Monetary policy and structural tectonic shifts

Call for Papers (pdf) – Paper submission deadline March 5, 2025

SUERF and the Oesterreichische Nationalbank (OeNB) invite paper submissions for the 52nd OeNB Annual Economic Conference, jointly organized with SUERF – The European Money and Finance Forum, which will take place in Vienna on May 22-23, 2025.

Conference motivation
In recent years, monetary policymakers worldwide have faced a series of profound shocks that have significantly reshaped economic structures and supply conditions. These challenges are set to persist, driven by a combination of both negative and positive factors: geopolitical risks, rising trade barriers, rapid technological advances – including breakthroughs in artificial intelligence -, climate change, the transition to sustainable energy systems, and shifting demographic and societal trends. These changes have far-reaching implications for productivity growth and labor markets. The interplay between these factors affects wages, relative prices and inflation, and overall economic stability. The role of monetary policy in navigating these complexities raises questions about how central banks can effectively respond to evolving conditions while safeguarding price stability and supporting sustainable economic growth and employment.

This conference brings together policymakers, academics, and financial industry experts. The first day will feature policy-oriented discussions to encourage analytical exchange between policymakers and academic researchers. The second day will offer a platform for presenting and discussing research in an academic format.

We invite theoretical and empirical papers that advance the policy discussion specifically on the following themes (other submissions within the overall conference theme are welcome):

1. Monetary policy amid diverging inflation trends

• Drivers and characteristics of inflation in the context of recent global structural challenges such as shifts in supply chains, geopolitical risks, technological advancements and various policy responses.
• Monetary policy challenges arising from structural shifts – such as climate change and the energy transition, and technological advancements (including AI) – that lead to diverging trends in inflation trends in goods and various types of services.
• Central bank responses: How should central banks take into account and react to structural changes in relative prices and sectoral supply shocks?

2. Monetary policy and productivity

• Relationship between monetary policy and productivity growth, particularly in the context of recent global disruptions.
• Monetary policy’s role in supporting productivity growth and fostering investment in productivity-enhancing technologies.
• Impacts of productivity shocks, including those driven by AI, on inflation and monetary policy, and the associated challenges and trade-offs for policymakers.
• Policy coordination: How can monetary, fiscal and structural policies work together in this context? How might productivity shocks and AI influence these interactions?

3. Monetary policy and structural changes in the labor market

• Global labor market dynamics: How are they influenced by technological advancements, demographic shifts, and evolving economic conditions?
• The Phillips Curve: How is it being reshaped by new shocks, and how should it be modeled in light of these changes?
• Labor market transformations and the Phillips Curve: Exploring the interaction between structural changes—such as part-time work, skill polarization, digitalization, and automation (including AI)—and the Phillips Curve.
• Impacts on monetary policy: How do de-industrialization, de-globalization, shifts in wage formation post-COVID/inflation surge, and other labor market changes affect monetary policy?

Timeline
Paper submission deadline: March 5, 2025
Notification of acceptance:  April 10, 2025
(only authors of accepted papers will be notified)

Papers should be submitted through the online submission form in PDF format by Wednesday, March 5, 2025. Papers published prior to the conference are not eligible, working/discussion papers are eligible.

In the event of onsite presentation, the OeNB will pay for accommodation and travel costs (economy class) of the presenting author if the presenter’s institution cannot cover these costs. Speakers from central banks, financial and policy institutions are expected to cover their costs in full.

Please share this Call for Papers with others who may be interested in submitting a paper.