Welcome to the home page of CEBRA, the Central Bank Research Association. The mission of CEBRA is to encourage applied and theoretical research on topics relevant to central banks, financial regulators, international financial institutions, and fiscal authorities, as well as to connect the research staff of these institutions with academia.

LATEST NEWS AND EVENTS:

Watch the videos from the CEBRA 2021 Annual Meeting #CEBRA21

Featuring: Ben Bernanke (former Chairman of the Federal Reserve), James Bullard (President, Federal Reserve Bank of St. Louis), Olli Rehn (Governor, Bank of Finland), Refet Gürkaynak (Bilkent University), Carmen Reinhart (World Bank), Paul Tucker (Harvard University), Bénédicte Nolens (BIS Innovation Hub), Henry Ohlsson (Riksbank), Zeti Aziz (formerly Bank Negara Malaysia), Jim Cunha (Federal Reserve Bank of Boston), plus others.

5th Annual Meeting of the Central Bank Research Association’s International Finance and Macroeconomics Program, jointly organised with the European Central Bank: Tuesday, 19 and Wednesday, 20 October 2021 (online event)

The meeting will focus on the implications of the growing role of digital currencies and fintech for the international monetary and financial system. It brings together high-quality researchers and policymakers to discuss the implications of digital currencies, global stablecoins and the digitalisation of finance for the international monetary system, exchange rates, capital flows, global financial assets and spillovers.

Full program and registration details can be found here
Registration deadline: 15 October 2021

5th Annual CEBRA Workshop for Commodities and Macroeconomics, hosted by the Board of Governors of the Federal Reserve System: Wednesday and Thursday, September 29-30, 2021 (EDT)

The conference is virtual and open to all. For questions, please contact FRB-Commodities2021@frb.gov
The Program can be found here

Inflation and Business Cycle Dynamics in Open Economies: A Joint Conference with CEBRA and the Federal Reserve Bank of New York, October 7-8, 2021 (virtual event)

The conference overview and program can be found here
Keynote Speakers: Maurice Obstfeld (U.C. Berkeley) and Silvana Tenreyro (London School of Economics)
To register, please email the conference organizers at: cycledynamicsconference@ny.frb.org

The CEBRA 2021 Annual Meeting highlights are on YouTube #CEBRA21, featuring:

Fireside Chat with Ben Bernanke (Brookings Institution)
High-Level Panel: „CBDC and the future of payments featuring Jim Cunha (Federal Reserve Bank of Boston), Bénédicte Nolens (BIS Innovation Hub) and Henry Ohlsson (Riksbank).
High-Level Panel: „Central banking after the pandemic: The challenges of inequality and inclusive growth“ featuring Athanasios Orphanides (MIT Sloan School of Management), James Bullard (Federal Reserve Bank of St. Louis), Olli Rehn (Bank of Finland) and Zeti Aziz (Formerly Bank Negara Malaysia).

CEBRA’s 2021 annual meeting was held fully virtually via Zoom from July 7^th to 9^th. The meeting commenced with opening remarks from Deborah Lucas (MIT GCFP) and a high-level panel featuring Refet Gürkaynak (Bilkent University), Carmen Reinhart (World Bank), and Paul Tucker (Harvard University) on “the shifting boundaries between monetary and fiscal policy”. This was followed by a second high-level panel “CBDC and the future of payments” featuring Jim Cunha (Federal Reserve Bank of Boston), Bénédicte Nolens (BIS Innovation Hub) and Henry Ohlsson (Riksbank). The morning of Monday, 07 July concluded with a thought-provoking fireside chat with Ben Bernanke (Brookings Institution).

Monday afternoon kicked-off with the first round of parallel sessions featuring 35 contributed sessions in total, on a wide variety of policy-relevant topics, assembled from 920 high-quality submissions, making the CEBRA Annual Meeting one of the most selective large conferences in the field of economics. CEBRA was delighted to welcome a record-breaking 933 registrants to the annual meeting, breaking its previous record of 829 registrations at the virtual 2020 annual meeting. CEBRA would like to thank everyone who participated in the annual meeting, with particular thanks to the Scientific Committee chaired by Deborah Lucas (MIT), Loriana Pelizzon (SAFE), and Athanasios Orphanides (MIT).

