Research on monetary economics encompasses a broad array of positive and normative questions related to central banking. How macroeconomic aggregates interact with monetary policy, transmission of monetary policy, what asset prices signal about perceptions of policy are some of these. Policies chosen by central banks and optimal policies that should be chosen are often main research questions. Monetary policy is often studied in conjunction with inflation, economic growth, and unemployment.

The MEF programme also studies business cycles, propagation and amplification of shocks to economic activity, recessions and policies to mitigate their effects, and broad questions of macroeconomic dynamics.

The MEF programme is one of the three successors to the old International Macroeconomics (IM) programme, along with International Macroeconomics and Finance (IMF) and Macroeconomics and Growth (MG).

Key areas covered are:

  • Monetary Economics
  • Central Banking
  • Business Cycles

Symposia

The European Summer Symposium for International Macroeconomics (ESSIM) is held jointly with the IMF and MG programmes. ESSIM, CEPR’s long-standing annual symposium for International Macroeconomics, brings together Europe's top macroeconomists with a few US-based scholars for an intensive and highly interactive four-day conference. There is no central theme for ESSIM, rather researchers present their best, current research on macroeconomics.

The MEF programme also convenes at other conferences and symposia throughout the year, and in the spring of 2022, an online seminar series was organised to introduce the research of newly joined fellows and affiliates.

ESSIM
Event Series

The European Summer Symposium in International Macroeconomics (ESSIM)

The European Summer Symposium for International Macroeconomics (ESSIM) is held jointly with the IMF, MG and MEF programmes. ESSIM, CEPR’s long-standing annual symposium for International Macroeconomics, brings together Europe's top macroeconomists with a few US-based scholars for an intensive and highly interactive four-day conference. There is no central theme for ESSIM rather researchers present their best, current research on macroeconomics.

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  • Business Cycles
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Central Banking
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • International Finance
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Macroeconomic policy
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • Monetary Policy

Programme Directors

Research Fellows

Klaus Adam

Research Professor Deutsche Bundesbank; Research Fellow at the Centre for Financial Studies Goethe University Frankfurt; Scientific Vice Chair Professor of Economics University College London

Carlo Altavilla

Head of Division, Directorate General Monetary Policy European Central Bank

Sumru Altug

Associate Fellow, Issam Fares Institute for Public Policy and International Affairs American University Of Beirut

Guido Ascari

Economic Advisor and Head of Monetary Policy Research De Nederlandsche Bank; Professor of Economics, Department of Economics and Management University Of Pavia

Adrien Auclert

Associate Professor in the Department of Economics Stanford University

Marina Azzimonti

Senior Economist and Research Advisor Federal Reserve Bank Of Richmond; Research Associate on Economic Fluctuations and Growth (EFG) and Political Economy (POL) National Bureau Of Economic Research (NBER)

David Rezza Baqaee

Research Associate National Bureau Of Economic Research (NBER); Professor of Economics University Of California, Los Angeles

Michael Bauer

Senior Research Advisor Federal Reserve Bank Of San Francisco; Professor of Economics (on leave) University Of Hamburg

Christiane Baumeister

Research Professor Deutsche Bundesbank; Research Associate National Bureau Of Economic Research (NBER); Lambert Family Professor of Economics University Of Notre Dame

Christian Bayer

Professor of Economics, Institute for Macroeconomics and Econometrics University Of Bonn

Charles Bean

Professor of Economics and Co-director, Executive Masters in Public Administration/Policy London School of Economics and Political Science

Francesco Bianchi

Louis J. Maccini Professor of Economics Johns Hopkins University; Research Associate National Bureau Of Economic Research (NBER)

Florin Bilbiie

Visiting Professor and Director of Research at Clare Hall University Of Cambridge; Professor of Macroeconomics, Senior J.M. Keynes Fellow, and Janeway Institute Coordinator University Of Cambridge

Olivier Blanchard

Robert M. Solow Professor of Economics emeritus Massachusetts Institute of Technology (MIT); Professor of Economics Paris School of Economics (PSE); Senior Fellow Peterson Institute for International Economics (PIIE)

Lena Boneva

Research Economist European Central Bank; Senior Economist, Monetary Policy Analysis Division Swiss National Bank (SNB)

Diana Bonfim

Senior Economist Bank Of Portugal; Full Professor (adjunct) Católica Lisbon School of Business & Economics; Senior Lead Economist European Central Bank

