CEPR International Macroeconomics and Finance (IMF) Programme Meeting
Date: Friday 08 November 2024
Location: London School of Economics
Jointly organized by the Bank of England, Centre For Macroeconomics (CFM, LSE), and the Centre for Economic Policy Research (CEPR, LSE)
Organisers: Ambrogio Cesa-Bianchi (Bank of England, CFM and CEPR), Dmitry Mukhin (LSE, CFM and CEPR) and Silvana Tenreyro (LSE, Bank of England, CFM and CEPR)
Programme available here
London Junior Macro Conference
Date: Friday 04 October 2024
Time: 10.30 - 17.10
Location: London School of Economics, Sir Arthur Lewis Building, Room SAL.2.04
Programme available here
Monetary policy in an era of more challenging supply conditions - Do the old principles still stand?
Speaker: Andréa M Maechler
Chair: Ricardo Reis
Date: Wednesday 02 October 2024
Time: 6.00pm to 7.15pm
Place: Wolfson Theatre, Cheng Kin Ku Building, LSE
Hosted jointly with the School of Public Policy
Monetary policy is well equipped to address demand shocks. For many structural or supply side shocks the traditional answer was to look through and not allow second round effects to emerge. Is that the right answer when structural shifts, such as climate change or economic fragmentation, are expected to affect inflation over long horizons?
Andréa M Maechler (@BIS_org) is Deputy General Manager of the Bank for International Settlements. Previously, she was a member of the Governing Board of the Swiss National Bank (SNB) where she was responsible for the Money Market and Foreign Exchange, Asset Management, Banking Operations and Information Technology portfolios. Ms Maechler has also held positions at the International Monetary Fund and at several international institutions.
Ricardo Reis (@R2Rsquared) is the A.W. Phillips Professor of Economics at the London School of Economics.
Find more information here
LSE-Oxford Workshop in International Macroeconomics and Finance
Location: Marshall Building, London School of Economics
Date: 2-3 May 2024
Jointly organized by the Centre For Macroeconomics (CFM), the Financial Markets Group (FMG), the Centre for Economic Policy Research (CEPR) and the Department of Economics, University of Oxford
Programme available here
Lessons for monetary policy from the latest inflationary-disinflationary episode
Speaker: Pablo Hernández De Cos, Governor of the Banco de España
Chair: Professor Ricardo Reis
Date: Wednesday 01 May 2024
Time: 6.30pm to 7.30pm
Place: In-person at LSE (Hong Kong Theatre, Clement House) and online
Public event hosted by the Centre for Macroeconomics and the School of Public Policy
In the last few years, central banks across the globe have faced a formidable surge in inflation, stemming from a succession of supply and demand shocks. In response, they have embarked on an extraordinarily sharp monetary policy tightening cycle. In his talk, Governor Hernández de Cos addressed the lessons learned so far from the inflationary-disinflationary episode in the euro area and the European Central Bank’s response to it.
Pablo Hernández de Cos is Governor of the Banco de España and member of the Governing and General Council of the ECB. He is Chair of the BCBS and of the Advisory Technical Committee of the ESRB. He is member of various European and International Committees including the ESRB, the FSB, the BIS Group of Governors and Heads of Supervision, the Advisory Board of the FSI and the CEMLA. He is also Vice-Chairman of the Board of the Spanish Macroprudential Authority Financial Stability Board (AMCESFI).
Ricardo Reis (@R2Rsquared) is Director of the Centre for Macroeconomics and Arthur Williams Phillips Professor of Economics at LSE.
Watch the video here
Connecting Academics to Policy: A Conversation with New York Fed President
John C. Williams
Date: Friday 08 March 2024
Time: 12.00pm to 1.00pm
Place: In-person at LSE and online public event
Hosted by Centre for Macroeconomics and LSE School of Public Policy
John C. Williams, New York Fed President, joined Professor Ricardo Reis, Director of the Centre for Macroeconomics, to discuss the intersection of academics, research, and policy. Topics included monetary policy challenges, inflation, and how research informs policy decisions.
John C. Williams is the president and chief executive officer of the New York Fed. In that capacity, he serves as the vice chair and a permanent voting member of the Federal Open Market Committee. Before joining the New York Fed in 2018, Mr. Williams was the president and CEO of the San Francisco Fed, which he first joined in 2002 and subsequently served as research director. He began his career as an economist at the Federal Reserve’s Board of Governors, and he has also served in roles at the White House Council of Economic Advisers and Stanford University’s Graduate School of Business.
