Conference on Monetary Policy

Call for Papers

7-9 July 2021 (TBC)


The conference is being jointly organized by CEMLA, the FRBNY, and the ECB. It will be held digitally on 7-9 July 2021 (TBC). The main purpose of the conference is to stimulate the discussion of research on monetary policy issues, including those most relevant to EMEs.

The macroeconomic juncture entailed several challenges toward the end of 2019. The COVID-19 crisis has exacerbated many of them and added new ones. In effect, AEs and EMEs alike face significant economic challenges. The accommodative monetary policy stance and facilities implemented in AEs have probably avoided a worse scenario for all. That said, they possibly have had unintended effects. For their part, EMEs’ central banks responded swiftly, implementing various policies and facilities. In sum, economic growth has taken a toll and a general recovery remains uncertain.

Most of the policies have been initially implemented under the implicit assumption that the pandemic would be short-lived. It has been clear for a time that this will probably not be the case. This generally implies that policies must be shifted, becoming more targeted and, thus, focus on repairing firms when feasible and reallocating capital to those business that will be sustainable in a post-COVID world. This has raised several issues about the scope of monetary policy, as well as that of the facilities and related economic policies.   

Paper submissions addressing these, and related issues are encouraged. Specific instances of relevant topics include, but should not be limited to:

  • What factors account for the shifts in global liquidity? In U.S. Dollar funding?
  • What are the implications of international spillovers of monetary policy?
  • What has been done in terms of supervision on the compliance of the eligibility criteria and with regards to the monitoring on the proper use of the resources’ facilities?
  • What have been some unintended consequences of such facilities?
  • How should central banks’ facilities be shifted to account for post-COVID considerations?
  • To what extent has monetary policy in EMEs lost its traction?
  • How should monetary policy and other economic policies be combined?

 

The conference will feature as keynote speakers Gianluca Benigno (FRBNY) (TBC), Linda Goldberg (FRBNY), Manuel Ramos-Francia (CEMLA), and Livio Stracca (ECB). Complete manuscripts should be submitted electronically in PDF format to Conf2021@cemla.org by May 7, 2021. The authors of accepted papers will be notified by June 7, 2021.