Global Challenges and Channels for Fiscal and Monetary Policy
Joint European Central Bank, International Monetary Fund, and IMF Economic Review Conference
July 23-24, 2024
Frankfurt, GermanyThe conference, jointly organized by the European Central Bank, the International Monetary Fund, and the IMF Economic Review, focused on new global challenges for international fiscal and monetary policy. These included increasing geoeconomic fragmentation, regional conflicts, and climate change, which came with a higher frequency and changing nature of shocks. Against the backdrop of elevated inflation and record-high levels of public debt amid rising interest rates, it presented approaches on how to design, calibrate, and coordinate monetary and fiscal policies in today’s global economy.
Agenda
Joint ECB-IMF-IMFER Conference 2024
The agenda may be subject to change without notice.
Papers
Balance Sheet Policies and Central Bank Losses in a HANK Model
Charles Labrousse (Institut National de la Statistique et des Études Économiques - INSEE) and Yann Perdereau (Paris School of Economics)
Presentation: Yann Perdereau (Paris School of Economics)
Discussion: Luigi Iovino (Università Bocconi)
Taxing Sudden Capital Income Surges
Wei Cui (University College London) and Jianjun Miao (Boston University)
Discussion: Johannes Brumm (Karlsruher Institut für Technologie)
Fiscal Management of Aggregate Demand: The Effectiveness of Labor Tax Credits
Axelle Ferriere (Paris School of Economics) and Gaston Navarro (Board of Governors of the Federal Reserve System)
Discussion: Benjamin Born (Frankfurt School of Finance and Management)
The Inflationary Effects of Global Supply Chain Shocks: Evidence from Swedish Microdata
David Finck (Deutsche Bundesbank), Mathias Klein (Sveriges Riksbank), and Peter Tillmann (Justus-Liebig-Universität Gießen)
Discussion: Tim Schmidt-Eisenlohr (Board of Governors of the Federal Reserve System)
Inflation Expectations and the Supply Chain
Elias Albagli (Banco Central de Chile), Francesco Grigoli (International Monetary Fund), Emiliano Luttini (World Bank)
Discussion: Nitya Pandalai-Nayar (University of Texas at Austin)
Fiscal Multipliers in Small Open Economies With Heterogeneous Households
Laura Sunder-Plassmann (Universität Rostock), Jeppe Druedahl (Københavns Universitet), Søren Hove Ravn (Københavns Universitet), Jacob Marott Sundram (Københavns Universitet), Nicolai Waldstrøm (Københavns Universitet)
Discussion: Gernot Müller (Eberhard Karls Universität Tübingen)
Fiscal Stimulus with Supply Constraints
Luca Fornaro (Centre de Recerca en Economia Internacional - CREI)
Discussion: Giulia Gitti (European Central Bank)
The Distributional Effects of Oil Shocks
Tobias Broer (Paris School of Economics), John Kramer (Københavns Universitet), Kurt Mitman (Center for Monetary and Financial Studies - CEMFI)
Discussion: Amalia Repele (Università Bocconi)
The Dynamics of Trade Fragmentation: A Network Approach
Javier Quintana (Banco de España)
Discussion: Baptiste Meunier (European Central Bank)
Keynote Speech: Fiscal and Monetary Policy with Heterogeneous Agents
Ludwig Straub (Harvard University)
Geopolitical Risk and Global Banking
Friederike Niepmann (Board of Governors of the Federal Reserve System) and Leslie Sheng Shen (Federal Reserve Bank of Boston)
Discussion: Giovanni Dell'Ariccia (International Monetary Fund)
Multimedia
Opening remarks
— Gita Gopinath, International Monetary Fund (video message)
— Philip R. Lane, European Central Bank
Policy Panel: “The global 'new normal': fragmentation, tensions, and uncertainty“
— Moderator: Pierre-Olivier Gourinchas, International Monetary Fund
— Panelists:
— Olivier Blanchard, Peterson Institute for International Economics
— Philip R. Lane, European Central Bank
— Monika Piazzesi, Stanford University
Concluding remarks
— Pierre-Olivier Gourinchas, International Monetary Fund