The use of surveys for monetary and economic policy

Welcome and Introduction

Luigi Federico Signorini, Senior Deputy Governor, Banca d’Italia
Jakob de Haan, SUERF President I Professor, University of Groningen

Keynote lecture
Heterogeneous spending and saving behaviors: What can we learn from survey experiments?

Stefanie Stantcheva, Professor, Harvard University

Session 1: Monetary Policy

Chair: Stefano Neri, Banca d’Italia I SUERF

Paper: A Diverse Fed Can Reach Underrepresented Groups

Michael Weber, University of Chicago I NBER
Co-authors: Francesco D'Acunto, Georgetown University, and Andreas Fuster, EPFL

Discussant: Luigi Guiso, Einaudi Institute for Economics and Finance

Paper: Fed Sentiment and Expectations: Evidence from Speeches by FOMC Members

Greta Meggiorini, University of California, Irvine
Co-authors: Eleonora Granziera, Norges Bank, and Vegard H. Larsen, BI Norwegian Business School

Discussant: Maria Sole Pagliari, Banque de France

Paper: Building Central Bank Credibility: The Role of Forecast Performance

Ryan Rholes, University of Oxford
Co-author: Michael McMahon, University of Oxford

Discussant: Laurent Maurin, European Investment Bank

Coffee break

Session 2: Firms

Chair: Marco Bottone, Banca d’Italia

Paper: Why firms lay off workers instead of cutting wages: Evidence from matched firm survey-administrative data

Marianna Kudlyak, Federal Reserve Bank of San Francisco I Hoover Institution
Co-authors: Antoine Bertheau, University of Copenhagen; Birthe Larsen, Copenhagen Business School, and Morten Bennedsen, University of Copenhagen

Discussant: Annalisa Ferrando, European Central Bank

Paper: The effects of the 2021 energy crisis on medium and large industrial firms: evidence from Italy

Matteo Alpino, Bank of Italy
Co-authors: Luca Citino and Annalisa Frigo, both Banca d'Italia

Discussant: Nils Wehrhöfer, Deutsche Bundesbank

Paper: Advanced digital technologies and investment in employee training: Complements or substitutes?

Christoph Weiss, European Investment Bank
Co-authors: Giorgio Brunello, University of Padova, and Désirée Rückert and Patricia Wruuck, both European Investment Bank

Discussant: Fabiano Schivardi, LUISS University

End of day 1

Session 3: Households

Chair: Tiziano Ropele, Banca d’Italia

Paper: How do borrower households adjust in a household foreign currency debt crisis?

Győző Gyöngyösi, Leibniz Institute for Financial Research SAFE
Co-authors: Judit Rariga, European Central Bank, and Emil Verner, MIT

Discussant: Andrea Pozzi, Einaudi Institute for Economics and Finance

Paper: Wealth shocks and portfolio choice

Tullio Jappelli, Università di Napoli Federico II
Co-authors: Geoff Kenny, European Central Bank; Dimitris Georgarakos, European Central Bank and Center for Financial Studies, and Dimitris Christelis, University of Glasgow

Discussant: Maarten van Rooij, De Nederlandsche Bank

Paper: Household expectations and dissent among policymakers

Moritz Grebe, Giessen University
Co-author: Peter Tillmann, Justus-Liebig-Universität Gießen

Discussant: Klodiana Istrefi, Banque de France

Coffee break

Session 4: Monetary and Macroprudential Policies

Chair: Elisa Guglielminetti, Banca d’Italia

Paper: Cooling the mortgage loan market: The effect of value-based and income-based prudential limits on new mortgage lending

Martin Hodula, Czech National Bank
Co-authors: Milan Szabo, Lukáš Pfeifer and Martin Melecký, all Czech National Bank

Discussant: Aicha Kharazi, Free University of Bozen-Bolzano

Paper: Short and variable lags

Vasco M. Carvalho, Universitat Pompeu Fabra
Co-authors: Gergely Buda, Barcelona School of Economics; Giancarlo Corsetti, EUI; João B. Duarte, Nova School of Business and Economics; Stephen Hansen, University College London; Álvaro Ortiz and Tomasa Rodrigo, both BBVA, and José Rodríguez Mora, University of Edinburgh

Discussant: Stefano Pica, Bank of Italy

Lunch

Session 5: Inequality

Chair: Giordano Zevi, Banca d’Italia

Paper: Inequality and business cycles

Florin Bilbiie, University of Cambridge
Co-authors: Giorgio E. Primiceri, Northwestern University, and Andrea Tambalotti, Federal Reserve Bank of New York

Discussant: José Elías Gallegos Dago, Banco de Españao

Paper: Distributional effects of inflation in the euro area

Filippo Pallotti, University College London
Co-authors: Gonzalo Paz-Pardo, Jiri Slacalek and Oreste Tristani, all European Central Bank, and Giovanni Violante, Princeton University

Discussant: Clodomiro F. Ferreira, Banco de España

Presentation
The use of private market surveys at the European Investment Fund (EIF)

Antonia Botsari and Frank Lang, EIF

Policy panel

Chair: Silvia Fabiani, Head of Statistical Analysis Directorate, Banca d’Italia

• Andrea Brandolini, Deputy Director, General for Economics, Statistics and Research, Banca d’Italia
• Debora Revoltella, Director of the Economics Department, European Investment Bank I SUERF
• Natacha Valla, Dean, Sciences Po, School of Management and Innovation I SUERF
• Caroline Willeke, Deputy Director, General Statistics, European Central Bank

Concluding remarks

Ernest Gnan, SUERF Secretary General

End of conference