The Future of Macroeconomic Policy

Norges Bank, the IMF, and IMF Economic Review
Oslo, Norway

June 15-16, 2023

The Norges Bank, the International Monetary Fund, and the IMF Economic Review have organized a joint conference on "The Future of Macroeconomic Policy" to be held in Oslo, June 15-16, 2023. In today's economic landscape, we grapple with rigorous tests of monetary policy due to persistent inflation, and the need to navigate the complexities of alliance-driven policies and geo-economic fragmentation. The conference presents an exceptional lineup of academic and policy sessions, featuring in-depth evaluations of monetary policy tools' effectiveness, the far-reaching impacts of trade and FDI restrictions resulting from shifting geo-economic dynamics, and the changing role of reserve currencies. Additionally, participants will delve into the intersection of environmental and economic policies. All times are in local time.


Preliminary program

*Indicates sessions that will be livestreamed on this page.

Thursday, June 15, 2023

Download Day 1 Presentations




Opening remarks* 

Ida Wolden Bache (Governor of Norges Bank)

 Gita Gopinath (First Deputy Managing Director, IMF)


Keynote address*
Inflation: Conflict and Spirals

Guido Lorenzoni (University of Chicago Booth School of Business)

Chair: Francesco Furlanetto, Norges Bank


*** Coffee break ***


Session 1: Climate Change

Chair: Solveig Erlandsen (Norges Bank)

Climate Policy and the Economy: Evidence from Europe’s Carbon Pricing Initiatives

Diego Känzig (Northwestern University) and Maximilian Konradt (The Graduate Institute)

Discussant: Felix Kubler (University of Zurich)


Limited Energy Supply, Sunspots, and Monetary Policy

Nils Gornemann (Board of Governors of the Federal Reserve System), Sebastian Hildebrand (University of Bonn), and Keith Kuester (University of Bonn)

Discussant: Marina Mendes-Tavares (IMF)


 *** Lunch ***


Session 2: Monetary Policy

Chair: Ingrid Solberg (Norges Bank)

The Macroeconomic Effects of the Federal Reserve's Conventional and Unconventional Monetary Policies

Eric T. Swanson (University of California, Irvine)

Discussant: Thomas Drechsel (University of Maryland)


Demand Imbalances, Global Inflation, and Monetary Policy Coordination

Javier Bianchi (Federal Reserve Bank of Minneapolis) and Louphou Coulibaly (Federal Reserve Bank of Minneapolis and University of Wisconsin-Madison)

Discussant: Giovanni Dell’Ariccia (IMF)


*** Coffee break ***


Session 3: Fragmentation

Chair: Juan Rubio-Ramirez (Emory University, and Guest Editor of the IMF Economic Review)

The Dollar in an Era of International Retrenchment

Ryan Chahrour (Cornell University) and Rosen Valchev (Boston College)

Discussant: Dmitry Mukhin (London School of Economics)


Changing Global Input-Output Linkages and Demand Spillover

Wataru Miyamoto (University of Hong Kong) and Thuy Lan Nguyen (Federal Reserve Bank of San Francisco and Santa Clara University)

Discussant: Kei-Mu Yi (Federal Reserve Bank of Dallas)

Friday, June 16, 2023

Download Day 2 Presentations


Session 4: International Linkages and Policy

Chair: Prachi Mishra (IMF)

Optimal Macroeconomic Policies in a Heterogeneous World

James Bullard (Federal Reserve Bank of St. Louis), Riccardo DiCecio (Federal Reserve Bank of St. Louis), Aarti Singh (University of Sydney), and Jacek Suda (Narodowy Bank Polski)

Discussant: Davide Debortoli (Barcelona School of Economics)


The Role of International Financial Integration in Monetary Policy Transmission

Jing Cynthia Wu (University of Notre Dame), Yinxi Xie (Bank of Canada), and Ji Zhang (Tsinghua University)

Discussant: Linda Tesar (University of Michigan)


   *** Coffee break ***


Session 5: Financial Markets

Chair: Andrei Levchenko (University of Michigan, and Editor of the IMF Economic Review)

Rising Current Account Dispersion: Financial or Trade Integration?

George Alessandria (University of Rochester), Yan Bai (University of Rochester), and Soo Kyung Woo (University of Rochester)

Discussant: Jing Zhang (Federal Reserve Bank of Chicago)


The COVID-19 Shock and Firm Financing: Government or Market? Or Both?

Miguel Acosta-Henao (Central Bank of Chile), Andrés Fernández (IMF), Patricia Gomez-Gonzalez (Fordham University), and Şebnem Kalemli-Özcan (University of Maryland)

Discussant: Ella Getz Wold (BI Norwegian Business School)


*** Lunch ***


Panel Discussion*
Challenges Facing Macroeconomic Policy

Moderator: Pierre-Olivier Gourinchas (Economic Counsellor and Director, Research Department, IMF)


1. Hilde C. Bjørnland (BI Norwegian Business School)

2. Andrew Tilton (Goldman Sachs)

3. Chris Waller (Board of Governors of the Federal Reserve System)

Organizing Committee:

Snorre Evjen (Norges Bank), Francesco Furlanetto (Norges Bank), Andrei Levchenko (University of Michigan and Editor, IMF Economic Review), Prachi Mishra (IMF and Co-Editor, IMF Economic Review), Adrian Peralta-Alva (IMF and Associate Editor, IMF Economic Review), Juan Rubio-Ramirez (Emory University and Guest Editor, IMF Economic Review), and Stephanie Schmitt-Grohe (Columbia University and Guest Editor, IMF Economic Review).

IMF Conference Coordinator:
Tracey Lookadoo