Timo Boppart

Associate Professor Associate Professor, Institute for International Economic Studies Swedish Institute for Social Research (SOFI), Stockholm University; Professor for International Economics University Of St Gallen; Professor in Macroeconomics and Political Economy University Of Zurich

Benjamin Born

Professor of Macroeconomics Frankfurt School Of Finance & Management

Tobias Broer

Professor Paris School of Economics (PSE); Associate Professor, Institute for International Economic Studies Swedish Institute for Social Research (SOFI), Stockholm University

Jeffrey Campbell

Consultant Federal Reserve Bank Of Chicago; Professor of Macroeconometrics Tilburg University; Francis D. Rasmus and Jerome A. Castellini Professor of Economics University Of Notre Dame

Fabio Canova

Professor of macroeconomics Bi Norwegian Business School; Pierre Werner Chair in Monetary Union European University Institute; Santander Excellence Chair Universidad Carlos Iii De Madrid

Wendy Carlin

External Professor Santa Fe Institute; Professor of Economics University College London

Vasco Carvalho

Turing Fellow The Alan Turing Institute; Professor of Macroeconomics University Of Cambridge

Stephen Cecchetti

Rosen Family Chair in International Finance, Brandeis International Business School Brandeis University; Vice-Chair, Advisory Scientific Committee European Systemic Risk Board

Fellow, Monetary Economics and Fluctuations / RPN Member, Fintech and Digital Currencies

Edouard Challe

Professor of Economics and Senior CNRS Researcher Paris School of Economics (PSE)

James Cloyne

Research Fellow Institute for Fiscal Studies (IFS); Associate Professor of Economics (with Tenure) University of California, Davis

Fabrizio Coricelli

Emeritus Professor Paris School of Economics (PSE); Professor of Economics University Of Siena

Isabel Correia

Head of Research and Economics Department Bank Of Portugal; Full Professor Catholic University Of Portugal

Giancarlo Corsetti

Pierre Werner Chair and Joint Professor, Department of Economics and Robert Schuman Centre for Advanced Studies European University Institute

Alex Cukierman

Professor of Economics Interdisciplinary Center Herzliya; Professor Emeritus Tel Aviv University

Jean-Pierre Danthine

Managing Director Enterprise for Society (E4S - UNIL-IMD-EPFL); Emeritus Professor of Economics and Finance HEC Lausanne; Associate Member and President Paris School of Economics (PSE); Professor Swiss Federal Institute of Technology Lausanne (EPFL)

Paul De Grauwe

John Paulson Chair in European Political Economy London School of Economics and Political Science

Davide Debortoli

Research Professor Barcelona School Of Economics; Research Associate Centre De Recerca En Economia Internacional (CREI); ICREA Research Professor Pompeu Fabra University

Luca Dedola

Senior Adviser, Directorate General Research European Central Bank

Marco Del Negro

Director of the Applied Macroeconomics and Econometrics Center (AMEC) Federal Reserve Bank Of New York

Harris Dellas

Research Fellow Federal Reserve Bank Of St. Louis; Professor and Co-Director, Institute of Political Economy University Of Bern

Wouter Den Haan

Professor of Economics and Co-Director of the Centre for Macroeconomics London School of Economics and Political Science

Michael Ehrmann

Head of the Monetary Policy Research Division European Central Bank

Martin Ellison

Professor of Economics and Professorial Fellow of Nuffield College University Of Oxford

Roger Farmer

Honorary Fellow National Institute Of Economic And Social Research; Emeritus Distinguished Professor University Of California, Los Angeles; Professor of Economics University Of Warwick

Carlo A. Favero

Deutsche Bank Chair in Asset Pricing and Quantitative Finance, Department of Finance Bocconi University

Jesús Fernández-Villaverde

Howard Marks Presidential Professor of Economics, Director of the Penn Initiative for the Study of the Markets and Co-Director of the Business, Economic, and Financial History Project at the Wharton Initiative on Financial Policy and Regulation University Of Pennsylvania

Andrea Ferrero

Professor of Economics and Senior Research Fellow, Trinity College University Of Oxford

Andreas Fischer

Professor Economic Adviser at the International Research Unit Swiss National Bank (SNB)

Martin Floden

Professor in Economics Stockholm University; Deputy Governor Sveriges Riksbank; Professor of Economics Swedish Institute for Social Research (SOFI), Stockholm University

Kristin Forbes

Jerome and Dorothy Lemelson Professor of Management and Global Economics Massachusetts Institute of Technology (MIT)

