Monetary Policy Beyond Nominal Rigidities

Joint with the Federal Reserve Bank of St. Louis and the Swiss National Bank, the Study Center organizes a biennial conference in cooperation with the Journal of Economic Dynamics and Control.
24 Oct - 25 Oct 2025
Conferences & Events
Conference Volume: Release in 2026

This biannual conference series focuses on specific topics of relevance for central banks and features six to eight papers that are contributed by leading specialists in the field. The conferences attracts academics and central bankers from around the world. Subject to the regular refereeing process, the papers are published in a special issue of the Journal of Economic Dynamics and Control. The first conference took place in 2015. 

Conference Program

The 2025 edition encompasses the set of models in which price and wages rigidities do not play the central role in the transmission of monetary policy. Examples are asset price channels, financial frictions, informational frictions, central bank liquidity provision, banking and finance, policy credibility, macroeconomic uncertainty, bubbles, etc.

Thursday, October 23

16:00 – 21:00
Shuttle Service from Münsingen Train Station
We offer a free shuttle service for our participants from Münsingen train station to the Study Center Gerzensee every 30 minutes

19:00 – 22:00
Welcome Dinner Buffet

Friday, October 24

Chair: Fernando Martin (Federal Reserve Bank of St. Louis)

09:00 – 10:15
Reserve Demand Estimation with Minimal Theory
Ricardo Lagos (New York University), Gaston Navarro (Federal Reserve Board)
Discussant: Christian Myohl (SNB)

10:15 – 10:40
Break

10:45 – 12:00
A Model of Politics and the Central Bank
Wioletta Dziuda (University of Chicago), Carolin Pflueger (University of Chicago)
Discussant: Matthieu Chavaz (BIS)

12:30 – 14:00
Standing Lunch & Poster Session:

  • Monetary Shocks, Wealth Redistribution, and the Countercyclical Labor Supply Responses of the Poor by
    Angelica Bertucci (University of Milano Bicocca, University of Pavia), Patrizio Tirelli (University of Pavia).
  • Firm Investment and the State-Dependent Transmission of Monetary Policy by Philip Coyle (Study Center Gerzensee).
  • The Duration Channel of QE by Andreas Freitag (Swiss National Bank), Giovanni Lombardo (BIS).
  • The Short-Term Effects of Monetary Policy by Lennart Brandt (Bank of England), Johannes Fischer (Deutsche Bundesbank), Carl-Wolfram Horn (Frankfurt School of Finance & Management), Silvia Miranda-Agrippino (New York Fed), Filippo Pallotti (Lombard Odier and University College London).
  • Sticky Information, Heterogeneity, and Aggregate Demand by Pascal Meichtry (Banque de France).
  • The Fisher Channel According to HANK: Unexpected Inflation and the Missing Recession by Filippo Pallotti (Lombard Odier and University College London).
  • Exchange-Rate Regimes and the Behaviour of Exporters by Cosimo Petracchi (University of Rome Tor Vergata), Marco S. Petterson (CSEF,  University of Naples Federico II.), Luca Riva (Central Bank of Ireland).
  • Financial Frictions Across the Production Network and the Transmission of Monetary Policy by Matteo Sirani (Bonn Graduate School of Economics).
  • Optimal FX Interventions with Limited Reserves by Marcin Kolasa (IMF), Oliver Patrik Vogt (University of British Columbia), Pawel Zabczyk (IMF).
  • Corporate leverage and the effects of monetary policy on investment: a reconciliation of micro and macro elasticities by Valentin Grob (University of Neuchâtel), Gabriel Züllig (Swiss National Bank).

Chair: Harris Dellas, University of Surrey, St. Louis Fed, Study Center Gerzensee

14:15 – 15:30
Central Bank Reserves and the Balance Sheet of Banks
Hans Gersbach (ETH Zurich, KOF), Jean-Charles Rochet (Toulouse School of Economics), Elu von Thadden (University of Mannheim)
Discussant: Anastasios Karantounias (University of Surrey)

15:30 – 16:00
Break 

16:00 – 17:15
A Monetary Model with Money and Safe Assets
Markus Brunnermeier (Princeton University), Sebastian Merkel (University of Bristol)
Discussant: Alberto Martin (Centre de Recerca en Economia Internacional)

17:15 – 17:45
Break 

Chair: Fiorella De Fiore, Bank for International Settlements

17:45 - 18:45
Panel: Monetary Policy Transmission beyond nominal rigidities
Panelists: Jean-Charles Rochet, Toulouse School of Economics, Andreas Schrimpf, Bank for International Settlements, Franck Portier, University College London

Saturday, October 25

Chair: Martin Brown, Study Center Gerzensee


09:00 – 10:15
Interest Rate Control and Interbank Markets
Steve Williamson (University of Western Ontario)
Discussant: Lukas Altermatt (University of Essex)

10:15 – 10:45
Break 

10:45 – 12:00
Sticky Price Models and Constraints to Produce
Justinas Markauskas (Bank of Lithuania), Morten Ravn (University College London), Jose Victor Rios Rull (University of Pennsylvania)
Discussant: Tom Holden (Deutsche Bundesbank)

13:00
Departure for Excursion 

Participants receive the necessary information one week before the excursion

Scientific Committee:

Fiorella De Fiore
Research Advisor
Bank for International Settlements
Harris Dellas
Professor of Economics, University of Surrey
Director, Karl Brunner Institute
Fernando Martin
Senior Economic Policy Advisor
Federal Reserve Bank of St. Louis
Franck Portier
Professor of Economics
University College London

Organizing Committee:

Martin Brown (Study Center Gerzensee)
Carlos Garriga (St Louis Fed)
Marc-Antoine Ramelet (Swiss National Bank)

Impressions 2025