Annual International Journal of Central Banking Research Conference

Assessing the Effectiveness of Monetary Policy during and after the COVID-19 Pandemic

Prague, 23–24 June 2025
Czech National Bank Congress Centre (The Commodity Exchange), Senovážné nám. 30, Prague 1

Hosted by the Czech National Bank and the International Journal of Central Banking

Registration closed.

If you have any questions or require further assistance, please feel free to contact us at research@cnb.cz

Live stream

Monday, 23 June 2025

Live stream starts at 16:00.

Keynote address by Michelle W. Bowman

Program

Monday, 23 June 2025
All times are in Central European Summer Time.

08:30-09:00 Registration, Tea/Coffee and Refreshments

09:00-09:15 Welcome: Aleš Michl, Czech National Bank
Opening Remarks: Christopher Waller, Federal Reserve Board of Governors

09:15-10:45

Session 1: Transmission of Monetary Policy
Chair: Roman Šustek, Queen Mary University of London

Has the Transmission of US Monetary Policy Changed Since 2022?
Josef Platzer; International Monetary Fund
Philip Barrett*; International Monetary Fund

Household Credit Dynamics: A Cross-Country Analysis during Monetary Policy Tightening
Olivier De Jonghe; European Central Bank and National Bank of Belgium
10:45-11:15 Tea/Coffee and Refreshments

11:15-12:45

Session 2: Stability and Banks
Chair: Jochen Mankart, National Bank of Slovakia

Do Higher Interest Rates Make The Banking System Safer? Evidence From Bank Leverage
Ali Uppal; Imperial College London

Capital Requirements in Light of Monetary Tightening
Aurelien Espic; Banque de France
Lisa Kerdelhué*; Banque de France
Julien Matheron; Banque de France and Paris School of Economics 
 12:45-14:00 Lunch

14:00-15:30

Session 3: Policy Rules
Chair: Carlos Garriga, Federal Reserve Bank of St. Louis

Targeted Taylor rules: some evidence and theory
Boris Hofmann; Bank for International Settlements
Cristina Manea*; Bank for International Settlements
Benoit Mojon; Bank of International Settlements

Policy Rules and Large Crises in Emerging Markets
Emilio Espino; Universidad Torcuato Di Tella
Julian Kozlowski*; Federal Reserve Bank of St. Louis
Fernando Martin; Federal Reserve Bank of St. Louis
Juan Sanchez; Federal Reserve Bank of St. Louis
15:30-16:00 Tea/Coffee and Refreshments

16:00-17:00 Session 4: Keynote address by Michelle W. Bowman

Vice Chair for Supervision, Board of Governors of the Federal Reserve System

Moderator: Martin Hodula, Czech National Bank

Tuesday, 24 June 2025
All times are in Central European Summer Time.

09:00-09:30 Tea/Coffee and Refreshments

09:30-11:00

Session 5: Empirical Studies of Loan Issuance
Chair: Volha Audzei, Czech National Bank

Corporate Bond Issuance Over Financial Stress Episodes: A Global Perspective
Valentina Bruno; American University
Michele Dathan; Federal Reserve Board
Yuriy Kitsul*; Federal Reserve Board

Beyond Fixed- vs. Adjustable-Rate Loans: Loan Features and the Pass-Through of Monetary Policy in the Euro Area
Konstantīns Beņkovskis; Latvijas Banka
11:00-11:30 Tea/Coffee and Refreshments

11:30-13:00

Session 6: Yield Curve
Chair: Evžen Kočenda, Institute of Economics Studies, Charles University

Unconventional Monetary Policy Spillovers and the (In)convenience of Treasuries
Karlye Dilts Stedman*; Federal Reserve Bank of Kansas City
Andrew Hanson; University of Tennessee, Knoxville

Monetary policy along the yield curve: Why can central banks affect long-term real rates?
Paul Beaudry; University of British Columbia and NBER 
Paolo Cavallino; Bank for International Settlements
Tim Willems; Bank of England and Centre for Macroeconomics 
13:00-13:15 Closing Remarks: Simona Malovaná, Czech National Bank
13:15-14:00 Lunch

The program can be downloaded here: Program (pdf, 414 kB)