2021 ASSA Conference: „COVID-19, Real Uncertainty & Monetary Policy“ CEBRA & American Economic Association

2021 ASSA Conference 

„COVID-19, Real Uncertainty & Monetary Policy“ 

Hosted by: CEBRA & American Economic Association 

Chair:  Raphael Schoenle (Brandeis University and FRB of Cleveland)


„Housing, the Credit Market and Unconventional Monetary Policies: From the Sovereign Crisis to the Great Lockdown.“, Hamed Ghiaie (ESCP Business School)

„Wall Street vs. Main Street QE“, Eric Sims (Notre Dame and NBER) joint with Jing Cynthia Wu 

„Pricing under Distress“,  Ernesto Pastén (Central Bank of Chile) joint with Boragan Aruoba, Andrés Fernandez, Daniel Guzman & Felipe Saffie 

„Does Pandemic-Induced Uncertainty Increase Automation and Income Inequality?“, Zheng Liu (FRB of San Francisco) joint with Sylvain Leduc 

„#CEBRA2020 – Session 2 Financial Stability and Regulation organized by CEBRA“

CEBRA’s 2020 Annual Meeting at LSE & Bank of England 

This session was organized by CEBRA

Parallel Session 4: Banking, Debt, Risks, Regulation, Session 2: Financial Stability and Regulation

Chair: David Aikman (Kings College London) & Matthieu Chavaz (Bank of England)


“Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers” Miguel Boucinha (ECB) joint with Carlo Altavilla, José-Luis Peydró and Frank Smets

“Unintended Consequences of the Global Derivatives Market Reform” Pauline Gandre (University Paris Nanterre/EconomiX) joint with Mike Mariathasan, Ouarda Merrouche and Steven Ongena

“Countercyclical Capital Buffers: A Cautionary Tale” Christoffer Koch (FRB Dallas) joint with Gary Richardson and Patrick Van Horn

“Reach for Yield by U.S. Public Pension Funds” Andrei Zlate (Federal Reserve Board) joint with Lina Lu, Matthew Pritsker, Andrei Zlate, Ken Anadu and James Bohn

„#CEBRA2020 – Session 26 Integrated Policy Frameworks organized by IMF – Money and Capital Markets Department“

CEBRA’s 2020 Annual Meeting at LSE & Bank of England 

This session was organized by IMF – Money and Capital Markets Department

Parallel Session 3: Monetary Policy and Macro Finance, Session 26: Integrated Policy Frameworks

Chair: Tobias Adrian & Gaston Gelos (both IMF)


“Leaning Against the Wind: An Empirical Cost-Benefit Analysis” Luis Brandao-Marques (IMF) joint with Gaston Gelos, Machiko Narita and Erlend Nier Discussant: Fernando Mendo (Princeton University) TBC

“How Does the Interaction of Macroprudential and Monetary Policies Affect Cross-border Bank Lending?” Judit Temesvary (Federal Reserve Board) joint with Elod Takats Discussant: Phurichai Rungcharoenkitkul (BIS)

“Unintended Effects of Macro-Prudential Policy on Real Interest Rates and Liquidity Traps” Alejandro Van der Ghote (ECB) Discussant: Jesper Linde (Sveriges Riksbank)

„#CEBRA2020 – Session 18 Empirical Research on the Conduct of Monetary Policy organized by FRB St. Louis“

CEBRA’s 2020 Annual Meeting at LSE & Bank of England 

This session was organized by Federal Reserve Bank St. Louis 

Parallel Session 3: Monetary Policy, Frameworks and Communication, Session 18: Empirical Research on the Conduct of Monetary Policy

Chair: Michael Owyang and David Wheelock (both FRB St. Louis)


“(Hawks versus Doves) versus (Rules versus Discretion)” Klodiana Istrefi (Banque de France) joint with Alex Nikolsko-Rzhevskyy, David H. Papell and Ruxandra Prodan

“Revisiting the Fed’s Forecast Advantage” Michael Owyang (FRB St. Jouis) joint with Michael McCracken and Amy Guisinger

“Measuring the Effect of Federal Reserve Forward Guidance and Asset Purchases on Financial Markets” Eric Swanson (University of California, Irvine)

“A Composite Index for Evaluating the Stance of Monetary Policy” Laura E. Jackson (FRB St. Louis) joint with David Wheelock and Michael T. Owyang

