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. The registration is open until 18 September 2025.
Program
Thursday, 25 September 2025
All times are in Central European Summer Time.
| 8:30 | Registration & Morning Coffee |
| 8:55 | Opening Remarks TBA |
| 9:00 | Targeted Taylor Rules: Some Evidence and Theory Boris Hofmann (Bank for International Settlements), Cristina Manea (Bank for International Settlements), Benoit Mojon (Bank for International Settlements) Discussant: TBA |
| 9:40 | Monetary Policy Normalization in the New Normal: The Role of Quantitative Tightening Martin Arazi (Washington University in St. Louis) Discussant: TBA |
| 10:20 | Does the Transmission of Monetary Policy Shocks Change when Inflation is High? Fabio Canova (BI Norwegian Business School, CAMP and CEPR), Fernando J. Perez Forero (Central Reserve Bank of Peru) Discussant: Andrejs Zlobins (Latvijas Banka) |
| 11:00 | Coffee break |
| 11:15 | Keynote Speech: TBA Guido Ascari (De Nederlandsche Bank) |
| 12:15 | Lunch |
| 13:30 | Fiscal Policy and Inflation Risks: the Role of Fiscal and Monetary Regimes 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) |
| 14:10 | Fiscal Multipliers and the Maturity Financing of Government Spending Shocks Morteza Ghomi (Banco de España), Jochen Mankart (Deutsche Bundesbank, Narodna 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 Chiara Punzo (Bank of England), Giulia Rivolta (University of Milan) Discussant: Roberto M. Billi (Sveriges Riksbank) |
| 15:30 | Coffee break |
| 15:45 | The Heterogeneous Bank Lending Channel of Monetary Policy Jorge Abad (Banco de Espana), Saki Bigio (UCLA), Salomon Garcia-Villegas (Banco de España), Joel Marbet (Banco de España), Galo Nuño (Banco de Espana, CEPR, CEMFI) Discussant: Volha Audzei (Czech National Bank) |
| 16:25 | The Redistributive Power of Business Cycle Fluctuations 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) |
| 17:05 | Monetary Policy Transmission in a HANK Model with Inflation Heterogeneity Ulrike Neyer (Heinrich Heine University Dusseldorf), Daniel Stempel (Heinrich Heine University Dusseldorf), Alexandra Stevens (Heinrich Heine University Dusseldorf) Discussant: František Mašek (Národná Banka Slovenska) |
| 18:30 | Dinner (by invitation) |
| 21:30 | End of program |
Program
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 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) |
| 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) |
| 10:20 | The Role of Mortgage Interest Fixation Periods for Macro-Prudential and Monetary Policies Juan Castellanos (Bank of England), Stephen Millard (National Institute of Economic and Social Research), Alexandra Varadi (Bank of England) Discussant: TBA |
| 11:00 | Coffee break |
| 11:15 | Keynote Speech: TBA Helene Rey (London Business School, CEPR and NBER) |
| 12:15 | Lunch |
| 13:30 | Flight from the Front Line: Geopolitical Risk, Distance, and Capital Flow Dynamics Jan Janků (Czech National Bank), Martin Hodula (Czech National Bank), Simona Malovaná (Czech National Bank) Discussant: TBA |
| 14:10 | Optimal Monetary Policy in the Open Economy with Labor Market Frictions Kim Cholwoo (University of Warwick) Discussant: TBA |
| 14:50 | Monetary Policy and Earnings Inequality: Inflation Dependencies Jaanika Merikull (Eesti Pank, University of Tartu), Matthias Rottner (Bank for International Settlements, Deutsche Bundesbank) Discussant: TBA |
| 15:30 | Coffee break, end of program |
The preliminary program can be downloaded here: Program (pdf, 366 kB)
Organizing Committee
- Volha Audzei (Czech National Bank)
- Jan Janků (Czech National Bank)
Scientific Committee
- Volha Audzei (Czech National Bank)
- Michal Franta (Czech National Bank)
- Jan Janků (Czech National Bank)
- Josef Švéda (Czech National Bank)
- Martin Hodula (Czech National Bank)
- Simona Malovaná (Czech National Bank)