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Workshop on Digital Assets and Monetary Policy Transmission

EABCN Training School: Energy and Commodity Prices

27 Apr 2026

Energy and Commodity Prices: Macroeconomic Effects and Policy Implications
by Hilde C. Bjørnland
(Professor of Economics, BI Norwegian Business School; Director, CAMP Research Centre)

General Description

We are pleased to announce details of the latest EABCN Training School; a three-day course entitled “Energy and Commodity Prices: Macroeconomic Effects and Policy Implications”. Professor Hilde C. Bjørnland (BI Norwegian Business School; Director, CAMP Research Centre) will teach the course.

Practical sessoins are chaired by Helene O. Kalstad (PhD candidate, BI Norwegian Business School).

It is primarily aimed at participants in the Euro Area Business Cycle Network but applications will also be considered from doctoral students, post-doctoral researchers and economists working in central banks and government institutions outside of the network, as well as commercial organisations (fees are applicable for non-network non-academic organisations).



Tentative course outline
Energy and commodity prices are a key source of macroeconomic fluctuations and inflationary pressures, with first-order implications for the design and conduct of monetary policy. This course provides an empirically oriented treatment of recent developments in the analysis of energy price dynamics and their interaction with the macroeconomy, with a focus on structural identification, distributional analysis, forecasting, and policy-relevant interpretation using econometric tools widely employed in central banks. Morning lectures will emphasize models and empirical methodologies, while afternoon practice sessions will offer hands-on illustrations using Matlab code.
 
The course is divided into three lecture sessions, each followed by a practice session.

Day 1 - Monday, 27 April 2026 — Energy Prices, Macroeconomic Dynamics, and Structural Identification
The first day focuses on the identification of energy price shocks and their macroeconomic effects. After a brief overview of energy markets, the lectures emphasize structural VAR frameworks used to disentangle supply-, demand-, and energy shocks, and to assess their dynamic effects on output and inflation. Particular attention is given to various identification strategies and the interpretation of impulse responses in a policy context.

The practical session covers the construction of energy-macro datasets and the estimation of SVAR models, with a focus on implementing and interpreting alternative identification schemes.
 
Day 2 - Tuesday, 28 April 2026 — Energy Prices, Inflation Expectations, and Monetary Policy
The second day examines the role of energy prices in inflation dynamics and expectation formation, and their implications for monetary policy. Topics include energy price pass-through to inflation, the interaction between energy price shocks and inflation expectations, and the challenges these dynamics pose for monetary policy design and communication.

The practical session applies these tools to euro-area data, focusing on oil-macro models augmented with measures of inflation expectations and on policy-relevant scenario analysis.
 
Day 3 - Wednesday 29 April 2026 — Distributional Dynamics and Risk in Energy Price Fluctuations
The final day focuses on distributional aspects of energy price dynamics that are not captured by mean-based models. Topics include asymmetries, tail risks, and nonlinearities in energy price fluctuations, and their implications for empirical analysis and forecasting. The lectures introduce distributional and high-dimensional time-series approaches, such as functional VAR frameworks, that allow the determinants and dynamics of energy prices to vary across different parts of the conditional distribution and across horizons.

The practical session is devoted to estimating distributional time-series models, and evaluating downside and upside risks in energy price movements.


Practice sessions
For practice sessions, participants need to bring their own laptop computer.
 
Prerequisites and required readings
The course will assume basic familiarity with time series methods and vector autoregressions.


About the Instructor
Hilde C. Bjørnland is Professor of Economics at BI Norwegian Business School. She holds a Master of Science in Econometrics and Mathematical Economics from London School of Economics, and a PhD (Dr.Polit) in Economics from the University of Oslo. She was awarded His Majesty, The King of Norway’s Gold medal for the Ph.D. thesis in social Sciences. For the period 2026-29, Bjørnland is appointed external member on the Committee of Monetary Policy and Financial Stability at the Norwegian Central Bank.


 
Administrative Information
We ask that you send a current version of your CV. PhD students must also specify in which way the school will be useful for their current research (max 300 words).
 
The course will take place in Vietri sul Mare, Salerno, Italy. More information about logistics will be circulated closer to the date. 
 