Ricardo Reis is Director of the Centre for Macroeconomics and A. W. Phillips Professor of Economics in the Department of Economics at LSE.
International Workshop on Macroeconomic Regime Changes: Theory, Evidence, and Policy Challenges Ahead
Location: Centre for Macroeconomics, London School of Economics
Date: 1 December 2023
Jointly organized by the Centre For Macroeconomics (CFM, LSE), the Center for European Studies (CefES, UNIMIB), and the Rimini Center for Economic Analysis-Europe (RCEA-Europe, UNIMIB)
Programme available here
Should central banks have an equality mandate?
Date: Tuesday 31 October 2023
Time: 6.30pm to 8.00pm
Venue: Hong Kong Theatre, Clement House, LSE
Hosted jointly with School of Public Policy
Speaker: Roberto Chang, Distinguished Professor of Economics, Rutgers University
Chair: Andrés Velasco, Professor of Public Policy, LSE
Central banks around the world are usually given a mandate to conduct monetary policy to achieve a small number of aggregate objectives, most often low and stable inflation and full employment. However, there has been increasing pressure to add distributional equity to the list of official goals. An example is a proposal, now in the U.S. Congress, to amend the Federal Reserve Act to “make reducing inequality part of the Fed’s mission”.
This lecture will discuss these debates with special emphasis on the role of a central bank’s mandate in attaining social welfare. The evaluation of equality as a central bank’s goal requires analyzing implications for the incentive properties of the mandate. Such a perspective can justify charging central banks with the reduction of inequality but, at the same time, it delivers novel and unexpected lessons.
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7th CEPR Annual Meeting of the International Macroeconomics and Finance Programme (IMF)
Location: Bank of England
Date: 26-27 October 2023
Jointly organized by the Bank of England, Centre For Macroeconomics (CFM, LSE), and the Centre for Economic Policy Research (CEPR, LSE)
Organisers: Ambrogio Cesa-Bianchi (Bank of England and CEPR), Ida Hjortsoe (Bank of England and CEPR) and Silvana Tenreyro (LSE and CEPR)
Programme available here
15th Annual Paul Woolley Centre Conference
"Segmented Markets and Macroeconomics"
Date: 8-9th June 2023
Venue: London School of Economics, in person
Organisers: Dmitry Mukhin (LSE), Walker Ray (LSE) and Dimitri Vayanos (LSE)
Research at the Paul Woolley Centre aims to understand capital markets' workings and the social efficiency of allocations these markets achieve. The research departs from the Arrow-Debreu view of frictionless markets and emphasises the role of financial intermediaries (e.g. investment banks, mutual, hedge, and pension funds) in influencing prices and allocations.
The Centre holds a conference each year based on these broad themes to bring together researchers working on such questions, disseminate their research, and stimulate the development of new ideas.
This year's edition of the conference was joint with the LSE Centre for Macroeconomics. The central topic was the segmentation of asset markets and its implications for the term structure of interest rates, for exchange rates and UIP/CIP, and for monetary policy and financial stability.
For further information including the conference programme, please click here.
CFM-Mouradian Foundation Seminar with Prof Jonathan A Parker
"Is there a US banking crisis?"
Date: Thursday 25 May 2023, 4pm BST (online)
The failure of several large regional banks in the US has raised questions about the solvency of the banking sector and the role of bank capitalization in the recent tightening of lending standards. This talk summarizes the origins of the problems in the banking system, what economic research tells us about threats to current stability, and the economic fallout and possible policy responses in both the next year and the longer term.
How Might China Navigate the Challenges Ahead?
Date: Monday 15 May 2023
Time: 6:30 - 7.45pm
Place: Wolfson Theatre, New Academic Building
Hosted jointly with School of Public Policy
Speaker: Tao Wang, Head of Asia Economic Research, UBS
Chair: Ricardo Reis, Professor of Economics, LSE
China’s economy has defied many predictions of doom before, but great new challenges are now piling up.
Old issues including falling productivity growth, high debt, property sector imbalaces and high inequality remain. In addition, China’s population has started to decline, and the country is facing increasing technology restrictions and decoupling pressures from the US. How might China navigate these challenges ahead? Can the government remain pragmatic as in the past, and adopt policies and reforms to help sustain growth?
