Global Shocks, Macroeconomic Spillovers and Geopolitical Risks: Policy Challenges

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CfP Deadline:

October 8, 2024

Conference Event:

April 7-8, 2025

Event Location:

Brussels, Belgium


European Commission (DG ECFIN)
Centre for Economic Policy Research (CEPR)
Journal of International Economics

Keynote Speaker(s):

Hélène Rey (London Business School and CEPR)
Silvana Tenreyro (London School of Economics and CEPR)


Since the Covid pandemic and Russia’s invasion of Ukraine, Europe and other economies have experienced supply-side bottlenecks, soaring commodity prices, geopolitical tensions, and disruptions in global value chains. These shocks have exposed significant vulnerabilities and risks in the global economy. Considering these challenges, policymakers must assess the new macroeconomic landscape and formulate policy appropriately.

To contribute to the debate, the European Commission (Directorate‑General for Economic and Financial Affairs, DG ECFIN), the Centre for Economic Policy Research (CEPR), and the Journal of International Economics will jointly organise a conference on “Global Shocks, Macroeconomic Spillovers and Geopolitical Risks: Policy Challenges”. The conference will be held at the European Commission in Brussels, on 7-8 April 2025.

The goal of the organisers is to bring together researchers and policymakers to discuss innovative research on challenges arising in a globally interconnected context.

Submissions of both empirical and theoretical papers are welcome.

A non-exhaustive list of topics includes:

  • Expenditure switching, current account imbalances and equilibrium exchange rates in times of terms of trade and commodity price shocks
  • Novel supply shocks as drivers of global economic fluctuations, and their transmission and amplification via global production networks
  • The effect of geopolitical tensions on global energy markets and their impact on the green transition
  • Macroeconomic effects of geopolitical fragmentation, and the international macroeconomic policy response.
  • The heterogeneous impact of macroeconomic shocks and spillovers in a currency union
  • Fiscal and monetary policy under asymmetric effects of global shocks

There will be a discussant for each paper.

Journal of International Economics Special Issue:

Selected papers presented at the conference will be considered for a Journal of International Economics (JIE) special issue titled “Global Shocks, Macroeconomic Spillovers and Geopolitical Risks: Policy Challenges”. The guest editors of the special issue will be Linda Goldberg (Federal Reserve Bank of New York and CEPR) and Luca Fornaro (CREI and CEPR). Authors submitting a paper are asked to indicate whether they wish their paper to be considered for the special issue. Papers will be refereed according to usual JIE standards. However, the editors will expedite the editorial process. Authors are thus strongly encouraged to present papers that are already relatively complete and polished, at the conference.


The deadline for submitting papers is 8 October 2024. Please submit papers or extended abstracts in pdf format. Preference will be given to completed papers and to detailed drafts. The selected contributors will be notified by 25 October 2024. Conference attendance is by invitation only. For further information on the submission procedure please refer to the website.

Travel and hotel expenses of academic authors and discussants will be reimbursed (economy class and subject to travel cost limits). Hotel expenses of authors and discussants based at policy institutions can also be covered by the organisers (please contact the conference organisers if no travel funds from home institutions are available).


Global Shocks, Macroeconomic Spillovers and Geopolitical Risks: Policy Challenges