CEBRA’s mission 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. Currently, CEBRA connects researchers from around 60 central banks, IFIs, and academic institutions.

2022 Annual Meeting (Barcelona, Spain)

2021 Annual Meeting (Virtual)

2020 Annual Meeting (Virtual)

2019 Annual Meeting (New York City, USA)

2018 Annual Meeting (Frankfurt am Main, Germany)

2017 Annual Meeting (Ottawa, Canada)

2016 Annual Meeting (Oslo, Norway)



Session at the 2023 ASSA Annual Meeting

The 2023 ASSA Annual Meeting took place from January 6–8, 2023 in New Orleans, Louisiana. 

CEBRA hosted a session on “Climate Change, Green Finance, and Central Banking” on Friday Jan. 6th , organized by Linda Goldberg (Federal Reserve Bank of New York) and chaired by Galina Hale (UC Santa Cruz).


Fourth Biennial Conference on New Dimensions of Monetary Policy in Warsaw, September 22-23, 2022

Narodowy Bank Polski (NBP) in cooperation with the Bank of Lithuania and the CEBRA Inflation: Drivers & Dynamics Program organized a conference to discuss current issues in the area of monetary economics. Topics covered during the conference included:
• Macroeconomic implications of new monetary policy strategies
• Monetary policy in models with heterogeneous agents
• Implications of structural changes for monetary policy
• Monetary policy and bounded rationality of economic agents
• Distributional effects of conventional and unconventional monetary policy
• International spillovers of monetary policy
• Monetary-fiscal interactions
• Exchange rate regimes and economic adjustment
• Inflation in the post-pandemic world
• Platformification of finance

Click here for the conference program, all presentations & papers and the call for papers 

View images of the event

 For more information see the conference website.

Organising Committee:
Dorota Kasińska (NBP), Paweł Kopiec (NBP), Povilas Lastauskas (Bank of Lithuania), Krzysztof Makarski (NBP), Robert Rich (Federal Reserve Bank of Cleveland and CEBRA), Raphael Schoenle (Brandeis University and CEBRA).

CEBRA’s ASSA session – “The economics of digital currencies, distributed ledger technology, and DeFi”

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

Papers were 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)


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

2021 ITM Annual Conference: 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

The conference topics included:
• 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

The annual Inflation: (IDD) Drivers and Dynamics 2021 conference

co-sponsored by the Center for Inflation Research and the European Central Bank, took place on October 7–8, 2021. 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, Mathieu Pedemonte, Robert Rich, Raphael Schoenle

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)

CEBRA Session at the 2021 ASSA meetings, „COVID-19, real uncertainty, and monetary policy“, Chicago, January 3-5, 2021

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 Workshop for Commodities and Macroeconomics, Central Bank of Chile, Santiago, October 12, 2020

The CEBRA Workshop for Commodities and Macroeconomics was hosted virtually by the Central Bank of Chile on Thursday and Friday, October 12, 2020.

Please find the detailed program here.

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

The fourth annual meeting of CEBRA’s International Finance and Macroeconomics program in conjunction with CEPR and Sveriges Riksbank, was organized virtually on October 12, 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).  

Conference website.

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

The 2020 annual meeting of the ITM program on “Adjustments in and on an Uncertain World” was organised by the Bank of Lithuania, the National Bank of Poland, CEPR, and CEBRA’s International Trade and Macroeconomics Program and 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. Further details can be found here

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.

Inflation: Drivers and Dynamics Conference 2020, Federal Reserve Bank of Cleveland (virtual event)

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.

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

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


IFM Annual Conference, Mexico City, December 5-6, 2019, ” The effect of Monetary Policy Normalization on Emerging Markets “

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 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)

Workshop “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.

2019 CEBRA Workshop for Commodities and Macroeconomics, September 2627, Rome, Italy

 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 commodityproducing countries


Keynote Speaker:
Per Krusell (Stockholm University)


IFM Annual Conference, November 29-30, 2018, Madrid

“Risk, Volatility and Central Bank’s policies”

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)

ITM Annual Conference: “International Spillovers”, September 20-21, 2018, Warsaw

The 2018 annual conference of the ITM program on “International Spillovers” was hosted by the Narodowy Bank Polski (NBP) and took place in Warsaw on 20-21 September 2018. The conference was organized by the Narodowy Bank Polski, Bank of Lithuania, CEPR and CEBRA’s ITM program and focused on the area of international spillovers. The meeting featured four sessions and three keynote lectures.  For further details, see the NBP conference page and access the detailed program here.

More information can be found on the conference website.

CEBRA Workshop for Commodities and Macroeconomics, September 5-6, 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.


2017 Annual Meeting of the International Finance and Macroeconomics (IFM) Program, October 19-20, 2017, London.

The 2017 Annual Meeting of CEBRA’s IFM program on “Fragmentation of International Trade and Finance and Risks from Rising Protectionism” was hosted by the Bank of England in London on 19-20 October 2017.

  • The conference was co-organized by the Bank of England and CEBRA’s IFM program and focused on all aspects of international financial and trade flows, with an emphasis on how they may respond to protectionist measures, actual and hypothetical. Of particular interest was the question of how global patterns of capital and trade flows might be altered by trade and capital restrictions.
  • The keynote speakers included Linda Goldberg (Federal Reserve Bank of New York) and Maurice Obstfeld (International Monetary Fund).

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

The 2017 annual conference of the ITM program on “Rethinking Competitiveness, Structural Reforms, and Macro Policy” . The conference was organized by the Bank of Italy, CEPR, and CEBRA’s ITM program and focused on recent challenges for macroeconomic policies and structural reform design, with an emphasis on micro-macro linkages. Issues of particular interest included the links between international trade and competitiveness, the implications of dispersed productivity growth, and the role of macroeconomic imbalances. The meeting featured keynote speeches by Thomas Chaney (Sciences Po) and Giancarlo Corsetti (University of Cambridge).  

The conference program can be accessed here.

Workshop for Commodities and Macroeconomics, September 2829, 2017 at the Federal Reserve Board, Washington, DC. 

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

CEBRA’s sessions at the WEAI meetings, San Diego, June 25-29, 2017

CEBRA organized four sessions at this event.


Inaugural conference oft he International Trade and Macroeconomic Program (ITM), Vilnius, 15-16 September 2016.

International Trade and Macroeconomic Interdependence in the Age of Global Value Chains”  The conference was organized by the Bank of Lithuania, the National Bank of Poland, CEPR, and CEBRA’s ITM Program. The Organizing committee welcomed submissions of empirical and theoretical papers.  For insights into our inaugural conference, view the video highlights here.

Video Highlights from the Event.

CEBRA’s sessions at the WEAI, 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