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Call: CEBRA’s Sessions at WEAI, San Diego, June 25-29, 2017

On June 25-29, 2017 CEBRA is organizing four sessions at the 2017 annual meeting of the Western Economic Association International in San Diego.

Paper submissions should be sent to by 22.01.2017. Decisions will be made by 31.01.2017.

Also, CEBRA is inviting its members and its member central banks to submit further complete sessions. We need to negotiate additional sessions with WEAI, so we are asking potential session submitters to be in touch asap. Please contact, Anthony Landry ( and Martin Berka ( if you want to submit a complete session.

For information about the meeting, please consult



Title: The Future of Unconventional Monetary Policies

Organizer: Pau Rabanal, IMF

Participating: Pau Rabanal and Anthony Landry

Short Description: During the Global Financial Crisis, central banks in most advanced economies deployed new instruments, commonly known as unconventional monetary policies (UMP), once policy rates hit their effective lower bound. A key question going forward is whether these policies should be part of the central bank’s toolkit, or if they should only be deployed in a financial crisis. This session will seek contributions on the following questions: Should unconventional monetary policies still be deployed when interest rates and economic conditions normalize? What should be the optimal size of the central bank’s balance sheet? What should be the optimal policy mix between conventional and unconventional monetary policies, and other government policies such as fiscal, macroprudential and structural policies?


Title: Applied Macroeconomics and Time Series Econometrics

Organizer: Tatsuma Wada, Keio University

Participating: Tatsuma Wada and Martin Berka

Short Description: Time Series Econometrics has been a powerful tool for macroeconomic analysis. Recent developments such as non-linearity, structural breaks, and time-varying parameters are shown to be useful for some cases. But there are some problems yet to be overcome in these models: low (if any) forecasting power, intricacy in computing, and difficulties in model comparisons. This session looks forward to new ideas in macroeconomic modeling and time series econometrics.


Session title: The effects and transmission of monetary policy.

Organizers: Sami Alpanda (University of Central Florida) and Julien Champagne (Bank of Canada).

Participating: Julien Champagne and Johannes Wieland.

Short description: The pace of recovery following the Great Recession in the U.S. have been rather tepid, despite the significant amount of monetary stimulus provided to the economy. The transmission channels and the effects of monetary policy that are featured in policy models anticipated stronger effects on the real economy. In this session, we would like to showcase new contributions in the literature that focus on the transmission channels and the effects of monetary policy. In particular, contributions would revisit the issues regarding the identification of monetary policy shocks, and explore the possible state-dependent nature of the effects of monetary policy.


Title: Asset markets Linkages: Risks and Spillovers

Organizer: Yu-chin Chen, University of Washington

Participating: Mario Crucini and Yu-chin Chen

Short description: Understanding the interconnection between macro economy and various markets is crucial for risk management and policy design. This session looks to explore, both theoretically and empirically, information and risk-spillover between markets such as equity, bonds, commodity, FX, within and across countries.

Call: 2017 Annual Meeting at the Bank of Canada featuring BIS, IMF, WB, and NBER special sessions

Download the call as PDF here


2017 Annual Meeting of the Central Bank Research Association

Hosted by the Bank of Canada

July 20-21, 2017, Ottawa, Canada

The annual meeting of the Central Bank Research Association (CEBRA) brings together policy-relevant research on topics of interest to central banks and international financial institutions. CEBRA’s 2017 Annual Meeting is organized jointly with the Bank of Canada (BoC) and takes place on July 20-21 2017 at the BoC’s conference center in Ottawa.

The 2017 meeting features six sessions jointly organized by CEBRA and BoC. Further, the meeting features special sessions organized by the Bank for International Settlements (BIS), the International Monetary Fund (IMF), and the World Bank (WB), as well as an invited session organized by the National Bureau of Economic Research (NBER).

The deadline for submissions is 28 January 2017. Please send drafts of completed papers to stating the name of the session you are submitting to in the subject of your submission email. Please also indicate whether you would like to act as discussant. Authors of accepted papers will be informed by the end of March 2017. Please address any questions to Rhys Mendes (

The submitting author must be a member of CEBRA. To join CEBRA free of charge, visit There is no registration fee for the event. Travel expenses will not be reimbursed by CEBRA or the BoC.

