Bank of Finland and CEPR Joint Conference on Back to Basics and Beyond: New Insights for Monetary Policy Normalisation

8:40—9:00               Registration and coffee

9:00—9:15                Opening and welcome
                                    Esa Jokivuolle (Bank of Finland)

9:15—10:45               Session: Housing Inflation: Causes and Consequences
                                    Chair: Esa Jokivuolle (Bank of Finland)

“Behavioral Lock-In: Aggregate Implications of Reference Dependence in the Housing Market” (Presentation)
Juhana Siljander (Imperial College London) joint with Cristian Badarinza, Tarun Ramadorai, and Jagdish Tripathy

“Inflation expectations and the housing market: insights from real estate agents” (Presentation)
Elisa Guglielminetti (Banca d’Italia) joint with Michele Loberto          

“CBDC and banks: Disintermediating fast and slow” (Presentation)
Timothy P. Jackson (University of Liverpool) joint with Rhys Bidder and Matthias Rottner   

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10:45—11:15           Coffee Break

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11:15—12:00           Invited speech: Olivier Coibion (University of Texas at Austin)
                                  The New Causal Macroeconomics of Subjective Expectations and Decisions                                                     (Presentation)
                                  Chair: Juha Kilponen (Bank of Finland)

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12:00—13:00           Lunch

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13:00—14:30           Session: Macroeconomics with Large Shocks
                                    Chair: Francesco D’Acunto (Georgetown University and CEPR)

"Large Shocks, Networks and State-Dependent Pricing” (Presentation)
Mishel Ghassibe (Centre De Recerca En Economia Internacional) joint with Anton Nakov

”A Nominal Demand-Augmented Phillips Curve: Theory and Evidence” (Presentation)
Marcus Hagedorn (University of Oslo and CEPR)

”Optimal Monetary Policy With Large Shocks” (Presentation)
Martin Harding (Bank of Canada) joint with Jesper Linde, David Lopez-Salido, and Mathias Trabandt

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14:30—15:00           Coffee Break

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15:00—15:45           Invited speech: Ester Faia (Goethe University Frankfurt and CEPR)
                                   What Central Banks Can Learn from Models with Uninsurable Risk
                                   Chair: Francesco D’Acunto (Georgetown University and CEPR)

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15:45—16:00           Break

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16:00—17:30           Session: Monetary Policy and Consumption
                                    Chair: Maritta Paloviita (Bank of Finland)

"Households' Attention to the Central Bank, Inflation Expectations, and Spending" (Presentation)
Hibiki Ichiue (Keio University)

“Monetary policy pass-through to consumer prices: Evidence from granular price data” (Presentation)
Lucyna Gornicka (European Central Bank) joint with Anastasia Allayioti, Catalina Martınez Hernandez, and Sarah Holton

“Subjective Models of the Macroeconomy and the Transmission of Monetary Policy” (Presentation)
Francesco D’Acunto (Georgetown University and CEPR) joint with Dimitris Georgarakos, Geoff Kenny, and Michael Weber

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Friday 13 September

Helsinki (UTC +03:00)

9:15—9:30                Registration and coffee

9:30—11:00             Session: Monetary Policy and Firm Choices
                                   Chair: Markus Haavio (Bank of Finland)

“Monetary Policy Under Multiple Financing Constraints” (Presentation)
Alejandro van der Ghote (European Central Bank) joint with Ander Perez-Orive and Yannick Timmer

“Do Recessions Slow Technology Growth? Evidence from the Firm Level” (Presentation)
Michaela Elfsbacka-Schmöller (European Central Bank and Bank of Finland) joint with Olga Goldfayn-Frank and Tobias Schmidt

“Inflation and floating-rate loans: Evidence from the euro-area”
Fabrizio Core (Erasmus University Rotterdam) joint with Filippo De Marco, Tim Eisert and Glenn Schepens

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11:00—11:30           Coffee Break

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11:30—12:00           Policy Keynote
                                 Olli Rehn (Governor of the Bank of Finland) (Presentation)
                                 Chair: Michael Weber (University of Chicago and CEPR)

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12:00—12:45           Invited speech: Vincent Sterk (UCL and CEPR)
                                 Optimal Monetary Policy during a Cost-of-Living Crisis (Presentation)

                                 Chair: Michael Weber (University of Chicago and CEPR)

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12:45—13:45           Lunch

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13:45—15:15           Session: Shattered Convictions in Monetary Policy
                                  Chair: Adam Gulan (Bank of Finland)

 “Inflation Preferences” (Presentation)
Kristian Ove R. Myrseth (University of York) joint with Hassan Afrouzi, Alexander M. Dietrich, Romanos Priftis and Raphael S. Schoenle

“Navigating by Falling Stars: Monetary Policy with Fiscally Driven Natural Rates” (Presentation)
Peter Paz (Banco de España) joint with Rodolfo G. Campos, Jesus Fernandez-Villaverde and Galo Nuno

“Do Higher Interest Rates Make The Banking System Safer? Evidence From Bank Leverage” (Presentation)
Ali Uppal (Imperial College London)

* Name of presenter in bold.