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
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