Monetary dialogue
The transcripts of and other documents related to the Monetary Dialogues that have been taking place during 1999 - 2021 are available here.
Monetary Dialogue - 15 November
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Transcript of the Monetary Dialogue DE (PDF - 365 KB) | EN (PDF - 138 KB) | FR (PDF - 156 KB)
- COMPILATION OF PAPERS (PDF - 3 MB)
- The Implementation and Rationale of the ECB's New Inflation Target – P. BENIGNO (Universität Bern), P. CANOFARI (Università Politecnica delle Marche, Ancona), G. DI BARTOLOMEO (Sapienza Università di Roma), M. MESSORI (Luiss Guido Carli) (PDF - 659 KB)
- The New Euro Area Inflation Indicator and Target: The Right Reset? – Zsolt DARVAS, Catarina MARTINS (Bruegel) (PDF - 816 KB)
- The ECB's New Definition of Price Stability: Better but Short of Specifics – Charles WYPLOSZ (The Graduate Institute, Geneva) (PDF - 556 KB)
- A Welcome Revision Rather Than a Revolution – Christophe BLOT, Caroline BOZOU, Jérôme CREEL (Sciences Po-OFCE) (PDF - 1 MB)
- COMPILATION OF PAPERS (PDF - 2 MB)
- How Should Housing Be Treated in the HICP? – Karl WHELAN (University College Dublin) (PDF - 815 KB)
- Housing and the Cost of Living – Daniel GROS, Farzaneh SHAMSFAKHR (CEPS) (PDF - 567 KB)
- Including Owner-Occupied Housing Costs in the HICP: Some Technical and Policy Remarks – Luigi BONATTI, Andrea FRACASSO (University of Trento) (PDF - 670 KB)
- Owner-Occupied Housing Costs and Monetary Policy: Goals and Challenges for the Euro Area – Geraldine DANY-KNEDLIK (DIW Berlin), Andrea PAPADIA (DIW Berlin and University of Bonn) (PDF - 829 KB)
Monetary Dialogue Preparatory Meeting – 9 November
Monetary Dialogue Papers
Topic 1: The ECB's Revised Inflation Target
Topic 2: Inflation Measurement: Role of Owner-Occupied Housing Costs
Monetary Dialogue - 27 September
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Transcript of the Monetary Dialogue DE (PDF - 320 KB) | EN (PDF - 300 KB) | FR (PDF - 412 KB)
- COMPILATION OF PAPERS (PDF - 4 MB)
- Rise in Inflation: Much Ado About Nothing? – Christophe BLOT, Caroline BOZOU, Jérôme CREEL (OFCE-Sciences Po) (PDF - 935 KB)
- Inflation on the Upswing - Just a Hiccup or the Trend Reversal After All? – Kerstin BERNOTH, Gökhan IDER (DIW Berlin) (PDF - 1 MB)
- Should the ECB Be Worried About Inflation? – Karl WHELAN (University College Dublin) (PDF - 721 KB)
- Rising Inflation: Transitory or Cause for Concern? – Joscha BECKMANN, Klaus-Jürgen GERN, Philipp HAUBER, Nils JANNSEN, Ulrich STOLZENBURG (Kiel Institute of the World Economy) (PDF - 903 KB)
- Is High Inflation the New Challenge for Central Banks? – Luigi BONATTI, Roberto TAMBORINI (University of Trento) (PDF - 1 MB)
- COMPILATION OF PAPERS (PDF - 2 MB)
- Financial Dominance in the Pandemic and Post-Pandemic European Economy – P. BENIGNO (Universität Bern), P. CANOFARI (Università Politecnica delle Marche, Ancona), G. DI BARTOLOMEO (Sapienza Università di Roma), M. MESSORI (Luiss Guido Carli) (PDF - 872 KB)
- What About Policy Normalisation? – Charles WYPLOSZ (The Graduate Institute, Geneva) (PDF - 487 KB)
- Financial Dominance: Not an Immediate Danger – Daniel GROS, Farzaneh SHAMSFAKHR (CEPS) (PDF - 677 KB)
- The Tail Wagging the Dog? Overcoming Financial Dominance – Christopher A. HARTWELL (Center for Social and Economic Research, CASE) (PDF - 634 KB)
Monetary Dialogue Preparatory Meeting – 14 September
Monetary Dialogue Papers
Topic 1: Rise in Inflation: Temporary or Sign of a More Permanent Trend?
