WALKING THE TALK? CHALLENGES FOR MONETARY POLICY 

ACTIONS AND COMMUNICATION IN UNCERTAIN TIMES

Balsillie School of International Affairs

Waterloo, Ontario, CANADA

9-10 September 2013

Five years into the crisis many central banks continue to keep policy rates extremely low and engage in several types of unconventional forms of monetary policy. More ‘radical’ measures are adopted, increasingly interpreted by some as politicizing or ‘fiscalizing’ monetary policy.  While central banks have invested a great deal of effort in communicating these unconventional policies to the public, they are often confronted with stark criticism and face highly controversial public debates about their actions. Against this background, as part of the series of conferences organized under the umbrella of the Central Bank Communication Network, supported by the , and the Institute for New Economic Thinking, we are looking for papers that examine the challenges faced by central banks around the world in communicating policies, the record of monetary policy, and the consequences of mixing monetary and fiscal policy. Papers that deal with the following topics are of particular interest but others that fit the overall theme of the conference are also welcome.

TOPICS INCLUDE

  1. The evolution of central bank transparency, communications, or credibility since the onset of the financial crisis. Do perceptions differ between the general public, financial market participants, and politicians?
  2. How effective has monetary policy communication been? What is the evidence of announcement effects versus implementation effects of unconventional policies?
  3. How should central banks cooperate with each other and with fiscal policy makers in a crisis? Should it differ from normal times?
  4. What are the economic and financial market consequences of more interventionist monetary policies?
  5. Can monetary policy successfully help us escape the zero lower bound?
  6. Are existing monetary policies, such as inflation targeting ripe for replacement?

Extended abstracts (maximum 2 pages) will be considered but preference is given to completed papers. Only completed papers will be accepted for the final program. We welcome submissions by PhD students. Academics and researchers from policy institutions are strongly encouraged to submit papers.

SCIENTIFIC COMMITTEE: Sylvester Eijffinger (Tilburg University), Michael Ehrmann (ECB), Matthias Neuenkirch (RWTH Aachen University), Pierre Siklos (WLU & BSIA), Jan-Egbert Sturm (KOF, ETH Zurich).

LOCATION: Balsillie School of International Affairs, Waterloo, Ontario, CANADA

EXPENSES: Travel and accommodation will be partly covered for speakers and discussants.

SUBMISSION: Send proposals to [email protected] by 12 April 2013. Notifications of acceptance will be sent by 13 May 2013. More information on the conference will be available at  http://viessmanncentre.ca.