Monetary Policy Beyond Nominal Rigidities

Federal Reserve Bank of St. Louis, Swiss National Bank, and Study Center Gerzensee in partnership with the Journal of Economic Dynamics and Control

October 24 – 25, 2025

Program

Thursday, October 23, 2025

  Arrival
19:00 - 22:00 Welcome Buffet 

Friday, October 24, 2025

Session 1

 

Chair: Fernando Martin (Federal Reserve Bank of St. Louis)

09:00 – 10:15 Reserve Demand Estimation with Minimal Theory
  Ricardo Lagos (New York University), Gaston Navarro (Federal Reserve Board)
  Discussant: Christian Myohl (SNB) 
   
10:15 – 10:45 Break 
   
10:45 – 12:00 A Model of Politics and the Central Bank
  Wioletta Dziuda (University of Chicago), Carolin Pflueger (University of Chicago)
  Discussant: Matthieu Chavaz (BIS)
   
12:30 – 14:00 Standing Lunch and Poster Session:
  
  • Monetary Shocks, Wealth Redistribution, and the Countercyclical Labor Supply Responses of the Poor by
    Angelica Bertucci (University of Milano Bicocca, University of Pavia), Patrizio Tirelli (University of Pavia).
     
  • Firm Investment and the State-Dependent Transmission of Monetary Policy by Philip Coyle (Study Center Gerzensee).
     
  • The Duration Channel of QE by Andreas Freitag (Swiss National Bank), Giovanni Lombardo (BIS).
     
  • The Short-Term Effects of Monetary Policy by Lennart Brandt (Bank of England), Johannes Fischer (Deutsche Bundesbank), Carl-Wolfram Horn (Frankfurt School of Finance & Management), Silvia Miranda-Agrippino (New York Fed), Filippo Pallotti (Lombard Odier and University College London).
     
  • Sticky Information, Heterogeneity, and Aggregate Demand by Pascal Meichtry (Banque de France).
     
  • The Fisher Channel According to HANK: Unexpected Inflation and the Missing Recession by Filippo Pallotti (Lombard Odier and University College London).
     
  • Exchange-Rate Regimes and the Behaviour of Exporters by Cosimo Petracchi (University of Rome Tor Vergata), Marco S. Petterson (CSEF,  University of Naples Federico II.), Luca Riva (Central Bank of Ireland).
     
  • Financial Frictions Across the Production Network and the Transmission of Monetary Policy by Matteo Sirani (Bonn Graduate School of Economics).
     
  • Optimal FX Interventions with Limited Reserves by Marcin Kolasa (IMF), Oliver Patrik Vogt (University of British Columbia), Pawel Zabczyk (IMF).
     
  • Corporate leverage and the effects of monetary policy on investment: a reconciliation of micro and macro elasticities by Valentin Grob (University of Neuchâtel), Gabriel Züllig (Swiss National Bank).

Session 2

 

Chair: Harris Dellas, University of Surrey, St. Louis Fed, Study Center Gerzensee

14:15 – 15:30 Central Bank Reserves and the Balance Sheet of Banks
  Hans Gersbach (ETH Zurich, KOF), Jean-Charles Rochet (Toulouse School of Economics), Elu von Thadden (University of Mannheim)
  Discussant: Anastasios Karantounias (University of Surrey)
   
15:30 – 16:00 Break 
   
16:00 – 17:15 A Monetary Model with Money and Safe Assets
  Markus Brunnermeier (Princeton University), Sebastian Merkel (University of Bristol)
  Discussant: Alberto Martin (Centre de Recerca en Economia Internacional)
   

Panel

 

Chair: Fiorella De Fiore, Bank for International Settlements
 

17:45 - 18:45 Panel: Monetary Policy Transmission beyond nominal rigidities
  Panelists: Jean-Charles Rochet, Toulouse School of Economics, Andreas Schrimpf, Bank for International Settlements, Franck Portier, University College London

Dinner

19:00      Dinner
   

Saturday, October 25, 2025

Session 3

 

Chair: Martin Brown, Study Center Gerzensee

09:00 – 10:15 Interest Rate Control and Interbank Markets
  Steve Williamson (University of Western Ontario)
  Discussant: Lukas Altermatt (University of Essex)
   
10:15 – 10:45 Break 
   
10:45 – 12:00 Sticky Price Models and Constraints to Produce
  Justinas Markauskas (Bank of Lithuania), Morten Ravn (University College London), Jose Victor Rios Rull (University of Pennsylvania)
  Discussant: Tom Holden (Deutsche Bundesbank)
   
13:00 Departure for Excursion