2025 CEMLA Joint Research Program
CEMLA Workshop on Central Bank Policy Responses to the Post-COVID-19 Inflation
Call for Research Projects and Proposals
August 14 - 15, 2025 – Mexico City (Videoconference)
The post-COVID-19 era has been characterized by a rapid and large increase in inflation in most regions to levels not seen in decades. In response, central banks have taken decisive actions to curb high inflation and prevent the de-anchoring of inflation expectations, where central bank policies involved raising the policy rate and discontinuing established programs and facilities to tackle the pandemic crisis.
The response has been uneven in size and timeliness. As inflation rose faster, central banks began to raise policy rates more rapidly, especially in countries with higher inflation persistence. Notably, inflation globally has receded and is close to central bank inflation targets, where many countries remained resilient throughout the disinflationary process. In addition, the unwinding of pandemic-related supply and demand distortions may have contributed to the decline in inflation.
Despite the good news on inflation, risks such as an escalation of conflicts, trade policy changes through raising trade barriers, and climate change effects dominate the outlook. Policy responses to these risks, or lack thereof, could affect inflation and interest rates. Therefore, it becomes crucial to know the future of inflation and interest rates in the most likely scenarios.
Against this backdrop, research projects and proposals are invited on central bank policy responses to the recent period of high inflation. In particular, the projects are expected to address specific measures adopted that have been part of the central banks' toolbox for monetary policy, as well as the assessment of their effects. These topics can cover a wide range of methodologies and approaches, both theoretical and empirical.
Throughout the 2025 CEMLA Joint Research Program, prospective participants will receive one-on-one feedback from two academic advisors during the advisory meetings and will present their papers in the CEMLA Workshop. Participants must complete their manuscripts for submission to the Latin American Journal of Central Banking (LAJCB) by December 19, 2025.
Guidelines
Near-to-final manuscripts are welcome. To increase their visibility and disseminate their contributions, the final manuscripts must be submitted for consideration in an Issue of the Latin American Journal of Central Banking (LAJCB), following the conventional peer-review process.
Invited Advisors
- Roberto Duncan, Associate Professor, Ohio University
- Alejandro Vicondoa, Associate Professor, Pontificia Universidad Católica de Chile
Research Projects or Proposals Submission
Central bank researchers from CEMLA's Associate or Collaborating Members interested in participating should send their research projects or proposals in a Word or PDF file to the e-mail address JointResearch@cemla.org by May 30, 2025.
LAJCB Publication
All accepted papers in the LAJCB will receive a compensation of 1,000 USD each, which CEMLA will fund. The monetary prize will be divided in equal parts among each paper's authors. If the paper participates in any other CEMLA award, it will only be eligible for the monetary prize once.
Important Dates
- May 30, 2025. Submission deadline
- June 9, 2025. Notification of acceptance
- June 26-27, 2025. Academic advisory first meeting
- August 14-15, 2025. CEMLA Workshop
- October 16-17, 2025. Academic advisory second meeting
- December 19, 2025. Deadline for final manuscript submissions to the LAJCB
Scientific Committee
- Roberto Duncan, Ohio University
- Gustavo Leyva, CEMLA
- Nelson R. Ramírez-Rondán, CEMLA
- Alejandro Vicondoa, Pontificia Universidad Católica de Chile
Organizing Committee
- Gustavo Leyva, CEMLA
- Nelson R. Ramírez-Rondán, CEMLA
2025 CEMLA Joint Research Program
CEMLA Workshop on Central Bank Policy Responses to the Post-COVID-19 Inflation
The CEMLA Joint Research Program represents a unique opportunity for CEMLA Member central bank researchers to disseminate, share and improve their research proposals under the supervision of two expert advisors in the chosen topic for its annual edition (the 2025 edition will be the fifteenth). Pablo Guerrón (Boston College) and Carlos Capistrán (Bank of America) participated in the 2023 edition, and Daniel Chiquiar (Instituto Tecnológico Autónomo de México, ITAM) and Javier García-Cicco (Universidad de San Andrés) will participate in the 2024 edition.
The Program consists of two individual academic feedback meetings with each of the advisors, and between these, the Research Workshop is held, where the authors of the selected projects, CEMLA researchers and the academic advisors discuss the progress of the research work. The Program has allowed the research projects to end up in a superior quality research work of the researchers participating in the Membership. The Program culminates by inviting participating authors to submit their papers to the LAJCB for possible publication.
The Program's thematic focus over the past five years has been diverse, reflecting not only the interests of the membership, but also being in line with the conjuncture and recent developments in the field of economics worldwide. Among these recent topics are fiscal policy and its sustainability; the interdependence between fiscal and monetary policies; macroeconomic responses to the COVID-19 pandemic; the analysis of labor markets; inflation, expectations and forecasts; and finally, the macroeconomics of inflation in the post-COVID-19 era, regarding the most recent inflationary episode that posed a major challenge for central banks.
These innovations in the Program have allowed the guidance and feedback of the research projects of the Membership, which has been reflected not only in a quality final work, but also in new ideas for research agendas and future collaborations among the participating researchers, which strengthens the research network. Researchers from the European Central Bank, Banco Central de la República Argentina, Banco Central de Chile, Banco Central de Costa Rica, Banco Central de Honduras, Banco de México, Bangko Sentral ng Pilipinas, Banco Central del Uruguay, and the Federal Reserve Board participated in the last two editions.
2025 CEMLA Joint Research Program
CEMLA Workshop on Central Bank Policy Responses to the Post-COVID-19 Inflation
2025 CEMLA Joint Research Program
CEMLA Workshop on Central Bank Policy Responses to the Post-COVID-19 Inflation