Scientific committee:

Chair: Rhys Mendes (BoC)

Members: Enrique Alberola (BIS), Marcus Brunnermeier (Princeton & NBER), Stephen Cecchetti (Brandeis & NBER), Giovanni Dell’Ariccia (IMF), Jean-Sébastien Fontaine (BoC), Galina Hale (FRBSF), Leonardo Gambacorta (BIS), Scott Hendry (BoC), Raju Huidrom (WB), Emanuel Kohlscheen (BIS), Ayhan Kose (WB), Oleksiy Kryvtsov (BoC), Sylvain Leduc (BoC), John Rogers (FRB), Georg Strasser (ECB), and Jing Yang (BoC).

1. Unconventional monetary policy CEBRA & Bank of Canada Jean-Sébastien Fontaine (BoC) and Jing Yang (BoC)
2. Financial globalization and inequality CEBRA & Bank of Canada Galina Hale (FRBSF)
3. Fintech and payments CEBRA & Bank of Canada Scott Hendry (BoC)
4. Micro price dynamics and inflation CEBRA & Bank of Canada Oleksiy Kryvtsov (BoC), John Rogers (FRB), and Georg Strasser (ECB)
5. Commodities and macroeconomics I CEBRA & Bank of Canada Enrique Alberola (BIS), Emanuel Kohlscheen (BIS)
6. Commodities and macroeconomics II CEBRA & Bank of Canada Oleksiy Kryvtsov (BoC) and Sylvain Leduc (BoC)
7 Low interest rates, bank business models and changes in financial intermediation Bank for International Settlements Leonardo Gambacorta (BIS)
8 Monetary policy and financial stability International Monetary Fund Giovanni Dell’Ariccia (IMF)
9 Cyclical spillovers World Bank Raju Huidrom (WB) and Ayhan Kose (WB)
10 Recent advances in international macro-finance (invited session, no submissions) National Bureau of Economic Research Marcus Brunnermeier (Princeton & NBER) and Stephen Cecchetti (Brandeis & NBER)

First Banco de España – CEMFI Conference on Financial Stability, Madrid, 24-25 May 2017

Madrid, 24 – 25 May 2017

Banco de España together with Centro de Estudios Monetarios y Financieros (CEMFI) is starting a series of biennial conferences to promote the research and discussion of topics related to financial stability among academics, practitioners, and policy-makers. The first conference will be held at the Banco de España’s headquarters in Madrid on 24-25 May 2017.

Mario Draghi, President of the European Central Bank, will be the keynote speaker and Luis M. Linde, Governor of the Banco de España, will open the conference.

Complete manuscripts (not abstracts) should be sent in pdf format to The deadline for submissions is 28 February 2017. Authors of accepted papers will be notified by 31 March 2017. Travel and accommodation expenses of academic participants will be reimbursed.

Access the full call here: First Conference on Financial Stability



CEBRA’s BOSTON POLICY WORKSHOP, July 09, 2017, Federal Reserve Bank of Boston, MA, USA

Call for papers (Access the pdf here)

The Central Bank Research Association (CEBRA) is organizing an afternoon workshop on Sunday July 9, 2017.  The objective of this workshop is to bring together policymakers and researchers from across the globe to present policy-relevant work and discuss current issues and challenges in monetary policy and financial stability.

The event is open to researchers affiliated with a central bank or related policy institution only, as well as, to CEBRA’s executive officers and members of the Senior Council. The submitting author must be a member of CEBRA. To join CEBRA free of charge, please visit

After the recent global financial crisis, financial stability risks have come up to the forefront of policy discussions.  Central banks around the globe have addressed financial instability with different tools, including extraordinary monetary policy measures. Other approaches have favored the implementation of macroprudential policies to minimize externalities caused by a large ex-post decline in asset values.  Regarding monetary policy, the key issue of concern is the extended recovery period during which central banks have kept interest rates at very low levels, a period far longer than what almost anyone would have initially expected.  Overall, policy makers have faced a complex situation, which has generated a sizable demand for economic and financial research on these relevant topics. Against this background, we welcome submissions related, but not restricted, to policy-relevant research on financial stability and/or monetary policy.

