We build a tractable two-agent New Keynesian (TANK) model to jointly study four types of policy: conventional monetary policy, quantitative easing (QE), government expenditures, and lump-sum transfers. We find QE, transfers, and government spending can have the same effects on the aggregate...

The fifth biennial ECB conference on Fiscal policy and EMU governance brings together participants including from academia, the central banking community, European and international organisations. This year’s conference will address the fiscal policy response and monetary and fiscal policy...

Governments around the world have gone on a massive fiscal expansion in response to the Covid crisis, increasing government debt to levels not seen in 75 years. How will this debt be repaid? What role do conventional and unconventional monetary policy play? We investigate debt sustainability in...

It is being investigated the relationship between oil windfalls and income inequality using the subnational data of one of the resource-richest and most unequal countries in the world – Russia. While previous literature has produced contradictory findings due to the use of an aggregate measure...

Topics: - Monetary and financial policy to respond to the COVID-19 crisis and support the recovery; - Fiscal policies to support growth, reduce inequality, and address the public debt overhang; - Structural policies to restore confidence and mitigate the negative impact on employment and income...

Topics: - Micro and macro price dynamics in the open economy - Exchange rate dynamics and pass-through - Firms’ adjustment margins in the face of large shocks - Business cycle comovement and with financial and/or trade linkages - The impact of monetary and fiscal policies on macroeconomic...

The coronavirus (COVID-19) pandemic and the resulting lockdowns have created a deep global recession, induced massive government interventions and forced a change in the social and economic behaviour of economic agents. This raises many questions about the path to economic recovery and the...

Economic governance in the European Union (EU) has seen substantial change over the last two decades. The Great Financial Crisis has spurred reforms seeking to stabilize financial and banking markets, notably with the creation of a European System of Financial Supervision (ESFS) and the European...

The goal of the conference is to promote the exchange of ideas and experience among economists conducting quantitative analysis for policy and decision making in the public and private sectors. The conference will cover all areas of modeling and data science applied to monetary, financial,...

The BIS will be livestreaming the 20th BIS Annual Conference on the overarching topic of "Post-pandemic challenges for central banks", as well as the Andrew Crockett Memorial Lecture – high-level events taking place at the time of the BIS Annual General Meeting. Topics: - Bond markets and...