilde Bjørnland, BI Norwegian Business School

Session 2 – Monetary policy transmission through the banking sector
Session chair: Margherita Bottero, Banca d’Italia

14:45
Monetary Policy Transmission Through Cross-Selling Banks
Christoph Basten*, University of Zurich
Ragnar Enger Juelsrud, Norges Bank
Discussant: Camelia Minoiu, Federal Reserve Bank of Atlanta

15:40
Are low interest rates firing back? Interest rate risk in the banking book and bank lending in a rising interest rate environment
Lara Coulier*, European Central Bank
Cosimo Pancaro, European Central Bank
Alessio Reghezza, European Central Bank
Discussant: David Martínez-Miera, Universidad Carlos III de Madrid

16:35
Coffee break and Poster session**

17:05
Monetary Policy, Inflation, and Crises: Evidence from History and Administrative Data
Jose-Luis Peydro, Imperial College Business School and Barcelona School of Economics
Gabriel Jiménez, Banco de España
Dmitry Kuvshinov*, Universitat Pompeu Fabra
Björn Richter, Universitat Pompeu Fabra
Discussant: Cristina Manea, Bank for International Settlements

18:00
End of first conference day