Friday 10 September

Helsinki (UTC +03:00)

12:00 – 12:15 Opening remarks (Speech)
Olli Rehn (Governor of the Bank of Finland)
Chair: Esa Jokivuolle (Bank of Finland)

12:15 – 13:00 Invited speech: "Learning by Necessity: Government Demand, Capacity Constraints, and Productivity Growth" (Presentation)
Ethan Ilzetzki (London School of Economics)
Chair: Esa Jokivuolle (Bank of Finland)


13:00 – 14:30 Session: Inflation and its Discontents
Chair: Francesco D’Acunto (Boston College)

"On Robustness of Average Inflation Targeting" (Presentation) (Paper)
Nigel McClung (Bank of Finland) joint with Seppo Honkapohja

"The Monetary Financing of a Large Fiscal Shock" (Presentation) (Paper)
Oreste Tristani (European Central Bank) joint with Pedro Teles

"The Financial Origins of the Rise and Fall of American Inflation" (Presentation) (Paper)
Philipp Schnabl (Stern School of Business) joint with Alexi Savov and Itamar Drechsler


14:30 – 15:00 Coffee Break


15:00 – 16:00 Session: Monetary Policy and Inequality part 1
Chair: Michael Weber (University of Chicago)

"Five Facts about the Distributional Income Effects of Monetary Policy" (Presentation) (Paper)
Anna Rogantini Picco (Sveriges Riksbank) joint with Niklas Amberg, Thomas Jansson and Mathias Klein 

"Monetary Policy and Inequality" (Paper)
Jóse-Luis Peydró (Pompeu Fabra University, Imperial College) joint with Asger Lau Andersen, Niels Johannesen and Mia Jǿrgenssen


16:00 – 16:45 Policy Keynote (Speech and presentation)
Loretta Mester (President and CEO of Federal Reserve Bank of Cleveland)
Chair: Tuomas Välimäki (Bank of Finland)

16:45 – 17:00 Coffee Break


17:00 – 18:00 Session: Monetary Policy and Inequality part 2
Chair: Michael Weber (University of Chicago)

"Worker heterogeneity, selection, and unemployment dynamics in a pandemic" (Paper)
Federico Ravenna (Danmarks Nationalbank) joint with Carl Walsh

"Credit Supply, Firms, and Earnings Inequality" (Presentation) (Paper)
Farzad Saidi (Bonn Graduate School of Economics) joint with Christian Moser, Benjamin Wirth and Stefanie Wolter


18:00 – 19:00 Keynote speech: “Central Banking in the Time of Covid” (Speech)
Alan Blinder (Princeton University)
Chair: Juha Kilponen (Bank of Finland)


Saturday 11 September

Helsinki (UTC +03:00)

12:00 – 13:30 Session: New Challenges for Policy
Chair: Adam Gulan (Bank of Finland)

"Fiscal foresight and the effects of government spending: It''s all in the monetary-fiscal mix" (Presentation) (Paper)
Guido Ascari (De Nederlandsche Bank and University of Pavia) joint with Anna Florio, Alessandro Gobbi and Peder Beck-Friis

"Diverse Policy Committees Can Reach Underrepresented Groups" (Presentation) (Paper)
Andreas Fuster (Swiss Finance Institute) joint with Francesco D'Acunto and Michael Weber

"The Expectations Channel of Climate Change: Implications for Monetary Policy" (Presentation) (Paper)
Raphael Schoenle (Brandeis University) joint with Alexander Dietrich, Gernot Müller and Raphael Schoenle


13:30 – 13:45 Coffee Break

13:45 – 14:30 Invited speech: "Anchoring and Averaging: Is there an Inflation Dilemma?" (Presentation)
Markus Brunnermeier (Princeton University)
Chair: Juha Kilponen (Bank of Finland)

14:30 – 14:45 Coffee Break

14:45 – 15:45 Keynote speech: "Monetary-Fiscal Interactions when Foresight is Limited" (Presentation)
Michael Woodford (Columbia University)
Chair: Seppo Honkapohja (Aalto University)

15:45 – 16:00 Coffee Break


16:00 – 17:30 Session: New Answers to Old Questions
Chair: Esa Jokivuolle (Bank of Finland)

“Incorporating Diagnostic Expectations into the New Keynesian Framework" (Presentation) (Paper)
Jean-Paul L'Huillier (Brandeis University) joint with Sanjay R. Singh and Donghoon Yoo

"Falling Interest Rates and Credit Misallocation: Lessons from General Equilibrium" (Presentation) (Paper)
Alejandro Van der Ghote (European Central Bank) joint with Vladimir Asriyan, Luc Laeven, Alberto Martin and Victoria Vanasco

"Optimal Monetary Policy in Production Networks" (Presentation) (Paper)
Alireza Tahbaz-Salehi (Northwestern University, Kellogg Graduate School of Management) joint with Jennifer La'O


17:30 – 18:15 Invited speech: "Managing Public Portfolios" (Presentation)
Mikhail Golosov (University of Chicago) joint with Anmol Bhandari, David Evans, Thomas Sargent
Chair: Michael Weber (University of Chicago)

* Name of presenter in bold

Organising Committee:
Francesco D’Acunto (Boston College)
Daniel Hoang (Karlsruhe Institute of Technology)
Seppo Honkapohja (Aalto University and CEPR)
Esa Jokivuolle (Bank of Finland)
Juha Kilponen (Bank of Finland)
Michael Weber (University of Chicago and CEPR)