Participants will be invited to make their own arrangements regarding their travel, accommodation and meals. Further information about hotel options will be available to successful applicants.

Participants from non-academic institutions where the employer is not a member of the EABCN network are charged a course fee of EUR2500.

Applications closed 8pm GMT, Monday 9 Ferbuary 2026

If you have any queries about this event please contact Despoina Chatzilari, Senior Events Officer for assistance. 
 

So.Fi.E. Conference on DSGE Modelling

04 May 2026

Conference on “DSGE Models: The present, the past, and the future.”, featuring panel discussions by leading scholars in macroeconomics.
May 07-08, 2026


Confirmed participants: Stéphane Adjemian, Guido Ascari, Marta Bańbura, Florin O. Bilbiie, Fabio Canova, Lawrence J. Christiano, Günter Coenen, Fiorella De Fiore, Ferre De Graeve, Marco Del Negro, Wouter den Haan, Hans Dewachter, Martin Eichenbaum, Stefano Eusepi, Francesco Furlanetto, Davide Furceri, Catherine Fuss, Eric Ghysels,
Domenico Giannone, Raffaella Giacomini, Eleonora Granziera, Romain Houssa, Joe Hazell, Leonardo Iania, Pelin Ilbas, Cosmin Ilut, Péter Karadi, Robert Kollmann, Wolfgang Lemke, Michele Lenza, Jesper Lindé, Francesca Loria, Bartosz Maćkowiak, Leonardo Melosi, Karel Mertens, Emanuel Mönch, Francesca Monti, Roberto Motto, Rigas Oikonomou, Gert Peersman, Bruce Preston, Giorgio Primiceri, Andrea Raffo, Ricardo Reis, Jen Paul Renne, Werner Roeger, Lorenza Rossi, Massimo Rostagno, Juan Rubio-Ramírez, Yuliya Rychalovska, Chiara Scotti, Stéphanie Schmitt-Grohé, Frank Schorfheide, Sergey Slobodyan, Frank Smets, Andrea Tambalotti, Oreste Tristani, Harald Uhlig, and Sébastien Villemot

 

The events will take place in Auditorium of the National Bank of Belgium, Room A, Rue Montagne aux Herbes Potagères 61, 1000 Brussels.

To participate, email your CV and a short motivation statement (in the email body) by 1 April 2026 to Prof. LeonardoIania ([email protected]), with “SoFiE 2026” in the subject line.

Macroeconomic modelling in times of uncertainty

Rome, Italy
24 Sep 2026

Banca d’Italia will host a conference on new approaches to modeling and assessing the macroeconomic impact of uncertainty.

The meeting will bring together academics and policymakers to discuss recent advances in the use of micro and macro data for measuring aggregate uncertainty, in modelling and estimating the effects of heightened uncertainty on the macroeconomy via the decisions of firms and households, on monetary and fiscal policy transmission, and on macroeconomic forecasting and scenario analysis. The event will last one and a half days, with a conference dinner scheduled at the end of the first day.

Topics of particular interest include, but are not limited to:


•Measurement of macroeconomic and microeconomic uncertainty
•Uncertainty shocks and business cycle fluctuations
•Firm-level uncertainty, investment, and employment dynamics
•Household-level uncertainty, consumption, and saving behaviours
•Uncertainty and monetary policy transmission
•Monetary and fiscal policy design under uncertainty
•Solving and estimating models under uncertainty: machine-learning, global-solution andnon-linear methods
•Forecasting, scenarios, and tail-risk analysis under uncertainty


Keynote speakers


Dario Caldara (Federal Reserve Board) and Barbara Rossi (European University Institute and Universitat Pompeu Fabra) are confirmed keynote speakers for the event.


Paper submission and important dates


We invite the submission of theoretical and empirical papers. Manuscripts must be submitted to [email protected] by April 15th, 2026. Authors of accepted papers will be notified by June 15th, 2026.


Reimbursements for travel and accommodation are available for academic speakers, subject to a cap. All presentations will take place in-person at Banca d’Italia in Rome.


