Bank of Finland and CEPR Joint Conference on Monetary Policy Tools and Their Impact on the Macroeconomy

Conference dates

12 Sep 2020 - 13 Sep 2020


Helsinki (also online)


In addition to contributed papers, the programme will feature presentations by invited speakers: Fernando Alvarez (University of Chicago), Alberto Cavallo (Harvard University), Yuriy Gorodnichenko (UC Berkeley) and Kurt Mitman (Stockholm University). All presentations will be in plenary sessions and each paper will be assigned a discussant.

The conference will bring together top researchers from academia, central banks, and other policy institutions to present research findings related to different monetary policy tools, including issues of communication, as well as various channels through which monetary policy may affect investment and long run economic growth. Some of the topics of interest include, but are not limited to:
- Monetary policy communication and its channels (households, firms, financial sector)
- Expectations formation and their management
- Monetary policy effects on investment, innovation and long term growth potential
- Sources of long run monetary non-neutrality
- Role of supply factors in in monetary policy transmission mechanism
- Fiscal and monetary policy interactions
- Measurement of productivity and inflation

We invite authors to submit completed papers or extended abstracts. Preferences are for completed papers. If you know of a paper that fits the conference theme, please forward this message to the authors.

Authors who are CEPR members can upload their submission on the following registration link . Please also indicate in your submission whether you would be interested in being a discussant as well. The organisers will select the papers based on originality, analytical rigor, and policy relevance. If you are not a CEPR member, please create a CEPR profile at and then click on the registration link above to make a submission.

If you have any difficulties registering for this meeting, please contact Mariolina Ciccone, Events Officer at or +44 20 7183 8809. On local organisation, please contact Ms Liisa Mannila at

The deadline for paper submission is 15 July 2020. Only the authors of accepted papers will be informed by 31 July 2020. Travel and local accommodation for speakers and discussants from academic institutions will be funded by the Bank of Finland according to its internal guidelines.

Please Note: Because of the possibly continuing travel restrictions due to the Covid-19 situation that could affect some conference participants, we have decided to organize the event such that participating and presenting either physically in Helsinki or online is possible.

Organising Committee:
Francesco D’Acunto (Boston College)
Daniel Hoang (Karlsruhe Institute of Technology)
Seppo Honkapohja (Aalto University and CEPR)
Esa Jokivuolle (Bank of Finland)
Juha Kilponen (Bank of Finland)
Michael Weber (University of Chicago)