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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: 

Call for Papers of the 2021 Annual Meeting of the Central Bank Research Association (CEBRA)

  • The Call for Papers can be found here
  • The submission portal can be found here
  • Submission deadline: Tuesday, May 11

Annual Meeting Summary:
The CEBRA Annual Meeting will take place virtually on 7-9 July 2021, at the MIT Golub Center for Finance and Policy (GCFP) Massachusetts, U.S. The meeting is co-organized with the Leibniz Institute for Financial Research SAFE.

The meeting will commence on Wednesday, 7 July 2021, 9 am (EST) with a high-level policy discussion, featuring a fireside talk with Ben Bernanke (former Chairman of the Federal Reserve). Further high-level panels will take place on 7th and 8th with confirmed participation by James Bullard (President, Federal Reserve Bank of St. Louis), Olli Rehn (Governor, Bank of Finland) and Eric Rosengen (President, Federal Reserve Bank of Boston). On Thursday and Friday, 8-9 July 2021, the main conference will take place. It will feature 35 contributed sessions on a wide variety of policy-relevant topics.

The Scientific Committee is chaired by Deborah Lucas (MIT), Loriana Pelizzon (SAFE), and Athanasios Orphanides (MIT).

Submissions to are being sought on the below list of themes:

  • Banking and financial stability
  • Climate change and sustainable finance
  • Inflation process
  • International finance and macroeconomics
  • Macrofinance
  • MP, frameworks, and communication
  • Payments and innovation

Please submit here by Tuesday, May 11, 2021.

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

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.

CfP: „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

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).

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 FundDeutsche 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.

CEBRA’s 2017 Events

(For more events see our news feed):

Call for papers of the Workshop for Commodities and Macroeconomics, September 28‐29, 2017 at the Federal Reserve Board, Washington, DC.  

Workshop program can be accessed here.

2017 Annual Conference of the International Trade and Macroeconomics Program, Hosted by the Bank of Italy, October 5-6, 2017, Rome, Italy. 

Conference program can be accessed here.

2017 Annual Meeting of the International Finance and Macroeconomics Program, Hosted by the Bank of England’s Moorgate Auditorium, October 19-20, 2017, London. 

Meeting program can be accessed here.

2017 Annual Meeting of the Central Bank Research Association, Hosted by the Bank of Canada, July 20-21, 2017, Ottawa, CanadaThe 2017 annual meeting featured six sessions jointly organized by CEBRA and the Bank of Canada. Further, the meeting featured special sessions organized by the Bank for International Settlements, the International Monetary Fund, and the World Bank, as well as an invited session organized by the National Bureau of Economic Research The Program can be accessed here.

CEBRA’s sessions at the WEAI meetings, San Diego, June 25-29, 2017. CEBRA organized four sessions at this event. The program can be accessed here.

CEBRA’s BOSTON POLICY WORKSHOP, July 09, 2017, Federal Reserve Bank of Boston, MA, USA. Access the program here.

CEBRA-ABFER Session on “Monetary Policy and Financial Stability in the Asia-Pacific,” May 22, 2017, Shangri-La, Singapore

CEBRA’s 2016 Events:

2016 Annual Meeting and Program of the Norges Bank-ESCB-CEBRA Workshop “Financial Stability and Macroprudential Policy” 16.08.2016 OsloAccess the call here.

CEBRA-ABFER Session on “Monetary Policy and Financial Stability in the Asia-Pacific,” May 23rd 2016, Shangri-La, Singapore

New: Video Highlights from the EventInternational Trade and Macroeconomic Interdependence in the Age of Global Value Chains, CEBRA-Bank of Lithuania-National Bank of Poland-CEPR, Vilnius, 15-16 September 2016.  Access the call here. 

Portland (OR), June 29 – July 3, 2016: CEBRA sessions on real exchange rates, global banks and international linkages, and labor mobility at the Western Economic Association meetings – Access the program here

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