Monetary dialogue

Monetary Dialogue Preparatory Meeting – 15 September

• Programme for the Preparatory Meeting (15 September) (PDF - 130 KB)
• Presentations (DOCUMENT - 1 MB)
• Link to the Monetary Dialogue Preparatory Meeting

1. Assessment of the ECB's current monetary policy stance

• Soft or strong: the art of monetary tightening – C. BLOT (Sciences Po-OFCE; Université Paris Nanterre), J. CREEL (Sciences Po-OFCE; ESCP Business School) (PDF - 1 MB)
• Should the ECB be tightening faster? – K. WHELAN (University College Dublin) (PDF - 865 KB)
• Dancing on the edge of stagflation – P. CANOFARI (Università Politecnica delle Marche, Ancona), G. DI BARTOLOMEO (Sapienza Università di Roma), M. MESSORI (Luiss Guido Carli, Roma) (PDF - 688 KB)
• The ECB’s monetary tightening: a belated start under uncertainty – Z. DARVAS (Bruegel; Corvinus University of Budapest), C. MARTINS (Bruegel) (PDF - 956 KB)

2. Anti-fragmentation: new tool in the toolkit

• The ECB’s Transmission Protection Instrument: a legal & economic analysis – K. BERNOTH (DIW Berlin), S. DIETZ (Ludwig-Maximilians-Universität München), G. IDER (DIW Berlin), R. LASTRA (Queen Mary University of London). (PDF - 1 MB)
• The TPI: a useful step, just a step – C. WYPLOSZ (The Graduate Institute, Geneva) (PDF - 694 KB)
• The TPI: protecting the transmission mechanism or managing spreads? – I. ANGELONI (European University Institute), Daniel GROS (Centre for European Policy Studies – CEPS), Farzaneh SHAMSFAKHR (Centre for European Policy Studies – CEPS) (PDF - 574 KB)
• Anti-fragmentation: an incomplete diagnosis and wrong solution – M. DABROWSKI (Center for Social and Economic Research - CASE) (PDF - 1 MB)

Monetary Dialogue Preparatory Meeting – 16 June

• Programme for the Preparatory Meeting (16 June) (PDF - 380 KB)
• Presentations (DOCUMENT - 417 KB)
• Link to the Monetary Dialogue Preparatory Meeting

Monetary Dialogue Papers

Topic 1: War in Ukraine: implications for the ECB

• COMPILATION OF PAPERS (PDF - 4 MB)
• And now, the Ukraine shock – C. WYPLOSZ (The Graduate Institute, Geneva) (PDF - 724 KB)
• The ECB’s normalisation path: model- rather than data-driven – D. GROS, F. SHAMSFAKHR (Centre for European Policy Studies – CEPS) (PDF - 880 KB)
• Is this time different? War, supply constraints and the resilience of monetary policy – P. SIKLOS (Wilfrid Laurier University and Balsillie School of International Affairs, CASE – Center for Social and Economic Research) (PDF - 1 MB)
• The ECB and the Ukraine war: threats to price, economic and financial stability – L. BONATTI, R. TAMBORINI (University of Trento) (PDF - 709 KB)
• The aggravated monetary policy dilemma – A. PEKANOV, S. SCHIMAN (Austrian Institute for Economic Research – WIFO) (PDF - 851 KB)

Topic 2: 10 years after “whatever it takes”: fragmentation risk in the current context

• COMPILATION OF PAPERS (PDF - 3 MB)
• Stagflation and fragmentation: the euro area at the crossroads – P. BENIGNO (Universität Bern), P. CANOFARI (Università Politecnica delle Marche, Ancona), G. DI BARTOLOMEO (Sapienza Università di Roma), M. MESSORI (Luiss Guido Carli) (PDF - 1 MB)
• Where do we stand with “whatever it takes”? – K. WHELAN (University College Dublin) (PDF - 814 KB)
• “whatever it takes”: the ECB remains busy with crisis management – K.-J. GERN, N. SONNENBERG, U. STOLZENBURG (Kiel Institute for the World Economy) (PDF - 1 MB)
• Fragmentation risk in the euro area: no easy way out for the European Central Bank – G. CLAEYS, M. DEMERTZIS, L. GUETTA-JEANRENAUD (PDF - 1 MB)

Monetary Dialogue Preparatory Meeting – 2 February

Monetary Dialogue Papers

Topic 1: Inflation expectations in the euro area: post-pandemic trends and policy implications

• COMPILATION OF PAPERS (PDF - 3 MB)
• 1. Inflation expectations: quo vadis? – Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN, Nils SONNENBERG, Ulrich STOLZENBURG (Kiel Institute for the World Economy) (PDF - 784 KB)
• 2. What to expect from inflation expectations: theory, empirics and policy issues – Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI (University of Trento) (PDF - 587 KB)
• 3. Inflation expectations in the euro area: trends and policy considerations – Christophe BLOT, Caroline BOZOU, Jérôme CREEL (Sciences Po-OFCE) (PDF - 973 KB)
• 4. Inflation expectations: models and measures – Cinzia ALCIDI, Daniel GROS, Farzaneh SHAMSFAKHR (CEPS) (PDF - 623 KB)
• 5. Should rising inflation expectations concern the ECB? – Karl WHELAN (University College Dublin) (PDF - 1 MB)

Topic 2: Communication, Complexity and Credibility of Monetary Policy

• COMPILATION OF PAPERS (PDF - 2 MB)
• 1. Communication in monetary policy – Rosa LASTRA (Queen Mary University of London), Sara DIETZ (Ludwig-Maximilians-Universität München/Hengeler Mueller) (PDF - 831 KB)
• 2. ECB communication and its post-pandemic challenges – Manuela MOSCHELLA (Center for Social and Economic Research; Scuola Normale Superiore), Davide ROMELLI (Trinity College Dublin) (PDF - 612 KB)
• 3. Communication is not just talking – Charles WYPLOSZ (PDF - 657 KB)