A program summary of the Annual Meeting can be found here
The Call for Papers can be found here

Now Closed: Call for Papers: CEBRA Workshop for Commodities and Macroeconomics, hosted by the Federal Reserve Board, Washington, DC, USA, September 29-30, 2021

The Program for 2021 can be found here
The Program for 2020 can be found here

The call for paper topics included (but were not restricted) to:

Modeling and forecasting commodity prices and quantities.
Macroeconomic implications and welfare effects of commodity price fluctuations.
Monetary or fiscal policy responses to commodity price fluctuations.
Fiscal budgeting and hedging policies for commodity‐producing countries.
Impact of commodity price fluctuations on capital flows and exchange rates.
Interactions between commodity prices and financial markets.
Commodity investment and production decisions and their effects on the economy.
Technological innovation and adoption in commodity markets.
The economics of non-renewable and renewable resources.
Commodities and the economics of climate and environmental change.

Conference Announcement and Call for Papers: Inflation and Business Cycle Dynamics in Open Economies, October 7-8, 2021

The recent Covid-19 pandemic and resulting economic crisis highlighted the potentially fragile nature of globalization when confronted by a large shock. While the ensuing lockdowns suppressed domestic economic activity, countries also suffered from international supply chain disruptions and capital flow volatility. As economies begin to recover with the vaccine rollout, a great deal of uncertainty exists about future economic growth and inflation. The potential asymmetric recoveries in the United States and other countries further complicates the analysis and may have implications for external adjustments, as well as the recovery paths of individual economies given financial and trade linkages. This conference seeks to further our understanding of the open economy dimensions of inflation and business cycle dynamics, in order to draw useful policy implications for the post-pandemic world.
This conference is supported by the Central Bank Research Association (CEBRA) International Trade and Macroeconomics Program (ITM), which brings together researchers with interests at the intersection of international trade and international macroeconomics.

The conference topics include, but by no means, are limited to:
• Micro and macro price dynamics in the open economy
• Exchange rate dynamics and pass-through
• Firms’ adjustment margins in the face of large shocks
• Business cycle comovement and with financial and/or trade linkages
• The impact of monetary and fiscal policies on macroeconomic interdependence
• Capital flows and emerging market volatility
• Global policy coordination

Keynote Speakers:
• Maurice Obstfeld, U.C. Berkeley
• Silvana Tenreyro, London School of Economics

Submission deadline: May 14, 2021, e-mail: CycleDynamicsConference@ny.frb.org

Now Closed: Call for Papers: CEBRA’s ASSA session – “The economics of digital currencies, distributed ledger technology, and DeFi”

CEBRA is organising a session at the 2022 Annual Meeting of the ASSA, to be held on January 7-9, 2022 in Boston, Massachusetts.

Papers are being sought on the topic of “The economics of digital currencies, distributed ledger technology, and DeFi.” This is a call for all papers broadly related to the theme of digital currencies, distributed ledger technology, and decentralised finance. We invite researchers to submit empirical and theoretical contributions to topics related, but not limited, to:

The economics and mechanism design of permissionless cryptocurrencies & blockchain applications (security of proof-of-work/stake, transaction market design, applications, valuations etc.).
The economics, mechanism design, and applications of permissioned distributed ledger technology
design features of central bank digital currencies and global stablecoins
The economics of decentralised finance
The domestic and cross-border macroeconomic implications of digital currencies.

Committee: Raphael Auer (BIS) and Cyril Monnet (University of Bern)

Submit to: assa at cebra dot org

The submission deadline is April 30th.

Now Closed: Call for Paper – International aspects of digital currencies and fintech“, 2021 IFM Annual Meeting, European Central Bank, Frankfurt, Germany, October 19-20, 2021

The Central Bank Research Association (CEBRA) is organising the fifth annual meeting of its International Finance and Macroeconomics Program jointly with the European Central Bank (ECB). The meeting will be hosted by the ECB on 19-20 October 2021 and will focus on the implications of the growing role of digital currencies and fintech for the international monetary and financial system.

