Monetary policy and structural tectonic shifts
In recent years, monetary policymakers worldwide have faced a series of profound shocks that have significantly reshaped economic structures and supply conditions. These challenges are set to persist, driven by a combination of both negative and positive factors: geopolitical risks, rising trade barriers, rapid technological advances - including breakthroughs in artificial intelligence -, climate change, the transition to sustainable energy systems, and shifting demographic and societal trends. These changes have far-reaching implications for productivity growth and labor markets. The interplay between these factors affects wages, relative prices and inflation, and overall economic stability. The role of monetary policy in navigating these complexities raises questions about how central banks can effectively respond to evolving conditions while safeguarding price stability and supporting sustainable economic growth and employment.
This conference brings together policymakers, academics, and financial industry experts to discuss these issues. The first day will feature policy-oriented discussions to encourage analytical exchange between policymakers and academic researchers. The second day will offer a platform for presenting and discussing research in an academic format.
Termin
Donnerstag, 22. Mai 2025, 09.00 bis 17.00 Uhr
Freitag, 23. Mai 2025, 09 bis 13.00 Uhr
Ort
Oesterreichische Nationalbank
Otto-Wagner-Platz 3, 1090 Wien
und online via Webex
Videos
Speeches and presentations
- Daniel Gros – Monetary Policy in Europe: Between Trumpian uncertainty and industrial restructuring (PDF, 1 MB)
- Michaela Elfsbacka Schmöller – Monetary policy and productivity: Implications for Monetary and Fiscal Policy (PDF, 311 KB)
- Galo Nuño – Monetary policy and productivity: Challenges and Trade-Offs for Central Banks (PDF, 684 KB)
- Filiz Unsal – Monetary policy and productivity (PDF, 437 KB)
- Kaspar Zimmermann – Monetary Policy and Innovation (PDF, 212 KB)
- Huw Pill – Taking a walk on the supply side (PDF, 683 KB)
- Óscar Arce – Structural labour market and wage formation challenges in the euro area (PDF, 602 KB)
- Jakob de Haan – Impact of technology, trade, and structural reform on employment (PDF, 547 KB)
- Eduard Talamàs – Artificial Intelligence in the Knowledge Economy (PDF, 972 KB)
- Peter Tillmann – The Inflationary Effects of Global Supply Chain Shocks: Evidence from Swedish Microdata (PDF, 3 MB)
- Rosi Chankova – Energy Shocks, Consumption Disparities & The Inflation-Inequality Dilemma (PDF, 1 MB)
- Elena Bobeica – Beware of large shocks! A non-parametric structural inflation model (PDF, 326 KB)
- Thomas Kroen – The Energy Origins of the Global Inflation Surge (PDF, 1 MB)
- Rui Mano – Monetary Policy under Labor Market Power (PDF, 275 KB)
- Ahmet Ali Taskin – Monetary policy, the bank-lending channel and labor market adjustment of firms (PDF, 1 MB)
- Supriya Kapoor – Monetary Policy Tightening and SME Credit Demand Substitution (PDF, 700 KB)
- Stefan Gebauer – Leverage across the production network and the transmission of monetary policy (PDF, 908 KB)