Banca d’Italia - Research Conference on Monetary Policy

Banca d'Italia organized its first Annual Research Conference on Monetary Policy. The event was hosted at Banca d'Italia on 12-13 June 2025.

Prof. George-Marios Angeletos (Northwestern University) and Prof. Vasso Ioannidou (Bayes Business School) were confirmed keynote speakers for the event. The conference brought together economists from academia and central banks to address key aspects of the conduct of monetary policy. The event focused, among other topics, on: 1) the role of information frictions, for the conduct and transmission of monetary policy; 2) the monetary-fiscal interactions, especially in a de-globalizing environment; and 3) the transmission of monetary policy through financial intermediaries.

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05 February 2025

Call for Papers
PDF 108 KB
10 June 2025

Programme
PDF 264 KB

Publish date::20 June 2025
When banks hold back: credit and liquidity provision
pdf 937 KB
Carlo Altavilla (ECB and CEPR), Massimo Rostagno (ECB), Julian Schumacher (ECB)
Publish date::20 June 2025
Discussion of "When banks hold back: credit and liquidity provision"
pdf 136 KB
Fabrizio Mattesini
Publish date::20 June 2025
The Optimal Supply of Central Bank Reserves under Uncertainty
pdf 764 KB
Gara Afonso (New York Fed), Gabriele La Spada, (New York Fed), Thomas M. Mertens (San Francisco Fed), and John C. Williams (New York Fed)
Publish date::20 June 2025
Discussion of "The Optimal Supply of Central Bank Reserves under Uncertainty"
pdf 253 KB
Lorenzo Burlon (ECB)
Publish date::20 June 2025
Corporate Debt Composition, Access to Finance and Monetary Policy
pdf 977 KB
Adam Gulan (Bank of Finland), Aino Silvo (Bank of Finland)
Publish date::20 June 2025
The poor, the rich, and the credit channel of monetary policy
pdf 646 KB
Manthos Delis (Audencia Business School), Annalisa Ferrando (ECB), Klaas Mulier (Ghent University), Steven Ongena (University of Zurich)
Publish date::20 June 2025
Discussion of "The poor, the rich, and the credit channel of monetary policy"
pdf 790 KB
Effrosyni Adamopoulou (ZEW and University of Manheim)
Publish date::20 June 2025
Fiscal-Monetary Interactions: RANK vs HANK
pdf 519 KB
George-Marios Angeletos
Publish date::20 June 2025
Asset Purchases and Heterogeneous Beliefs
pdf 848 KB
Gaetano Gaballo (HEC Paris and CEPR), Carlo Galli (UC3M and CEPR)
Publish date::20 June 2025
Discussion of "Asset Purchases and Heterogeneous Beliefs"
pdf 98 KB
Cathy Zhang (Purdue University)
Publish date::20 June 2025
Monetary Policy as Insurance
pdf 689 KB
Stefano Eusepi (Brown University), Christopher G. Gibbs (University of Sydney), Bruce Preston (UNSW Business Schoo)
Publish date::20 June 2025
Discussion of "Monetary Policy as Insurance"
pdf 594 KB
Gaetano Gaballo (HEC Paris)
Publish date::20 June 2025
Central Bank Independence
pdf 1 MB
Vasso Ioannidou (Bayes Business School & CEPR)
Publish date::20 June 2025
Micro and macro cost-price dynamics in normal times and during inflation surges
pdf 3 MB
Luca Gagliardone (New York University), Mark Gertler (New York University and NBER), Simone Lenz (Stern Business School, New York University), Joris Tielens (National Bank of Belgium and KU Leuven)
Publish date::20 June 2025
Discussion of "Micro and macro cost-price dynamics in normal times and during inflation surges"
pdf 180 KB
Andrey Alexandrov (Tor Vergata University of Rome)
Publish date::20 June 2025
Trade Fragmentation, Inflationary Pressures and Monetary Policy
pdf 2 MB
Ludovica Ambrosino (London Business School), Jenny Chan (Bank of England), Silvana Tenreyro (London School of Economics and CEPR)
Publish date::20 June 2025
Discussion of "Trade fragmentation, inflationary pressures and monetary policy"
pdf 461 KB
Rafael Wouters (National Bank of Belgium)

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