The deadline for submissions is 22 January 2017. Please send drafts of completed papers to Authors of accepted papers will be informed by 15 March 2017. Please address any questions to

The workshop is hosted by the Federal Reserve Bank of Boston’s Research and Supervision Departments, and takes place at 600 Atlantic Ave., Boston, MA.

Scientific committee:

Chair: Jose Fillat (FRB Boston)

Edward Offenbacher (Bank of Israel)

Giovanni Olivei (FRB Boston)

Frank Smets (ECB)

Skander van den Heuvel (FR Board/ECB)



Banque de France: 12th Annual Central Bank Conference on Microstructure of Financial Markets, Paris, September 29-30

The Banque de France’s 12th Annual Central Bank Conference on Microstructure of Financial Markets is organised by Benoit Mojon and will take place at Banque de France Conference Center Auditorium on 29 and 30 septembre 2016.

This annual central bank workshop gives researchers, policy-makers and practitioners the opportunity to discuss theoretical work, empirical findings and policy implications related to the microstructure of financial markets. 

Financial market microstructure may influence – and be affected by – how central bank implement monetary policy. Topics of interest include market liquidity, the effectiveness of non-conventional monetary policy measures, financial stability and systemic risk. The conference will gather high quality research on the aspects of micro-structure that are the most relevant for central banks. Bruno Biais (Toulouse School of Economics) and Lasse Pedersen (Copenhagen BS and NYU Stern) will give keynote presentations.

Further information and an updated program can be accessed here.


Program: International Trade and Macroeconomic Interdependence in the Age of Global Value Chains, Vilnius, 15-16 September 2016

CEBRA’s International Trade and Macroeconomics Research Program is pleased to announce the program of its inaugural annual conference on  International Trade and Macroeconomic Interdependence in the Age of Global Value Chains. The event takes place in Vilnius, on 15-16 September 2016 and is co-organized with the Bank of Lithuania, the National Bank of Poland, and the Centre for Economic Policy Research (CEPR).

Organizing Committee:

Michal Brzoza-Brzezina, National Bank of Poland and CEBRA

Mihnea Constantinescu, Bank of Lithuania and CEBRA

Jan Hagemejer, National Bank of Poland

Fabio Ghironi, University of Washington, CEBRA and CEPR

Gianmarco I. P. Ottaviano, London School of Economics, CEBRA and CEPR


Preliminary Program


Thursday, September 15

8:00     Coffee and Registration

8:30     Welcoming Remarks: TBA

9:00     Keynote Panel: Rethinking Trade and Interdependence in the Age of GVCs

Richard Baldwin, Graduate Institute, Geneva and CEPR

Fabio Ghironi, University of Washington, CEBRA and CEPR

David Haugh, Organisation for Economic Co-operation and Development

10:30   Coffee Break

11:00   Invited Presentation: Peak trade? An Anatomy of the Recent Global Trade Slowdown

Marcel Timmer, University of Groningen


Bart Los, University of Groningen

Robert Stehrer, Vienna Institute for International Economic Studies

Gaaitzen de Vries, University of Groningen

12:00   Lunch

1:00     Session 1: GVCs and Labor Markets, Chair: TBA

Routine Jobs, Employment and Technological Innovation in Global Value Chains

Luca Marcolin, Organisation for Economic Co-operation and Development

Sébastien Miroudot, Organisation for Economic Co-operation and Development

Mariagazia Squicciarini, Organisation for Economic Co-operation and Development

Discussant: Philipp Harms, University of Mainz


Offshoring, Low-skilled Immigration and Labor Market Polarization

Federico S. Mandelman, Federal Reserve Bank of Atlanta

Andrei Zlate, Federal Reserve Bank of Boston

Discussant: Rosario Crino’, Catholic University Milan and CEPR

3:00     Coffee Break

3:30     Session 2: GVC Organization, Chair: Mihnea Constantinescu, Bank of Lithuania

Do Multinationals Transplant Their Business Model?