Keynote speakers: Eswar Prasad (Cornell University) and Tara Rice (Bank for International Settlements)

Invited presenters (confirmed): Raphael Auer (Bank for International Settlements)

The aim of the conference is to bring together high-quality researchers and policymakers. We invite researchers to submit empirical and theoretical contributions to topics related, but not limited, to the impact of:

design features of central bank digital currencies and global stablecoins on the international monetary system;
central bank digital currencies and global stablecoins on exchange rates, capital flows and global financial assets;
central bank digital currencies and global stablecoins on global monetary policy spillovers and spillbacks;
central bank digital currencies and global stablecoins on the international role of currencies;
fintech on international capital flows and global financial stability;
digital currencies and fintech on the effectiveness of capital controls and macroprudential policies.

Papers should be submitted by 30 May 2021 to ECBCEBRA2021@ecb.europa.eu. The authors of accepted papers will be notified by 1 July 2021. The format of the meeting (virtual/hybrid/in-person) will be decided on at a later date. Questions can be emailed to arnaud.mehl@ecb.europa.eu.

Organising committee: Massimo Ferrari (ECB) Galina Hale (UC Santa Cruz, Federal Reserve Bank of San Francisco, CEBRA and Centre for Economic Policy Research) Arnaud Mehl (ECB and Centre for Economic Policy Research) Livio Stracca (ECB)

PAST EVENTS:

CEBRA’S 2021 EVENTS

CfP: „COVID-19, real uncertainty, and monetary policy“, CEBRA Session at the 2021 ASSA meetings, Chicago, January 3-5, 2021 – submission deadline is May 25th 2020.

The Central Bank Research Association (CEBRA) organized a session on COVID-19, real uncertainty, and monetary policy at the 2021 ASSA meeting in Chicago on January 3-5. The session brought together top researchers from academia, central banks, and other policy institutions to present the latest research findings related to COVID-19, real uncertainty and monetary policy.

Session Organizers:
Stephen Cecchetti – Brandeis University, NBER and CEPR
Raphael Schoenle (chair) – Federal Reserve Bank of Cleveland, Brandeis University, CEPR
Michael Weber – Chicago Booth, NBER and CEPR

CEBRA’S 2020 EVENTS

Program – CEBRA Workshop for Commodities and Macroeconomics, Central Bank of Chile, Santiago, October 1‐2, 2020

The CEBRA Workshop for Commodities and Macroeconomics was hosted virtually by the Central Bank of Chile on Thursday and Friday, October 1‐2, 2020.

Please find the detailed program here.

ITM annual conference, „Adjustments in and to an Uncertain World“, Vilnius, Lithuania, 24-25 September, 2020

This conference, organised by the Bank of Lithuania, the National Bank of Poland, CEPR, and CEBRA’s International Trade and Macroeconomics Program, focused on recent transformations of international trade and macroeconomic interdependence induced by the growth of global value chains (GVCs) and was held virtually on September 24-25.

Keynote Speakers: Beata Javorcik (EBRD and University of Oxford and CEPR) , Jennifer La`O (Columbia University), Kalina Manova (University College London and CEPR)

The detailed program can be found here.

The CEBRA 2020 ANNUAL MEETING at the LONDON SCHOOL of ECONOMICS and the BANK OF ENGLAND

The full academic program can be accessed here

Watch Sessions from the 2020 Annual Meeting here

The 2020 Annual Assembly of the Central Bank Research Association took place virtually on 1st to 3rd September, 2020, as part of the virtual annual meeting, at the Center for Macroeconomics of the London School of Economics and Political Sciences and at the Bank of England. The meeting was co-organized in association with the Leibnitz Research Center SAFE.

The meeting commenced with a high-level policy discussion on Payment Systems and the Future of the International Monetary and Financial System. Minouche Shafik (LSE) delivered welcome remarks and Hyun-Song Shin (BIS) the keynote speech. Gita Gopinath (IMF), Philip Lane (ECB), Ricardo Reis (LSE), Hélène Rey (LBS), and Andrès Velasco (LSE) participated in a high-level panel. The subsequent keynote speech was delivered by Ben Broadbent (BoE) who further organized a high level policy panel chaired by Andrew Haldane (BoE) and including Viral Acharya (NYU Stern), Diane Coyle (Cambridge), Darrell Duffie (Stanford), and Andrès Velasco (LSE).

The main conference commenced on Wednesday 02 Sept and featured 35 contributed sessions on a wide variety of policy-relevant topics, assembled from over 705 high-quality submissions, making the meeting one of the most selective large conferences in the field of economics.

