About the webinar

The sessions will be streamed online and here is the link to the broadcastThe Covid-19 pandemic has stretched the monetary policy and fiscal policy reaction to unprecedented dimensions in the situation where both real and nominal interest rates had already fallen considerably since the global financial crises. At the same time, inflation and inflation expectations have considerably fallen in advanced economies. The fiscal policy reaction has led to a very strong increase in debt, and longer term consequences of the Covid-19 pandemic on growth and inflation are yet unknown.

What implications will this have on monetary policy going forward? Is fiscal dominance a real risk? Have monetary policy been successful in reacting to large shocks? What are the key challenges for the ECB and Fed monetary policy after Covid19?

The Bank of Finland webinar “New Challenges to Monetary Policy Strategies” brings leading experts to debate these issues on 24 November 2020. 



Welcome and opening words: Rethinking the ECB's Strategy in the World of Low Rates
Olli Rehn, Bank of Finland 

Session I: Monetary Policy Strategy in the Euro area
Moderator: Tuomas Välimäki, Bank of Finland

COVID-19 and Monetary Policy: Reinforcing Prevailing Challenges
Isabel Schnabel, European Central Bank

Reading Between the Lines
Juha Kilponen, Bank of Finland


16.30 – 16.40  Break

Session II: Monetary-Fiscal Policy Interaction
Moderator: Meri Obstbaum, Bank of Finland

Recovery of 1933: Lessons for Today
Eric Leeper, University of Virginia                 

Performance of Simple Interest Rate Rules Subject to Fiscal Policy
Nigel McClung, Bank of Finland  


17.30 Discussion

17.50 – 18.00  Break

Session III: Fed and New Monetary Policy Strategy
Moderator: Olli Rehn, Bank of Finland

U.S. Economy and Monetary Policy
James Bullard, Federal Reserve Bank of St Louis

18.30 – 19.00
Discussion and concluding remarks