International Trade and Macroeconomics Program (ITM)


The ITM Program brings together researchers with interests at the intersection of international trade and international macroeconomics. A large literature has been developing in this area in the last fifteen years, with important contributions from academic and policy researchers alike. The topics covered in theoretical and empirical work range from macroeconomic interdependence with micro-level trade dynamics to foreign direct investment, markup determination and price dynamics, trade and labor markets, 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 and 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.

The program is led by its Director Fabio Ghironi and an Advisory Committee of senior central bank and academic researchers. The current members of the Advisory Committee are:

Ariel Burstein, UCLA (Term 2015-2019)
Matthieu Bussière, Banque de France (Term 2015-2019)
Giancarlo Corsetti, University of Cambridge (Term 2015-2019)
José De Gregorio, Universidad de Chile and Peterson Institute (Term 2015-2019)
Filippo di Mauro, National University of Singapore & CompNet (Term 2015-2019)
Andrei Levchenko, University of Michigan (Term 2015-2019)
Gianmarco Ottaviano, London School of Economics (Term 2015-2019)
John Rogers, Board of Governors of the Federal Reserve System (Term 2015-2019)
Toshitaka Sekine, Bank of Japan (Term 2015-2019)

The 2018 annual conference of the ITM program on “International Spillovers” will be hosted by the Narodowy Bank Polski (NBP) and will take place in Warsaw on 20-21 September 2018. The conference is organised by the Narodowy Bank Polski, Bank of Lithuania, CEPR and CEBRA’s ITM  program and will focus in the area of international spillovers.

The topics to be covered during the conference include, but are not limited to:

  • Monetary and macroprudential policy spillovers
  • Fiscal policy spillovers
  • Real spillovers
  • Financial spillovers
  • Spillovers and cross-border policy coordination
  • Spillovers and the role of exchange ratesPolitical economy spillovers from Brexit and other political shocks

Confirmed speakers include:

Philippe Bacchetta (HEC Lausanne, Swiss Finance Institute and CEPR)
Claudia Buch (Deutsche Bundesbank)
Michael Devereux (University of British Columbia, NBER and CEPR)
Linda Goldberg (Federal Reserve Bank of New York and NBER)
Isabelle Mejean (CREST, Ecole Polytechnique, Université Paris-Saclay and CEPR)

For further details, see the NBP conference page.

Access the program of this event

The 2017 annual conference of the ITM program on “Rethinking Competitiveness, Structural Reforms, and Macro Policy” will be hosted by the Banca d’Italia and will take place in Rome on 5-6 October 2017. The conference is organized by the Bank of Italy, CEPR, and CEBRA’s ITM program and will focus on recent challenges for macroeconomic policies and structural reform design, with an emphasis on micro-macro linkages. Issues of particular interest include the links between international trade and competitiveness, the implications of dispersed productivity growth, and the role of macroeconomic imbalances. The Organizing committee welcomes both theoretical and empirical contributions.

Specific topics could be related (but not restricted) to:

  • The interdependence between monetary and fiscal policies and structural reforms (the regulation of product and labor markets, trade and FDI, institutions)
  • Exchange rates, monetary policy and international trade
  • Structural reforms: micro mechanisms and aggregate effects
  • External competitiveness, market regulation, and macroeconomic imbalances
  • Productivity dynamics: firms’ strategies and resource allocation
  • Trade and productivity
  • Markup determination and price dynamics
  • Granularity and macroeconomic fluctuations
  • Production networks: the effects on productivity and the transmission of shocks

Keynote Speakers:
Thomas Chaney (Sciences Po)
Giancarlo Corsetti (University of Cambridge)

Organizing Committee:
Gábor Békés (Institute of Economics, CERS and CEPR)
Matteo Bugamelli (Bank of Italy)
Matteo Cacciatore (HEC Montréal and NBER)
Julian di Giovanni (ICREA-Universitat Pompeu Fabra, Barcelona GSE, CREI  and CEPR)
Andrea Gerali (Bank of Italy)
Dalia Marin (University of Munich, CEPR and NBER)

For further details, access the call for papers here.

The inaugural conference of the ITM program is on “International Trade and Macroeconomic Interdependence in the Age of Global Value Chains” and takes place in Vilnius on 15-16 September 2016. This conference is 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. Topics of interest include (but are not restricted to):

– Measurement of GVCs
– GVCs and macroeconomic interdependence
– Real integration and inflation
– Participation in GVCs and economic performance
– GVCs and services
– Trade and macroeconomic policy implications of GVCs

Keynote Speakers:
Richard Baldwin (The Graduate Institute, Geneva, and CEPR)
Fabio Ghironi (University of Washington, Seattle, CEBRA, and CEPR)

Organizing Committee:
Michal Brzoza-Brzezina (National Bank of Poland and CEBRA)
Mihnea Constantinescu (Bank of Lithuania and CEBRA)
Fabio Ghironi (University of Washington, Seattle, CEBRA, and CEPR)
Jan Hagemejer (National Bank of Poland)
Gianmarco Ottaviano (London School of Economics, CEBRA, and CEPR)

For further details, see the call for papers.

Access the program of this event

Video highlights from the event