Mario Forni

Professore Ordinario of Econometrics University Of Modena And Reggio Emilia

Xavier Gabaix

Pershing Square Professor of Economics and Finance Harvard University

Gaetano Gaballo

Associate Professor in Macroeconomics HEC Paris School of Management

Jordi Galí

Research Professor Barcelona School Of Economics; Senior Researcher and Professor Centre De Recerca En Economia Internacional (CREI); Professor of Economics Pompeu Fabra University

Ana Beatriz Galvão

Senior Economist at the Global Modelling Team, Bloomberg Economics; Academic Visitor at the Economics Department University Of Warwick

Domenico Giannone

Assistant Director International Monetary Fund; Affiliate Professor University Of Washington

Charles Goodhart

Emeritus Professor in the Financial Markets Group London School of Economics and Political Science

Yuriy Gorodnichenko

Quantedge Presidential Professor, Department of Economics University of California, Berkeley

Veronica Guerrieri

Ronald E. Tarrson Professor of Economics and Williard Graham Faculty Scholar, Booth School of Business University Of Chicago

Seppo Honkapohja

Emeritus Professor, Department of Economics Aalto University School of Business

Patrick Honohan

Nonresident Senior Fellow Peterson Institute for International Economics (PIIE); Honorary Professor Trinity College Dublin

Ethan Ilzetzki

Associate Professor of Economics (with Tenure) London School of Economics and Political Science

Luigi Iovino

Associate Professor (with Tenure) in the Department of Economics Bocconi University, IGIER

Nir Jaimovich

Professor of Economics Department of Economics, University of California San Diego

Henrik Jensen

Emeritus Professor of Economics Professor of Economics University Of Copenhagen

Oscar Jordà

Senior Policy Advisor Federal Reserve Bank Of San Francisco; Professor of Economics University of California, Davis

Lutz Kilian

Senior Economic Policy Adviser Federal Reserve Bank Of Dallas

Nobuhiro Kiyotaki

Academic Consultant Federal Reserve Bank Of New York; Academic Consultant Federal Reserve Bank Of Richmond; Harold H. Helm '20 Professor of Economics and Banking Princeton University

Anton Korinek

Visiting Fellow Brookings Institution; Research Associate National Bureau Of Economic Research (NBER); Professor, Department of Economics and Darden School of Business University Of Virginia

Per Krusell

Savings Banks Foundations and Swedbank Chair in Macroeconomics, Torsten and Ragnar Söderberg chair in Economics Institute For International Economic Studies (IIES), Stockholm University; Centennial Professor London School of Economics and Political Science

Moritz Kuhn

Professor of Economics Department of Economics, University of Mannheim

Jennifer La'O

Associate Professor of Economics (with Tenure) Columbia University

Sarah Lein

Research Network Fellow Cesifo; Faculty Member Swiss Finance Institute; Full Professor of Macroeconomics University Of Basel

Michele Lenza

Head of Section, Monetary Policy Division European Central Bank

Jesper Lindé

Advisor in the Monetary Policy Modeling Unit International Monetary Fund

Francesco Lippi

Senior Fellow Einaudi Institute for Economics and Finance (EIEF); Professor of Economics Luiss Guido Carli Free International University for Social Studies

Lars Ljungqvist

Global Distinguished Professor New York University; Professor Stockholm School Of Economics

Alexander Ludwig

Chair of Public Finance and Macroeconomic Dynamics Goethe University Frankfurt

Lilia Maliar

Professor at The Graduate Center City University Of New York; Visiting Fellow at the Hoover Institution Stanford University

Albert Marcet

ICREA Research Professor Centre De Recerca En Economia Internacional (CREI); Adjunct Professor Pompeu Fabra University

Filip Matějka

Associate Professor with Tenure Center For Economic Research And Graduate Education - Economics Institute (CERGE-EI); Researcher at the Economics Institute, the Czech Academy of Sciences; Associate Professor Charles University

Michael Mcmahon

Professor of Economics and Senior Research Fellow University Of Oxford

Leonardo Melosi

Professor of Economics European University Institute; Professor of Economics University Of Warwick

Karel Mertens

Associate Professor of Economics Cornell University; Senior Vice President and Director of Research Federal Reserve Bank Of Dallas

Alexander Michaelides

Professor of Finance Imperial College London, Business School

Fellow, Monetary Economics and Fluctuations / RPN Steering Committee, Household Finance / Fellow, Asset Pricing / RPN Member, Household Finance

Ilian Mihov

The Rausing Chaired Professor of Economic and Business Transformation, Dean Insead