Topic 2: Beyond the Pandemic: Avoiding the Risk of Financial Dominance and Disorderly Market Reactions
Monetary Dialogue - 21 June 2021
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Transcript of the Monetary Dialogue DE (PDF - 151 KB) | EN (PDF - 135 KB) | FR (PDF - 155 KB)
- Programme of the Monetary Dialogue Preparatory Meeting (15 June) (PDF - 393 KB)
- Executives summaries of the Monetary Dialogue papers (PDF - 3 MB)
- The ECB's Monetary Policy Response to the COVID-19 Crisis (briefing paper) (PDF - 381 KB)
- Link to the Monetary Dialogue Preparatory Meeting
- COMPILATION OF PAPERS (PDF - 4 MB)
- Looking Through and Past COVID-19: Do Spillovers Matter? – Pierre L. SIKLOS (CASE – Center for Social and Economic Research; Wilfrid Laurier University; Balsillie School of International Affairs) (PDF - 1 MB)
- Implications for the Euro Area of US Macroeconomic Policies – Karl WHELAN (University College Dublin) (PDF - 1 MB)
- Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets - Luigi BONATTI, Andrea FRACASSO and Roberto TAMBORINI (University of Trento) (PDF - 782 KB)
- Could the Euro Area Benefit From the US Stimulus Packages? – Christophe BLOT, Caroline BOZOU and Jérôme CREEL (Sciences Po-OFCE) (PDF - 760 KB)
- Once More, the US Leads Europe – Charles WYPLOSZ (The Graduate Institute, Geneva) (PDF - 509 KB)
- COMPILATION OF PAPERS (PDF - 3 MB)
- What Are the Effects of the ECB’s Negative Interest Rate Policy? – Grégory CLAEYS (Bruegel) (PDF - 1 MB)
- Should They Stay or Should They Go? Negative Interest Rate Policies Under Review – Joscha BECKMANN, Klaus-Jürgen GERN, Nils JANNSEN (Kiel Institute for the World Economy) (PDF - 690 KB)
- Low for Long: Side Effects of Negative Interest Rates – Justus INHOFFEN (German Institute for Economic Research – DIW Berlin), Atanas PEKANOV (Austrian Institute of Economic Research – WIFO), Thomas URL (Austrian Institute of Economic Research – WIFO) (PDF - 737 KB)
- NIRP, Bank Profitability and Risk-Taking: Much Ado About 50 Basis Points - Daniel GROS, Farzaneh SHAMSFAKHR (CEPS) (PDF - 846 KB)
Topic 1: US Macroeconomic Policy Response to COVID-19: Spillovers to the Euro Area
Topic 2: Low for Longer: Effects of Prolonged Negative Interest Rates
Topic 3: Monetary Policy Strategy Review
Monetary Dialogue - 18 March 2021
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Transcript of the monetary dialogue with the ECB President DE (PDF - 156 KB) | EN (PDF - 140 KB) | FR (PDF - 167 KB)
- Programme of the Monetary Dialogue Preparatory Meeting (15 March 2021) (PDF - 202 KB)
- Executive summaries of the Monetary Dialogue papers (PDF - 2 MB)
- Link to the Monetary Dialogue Preparatory Meeting
- COMPILATION OF PAPERS (PDF - 4 MB)
- Unconventional Policy Instruments and Transmission Channels: A State-Contingent Toolbox for the ECB – Luigi BONATTI, Andrea FRACASSO, Roberto TAMBORINI (University of Trento) (PDF - 980 KB)
- Thinking Beyond the Pandemic: Monetary Policy Challenges in the Medium- to Long-Term – Marek DABROWSKI (CASE – Center for Social and Economic Research) (PDF - 1 MB)
- Monetary Policy During the Pandemic: Fit for Purpose? – Christophe BLOT (Sciences Po-OFCE, Université Paris Nanterre), Caroline BOZOU (Sciences Po-OFCE), Jérôme CREEL (Sciences Po-OFCE, ESCP Business School) (PDF - 873 KB)
- The ECB’s Measures in Support of the COVID-19 Crisis – Pierpaolo BENIGNO (University of Bern), Paolo CANOFARI (Università Politecnica delle Marche), Giovanni DI BARTOLOMEO (Sapienza Università di Roma), Marcello MESSORI (Luiss Guido Carli) (PDF - 792 KB)
- COMPILATION OF PAPERS (PDF - 3 MB)
- The Challenging Cliff-Edge – Charles WYPLOSZ (The Graduate Institute, Geneva) (PDF - 589 KB)
- Adjusting Support in a K-Shaped Recovery – Daniel GROS (CEPS), Farzaneh SHAMSFAKHR (PDF - 673 KB)
- Balanced Withdrawal of Policy Support to Avoid Cliff Effects – Klaus-Jürgen GERN (Kiel Institute for the World Economy) (PDF - 671 KB)
- From the Cliff to the Top: The Path to a Resilient and Sustainable Europe - Jan Phillip FRITSCHE (DIW Berlin), Anna GIBERT (Bocconi University), Chi Hyun KIM (DIW Berlin) (PDF - 785 KB)