Dalia Marin, University of Munich and CEPR

Linda Rousova, European Central Bank

Thierry Verdier, Paris School of Economics and CEPR

Discussant: TBA

Managing Export Complexity: The Role of Service Outsourcing

Giuseppe Berlingieri, London School of Economics

Discussant: Alessandro Barattieri, Collegio Carlo Alberto, Turin

5:30     Adjourn

6:00     Dinner (for program participants only)


Friday, September 16


9:00     Invited Presentation: Internalizing Global Value Chains: A Firm-Level Analysis

Laura Alfaro, Harvard University


Pol Antràs, Harvard University and CEPR

Davin Chor, National University of Singapore

Paola Conconi, Université Libre de Bruxelles and CEPR

10:00   Coffee Break

10:30   Session 3: GVCs and Prices, Chair: TBA

Global Value Chains and Effective Exchange Rates at the Country-Sector Level

Nikhil Patel, Bank for International Settlements

Zhi Wang, United States International Trade Commission

Shang-Jin Wei, Asia Development Bank and CEPR

Discussant: Rudolfs Bems, University of Tokyo


International Inflation Spillovers through Input Linkages

Raphael A. Auer, Bank for International Settlements, CEBRA and CEPR

Andrei A. Levchenko, University of Michigan, CEBRA and CEPR

Philip Sauré, Swiss National Bank

Discussant: Sophie Guilloux-Nefussi, Bank of France

12:30   Lunch

1:30     Session 4: GVC Hubs, Chair: Fabio Ghironi, University of Washington, CEBRA and CEPR

Fundamental Moments

Jean Imbs, Paris School of Economics and CEPR

Laurent L. Pauwels, University of Sydney

Discussant: Aleksandra Parteka, Gdansk University of Technology

2:30     Coffee Break

3:00     Session 5: GVCs and Macroeconomic Issues, Chair: Fabio Ghironi, University of Washington, CEBRA and CEPR

Global Value Chain Participation and Current Account Imbalances

Johannes Brumm, University of Zurich

Georgios Georgiadis, European Central Bank

Johannes Gräb, European Central Bank

Fabian Trottner, Princeton University

Discussant: Gianluca Benigno, London School of Economics and CEPR


Global Perspective on Structural Labour Market Reforms in Europe

Povilas Lastauskas, University of Cambridge

Julius Stakenas, Bank of Lithuania

Discussant: Matteo Cacciatore, HEC Montréal

5:00                 Adjourn





Call: December 13-14, 2016, ECB/CEPR, “Wage developments in the aftermath of the crisis”


More information on:

12th Joint ECB/CEPR Labour Market Workshop on “Wage developments in the aftermath of the crisis”

December 13-14, 2016
European Central Bank, Frankfurt am Main

Deadline is Friday, 9 September

About the conference

The 12th Joint ECB/CEPR Labour Market Workshop focuses on how the crisis has affected wage dynamics, how wage adjustments have varied with underlying structural differences, and how the wage dynamics have shaped macroeconomic outcomes. It aims to draw lessons from past wage developments for the challenges lying ahead.

Research topics of particular relevance to the conference include:

  • Determinants of recent wage developments (for example, sectoral differences, productivity, slack, low inflation environment, zero lower bound)
  • Modelling wage dynamics
  • Effects of structural reforms on wage determination mechanisms during and after the crisis
  • Analyses of changes to the wage Phillips curve
  • Wages in a monetary union with segmented labour markets
  • Macroeconomic effects of (changes in) minimum wages
  • Relative strength of adjustment of wages, hours, and employment to shocks
  • Effects of migration on wages
  • Mismatch and wage dynamics
  • Wage structure: within the firm and at the top of the wage distribution


We invite researchers to submit original papers, either theoretical or empirical, for presentation at this workshop.

EPR members are requested to submit their papers by 6 p.m. (UK time) on Friday, 9 September 2016 via the CEPR’s online system. If you do not already have a personal profile to use this area of the CEPR’s website, please set one up.

If you have any difficulties in submitting your paper or you are NOT a CEPR member, please send an e-mail to Amanda Vincent-Rous, Events Officer, with the subject line “4585 – 12th Joint ECB/CEPR Labour Market Workshop”. Please indicate in your e-mail whether or not you wish to present a paper or would be willing to act as a discussant.

The travel and accommodation expenses of presenters and discussants will be reimbursed in accordance with standard ECB guidelines.

Scientific Committee

  • Styliani Christodoulopoulou (ECB)
  • Ana Lamo (ECB)
  • Marco Manacorda (CEPR and Queen Mary, University of London)
  • Claudio Michelacci (CEPR and Einaudi Institute for Economics and Finance, EIEF, Rome)
  • Sebastian Weber (ECB)