„#CEBRA2020 – Session 10 International Trade and Macroeconomics organized by CEBRA – ITM Chair“

CEBRA’s 2020 Annual Meeting at LSE & Bank of England 

This session was organized by CEBRA – ITM Chair

Parallel Session 3: International Economics, Session 10: International Trade and Macroeconomics

Chair: Ambrogio Cesa-Bianchy (Bank of England)


“Self-Harming Trade Policy?Protectionism and Production Networks” Matteo Cacciatore (HEC Montreal) joint with Alessandro Barattieri. Discussant: Federico Huneeus (Yale University)

“Invoicing and Pricing-to-market: Evidence on International Pricing by UK Exporters” Meredith A. Crowly, Giancarlo  Corsetti (both University of Cambridge) and Lu Han (University of Toronto) Discussant: Tommaso Aquilante (Bank of England)

“Global Value Chains and Stock Market Comovement” Bruce Iwadate (LSE) joint with Raphael Auer, Andreas Schrimpf and Alexander Wagner. Discussant: Thomas Drechsel (University of Maryland) 

„#CEBRA2020 – Session 31 Markets, Currencies, and Payments, organized by Bank of Canada“

CEBRA’s 2020 Annual Meeting at LSE & Bank of England 

This session was organized by the Bank of Canada 

Parallel Session 2: Markets, Currencies, and Payments, Session 31: Central Bank Digital Currency

Chair: Francisco Rivadeneyra (Bank of Canada)


„Demand for Payment Services and Consumer Welfare: The Introduction of a Central Bank Digital Currency” Kim Huynh (Bank of Canada) joint with Jozef Molnar, Alex Shcherbakov and Jerry Yu

“Central Bank Digital Currency, Inflation Tax, and Central Bank Independence” Ohik Kwon (Bank of Korea) joint with Seungduck Lee and Jaevin Park

“What Keeps Stable Coins Stable?” Ganesh Viswanath-Natraj (Warwick Business School) joint with Richard Lyons

“Vertically Disintegrated Platforms” Tarik Roukny (KU Leuven) joint with Christoph Aymanns and Mathias Dewatripont

„#CEBRA2020 – Session 24 Monetary Policy and Macro Finance, organized by ECB – Directorate General Research“

CEBRA’s 2020 Annual Meeting at LSE & Bank of England 

This session was organized by the ECB – Directorate General Research

Parallel Session 2: Monetary Policy and Macro Finance, Session 24: Monetary Policy, Macroprudential Policy and Financial Stability

Chair: Luc Laeben (ECB), Angela Maddaloni (ECB), Caterina Mendicino (ECB) 


“A Quantitative Analysis of the Countercyclical Capital Buffer” Miguel Faria-e-Castro (FRB St. Louis) Discussant: Ozge Akinci (FRB New York)

„Over-Saving and Financial Fragility” Davide Porcellacchia (ECB) joint with Agnese Leonello, Caterina Mendicino and Ettore Panetti Discussant: Thomas Eisenbach (FRB New York)

“The Zero Lower Bound and Financial Stability: A Role for Central Banks” Tatjana Schulze (University of Oxford) joint with Dimitrios Tsomocos Discussant: Daria Finocchiaro (Sveriges Riksbank)

„#CEBRA2020 – Session 4 Drivers & Dynamics of Inflation & the Macroeconomics of Climate Change, organized by CfIR, FRB of Cleveland“

CEBRA’s 2020 Annual Meeting at LSE & Bank of England 

This session was organized by the Center for Inflation Research, Federal Reserve Bank of Cleveland

Parallel Session 2: Drivers and Dynamics of Inflation & The Macroeconomics of Climate Change, Session 4: Inflation: Drivers and Dynamics

Chair: Raphael Schoenle (Brandeis University) & Robert Rich (FRB Cleveland) 


“Control Costs, Rational Inattention, and Retail Price Dynamics” James Costain (Banco de España) joint with Anton Nakov

“Inflation and Deflationary Biases in Inflation Expectations” Michael Lamla (Leuphana University Lüneburg) joint with Damjan Pfajfar and Lea Rendell

“Anchored Inflation Expectations” Emanuel Moench (Deutsche Bundesbank and Goethe University) joint with Carlos Viana de Carvalho, Stefano Eusepi and  Bruce Preston

“Monetary Policy Communications and their Effects on Household Inflation Expectations” Michael Weber (University of Chicago) joint with Olivier Coibion and Yuriy Gorodnichenko