Tao Wang is the author of Making Sense of China’s Economy, a book that untangles China’s complex economic structure, evolving challenges and curious contradictions. Dr Wang is currently a managing director and head of Asia Economic Research at UBS investment bank. She is an invited fellow of the China Finance (CF) 40 Forum and a member of the China Global Economic Governance 50 Forum. She served as a member of the Mainland Opportunities Committee of the Hong Kong Financial Services Development Council between 2015 and 2021.
Ricardo Reis is the A.W. Phillips Professor of Economics at the London School of Economics. Recent honors include the 2002 Carl Menger prize, the 2021 Yrjo Jahnsson medal, election fo the Econometric Society in 2019, the 2017 BdF/TSE junior prize, and the 2016 Bernacer prize. Professor Reis is an academic consultant at the Bank of England, the Riksbank, and the Federal Reserve Bank of Richmond, he directs the Centre for Macroeconomics in the UK, and he serves on the council or as an advisor of multiple organizations. He has published widely on macroeconomics, including both monetary and fiscal policy, inflation and business cycles. Professor Reis received his PhD from Harvard University, and was previously on the faculty at Columbia University and Princeton University.
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Keynote speech by Andrew Bailey, Governor of the Bank of England
A keynote speech by Andrew Bailey, Governor of the Bank of England. Hosted by the Centre For Macroeconomics
Title: Supply Matters
Date: Monday 27 March 2023
Time: 6.00pm to 7.00pm
Place: LSE
Chair: LSE Director Baroness Minouche Shafik
IN-PERSON AND ONLINE PUBLIC EVENT
Meet our speaker
Andrew Bailey is Governor of the Bank of England, a position he has held since March 2020. Andrew served as Chief Executive Officer of the Financial Conduct Authority (FCA) from 1 July 2016 until taking up the role of Governor. As CEO of the FCA, Andrew Bailey was also a member of the Prudential Regulation Committee, the Financial Policy Committee, and the Board of the Financial Conduct Authority.
Andrew previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting. Previously, Andrew worked at the Bank in a number of areas, most recently as Executive Director for Banking Services and Chief Cashier, as well as Head of the Bank's Special Resolution Unit (SRU). Previous roles include Governor's Private Secretary, and Head of the International Economic Analysis Division in Monetary Analysis.
Minouche Shafik is President and Vice Chancellor of the London School of Economics and Political Science. She was previously a senior leader of the Bank of England, the International Monetary Fund, and the World Bank. She is an alumna of LSE. Her new book, What We Owe Each Other: A New Social Contract, is out now.
Warwick-CFM-Vienna Global Macro Workshop
Date: 22 - 23 March, 2023
Place: LSE, 32LIF
This conference is the fourth in a series of Warwick Macro Conferences sponsored by the University of Warwick and the Centre For Macroeconomics.
Organizing Committee: Christine Braun (Warwick), Maarten De Ridder (LSE), Roger Farmer (Warwick), Ricardo Reis (LSE), David Andolfatto (FRB St. Louis & University of Miami), Martin Gervais (Georgia) and Gabriel Lee (Regensburg and IHS)
Workshop programme
Fiscal rules in the EU: looking forward
Date: Tuesday 21 March 2023
Time: 6:30 - 8:00pm
Place: Hong Kong Theatre LSE
Panel: Marco Buti, European Commission, Head of Cabinet of Commissioner Paolo Gentiloni, European Commission for economic affairs and taxation
Ethan Ilzetzki, Associate Professor, London School of Economics
Gene Frieda, Executive Vice President, PIMCO and
Federica Romei, Associate Professor, Oxford University
Chair: Ricardo Reis, Arthur Williams Phillips Professor of Economics, LSE
Most countries left the pandemic recession with record levels of public debt: will this trigger a crisis in the near future and if not how can the debt be managed? After the sovereign debt crisis of just over a decade ago, the countries of the European Union are especially sensitive to the risks, and the European Commission has proposed a redesign of the rules that member countries should follow to keep debt sustainable and enhance growth. This panel discussed the role, virtues, and limitations of these rules, with one of the architects of the Commission’s proposals, a leading economist from one of the largest bond investors in the world, and two academics with work on the effectiveness of fiscal rules and the problem of sharing risk across EU borders.
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