Monetary Policy after the Crisis. Site: Warsaw, Poland. Date: 04.03.2011. Deadline: 26.11.2010
SUERF and the National Bank and Poland are jointly organising a one day conference entitled “Monetary Policy after the Crisis” to be held at the premises of the National Bank of Poland, Warsaw, on Friday, 4 March, 2011. The conference aims to contribute to the ongoing discussion of important monetary policybased issues, focussing on inflation targeting, the coordination of monetary, fiscal and macroprudential policies and the monetary transmission mechanism. We invite the submission of papers, covering the following specific issues:
• Inflation targeting – what have we learnt from the crisis?
o May inflation targeting have been partly responsible for the bubbles leading to the crisis?
o How did inflation targeting perform in the crisis (compared to other strategies)? What forms of
inflation targeting proved to be better suited?
o What challenges for inflation targeting strategies are faced during the crisis exit phase?
o Should inflation targeting strategies be adjusted in the light of lessons learnt, and if so, in what
way? In particular: how do financial stability concerns/macroprudential surveillance fit together
with inflation targeting?
• Coordination of monetary, fiscal and macroprudential policies – what have we learnt from the crisis?
o Monetary and macroprudential policies – two separate policies? How separate are their goals
and instruments really? Where are interrelations? How to deal with them? How will they be
implemented in practice?
o Monetary and fiscal policies – what is desirable policy mix after the crisis and the sequence of
o What repercussions exist for financial intermediaries and the macroeconomy?
o What repercussions exist for central bank independence and for monetary policy strategies?
• The monetary transmission mechanism during and after the crisis
o What are the main disturbances in the monetary transmission mechanism during the crisis?
How persistent are they? Are they of a structural or cyclical nature?
o What is the impact of unconventional monetary policy instruments on the functioning of money
markets and the monetary transmission mechanism? Does it differ among the developed and
o What are the expected long-term changes in the monetary transmission mechanism, if any?
How will post-crisis changes in monetary policy strategies affect the monetary transmission
Papers should be based on solid theoretical and empirical foundations and contain policy proposals. A Scientific Committee will referee all submitted papers.
E-mail: to Michael Bailey (email@example.com)