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)

    ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • 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
    • ![](../../../../../../../../../../var/folders/34/zq18d8kx7kbgby0j06p_j6t40000gn/T/TemporaryItems/NSIRD_screencaptureui_EM2XPo/Screenshot 2022-01-04 at 17.01.16.png)
  • ESSIM

Programme Directors

Researchers

Klaus Adam

Research Fellow Centre for Economic Policy Research; Professor of Economics Department of Economics, University of Oxford; Research Professor Deutsche Bundesbank; Research Fellow at the Centre for Financial Studies Goethe University Frankfurt; Scientific Chair

Carlo Altavilla

Head of Division, Directorate General Monetary Policy European Central Bank

Ruediger Bachmann

Professor of Economics, Stepan Family College, Department of Economics University of Notre Dame

olivier blanchard

Robert Solow Professor of Economics Emeritus MIT Sloan School of Management; Fred Bergsten Senior Fellow Peterson Institute for International Economics

Wendy Carlin

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

Vasco Carvalho

Research Fellow Centre for Economic Policy Research; Professor of Macroeconomics University Of Cambridge

Stephen Cecchetti

Rosen Family Chair in International Finance, Brandeis International Business School Brandeis University

James Cloyne

Associate Professor of Economics University of California, Davis

Fabrizio Coricelli

Emeritus Professor Paris School Of Economics; Professor of Economics University of Siena

Alex Cukierman

Professor Emeritus of economics Research Fellow Centre for Economic Policy Research; Professor Emeritus Interdisciplinary Center Herzliya; Professor Emeritus Tel Aviv University

Jean-Pierre Danthine

Professor Managing Director Emeritus Professor of Economics and Finance HEC-Lausanne (University of Lausanne); Associate member and President Paris School Of Economics

Paul De Grauwe

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

Luca Dedola

Research Affiliate Centre for Economic Policy Research; Adviser, Directorate General Research European Central Bank

Wouter Den Haan

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

Martin Ellison

Professor of Economics and Professorial Fellow of Nuffield College Department of Economics, University of Oxford

Roger Farmer

Research Director National Institute of Economic and Social Research; Emeritus Distinguished Professor Ucla; Professor of Economics University Of Warwick

Andrea Ferrero

Professor of Economics Department of Economics, University of Oxford

Andreas Fischer

Research Fellow Centre for Economic Policy Research; Research Associate Federal Reserve Bank of Dallas; Economic Adviser at the International Research Unit Swiss National Bank; Adjunct Professor University of Bern

Martin Flodén

Research Fellow Centre for Economic Policy Research; Deputy Governor Sveriges Riksbank; Professor of Economics Swedish Institute for Social Research

Kristin Forbes

Jerome and Dorothy Lemelson Professor of Management and Global Economics, MIT Sloan School of Management; Jerome and Dorothy Lemelson Professor of International Economics and Management

Jordi Gali

Senior Researcher Centre de Recerca en Economia Internacional; Research Professor ICREA Universitat Pompeu Fabra; Professor Pompeu Fabra University

Marc Giannoni

Senior Vice President and Director of Research Federal Reserve Bank of Dallas

Charles Goodhart

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

Veronica Guerrieri

Ronald E. Tarrson Professor of Economics, Booth School of Business University Of Chicago

Christian HELLWIG

Professor of Economics and Scientific Director Toulouse School of Economics

Seppo Honkapohja

Emeritus Professor, Department of Economics, Aalto University School of Business Aalto University School of Business

Patrick Honohan

Research Fellow Centre for Economic Policy Research; Nonresident Senior Fellow Peterson Institute for International Economics; Honorary Professor Trinity College Dublin

Ethan Ilzetzki

Associate Professor London School of Economics and Political Sciences

Lutz Kilian

Research Fellow Centre for Economic Policy Research; Senior Economic Policy Adviser Federal Reserve Bank of Dallas

Anton Korinek

Rubenstein Fellow Brookings Institution; Professor of Economics and Business Administration, Department of Economics and Darden University of Virginia

Signe Krogstrup

Assistant Governor, Head of Economics and Monetary Policy Danmarks Nationalbank

Per Krusell

Research Fellow Centre for Economic Policy Research; Savings Banks Foundations and Swedbank Chair in Macroeconomics, IIES Swedish Institute for Social Research

Marianna Kudlyak

Research Advisor (Economist and Bank Officer) at the Federal Reserve Bank of San Francisco and Research Fellow at CEPR Federal Reserve Bank of San Francisco

Sarah Lein

Professor of Macroeconomics University of Basel

Michele Lenza

Head of Section, D-G Research, Monetary Policy Division, Macroeconomics Section European Central Bank

