Inaugural conference of the ChaMP Research Network Challenges for Monetary Policy Transmission in a Changing World (“ChaMP”) 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 Friday, 26 April 2024 Session 3 – Climate risks and challenges for monetary policy transmission Session chair: Galo Nuño, Banco de España and Bank for International Settlements 8:50 Climate Risk, Bank Lending and Monetary Policy Carlo Altavilla, European Central Bank Miguel Boucinha, European Central Bank Marco Pagano*, University of Naples Federico II Andrea Polo, Luiss University Discussant: Vasso Ioannidou, City University of London, Bayes Business School 9:45 The New Keynesian Climate model Jean-Guillaume Sahuc, Banque de France Frank Smets, European Central Bank Gauthier Vermandel*, École Polytechnique Discussant: Philipp Pfeiffer, European Commission 10:40 Coffee break and Poster session** 11:00 Policy panel: Current issues for monetary policy transmission in Europe Chair: Katrin Assenmacher, European Central Bank Panellists: Silvia Ardagna, Managing Director and Head of European Economics Research, Barclays Mario Centeno, Governor, Banco de Portugal Benoit Mojon, Head of Economic Analysis, Bank for International Settlements Ricardo Reis, Professor of Economics, London School of Economics Session 4 – Monetary policy transmission through non-banks Session chair: Laura Moretti, Central Bank of Ireland 14:15 Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates Ruggero Jappelli*, Goethe University Frankfurt Loriana Pelizzon, Leibniz Institute for Financial Research SAFE Marti G. Subrahmanyam, New York University Discussant: Refet S. Gürkaynak, Bilkent University 15:10 Monetary policy transmission through online banks Samuel Earnest, University of Chicago Isil Erel*, The Ohio State University Jack Liebersohn, University of California, Irvine Constantine Yannelis, University of Chicago Discussant: Ralf Meisenzahl, Federal Reserve Bank of Chicago 16:05 Coffee break and Poster session** Session 5 – Business cycles, monetary policy and long-run effects Session chair: María T. Valderrama, Oesterreichische Nationalbank 16:20 Do Recessions Slow Technology Growth? Evidence from the Firm Level Michaela Elfsbacka-Schmöller*, Suomen Pankki – Finlands Bank Olga Goldfayn-Frank, Deutsche Bundesbank Tobias Schmidt, Deutsche Bundesbank Discussant: Paloma López-García, European Central Bank 17:15 Non-Essential Business Cycles Michele Andreolli*, Boston College Natalie Rickard, London Business School Paolo Surico, London Business School Discussant: Peter Karadi, European Central Bank 18:10 End of conference
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