Patrick Minford

Professor of Economics and Director of the Julian Hodge Institute of Applied Macroeconomics Cardiff University

Kurt Mitman

Associate Professor (with Tenure) Institute For International Economic Studies (IIES), Stockholm University

Emanuel Moench

Professor of Financial and Monetary Economics Frankfurt School Of Finance & Management

Benjamin Moll

Sir John Hicks Professor of Economics London School of Economics and Political Science

John Muellbauer

Senior Fellow Institute for New Economic Thinking; Senior Research Fellow Nuffield College; Professor of Economics University Of Oxford

Liwa Rachel Ngai

Professor, Department of Economics London School of Economics and Political Science

Galo Nuño

Head of Monetary Policy and Capital Markets Division Visiting Economist Bank For International Settlements; Research associate Center For Monetary And Financial Studies (cemfi); Research Fellow Cesifo

Athanasios Orphanides

Co-Chair Asia School of Business; Professor of the Practice of Global Economics and Management Massachusetts Institute of Technology (MIT)

Luigi Paciello

Full Professor Einaudi Institute for Economics and Finance (EIEF)

Evi Pappa

Full Professor Universidad Carlos Iii De Madrid

Josep Pijoan-Mas

Professor of Economics Center For Monetary And Financial Studies (cemfi)

Christopher Pissarides

Co-Chair Institute for The Future of Work; Regius Professor of Economics London School of Economics and Political Science; Professor of European Studies University Of Cyprus

Richard Portes

Senior Editor and Co-Chairman, Board of Economic Policy; Founder and Honorary President, Centre for Economic Policy Research; Professor of Economics London Business School

Vincenzo Quadrini

Research Associate National Bureau Of Economic Research (NBER); James McN. Stancill Chair in Business Administration Professor of Finance and Business Economics University Of Southern California

Xavier Ragot

Directeur de Recherche French National Centre for Scientific Research (CNRS); President Observatoire Français des Conjonctures Economiques; Professor Sciences Po Paris

Federico Ravenna

Intesa San Paolo Chair Collegio Carlo Alberto; Affiliated Professor Hec Montreal; Affiliated Professor University Of Copenhagen; Full Professor University Of Turin

Pietro Reichlin

Research Fellow Einaudi Institute for Economics and Finance (EIEF); Professor of Economics Luiss Guido Carli Free International University for Social Studies

Lucrezia Reichlin

Fellow British Academy; Fellow Econometric Society; Chair of the fellows IFRS International Financial Reporting Standards Foundation; Professor of Economics London Business School

Ricardo Reis

A.W. Phillips Professor of Economics London School of Economics and Political Science

Pontus Rendahl

Professor Copenhagen Business School; Professor University Of Cambridge

Giovanni Ricco

Professor Ecole Polytechnique; Chercheur Associé at OFCE Sciences Po Paris; Professor of Economics University Of Warwick

José-Víctor Ríos-Rull

Professorial Research Fellow University College London; Lawrence R. Klein Professor of Economics University Of Pennsylvania

Federica Romei

Assistant Professor Stockholm School Of Economics; University Of Oxford

David Romer

Herman Royer Professor in Political Economy University of California, Berkeley

Barbara Rossi

Associate Researcher Centre De Recerca En Economia Internacional (CREI); ICREA Professor Pompeu Fabra University; Research Fellow

Andrew Scott

Director of Economics Ellison Institute Of Technology; Professor of Economics London Business School

Petr Sedláček

Associate Member Professor of Economics University of New South Wales (UNSW); Associate Member University Of Oxford

Anne Sibert

Professor of Economics Birkbeck, University Of London

Frank Smets

Deputy Head of the Monetary and Economic Department (MED) Bank For International Settlements; Adviser to the Counsel to the Executive Board European Central Bank; Part-time Professor of Economics Ghent University

Dennis Snower

Senior Research Fellow Blavatnik School of Government, University of Oxford; Non-residential Senior Fellow Brookings Institution; President Global Solutions Initiative; Professorial Research Fellow, Institute of New Economic Thinking and Visiting Professor, University College Oxford University Of Oxford

Lars E.O. Svensson

Affiliated Professor, Department of Economics Stockholm School Of Economics; Affiliated Professor, Institute for International Economic Studies Stockholm University

Pedro Teles

Advisor Bank Of Portugal; Professor Catedrático Católica Lisbon School of Business & Economics

Silvana Tenreyro

External Monetary Policy Committee Member Bank Of England; Professor London School of Economics and Political Science