The scientific committee was chaired by Charlie Bean (LSE), Michael Kumhof (BoE), and Ricardo Reis (LSE).

Due to the virtual format, the 2020 annual meeting saw a record-breaking 829 registrations, compared to a previous record of 275 in 2019.

The full academic program can be accessed here

Program – Exchange Rates and Monetary Policy, October 1-2 2020 – Annual Meeting of CEBRA’s IFM Program

The fourth annual meeting of CEBRA’s International Finance and Macroeconomics program in conjunction with CEPR and Sveriges Riksbank, was organized virtually on October 1‐2, 2020.

The meeting focused on the interaction between exchange rates and monetary policy.

Keynote Speakers:

Hélène Rey (London Business School and CEPR)
Philip Lane (European Central Bank and CEPR).

A preliminary program is available on the conference website.

Virtual Conference „Inflation: Drivers and Dynamics Conference 2020“, Federal Reserve Bank of Cleveland

The Inflation: Drivers and Dynamics 2020 conference, co-sponsored by the Center for Inflation Research and the European Central Bank, took place on May 21–22, 2020. The conference was held virtually. Please use this link to get to the conference webpage and the recorded sessions.

Scientific Committee:
Peter Karadi, Ed Knotek, Christiane Nickel, Chiara Osbat, Robert Rich, Raphael Schoenle.

Announcement: launch of a new research program on „Inflation: Drivers and Dynamics (IDD)

Together with the Inflation Center of the Federal Reserve Bank of Cleveland, we are happy to announce the launch of a new research program on „Inflation: Drivers and Dynamics (IDD). The goal of the program is to draw upon the expertise of academics and policymakers to improve our understanding of the inflation process, its welfare consequences and business cycle properties, and statistical methods that offer greater forecast accuracy. The IDD program is led by its Co-Directors Rob Rich and Raphael Schoenle (Term 2020-2024) and an Advisory Committee of leading central bank and academic researchers.

Call for papers: ITM annual conference, „Adjustments in and to an Uncertain World“, Vilnius, Lithuania, 24-25 September, 2020 –

The Topics of interest included (but were not restricted) to:

Firms adjustment margins in the face of large adverse shocks;
Trading firms’ behavior in an increasingly uncertain environment with rising protectionism, bilateralism, sanctions and global re-shuffling;
The role of financial, institutional, informational, and other frictions in an uncertain environment;
Impact of financial innovations and technologies on firms’ decisions;
The role of uncertainty and information processing capabilities by firms;
The role of policy to aid adjustment process.

Keynote Speakers: Beata Javorcik (EBRD and University of Oxford and CEPR) , Jennifer La`O (Columbia University), Kalina Manova (University College London and CEPR)

CfP: „Exchange Rates and Monetary Policy“, CEBRA IFM, CEPR and Sveriges Riksbank, Stockholm, Sweden, October 1‐2, 2020 –

The fourth annual meeting of CEBRA’s International Finance and Macroeconomics program was joint with CEPR and Sveriges Riksbank, and was held in Stockholm, Sweden, on October 1‐2, 2020. The meeting focused on the interaction between exchange rates and monetary policy.

The Topics of interest included (but were not restricted) to:

the role of exchange rate movements as shock absorbers or sources of macroeconomic and
financial instability
monetary policy design in small open economies
the international transmission of monetary policy
distributional effects of exchange rate movements and
exchange rates and global imbalances.

Keynote Speakers: Hélène Rey (London Business School and CEPR) and Philip Lane (European Central Bank and CEPR)

CfP: CEBRA Workshop for Commodities and Macroeconomics, Central Bank of Chile, Santiago, October 1‐2, 2020

The Central Bank of Chile hosted the Fourth Central Bank Research Association (CEBRA) Workshop for Commodities and Macroeconomics in Santiago on October 1‐2, 2020.

