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We have the pleasure of inviting you to the SUERF-BAFFI Bocconi-OeNB event on “How to raise r*?”
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
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 Claudio
Borio
Head of the Monetary and Economic Department, BIS;
SUERF Fellow
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 Charles
Goodhart
Professor Emeritus
London School of Economics;
SUERF Fellow
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CET
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Programme
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09:00
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Opening and welcome
by Robert Holzmann, Governor, OeNB
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09:10
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Macroeconomic policies and r*: theory and empirics of endogeneity – policy implications
Moderated by
Jakob de Haan, SUERF President I University of Groningen
Keynote Lecture
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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
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10:30
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Long-term trends, structural policies and r*: future scenarios and policy implications
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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
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12:15
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End
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Date:
Registration:
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Wednesday, 15 September 2021
Time:
09:00-12:15 CET
To participate, please register by using the following
link.
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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.
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