Alexander Ludwig

Research Fellow Centre for Economic Policy Research; Professor of Economics and Chair of Public Finance and Macroeconomic Dynamics Goethe University Frankfurt

Albert Marcet

Professor of Economics London School of Economics and Political Sciences

Leonardo Melosi

Senior Economist and Economic Advisor Federal Reserve Bank of Chicago

Karel Mertens

Associate Professor of Economics at the Department of Economics Cornell University; Economist Federal Reserve Bank of Dallas

Ilian Mihov

Professor of Economics European Institute of Business Administration (INSEAD)

Patrick Minford

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

Benjamin Moll

Research Affiliate Centre for Economic Policy Research; Professor of Economics London School of Economics and Political Sciences

John Muellbauer

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

Anton Nakov

Principal Economist in DG Research European Central Bank

Liwa Rachel Ngai

Associate Professor in the Department of Economics, research associate at Centre for Economic Performance (CEP) and a member of Centre for Macroeconomics (CfM) London School of Economics and Political Sciences

Evi Pappa

Full Professor Universidad Carlos III (Madrid, Spain)

Josep Pijoan-Mas

Professor of Economics Associate Professor of Economics CEMFI; Research Fellow Centre for Economic Policy Research

Vincenzo Quadrini

Professor of Finance and Business Economics, Marshall School of Business University of Hong Kong

Valerie Ramey

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

Federico Ravenna

Chief Policy Adviser Danmarks Nationalbank; Affiliated Professor HEC Monteal; Affiliated Professor, Economics Department University of Copenhagen

Lucrezia Reichlin

Fellow British Academy; Research Fellow and Trustee Centre for Economic Policy Research; Fellow Econometric Society; Trustee IFRS International Financial Reporting Standards Foundation; Professor of economics London Business School; Professor of Economics London Business School

PIETRO REICHLIN

Research Fellow Centre for Economic Policy Research; Professor of Economics LUISS university

Ricardo Reis

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

Andrew Scott

Fellow Centre for Economic Policy Research; Professor of Economics London Business School

Petr Sedlacek

Research Affiliate Centre for Economic Policy Research; Professor of Economics Department of Economics, University of Oxford

Anne Sibert

Professor of Economics Birkbeck, University of London; Research Fellow Centre for Economic Policy Research

Alp Simsek

Rudi Dornbusch Career Development Associate Professor of Economics MIT Sloan School of Management

Dennis Snower

Senior Research Fellow Blavatnik School of Government, Oxford University; President Global Solutions Initiative; Professorial Research Fellow INET Oxford; Program Chair The New Institute

Lars E.O. Svensson

Affiliated Professor Research Fellow Centre for Economic Policy Research; Affiliated Professor Stockholm School of Economics

Pedro Teles

Professor of Economics Catholic University of Portugal

Antonella Trigari

Research Fellow Research Fellow Research Fellow Associate Professor Research Fellow Research Fellow Research Fellow Centre for Economic Policy Research; Research Fellow Associate Professor, Department of Economics; Research Fellow, IGIER Universita' Luigi Bocconi

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; Professor of Economics, LIEPP Sciences-Po Paris - University

Philippe Weil

Professor of economics, Solvay Brussels School of Economics and Business ECARES, ULB; Professor of Economics

Michael R. Wickens

Professor of Economics University of Cardiff; Professor of Economics University of York

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 Sciences; Professor of Economics Tel Aviv University

Research affiliates

Kilian Huber

Saieh Family Fellow in Macroeconomics, Becker Friedman Institute University Of Chicago

Matthias Kehrig

Research Affiliate Centre for Economic Policy Research; Associate Professor Of Economics Duke University; Faculty Research Fellow National Bureau of Economic Research

Agnes Kovacs

Assistant Professor The University of Manchester; Assistant Professor The University of Manchester

Emanuel Moench

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

Andreas Müller

Senior Lecturer (Associate Professor) Associate Professor (Senior Lecturer) University of Essex, Department of Economics

Facundo Piguillem

Associate Professor of Economics Einaudi Institute for Economics and Finance

Giovanni Ricco

Chercheur Associé, OFCE Sciences-Po Paris - University; Professor of Economics University Of Warwick

Alexander Rodnyansky

Presidential Adviser Assistant Professor of Economics Presidential Adviser Assistant Professor of Economics University Of Cambridge

Farzad Saidi

Assistant Professor, Questrom School of Business Boston University; Full Professor University of Bonn

Edouard Schaal

Senior Researcher Centre de Recerca en Economia Internacional; Researcher

Arlene Wong

Assistant Professor of Economics at the Department of Economics Princeton University

Shengxing Zhang

Assistant Professor of Economics London School of Economics and Political Sciences

Upcoming events

Past events