Annual International Journal of Central Banking Research Conference

Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic

Prague, 23–24 June 2025
Czech National Bank Congress Centre (The Commodity Exchange), Senovážné nám. 30, Prague 1

Hosted by the Czech National Bank and the International Journal of Central Banking

The registration for this event is now open. Please register using the Registration form.
Registration closes 18 June 2025.
If you have any questions or require further assistance, please feel free to contact us at research@cnb.cz

Program

Monday, 23 June 2025
All times are in Central European Summer Time.

Registration & Morning Coffee

08:30-09:00	Registration, Tea/Coffee and Refreshments
09:00-09:15	Welcome: Aleš Michl, Czech National Bank Opening Remarks: Christopher Waller, Federal Reserve Board of Governors

Session 1: Transmission of Monetary Policy

09:15-10:45	Session 1: Transmission of Monetary Policy Has the Transmission of US Monetary Policy Changed Since 2022? Josef Platzer; International Monetary Fund Philip Barrett; International Monetary Fund Household Credit Dynamics: A Cross-Country Analysis during Monetary Policy* Tightening Olivier De Jonghe; European Central Bank and National Bank of Belgium
10:45-11:15	Tea/Coffee and Refreshments

Session 2: Stability and Banks

11:15-12:45	Session 2: Stability and Banks Do Higher Interest Rates Make The Banking System Safer? Evidence From Bank Leverage Ali Uppal; Imperial College London Capital Requirements in Light of Monetary Tightening Aurelien Espic; Banque de France Lisa Kerdelhué*; Banque de France Julien Matheron; Banque de France and Paris School of Economics
12:45-14:00	Lunch

Session 3: Policy Rules

14:00-15:30

Session 3: Policy Rules

Targeted Taylor rules: some evidence and theory
Boris Hofmann; Bank for International Settlements
Cristina Manea*; Bank for International Settlements
Benoit Mojon; Bank of International Settlements

Policy Rules and Large Crises in Emerging Markets
Emilio Espino; Universidad Torcuato Di Tella
Julian Kozlowski*; Federal Reserve Bank of St. Louis
Fernando Martin; Federal Reserve Bank of St. Louis
Juan Sanchez; Federal Reserve Bank of St. Louis

15:30-16:00

Tea/Coffee and Refreshments

Session 4: Keynote address by Governor Michelle W. Bowman

16:00-17:00

Session 4: Keynote address by Governor Michelle W. Bowman
Federal Reserve Board

Moderator: Martin Hodula, Czech National Bank

Tuesday, 24 June 2025
All times are in Central European Summer Time.

Morning Coffee

09:00-09:30

Tea/Coffee and Refreshments

Session 5: Empirical Studies of Loan Issuance

09:30-11:00

Session 5: Empirical Studies of Loan Issuance

Corporate Bond Issuance Over Financial Stress Episodes: A Global Perspective
Valentina Bruno; American University
Michele Dathan; Federal Reserve Board
Yuriy Kitsul*; Federal Reserve Board

Beyond Fixed- vs. Adjustable-Rate Loans: Loan Features and the Pass-Through of Monetary Policy in the Euro Area
Konstantīns Beņkovskis; Latvijas Banka

11:00-11:30

Tea/Coffee and Refreshments

Session 6: Yield Curve

11:30-13:00	Session 6: Yield Curve Unconventional Monetary Policy Spillovers and the (In)convenience of Treasuries Karlye Dilts Stedman; Federal Reserve Bank of Kansas City Andrew Hanson; University of Tennessee, Knoxville Monetary policy along the yield curve: Why can central banks affect long-term real rates?* Paul Beaudry; University of British Columbia and NBER Paolo Cavallino; Bank for International Settlements Tim Willems; Bank of England and Centre for Macroeconomics
13:00-13:15	Closing Remarks: Simona Malovaná, Czech National Bank
13:15-14:00	Lunch

The program can be downloaded here: Program (pdf, 485 kB)

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