Second Annual Czech National Bank Conference

“Resilient Policy in Uncertain Times: Evolving Approaches to Monetary Policy and Financial Stability”

Prague, 25–26 September 2025
Czech National Bank Congress Centre (The Commodity Exchange), Senovážné nám. 30, Prague 1

The conference is open to registered participants only.
Registration closed.

Thursday, 25 September 2025
All times are in Central European Summer Time.

8:30	Registration & Morning Coffee
8:55	The importance of second chances Opening Remarks Jan Frait (Czech National Bank)

9:00	Targeted Taylor Rules: Some Evidence and Theory (pdf, 2 MB) Boris Hofmann (Bank for International Settlements), Cristina Manea (Bank for International Settlements), Benoit Mojon (Bank for International Settlements) Discussant: Massimiliano Pisani (Banca d'Italia)
9:40	Monetary Policy Normalization in the New Normal: The Role of Quantitative Tightening (pdf, 3 MB) Martin Arazi (Washington University in St. Louis) Discussant: Alessandro Lin (Banca d'Italia) (pdf, 874 kB)
10:20	Does the Transmission of Monetary Policy Shocks Change when Inflation is High? (pdf, 2 MB) Fabio Canova (BI Norwegian Business School, CAMP and CEPR), Fernando J. Perez Forero (Central Reserve Bank of Peru) Discussant: Andrejs Zlobins (Latvijas Banka) (pdf, 5 MB)
11:00	Coffee break

11:15	Keynote Speech. Chair: Sergey Slobodyan (CERGE-EI) Monetary Policy in the Euro area when Phillips Curves are...Curves (pdf, 2 MB) Guido Ascari (De Nederlandsche Bank)
12:15	Lunch

13:30	Fiscal Policy and Inflation Risks: the Role of Fiscal and Monetary Regimes (pdf, 1 MB) Ryan Banerjee (Bank for International Settlements), Valerie Boctor (University of California, Berkeley), Aaron Mehrotra (Bank for International Settlements), Fabrizio Zampolli (Bank for International Settlements) Discussant: Michal Franta (Czech National Bank) (pdf, 1 MB)
14:10	Debt Maturity and Government Spending Multipliers (pdf, 2 MB) Morteza Ghomi (Banco de España), Jochen Mankart (Deutsche Bundesbank, Národná Banka Slovenska), Rigas Oikonomou (UC Louvain, University of Surrey), Romanos Priftis (European Central Bank) Discussant: Kostas Mavromatis (De Nederlandsche Bank)
14:50	The Anatomy of Public Debt Monetization (pdf, 2 MB) Chiara Punzo (Bank of England), Giulia Rivolta (University of Milan) Discussant: Roberto M. Billi (Sveriges Riksbank) (pdf, 165 kB)
15:30	Coffee break

15:45	The Heterogeneous Bank Lending Channel of Monetary Policy (pdf, 379 kB) Jorge Abad (Banco de España), Saki Bigio (UCLA), Salomon Garcia-Villegas (Banco de España), Joel Marbet (Banco de España), Galo Nuño (Banco de España, CEPR, CEMFI) Discussant: Volha Audzei (Czech National Bank) (pdf, 817 kB)
16:25	The Redistributive Power of Business Cycle Fluctuations (pdf, 1 MB) Marcin Bielecki (University of Warsaw, Narodowy Bank Polski), Michał Brzoza-Brzezina (Warsaw School of Economics, Narodowy Bank Polski), Marcin Kolasa (Warsaw School of Economics, International Monetary Fund) Discussant: Morteza Ghomi (Banco de España) (pdf, 173 kB)
17:05	Monetary Policy Transmission in a HANK Model with Inflation Heterogeneity (pdf, 445 kB) Ulrike Neyer (Heinrich Heine University Dusseldorf), Daniel Stempel (Heinrich Heine University Dusseldorf), Alexandra Stevens (Heinrich Heine University Dusseldorf) Discussant: František Mašek (Národná Banka Slovenska) (pdf, 274 kB)
18:00	Walking tour around Prague center (by invitation)
19:00–21.30	Dinner (by invitation)

Friday, 26 September 2025
All times are in Central European Summer Time.

8:30	Registration & Morning Coffee

9:00	House Price Responses to Monetary Policy Surprises: Evidence from US Listings Data (pdf, 399 kB) Denis Gorea (Bank for International Settlements), Oleksiy Kryvtsov (Bank of Canada), Marianna Kudlyak (Federal Reserve Bank of San Francisco, Hoover Institution, CEPR, IZA) Discussant: Martin Groiss (Universität Duisburg-Essen) (pdf, 78 kB)
9:40	From Losses to Buffer – Calibrating the Positive Neutral CCyB Rate in the Euro Area Giorgia De Nora (European Central Bank, Queen Mary University of London), Ana Pereira (Bank of England), Mara Pirovano (European Central Bank), Florian Stammwitz (European Central Bank , Frankfurt School of Finance & Management) Discussant: Joana Passinhas (Banco de Portugal and European Central Bank) (pdf, 247 kB)
10:20	The Role of Mortgage Interest Fixation Periods for Macro-Prudential and Monetary Policies (pdf, 1 MB) Juan Castellanos (Bank of England), Stephen Millard (National Institute of Economic and Social Research), Alexandra Varadi (Bank of England) Discussant: Davide Porcellacchia (European Central Bank) (pdf, 198 kB)
11:00	Coffee break

11:15	Keynote Speech. Chair: Martin Hodula (Czech National Bank) Exorbitant Privilege and Exorbitant Duty Helene Rey (London Business School, CEPR, and NBER)
12:15	Lunch

13:30	Corporate Lending in Face of Domestic and Foreign Monetary Policy: Insights from AnaCredit (pdf, 304 kB) Zuzana Gric (Czech National Bank), Jan Janků (Czech National Bank), Simona Malovaná (Czech National Bank) Discussant: Michal Marenčák (Národná Banka Slovenska)
14:10	Optimal Monetary Policy in the Open Economy with Labor Market Frictions (pdf, 250 kB) Kim Cholwoo (University of Warwick) Discussant: Michael Dobrew (European Central Bank)
14:50	Monetary Policy and Earnings Inequality: Inflation Dependencies (pdf, 2 MB) Jaanika Merikull (Eesti Pank, University of Tartu), Matthias Rottner (Bank for International Settlements, Deutsche Bundesbank) Discussant: Philipp Hochmuth (Oesterreichische Nationalbank) (pdf, 347 kB)
15:30	Coffee break, end of program

The preliminary program can be downloaded here: Program (pdf, 380 kB)