The Topics of interest included (but were not limited) to:

Modeling and forecasting commodity prices and quantities.
Macroeconomic implications and welfare effects of commodity price fluctuations
Monetary or fiscal policy responses to commodity price fluctuations
Fiscal budgeting and hedging policies for commodity‐producing countries
Impact of commodity price fluctuations on capital flows and exchange rates
Interactions between commodity prices and financial markets
Commodity investment and production decisions and their effects on the economy
Technological innovation and adoption in commodity markets
The economics of non-renewable and renewable resources
Commodities and the economics of climate and environmental change

Keynote Speakers: Stephanie Schmitt-Grohe and Martin Uribe (both Columbia University)

Program of CEBRA’s ASSA Session: Inflation and Price Setting, San Diego, January 3-5, 2020

Call for Papers – CEBRA’s ASSA Session: Inflation and Price Setting, San Diego, January 3-5, 2020

The program can be found here.

The session brought together top researchers from academia, central banks, and other policy institutions to present the latest research findings related to inflation and price setting behavior. Some of the topics of interest included:

Inflation dynamics and monetary policy
Monetary policy frameworks and the inflation process
Determinants of inflation expectations and their relationship with observed inflation
Input costs, networks and their role in inflation dynamics
Micro-level price dynamics and implications for aggregate inflation
Inflation forecasting

Session Organizers:
Raphael Schoenle (chair) – Federal Reserve Bank of Cleveland, Brandeis University and CEPR
Luca Dedola – European Central Bank and CEPR
Gee Hee Hong – International Monetary Fund

CEBRA’S 2019 EVENTS

Program of the 2019 CEBRA Workshop for Commodities and Macroeconomics, September 26‐27, Rome, Italy

Program of the 2019 Annual Meeting, July 18-20, NYC, USA

Invitation to the public high-level panels of the CEBRA’s 2019 Annual Meetings, July 19, Columbia University, New York

The 2019 Annual Meeting of the Central Bank Research Association (CEBRA) took place at the Columbia SIPA on July 19-20. There are two options to attend this meeting:

The detailed invitation can be found on this page.

Call for Papers: „Digital currencies, central banks and the blockchain: policy implications“, Vienna, October 25, 2019

The Oesterreichische Nationalbank (OeNB) hosted a workshop on “Digital currencies, central banks and the blockchain: policy implications”. The workshop was organised in association with the Bank for International Settlements (BIS) and the Central Bank Research Association (CEBRA). The conference committee consisted of Martin Summer (OeNB) and Raphael Auer (BIS).

Policy-relevant submissions were sought on the potential use cases of distributed ledger technology (DLT) in financial markets and resulting implications for public authorities. Examples included studies examining the technology, economics and regulatory implications of central bank digital currencies, cryptocurrencies, asset-backed tokens and decentralised market platforms.

Call for Papers: “ The effect of Monetary Policy Normalization on Emerging Markets „, IFM Annual Conference, Mexico City, December 5-6, 2019

The third annual meeting of CEBRA’s International Finance and Macroeconomics program was sponsored by the Bank of Mexico and the Financial Stability and Development (FSD) Network of the Inter-American Development Bank (IDB). It focused on all aspects and issues related to the effect of monetary policy normalization on emerging market economies (EMEs).

Specific topics were related but are not restricted to:

Effects on monetary policy normalization on cross-border lending and the financial sector in EMEs
Monetary and financial policy reaction of EMEs and optimal response
Fiscal policy space in EMEs
Implications for the banking system development in the EMEs
Real effects of monetary policy normalization in EMEs

Keynote speaker: Kristin Forbes (Jerome and Dorothy Lemelson Professor of Management and Global Economics, MIT)

2019 Annual Meeting at Federal Reserve Bank of New York and Columbia University July 18-20, 2019

The preliminary program can be found on this page.

The 2019 annual meeting commenced on Thursday, July 18 with a high-level policy workshop at the Federal Reserve Bank of New York, featuring presentations by Nellie Liang and Jeremy C. Stein and a keynote talk by John C. Williams.

The over 30 contributed sessions and further high-level panels took place on Friday and Saturday, July 19-20 at the Kellogg Center, School of International and Public Affairs, Columbia University. The Bank for International Settlements and Columbia University organised high-level panels. Contributed sessions were organised by Financial Stability Board, International Monetary Fund, Swiss National Bank, Federal Reserve Bank of St. Louis, Bank of Israel, Federal Reserve Bank of Cleveland, European Central Bank, Sveriges Riksbank, Federal Reserve Bank of San Francisco, Norges Bank, Bank of Spain, Bank of Japan, Bank of Canada, Bank of Korea,Oesterreichische Nationalbank, Federal Reserve Bank of Minneapolis, Deutsche Bundesbank, Central Bank of Ireland, Columbia University, SAFE/Goethe University Frankfurt, Center for Economic Policy Research, Asian Bureau of Finance and Economic Research, and International Banking Research Network.
The scientific committee was chaired by Patricia Mosser, Takatoshi Ito, Stefanie Schmitt-Grohé, and Michael Woodford (all Columbia University)

Call for Papers – CEBRA Workshop for Commodities and Macroeconomics, Rome, September 26‐27, 2019

The program can be found here.

