Climate Change, Pandemics, Monetary Policy: New Approaches in Crisis Time

The seventh annual meeting on New Developments in Business Cycle Analysis, organised by Danmarks Nationalbank, Deutsche Bundesbank and Norges Bank.

Online Conference, 9 December 2020

Danmarks Nationalbank, Deutsche Bundesbank and Norges Bank organize a joint conference on new modeling approaches and novel empirical evidence on the challenges to policy provided by the recent medium and long-term changes in the economy. How have climate change and the COVID-19 pandemic changed our outlook on the use of economic and fiscal policy? How has our understanding of monetary policy evolved during the recent global crisis? Are we witnessing a fundamental reshaping in the nature of the shocks and the allocation of risks through the economy?

The meeting will be the seventh in the annual conference series New Developments in Business Cycle Analysis bringing together economists from academia and central banks. The 2020 conference focuses on creating networking and interaction across scholars.


The conference will take place through Zoom. Registration is necessary if you would like to attend. Space is limited and not all registrations may be accommodated. You will receive a confirmation email at least one week before the conference.

Click here to register (Zoom) before 30 November 2020

Pandemics and Climate Change Sessions - Call for Papers

Two parallel sessions on Pandemics and on Climate Change will feature short presentations, allowing for in-depth discussion with the authors. Each presenter will also introduce the discussion of another paper in the session. Theoretical and empirical contributions are welcome.

If you would like to present your research on either Pandemics/Covid-19 or Climate Change, please submit your paper to by 25 November 2020. Authors of accepted papers will be notified by 30 November 2020.

Monetary Policy Sessions

Three sessions on Monetary Policy will each feature two closely related papers presented by invited speakers. Coupled papers will explore the same question from different perspectives, or drawing on different results. Speakers include Pierpaolo Benigno (Luiss University and University of Bern), Yann Koby (Princeton University) and Joe Vavra (University of Chicago).

Conference Program, 9 December 2020

Times given in Central European Time (UCT+1). To be updated once the program is finalised.

​12:45 - 13:00
​Welcome by Federico Ravenna (Head of Research, Danmarks Nationalbank)
​13:00 - 14:30
Parallel Session A: Pandemics
Six short presentations on Pandemics / Covid-19
​13:00 - 14:30
Parallel Session B: Climate Change
Six short presentations on Climate Change
​14:30 - 15:00
​15:00 - 16:00
First Session on Monetary Policy
"The Reversal Interest Rate"
Yann Koby (Princeton University / Brown University)

"Monetary Policy at Ground Level: Bank Loan Market Power and Risk-taking"
Philipp König (Deutsche Bundesbank)
​16:00 - 17:00
Second Session on Monetary Policy
"The Economics of Helicopter Money"
Pierpaolo Benigno (University of Bern)

"Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength"
Renato Faccini (Danmarks Nationalbank)
​17:00 - 18:00
​Third Session on Monetary Policy
"Mortgage Prepayment and Path-Dependent Effects of Monetary Policy"
Joseph Vavra (Chicago Booth)

"State Dependence of Monetary Policy Across Business, Credit and Interest Rate Cycles"
Eleonora Granziera (Norges Bank) 

Program Committee: Franchesco Furlanetto (Norges Bank), Emanuel Mönch (Deutsche Bundesbank), Denis Gorea and Federico Ravenna (Danmarks Nationalbank).

For more information, contact:

Previous Conferences

The program for the previous editions of the New Developments in Business Cycle Analysis conference:

Program Committee

Franchesco Furlanetto
Norges Bank

Emanuel Mönch
Deutsche Bundesbank

Denis Gorea
Danmarks Nationalbank

Federico Ravenna
Danmarks Nationalbank