56th Konstanz Seminar, 2025

The conference will be held from Tuesday, June 3rd to Thursday, June 5th, 2025.

Participation is by invitation only.

Program as pdf (follows).


Presenters and discussants:

Tsvetelina Nenova, Bank for International Settlements

The Ins and Outs of Chinese Monetary Policy Transmission (with Silvia Miranda-Agrippino, Hélène Rey, and Yandong Jia)

Discussant: Donghai Zhang, National University of Singapore


Klodiana Istrefi, Banque de France

The Systematic Origins of Monetary Policy Shocks (with Lukas Hack and Matthias Meier)

Discussant: Federico Mandelman, Federal Reserve Bank of Atlanta


Leonardo Melosi, University of Warwick

The Taming of the Skew: Asymmetric Inflation Risk and Monetary Policy (with Andrea De Polis and Ivan Petrella)

Discussant: Anastasiia Antonova, Aix-Marseille School of Economics


Johannes Wieland, UCSD and Federal Reserve Bank of San Francisco

Why Are Some Recoveries Weak and Others Strong? (with Paula Donaldson)

Discussant: Gabriel Züllig, Swiss National Bank


Jesus Fernandez-Villaverde, University of Pennsylvania

Are We Fragmented Yet? Measuring Geopolitical Fragmentation and Its Causal Effects (with Tomohide Mineyama and Dongho Song)

Discussant: Gernot Müller, University of Tübingen


Luis Garicano, London School of Economics
Klaus Masuch, European Central Bank

The Euro: Foundations, Crises, Incentives, and Reforms (with John H. Cochrane)


Gaetano Gaballo, HEC Paris

Asset Purchases in Noisy Financial Markets with Fiscal-Monetary Interactions (with Carlo Galli)

Discussant: Vladimir Asriyan, CREi


Felix Ward, Erasmus University Rotterdam

Bank Leverage and the Tax Advantage of Debt (with Casper de Vries and Jose Castillo)

Discussant: Kartik Anand, Bundesbank


Florin Bilbiie, University of Cambridge

HANKSSON (with Sigurd Mølster Galaasen, Refet S. Gürkaynak, Mathis Mæhlum, and Krisztina Molnar)

Discussant: Jeanne Commault, Science Po


Gizem Koşar, Federal Reserve Bank of New York

Subjective Uncertainty and the Marginal Propensity to Consume (with Davide Melcangi)

Discussant: Marta Cota, Nova School of Business & Economics


Policy session:

Athanasios Orphanides,
MIT Sloan and former Governor of the Central Bank of Cyprus