Konstanz Seminar

Monetary theory and policy
Since 1970

57th Konstanz Seminar, 2026

The conference will be held from Tuesday, May 19, to Thursday, May 21, 2026.

Participation is by invitation only.

Program as PDF

Presenters and discussants

Tereza Ranošová Deutsche Bundesbank

Financial Constraints and Capital-Labor Substitution in Response to Monetary Policy

With Hanna Onyshchenko

Discussant: Beatriz González, Banco de España

Christian Bayer University of Bonn

Fiscal Constraints on Monetary Policy: How Debt Limits Monetary Effectiveness

With Zheng Gong and Keith Kuester

Discussant: Xavier Ragot, Science Po

Francesco Bianchi Johns Hopkins University

Fiscal Policy and the Saving Glut of the Rich

With Leonardo Melosi, Nicolò Ceneri, and Alessandro T. Villa

Discussant: Ralph Luetticke, University of Tübingen

Maxime Phillot Swiss National Bank

Treasury Supply Shocks: Propagation Through Debt Expansion and Maturity Adjustment

With Huixin Bi and Sarah Zubairy

Discussant: Emanuel Moench, Frankfurt School of Finance & Management

Nitya Pandalai Nayar University of Texas at Austin

Noisy News: Theory and Evidence from AI

With Christoph Boehm, Zhen Huo, and Andrei Levchenko

Discussant: Wouter den Haan, London School of Economics

Stephanie Schmitt-Grohé Columbia University

Transitory and Permanent Import Tariff Shocks in the United States: An Empirical Investigation

With Martín Uribe

Discussant: Tommaso Monacelli, Bocconi University

Christoph Boehm University of Texas at Austin

Monetary Policy without Moving Interest Rates: The Fed Non-Yield Shock

With Niklas Kroner

Discussant: Peter Karadi, European Central Bank

Sanjay R. Singh Federal Reserve Bank of San Francisco and UC Davis

Real and Nominal Assets under Inflation Targeting

With Nicolas Caramp

Discussant: Ambrogio Cesa-Bianchi, Bank of England

Corina Boar New York University

Nonlinear Inflation Dynamics in Menu Cost Economies

With Andres Blanco, Callum Jones, and Virgiliu Midrigan

Discussant: Anton Nakov, European Central Bank