Conference The Future of Monetary Policy: What Can We See as the Dust Has Settled?
Prague, Czech National Bank’s Commodity Exchange building, 16 – 17 May 2019
On 16–17 May 2019, the Czech National Bank held an international conference The Future of Monetary Policy: What Can We See as the Dust Has Settled? attended by leading representatives of other central banks and world-renowned economists. The conference for 140 participants formed part of the celebrations of 100 years since the introduction of the Czechoslovak koruna (crown).
The first day was devoted to interest rates and exchange rates, i.e. topics essential to successful monetary policy. The speakers on the main panel were central bank representatives from countries that use a currency called the crown and simultaneously apply inflation targeting. Besides CNB Governor Jiří Rusnok, the panellists included Central Bank of Iceland Governor Már Gudmundsson, Sveriges Riksbank Deputy Governor Martin Flodén and Norges Bank Deputy Governor Jon Nicolaisen. The discussion was moderated by Michael Bordo of Rutgers University. Bank of Canada Deputy Governor Lawrence Schembri moderated the other panel on the exchange rate.
The second day of the conference focused on bounded rationality in macroeconomic modelling and new visions in macroeconomics.
- Opening Remarks
Jiří Rusnok, Governor, Czech National Bank
Session I: Interest Rates
- The Rise and Fall of the Natural Interest Rate (pdf, 1.9 MB)
Alessandro Galesi, Banco de España
- Low Natural Real Interest Rates and the Implications for Monetary Policy – A Comment (pdf, 856 kB)
Morten Spange, Senior Adviser, Economic Analysis, Danmarks Nationalbank
Session II: Exchange Rates
- Exchange Rates, Monetary Policy and International Policy Coordination: What Have We Learned from the Crisis and Its Aftermath? (pdf, 859 kB)
Lawrence Schembri, Deputy Governor, Bank of Canada
Session III: Bounded Rationality in Macroeconomics
- Adaptive Learning and Survey Expectations (pdf, 706 kB)
Rafael Wouters, National Bank of Belgium
- Central Banks Balance Sheet Policies without Rational Expectations (pdf, 307 kB)
Dmitriy Sergeyev, Bocconi University, IGIER, CEPR
- Dynamic Rational Inattention and Business Cycles (pdf, 340 kB)
Bartosz Mackowiak, ECB and CEPR
- Deviating from the RE Hypothesis (pdf, 222 kB)
Jesús Vázquez, The University of the Basque Country (UPV/EHU)
Session IV: New Visions in Macroeconomics
- The Fiscal Theory of the Price Level in Overlapping Generations Models (pdf, 2.9 MB)
Roger Farmer, University of Warwick, NIESR, UCLA
- The Chicago Plan Revisited (pdf, 378 kB)
Michael Kumhof, Bank of England