Friday, 16 October 2026
09:00-17:00 CEST
Oesterreichische Nationalbank, Kassensaal
Otto-Wagner-Platz 3, 1090 Vienna
The Oesterreichische Nationalbank is pleased to invite you to a one-day workshop on 16 October 2026 in Vienna, presenting recent research from the Challenges for Monetary Policy Transmission in a Changing World (ChaMP) Research Network.
The ChaMP Research Network was an initiative of the European System of Central Banks (ESCB) that brought together researchers from the ECB and national central banks to study how monetary policy transmission is changing amid unprecedented shocks, structural changes and shifting inflation dynamics. The network has now concluded its activities, resulting in a substantial body of research, including working papers and five summarising occasional papers.
The workshop will present papers by the Austrian members of the network, alongside invited papers by researchers from across the Eurosystem, covering both individual and collaborative research.
We hope the workshop will provide a stimulating opportunity to discuss the findings of this research, exchange views on current challenges for monetary policy transmission, and explore their implications for monetary policy and future research.
| Zeit | Beschreibung |
|---|---|
| 09:00 AM |
Welcome and Introductory Remarks
María T. Valderrama (OeNB) |
| 09:10 AM |
The ESCB Research Network
Philipp Hartmann (ECB) |
| 09:30 AM |
Details Matter: Loan Pricing and Transmission of Monetary Policy in the Euro Area
Kārlis Vilerts (Latvijas Banka), Sofia Anyfantaki (ECB), Konstantīns Beņkovskis (Latvijas Banka), Sebastian Bredl (Deutsche Bundesbank), Massimo Giovannini (Central Bank of Malta), Florian Matthias Horky (Národná banka Slovenska, Zeppelin University), Vanessa Kunzmann (Deutsche Bundesbank), Tibor Lalinský (Národná banka Slovenska), Athanasios Lampousis (Bank of Greece), Elizaveta Lukmanova (Central Bank of Ireland), Filippos Petroulakis (Bank of Greece), Klāvs Zutis (Latvijas Banka) |
| 10:15 AM |
Identifying Relationship-level Effects Using Covariance Restrictions
Olivier De Jonghe (ECB, National Bank of Belgium, Tilburg University) and Daniel Lewis (University College London, CEPR) |
| 11:00 AM |
Coffee Break
|
| 11:15 AM |
Synchronous but Dissimilar: Heterogeneity in the Bank Lending Channel Across the Euro Area
Robert Ferstl (OeNB), Bernhard Graf (OeNB) |
| 12:00 PM |
Are There Asymmetries in Euro Area Monetary Policy?
Michael Pfarrhofer (WU Vienna), Anna Stelzer (OeNB) |
| 12:45 PM |
Lunch
|
| 01:45 PM |
Nominal Rigidities and Monetary Policy in the Euro Area
Guido Ascari (De Nederlandsche Bank, University of Pavia), Alexandre Carrier (ECB), Emanuel Gasteiger (TU Wien, Instituto Universitário de Lisboa), Alex Grimaud (OeNB, TU Wien), Gauthier Vermandel (École Polytechnique, Université Paris Dauphine-PSL, Banque de France) |
| 02:30 PM |
Monetary Policy and Firm-Level Productivity: Financial Frictions, Theory, and Causal Evidence
Karin Klieber-Gsenger (OeNB), Michael Sigmund (OeNB), Maria T. Valderrama (OeNB) |
| 03:30 PM |
The transmission of Euro area monetary policy shocks in the Belgian firm-to-firm production network
Glenn Magerman (ULB), Alberto Palazzolo (ULB), Emmanuel Dhyne (National Bank of Belgium) |
| 04:15 PM |
Shock Transmission in a Monetary Union: Aggregate Impacts and Cross-Sectional Incidence Across Euro Area Countries
Elisa Rubbo (University of Chicago, Booth School of Business), Chiara Osbat (ECB), Ginters Buss (ECB), Alessandro Cantelmo (Banca d’Italia), Miroslav Dobrew (ECB), Rubén Domínguez-Díaz (Banco de España), Michaela Elfsbacka-Schmöller (ECB), José-Elías Gallegos (Banco de España), Noëmie Lisack (ECB), Massimiliano Pisani (ECB), Javier Quintana (Banco de España), Diego Verdini (National Bank of Belgium) |
| 04:50 PM |
Concluding Remarks
|