NBP Conferences

Central Bank Transparency and Communication: Implications for Monetary Policy

Program of the Conference



Day one - 2 June


8:30 - 8:45 Opening of the conference
Leszek Balcerowicz - President of the NBP

First Session: Theoretical Aspects

  • Chair: Sylvester C.W. Eijffinger, Tilburg University and CEPR

8:45 - 9:30 Is Central Bank Transparency Desirable?
  Anne C. Sibert, Birkbeck College
  Discussant: Petra M. Geraats, University of Cambridge

9:30 - 10:15 Central Bank Transparency Under Model Uncertainty
  Stefano Eusepi, Federal Reserve Bank of New York
  Discussant: Marco Hoeberichts, De Nederlandsche Bank and University of Amsterdam

10:15 - 11:00

The Value of Central Bank Transparency When Agents Are Learning
  Michale Berardi, Sant'Anna School of Advanced Studies
  Discussant: Peter Karadi, The Central Bank of Hungary

11:00 - 11:15

Coffee break

11:15 - 12:00

Central Bank Forecasts and Disclosure Policy: Why it Pays to Be Optimistic
  Sylvester C. W. Eijffinger, CentER Tilburg University
Mewael F. Tesfaselassie, CentER Tilburg University
  Discussant: Maria Demertzis, De Nederlandsche Bank and University of Amsterdam

12:00 - 12:45

Voting Transparency and the Optimal Remuneration of Central Bankers in a Monetary Union
  Volker Hahn, University of Heidelberg
  Discussant: Carsten Hefeker, University of Siegen and CESifo

12:45 - 14:15

Lunch

Second Session: Empirical Evidence

  • Chair: Jakob de Haan, University of Groningen and CESifo

14:15 - 15:00

Communication and Decision-Making by Central Bank Committees: Different Strategies, Same Effectiveness?
  Michael Ehrmann, European Central Bank
  Discussant: Jakob de Haan, University of Groningen and CESifo

15:00 - 15:45

The Impact of Central Bank Transparency on Infation Expectations
  Carin van der Cruijsen, De Nederlandsche Bank and University of Amsterdam
Maria Demertzis, De Nederlandsche Bank and University of Amsterdam
  Discussant: Marie Musard-Gies, IXIS Corporate and Investment Bank and University of Orleans

15:45 - 16:00

Coffee break

16:00 - 16:45

Does it Pay to Watch Central Bankers' Lips? The Information Content of ECB Wording
  Friedrich Heinemann, Centre for European Economic Research
  Discussant: Carlo Rosa, London School of Economics

16:45 - 17:30

Were verbal efforts to support the euro effective? A high-frequency analysis of ECB statements
  David-Jan Jansen, De Nederlandsche Bank
Jakob de Haan, University of Groningen and CESifo
  Discussant: Marc Tomljanovich, Colgate University

17:30 - 18:15 Do financial markets react to Bank of England communication?
  Rachel Reeves, Bank of England
Michael Sawicki, Bank of England
  Discussant: Andrzej Sławiński, The National Bank of Poland and Warsaw School of Economics









Day two - 3 June


8:30 - 8:35

Opening of the second day of the conference

8:35 - 10:30

Panel Session

Chair: Krzysztof Rybiński, Deputy President of the NBP
Participants: Claes Berg, Riksbank
Sylvester C.W. Eijffinger, Tilburg University and CEPR
Bernhard Winkler, European Central Bank

10:30 - 10:45

Coffee break

Third Session: Special Topics

  • Chair: Krzysztof Rybiński, Deputy President of the NBP

10:45 - 11:30 Secrecy versus Selective Disclosure in Sterilized Foreign Exchange Interventions
  Richard C. Barnett, Villanova University
  Discussant: Lubos Komarek, Czech National Bank and Prague School of Economics

11:30 - 12:15 Credibility and Transparency. Some Evidence on Inflation Targeting in Poland
  Tomasz Łyziak, National Bank of Poland
Joanna Mackiewicz, Warsaw University
Ewa Stanisławska, National Bank of Poland
  Discussant: Dariusz Filar, The National Bank of Poland

12:15 - 12:30

Coffee break

12:30 - 13:15 Inflation expectations of Polish entrepreneurs. Does the central bank communication matter?
  Anna Czogała, National Bank of Poland
Adam Kot, National Bank of Poland
Agnieszka Sawicka, National Bank of Poland
  Discussant: Lucjan T. Orłowski, Sacred Heart University and Center for Social and Economic Research

13:15 - 14:00 Monetary Policy Transparency in the Inflation Targeting Countries: the Czech Republic, Hungary and Poland
  Mariusz Jarmużek, Center for Social and Economic Research (CASE) and University of Warwick
Lucjan T. Orłowski, Sacred Heart University and Center for Social and Economic Research (CASE)
Artur Radziwiłł, Center for Social and Economic Research (CASE) and Birkbeck College
  Discussant: Michał Brzoza - Brzezina, The National Bank of Poland

14:00 - 14:30

Closing of the conference





Conference papers were chosen by a Committee comprising of Sylvester Eijffinger, Jakob de Haan and Krzysztof Rybiński. The authors of conference papers are presented in conference materials. Only speakers presenting conference papers are included in this program.




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Stopy procentowe

Referencyjna 1,50
Lombardowa 2,50
Depozytowa 0,50
Redyskonto weksli 1,75

Kursy średnie

Tabela z dnia 2016-09-29
1 EUR4,3014
1 USD3,8354
1 CHF3,9479
1 GBP4,9837
100 JPY3,7798

Perspektywy makro

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