International Trade and Macroeconomics Program (ITM)


The ITM Program brings together researchers with interests at the intersection of international trade and international macroeconomics. This has been an especially active area in the last fifteen years, with important contributions from academic and policy researchers alike. The topics covered in theoretical and empirical work include (i) using micro data on trade and multinational production to understand macroeconomic interdependence; (ii) price dynamics and markup determination; (iii) trade and labor markets; (iv) global value chains, trade finance, and several others. The tools developed in this literature are being applied to policy questions of interest to central banks, such as the optimal conduct of monetary policy, the implications of different exchange rate arrangements, or the understanding of macroeconomic dynamics in an increasingly integrated world of global value chains.

The ITM Program fills a gap in the existing environment of research organizations by gathering both established and young researchers in this fast-growing research area and providing a forum for interaction, development of ideas, and their dissemination. To fulfill this goal, the Program’s activities include an annual conference hosted by a central bank within the CEBRA network. By including both academics and researchers at central banks and other policy institutions and promoting their interaction, the Program seeks to pursue both excellence in cutting-edge research and its application to the most important policy-relevant questions.

Program Co-Directors and Advisory Committee

The program is led by its Directors Julian di Giovanni and Andrei Levchenko (Term 2019-2022), and an Advisory Committee of senior central bank and academic researchers. The current members of the Advisory Committee are:

Lillian Cheung, Hong Kong Monetary Authority (Term 2021-2026)
Luca Dedola, European Central Bank (Term 2021-2026)
Miguel Fuentes, Central Bank of Chile  (Term 2021-2026)
Jean Imbs, NYU-Abu Dhabi (Term 2021-2026)
Veronica Rappoport, London School of Economics (Term 2021-2026)
Linda Tesar, University of Michigan (Term 2021-2026)
Kei-Mu Yi, University of Houston and the Federal Reserve Bank of Dallas (Term 2021-2026)
Shang-Jin Wei, Columbia Business School (Term 2021-2026)

Past Director:

Fabio Ghironi (Term 2016-2018)

Annual Meetings:

The 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, took place on October 7-8, 2021.  The conference summary and program can be found here.  Keynote speakers included Maurice Obstfeld (U.C. Berkeley) and Silvana Tenreyro (London School of Economics).

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

ITM Session at the 2019 CEBRA Annual Meeting in New York was organized by Joaquin Blaum (Brown University) and Sebastian Heise (Federal Reserve Bank of New York).

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.

The 2017 annual conference of the ITM program on “Rethinking Competitiveness, Structural Reforms, and Macro Policy” was hosted by the Banca d’Italia and took place in Rome on 5-6 October 2017. 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).  For further details, access the final program here.

The inaugural conference of the ITM program in 2016 was on “International Trade and Macroeconomic Interdependence in the Age of Global Value Chains” and took place in Vilnius on 15-16 September 2016. 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 or access the event program here.