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11th Conference on Monetary Economics

12 Jun. 2023 to 13 Jun. 2023
The 11th Banco de Portugal Conference on Monetary Economics will be held in Alcobaça, June 12-13, 2023. The Conference aims at bringing together economists to discuss research on monetary theory and policy.

The Conference venue is at the 12th century Cistercian Monastery of Santa Maria d'Alcobaça.

Attendance is by invitation only.

The Scientific Committee for the Conference is Sérgio Rebelo and Pedro Teles.

Questions about arrangements should be addressed to Maria Soledade Sartóris (
Monday, June 12
10.00 - 11.15

Short and Variable Lags

G. Buda (BSE), Vasco M. Carvalho (U. Cambridge), G. Corsetti (EUI), J. B. Duarte (Nova SBE), S. Hansen (UCL), A. S. Moura (Nova SBE), A. Ortiz (BBVA), T. Rodrigo (BBVA), J. V. Rodríguez Mora (U. Edinburgh) and G. Alves da Silva (Nova SBE)

Discussant: Oreste Tristani (ECB)

11.30 - 12.45

Inflation Distorts Relative Prices: Theory and Evidence

Klaus Adam (U. Mannheim), A. Alexandrov (Princeton U.) and H. Weber (Deutsche Bundesbank)

Discussant: Hassan Afrouzi (Columbia U.)

13.00 - 14.30


14.30 - 15.45

Inflation is Conflict

G. Lorenzoni (Northwestern U.) and Ivan Werning (MIT)

Discussant: Marco Bassetto (FRB Minneapolis)

16.00 - 17.15

Banking on Uninsured Deposits

I. Drechsler (U. Pennsylvania), A. Savov (NYU), P. Schnabl (NYU) and Olivier Wang (NYU)

Discussant: Pablo Kurlat (U. Southern California)

17.15 - 17.45


17.45 - 19.00

Can Deficits Finance Themselves?

George-Marios Angeletos (Northwestern U.), C. Lian (UC Berkeley) and C. K. Wolf (MIT)

Discussant: V. V. Chari (U. Minnesota)

Tuesday, June 13
10.00 - 11.15

Mussa meets Backus-Smith: The Role of Primary Commodities

J. Ayres (IDB), C. Hevia (U. Di Tella) and Juan Pablo Nicolini (FRB Minneapolis and U. Di Tella)

Discussant: Gideon Bornstein (U. of Pennsylvania)

11.30 - 12.45

The Distributional Impact of the Minimum Wage in the Short and Long Run

Erik Hurst (U. Chicago), Patrick J. Kehoe (Stanford U.), Elena Pastorino (Stanford U.) and T. Winberry (U. Pennsylvania)

Discussant: Simon Mongey (FRB Minneapolis)

13.00 - 14.30


14.30 - 15.45

Asset Price Redistribution

A. Fagereng (BI Norwegian), Matthieu Gomez (Columbia U.), E. Gouin-Bonenfant (Columbia U.), M. Holm (U. Oslo), B. Moll (LSE) and G. Natvik (BI Norwegian)

Discussant: John Leahy (U. Michigan)

16.00 - 17.15

Micro and Macro Effects of UI Policies: Evidence from Missouri

F. Karahan (FRB New York), Kurt Mitman (Stockholm U., IIES) and B. Moore (Stanford U.)

Discussant: Robert Hall (Stanford U.)

17.15 - 17.45


17.45 - 19.00

Killer Innovation: The Macroeconomic Implications of Strategic Investment that affects Market Structure

R. Bao (Princeton U.) and Jan Eeckhout (UPF)

Discussant: Andrew Atkeson (UCLA)


Klaus Adam (University of Mannheim)

Bernardino Adão (Banco de Portugal)

Hassan Afrouzi (Columbia University)

Nuno Alves (Banco de Portugal)

George-Marios Angeletos (Northwestern University)

Andrew Atkeson (UCLA)

Marco Bassetto (FRB Minneapolis)

Gideon Bornstein (University of Pennsylvania)

Vasco Carvalho (University of Cambridge)

João César das Neves (Católica Lisbon SBE)

Varadarajan Chari (University of Minnesota)

Isabel Correia (Católica Lisbon SBE)

José Miguel Costa (Banco de Portugal)

João Duarte (Nova SBE)

Jan Eeckhout (Universitat Pompeu Fabra)

Bruno Freitas (Banco de Portugal)

Matthieu Gomez (Columbia University)

Attila Gyetvai (Banco de Portugal)

Robert Hall (Stanford University)

Nikolay Iskrev (Banco de Portugal)

Patrick Kehoe (Stanford University)

Nicholas Kozeniauskas (Banco de Portugal)

Pablo Kurlat (University of Southern California)

John Leahy (University of Michigan)

Nuno Lourenço (Banco de Portugal)

Kurt Mitman (Stockholm University, IIES)

Simon Mongey (FRB Minneapolis)

Juan Pablo Nicolini (FRB Minneapolis and U. Di Tella)

Elena Pastorino (Stanford University)

Leonor Queiró (Banco de Portugal)

João Quelhas (Banco de Portugal)

Sérgio Rebelo (Northwestern University)

Catarina Reis (Católica Lisbon SBE)

Daniel Santos (Universidade do Porto)

João B. Sousa (Nova SBE)

Pedro Teles (Banco de Portugal)

László Tetenyi (Banco de Portugal)

Oreste Tristani (European Central Bank)

João Valle e Azevedo (Banco de Portugal)

Olivier Wang (New York University)

Ivan Werning (Massachusetts Institute of Technology )