The Bank of Italy and the European Central Bank hosted the third CEBRA Workshop for Commodities and Macroeconomics.
Researchers at central banks and in academia were invited to submit papers on the economics of commodities (including energy, metals, and agricultural products) and their interaction with the economy.

Paper topics were related (but are not restricted) to:

Modeling and forecasting commodity prices and quantities.
The role of different shocks in driving commodity prices.
Interactions between commodity prices and financial markets.
Commodity prices and global inflation.
Impact of commodity price fluctuations on capital flows and exchange rates.
Monetary or fiscal policy responses to commodity price fluctuations.
Fiscal budgeting and hedging policies for commodity‐producing countries

Keynote Speaker:
Per Krusell (Stockholm University)

CEBRA’S 2018 EVENTS

Call for Papers: “Risk, Volatility and Central Bank’s policies” IFM Annual Conference, 29-30.11.2018, Madrid

The second annual meeting of CEBRA’s International Finance and Macroeconomics program was sponsored by the Bank of Spain.

It focused on all aspects of issues related to risk and volatility as they relate to central bank policies: conventional and unconventional monetary policy as well as financial stability policy.

Specific topics were related but not restricted to:

Measurement of global risk and volatility and more broadly global financial conditions and stress indicators
Monetary policy and financial stability in an environment of low volatility
The international risk-taking channel of monetary policy
Effects of risk and volatility on international spillovers and global liquidity
Implication of monetary policy normalizations on cross-border lending, risk-taking, and volatility
Leverage, interconnectedness, and risk-taking
Effects of global risk and volatility on real sector decisions

Keynote speakers:

Torben Andersen (Kellogg School of Management, Northwestern University)
Ricardo Reis (London School of Economics and Political Science)

Access the program of the meeting here.

Program of the 2018 Annual Meeting at SAFE/Goethe University Frankfurt, August 20-21 2018

Call for Papers: “Post-implementation Evaluation of the G20 Financial Regulatory Reforms” at CEBRA’s 2018 annual meeting

The Financial Stability Board (FSB) and Deutsche Bundesbank plenary session on the ‘Post-implementation Evaluations of the G20 Financial Regulatory Reforms’ took place on Tuesday 21 August 2018 at the Research Center SAFE in Frankfurt as part of CEBRA’s 2018 Annual Meeting.

Call for Papers: CEBRA Workshop for Commodities and Macroeconomics, 5‐6.09.2018, Dallas

The Federal Reserve Bank of Dallas and the Bank of Canada hosted the second Central Bank Research Association (CEBRA) Workshop for Commodities and Macroeconomics. Confirmed speakers: Lawrence Christiano (Northwestern U) and Lutz Kilian (U Michigan)

Access the program of the workshop here.

Call for Papers: “International Spillovers” ITM Annual Conference, 20-21.09.2018, Warsaw

Narodowy Bank Polski (NBP) in cooperation with the Bank of Lithuania, the Central Bank Research Association’s International Trade and Macroeconomics Program (CEBRA ITM) and the Centre for Economic Policy Research (CEPR) organised a conference to discuss current issues in the area of international spillovers.

Access the program of the conference here.

More information can be found on the conference website.

Call for Papers: CEBRA’s 2018 Annual Meeting co-organized with the Research Center SAFE at Goethe University Frankfurt, August 20-21, 2018

The meeting featured a keynote speech by Jens Weidmann, as well as high-level panels organized by the International Monetary Fund, Deutsche Bundesbank, and the Financial Stability Board.

David Lopez-Salido elected as inaugural Director of the Monetary Policy and Macro Finance research program. Researchers and institutions interested in contributing to this Research Program are asked to get in touch with David. More information is available here.