Mathias Trabandt

Professor of Macroeconomics Goethe University Frankfurt; Research Fellow Halle Institute For Economic Research

Antonella Trigari

Research Fellow Baffi-Carefin Centre; Full Professor Bocconi University; Research Fellow Bocconi University, IGIER

Oreste Tristani

Senior Adviser in the Directorate General Research European Central Bank

Harald Uhlig

Bruce Allen and Barbara Ritzenthaler Professor of Economics University Of Chicago

Etienne Wasmer

Professor of Economics New York University Abu Dhabi; Associated Professor Sciences Po Paris

Axel A. Weber

President Center for Financial Studies; Chairman Institute of International Finance

Philippe Weil

Professor of Economics, Solvay Brussels School of Economics and Business ECARES, Université Libre De Bruxelles

Michael R. Wickens

Professor of Economics Cardiff University; Emeritus Professor of Economics University Of York

Mirko Wiederholt

Professor of Economics Ludwig-Maximilians University of Munich (LMU); Full Professor (on Leave) Sciences Po Paris

Volker Wieland

Endowed Chair of Monetary Economics, Institute for Monetary and Financial Stability Goethe University Frankfurt

Eran Yashiv

Member, Centre for Macroeconomics London School of Economics and Political Science; Professor of Economics, the Eitan Berglas School of Economics Tel Aviv University

Egon Zakrajsek

Executive Vice President and Director of Research  Federal Reserve Bank Of Boston

Francesco Zanetti

Professor at the University of Oxford, and David Richards Fellow at Wadham College University Of Oxford

Research Affiliates

Isaac Baley

Associate Professor of Economics Pompeu Fabra University

Almut Balleer

Co-Head of the Department of Macroeconomics and Public Economics Leibniz Institute for Economic Research; Professor for Applied Macroeconomics Tu Dortmund University

Corina Boar

Research Economist Bocconi University; Assistant Professor of Economics New York University

Charles Brendon

Affiliated Researcher Toulouse School of Economics; El-Erian Fellow in Macroeconomics, Faculty of Economics and Queens’ College University Of Cambridge

Yao Chen

Associate Professor Erasmus School of Economics, Erasmus University Rotterdam

Carlo Galli

Assistant Professor Universidad Carlos Iii De Madrid

Laura Gáti

Senior Economist in the Research Department European Central Bank

Sinem Hacıoğlu Hoke

Senior Economist in the Research and Statistics Division Federal Reserve Board Of Governors

Jonathon Hazell

Assistant Professor in the Department of Economics London School of Economics and Political Science

Matthias Kehrig

Associate Professor Of Economics Duke University; Faculty Research Fellow National Bureau Of Economic Research (NBER)

Agnes Kovacs

Assistant Professor King's Business School, King's College London; Assistant Professor (on Leave) University Of Manchester

Sang Seok Lee

Professor of Economics Asia School of Business; Assistant Professor of Economics Bilkent University

Francesca Loria

Principal Economist Board Of Governors Of The Federal Reserve System

Ralph Luetticke

Professor of Economics Eberhard-Karls-University Tüebingen; Professor of Economics University Of Tübingen

Eric Mengus

Associate Professor of Economics HEC Paris School of Management

Andreas Müller

Assistant Professor of International Economics University Of Basel; Senior Lecturer in Economics University Of Essex

Christina Patterson

Assistant Professor of Economics Booth School of Business, University of Chicago; Faculty Research Fellow National Bureau Of Economic Research (NBER)

Walker Ray

Assistant Professor of Finance London School of Economics and Political Science

Alexander Rodnyansky

Research Affiliate Centre for Macroeconomics at LSE; Assistant Professor Faculty of Economics, University of Cambridge; Presidential Adviser to the Office of the President of Ukraine

Anna Rogantini Picco

Senior Economist at the Research Department European Central Bank; Economist in the Research Division (on Leave) Sveriges Riksbank

Andreas Schaab

Visiting Assistant Professor Princeton University; Assistant Professor Toulouse School of Economics

Edouard Schaal

ICREA Research Professor of Economics Centre De Recerca En Economia Internacional (CREI)

Linda Schilling

Assistant Professor of Finance Olin Business School, Washington University in St Louis

Kathrin Schlafmann

Associate Professor in the Department of Finance Copenhagen Business School; Research Fellow Danish Finance Institute

Arlene Wong

Faculty Research Fellow National Bureau Of Economic Research (NBER)

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