Organising committee


Alessandro Cantelmo, Alessandro Ciancetta, Pietro Cova, Davide Delle Monache, Giacomo Mangiante and Claudia Pacella (Banca d’Italia).

2nd Conference on Applied Macroeconomics

Rome, Italy
08 Oct 2026

The Bank of Canada, the Banca d’Italia, and the Center for Applied Macroeconomic and Commodity Prices (CAMP) at BI Norwegian Business School are organizing a joint conference that will take place in Rome on October 8-9, 2026. Hosted by Banca d’Italia, the conference will bring together leading academics, central bank researchers, and policymakers to present and discuss innovative research on key macroeconomic challenges and policy responses in today’s interconnected world. Submissions are welcome from any field of applied macroeconomics, with special emphasis on the following topics:


• Global commodity markets, energy transition and the macroeconomy
• Monetary policy conduct and strategy
• International spillovers and exchange rate dynamics
• Fiscal sustainability, sovereign debt risk and macro-financial stability
• The economic implication of military spending and buildups
• Trade, geopolitical fragmentation and economic effects
• Technological change, digital transition, AI, and the macroeconomy


Christiane Baumeister (University of Notre Dame) and Francesco Zanetti (University of Oxford) will be the keynote speakers for the event.


Deadline for submission: May 22, 2026. Papers or extended abstracts can be submitted to the following email address: [email protected] . Authors of successful submissions will be notified by 22 June. Limited travel support is available for academic speakers (CEPR limits apply). 


Organizers:
Hilde C. Bjørnland (BI Norwegian Business School)
Reinhard Ellwanger (Bank of Canada)
Fabrizio Ferriani (Banca d’Italia)
Andrea Gazzani (Banca d’Italia)
Francesco Ravazzolo (BI Norwegian Business School)

Workshop - Monetary Policy in Emerging Markets: Credit and Saving Behavior in Monetary Transmission

14 May 2026

Call for papers


The National Bank of Ukraine invites research and policy submissions for the online workshop on Monetary Policy in Emerging Markets: Credit and Saving Behavior in Monetary Transmission, to be held on 14 May 2026.


Over the past decades, many emerging market economies (EMEs) have made substantial progress in strengthening monetary policy frameworks and anchoring inflation expectations. At the same time, a balanced monetary policy response to recent global shifts, heightened uncertainty, and frequent supply shocks requires a deep understanding of the effectiveness of transmission mechanism and, in certain cases, its targeted calibration.


Against this background, increasing attention focuses on how financial systems transmit policy signals to inflation and the real economy. This process reflects how credit evolves over the cycle and across structural dimensions, how agents allocate savings across currencies and financial instruments, and how these decisions interact with exchange rate dynamics, fiscal needs, and the sectoral distribution of credit. Such mechanisms are particularly important for EMEs, where financial systems are less developed and often subject to financial frictions and structural credit constraints.


In Ukraine, the ongoing war, elevated uncertainty, and risks further underscore the importance of financial system development and stability as key preconditions for effective monetary transmission and for supporting further economic recovery through the market-based and non-distortive allocation of credit and savings.

The National Bank of Ukraine welcomes academic research and policy-oriented contributions related, but not limited, to the following topics:


 The role of financial intermediation in monetary transmission, including credit and deposit channels
 Pass-through of policy rate changes to lending and deposit rates, including asymmetries and non-linearities in the transmission process
 Adaptation of central bank instruments to enhance transmission efficiency
 Heterogeneity in monetary transmission across households, firms, and financial institutions
 Credit development, the structural and cyclical components of credit dynamics, and their implications for financial stability and monetary transmission
 The sovereign-bank nexus, exchange rate effects, and the sectoral allocation of credit, and their role in monetary transmission


Paper Submission:


Submit your full paper or extended abstract by email to [email protected], using as email subject MPEM2026.


The submission deadline is 19 April 2026.


Practical Details:
Format: Zoom (Kyiv time, UTC+3 in May).
Language: English.
Fees: None.
Contact: [email protected]

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The Euro Area Business Cycle Network provides a forum for the better understanding of the Euro area business cycle, linking academic researchers and researchers in central banks and other policy institutions involved in the empirical analysis of the Euro area business cycle.

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