Dear colleagues You may be interested in the attached SUERF-Baffi Bocconi-OeNB online workshop on “How to raise r*?” on 15 Sept 9:00-12:15 CET. Please feel free to forward the invitation to colleagues within your institution and among your network. Please register here<https://www.suerf.org/registration/8283/bocconi-oenb-workshop>. We would very much look forward to meeting you and colleagues there! Kind regards Ernest Gnan Prof Dr Ernest Gnan Secretary General, SUERF – The European Money and Finance Forum www.suerf.org<http://www.suerf.org/> Counsel to the Board and Head, Economic Analysis Division Oesterreichische Nationalbank PO box 61, 1011 Vienna, Austria ernest.gnan@oenb.at<mailto:ernest.gnan@oenb.at> +43 1 40420 7400 [cid:image003.jpg@01D79B4B.77A56720]<http://www.suerf.org/Bocconi-OeNB-workshop> Invitation We have the pleasure of inviting you to the SUERF-BAFFI Bocconi-OeNB event on “How to raise r*?<https://www.suerf.org/Bocconi-OeNB-workshop>” which will take place as an online workshop via Webex on Wednesday, 15 September 2021. Motivation There is consensus among the economics profession that r* - the equilibrium rate of interest at which inflation is stable - has strongly declined over past decades – more so in Europe than in the US. While r* in itself is not a policy goal, its currently estimated low level is widely perceived to pose several challenges, including eroding policy space for monetary policy, lower returns for savers and institutional investors as well as banks, and potential negative consequences for resource allocation and productivity. So, what can be done to exit from this “low r* trap”? This workshop explores the interaction of economic policies with r* and policy options to raise r*, against the backdrop of economic trends which may affect the further development of r* going forward. Keynote speakers [cid:image001.jpg@01D7A572.6F5B2CE0]Claudio Borio Head of the Monetary and Economic Department, BIS; SUERF Fellow [cid:image002.jpg@01D7A572.6F5B2CE0]Charles Goodhart Professor Emeritus London School of Economics; SUERF Fellow CET Programme 09:00 Opening and welcome by Robert Holzmann, Governor, OeNB 09:10 Macroeconomic policies and r*: theory and empirics of endogeneity – policy implications Moderated by Jakob de Haan, SUERF President I University of Groningen Keynote Lecture - Navigating by r*: Safe or hazardous? Claudio Borio, BIS I SUERF Fellow Monetary policy and productivity Maria T. Valderrama, OeNB Fiscal policies, monetary and fiscal policy interactions and r* Isabel Vansteenkiste, ECB I SUERF r*, ELB, and monetary easing effect Hiroshi Ugai, J.P. Morgan I Japan 10:30 Long-term trends, structural policies and r*: future scenarios and policy implications Moderated by Ernest Gnan, OeNB I SUERF Keynote Lecture - Just a temporary trough? Long-term scenarios for the future development of r* Charles Goodhart, LSE I SUERF Fellow Impact of climate change/protection, digitalization and (de)globalization on r* Cornelia Holthausen, ECB Javier J. Pérez, Banco de España The circular relationship between productivity growth and real interest rates Gilbert Cette, Banque de France How to raise productivity post-COVID? Luiz de Mello, OECD 12:15 End Date: Registration: Wednesday, 15 September 2021 Time: 09:00-12:15 CET To participate, please register by using the following link<https://www.suerf.org/registration/8283/bocconi-oenb-workshop>. Feel free to share this invitation with colleagues who might be interested to attend! On behalf of the scientific committee and the co-organizing institutions, We look forward to your participation! With friendly support of the Intesa Sanpaolo Chair in Economics of Financial Regulation, Bocconi University. SUERF gratefully acknowledges professional technical support of SUERF online events by the OeNB's Information Management. SUERF - The European Money and Finance Forum c/o OeNB, Otto-Wagner-Platz 3, A-1090 Vienna<https://maps.google.com/?q=Otto-Wagner-Platz+3,+A-1090+Vienna&entry=gmail&source=g> Tel: +43 1 40420 7216<tel:+431404207216> - E-mail: suerf@oenb.at<mailto:suerf@oenb.at>. [Suerf On Twitter] <https://twitter.com/suerf_org> [Suerf On LinkedIn] <https://www.linkedin.com/company/suerf---the-european-money-&-finance-forum> Diese E-Mail kann vertrauliche Informationen enthalten und irrtümlich an Sie gelangt sein. In diesem Fall informieren Sie bitte sofort die Absenderin bzw. den Absender und vernichten Sie diese E-Mail. Das unerlaubte Kopieren sowie die unbefugte Weitergabe dieser Mail oder von Teilen dieser Mail sind nicht gestattet. Informationen gemäß DSGVO zur Verarbeitung personenbezogener Daten durch die OeNB finden Sie unter www.oenb.at/datenschutz<https://www.oenb.at/datenschutz>.
