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ESCB Challenges for Monetary Policy Transmission in a Changing World (ChAMP) Research Network

8th ChaMP Workstream 2 Workshop

Friday, 31 October 2025
Oesterreichische Nationalbank
 Vienna


Programme

08:30

Registration

09:00

Session 1

Chair: Philipp Hartmann (European Central Bank)

09:00 

Monetary policy in the Euro Area: When the Phillips curves... are curves

Alex Grimaud (Oesterreichische Nationalbank)
Discussant: Joris Tielens (Nationale Bank van België/Banque Nationale de Belgique)

09:40

Monetary Policy Transmission in the Euro Area: Is this Time Different? Chapter II: A Tale of Inflation, Expectations and Shocks

Andrejs Zlobins (Bank of Latvia)
Discussant: Alexandre Carrier (European Central Bank)

10:20

Monetary Policy Under Multiple Financing Constraints

Alejandro van der Ghote (European Central Bank)
Discussant: Alex Grimaud (Oesterreichische Nationalbank)

11:00

Coffee Break


Session 2

Chair: Emmanuel Dhyne (Nationale Bank van België/Banque Nationale de Belgique)

11:30

Economic structure and the real effects of monetary policy

Elisa Saporito (European Central Bank)
Discussant: Alessandro Cantelmo (Banca d'Italia)

12:10

Cross-country project on shock transmission in a currency union

Chiara Osbat (European Central Bank)

12:50

General communication on ChaMP

Emmanuel Dhyne (Nationale Bank van België/Banque Nationale de Belgique) and Philipp Hartmann (European Central Bank)

13:00

Lunch


Session 3

Chair: Maria Valderrama (Oesterreichische Nationalbank)

14:00

Micro and macro cost-price dynamics in normal times and during inflation surges

Joris Tielens (Nationale Bank van België/Banque Nationale de Belgique)
Discussant: Alari Paulus (Eesti Pank)

14:40

Consumer Price Stickiness in the Euro Area During an Inflation Surge

Erwan Gautier (Banque de France) 
Discussants: Emmanuel Dhyne (Nationale Bank van België/Banque Nationale de Belgique)

15:20

Coffee Break


Session 4

Chair: Gonzalo Paz Pardo (European Central Bank)

15:50

Robust monetary policy response to energy price shocks

Alexandre Carrier (European Central Bank)
Discussant: Maria Valderrama (Oesterreichische Nationalbank)

16:30

How do monetary policy, monetary policy shocks, and financial frictions impact total factor productivity?

Michael Sigmund (Oesterreichische Nationalbank)
Discussant: Olga Goldfayn-Frank (Bundesbank)

17:10 

Closing Remarks

Venue

Venue: Oesterreichische Nationalbank,
Otto Wagner Platz 3-9
Vienna
Austria

Language

English

Transfers

Participants are requested to arrange their own transfers, unless indicated otherwise.

ChAMP website