Inaugural Conference of the ESCB Research Network on Monetary Transmission (“ChaMP”)

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CfP Deadline:

December 21, 2023

Conference Event:

April 25-26, 2024

Event Location:

Frankfurt, Germany


ESCB Research Network on Monetary Transmission (“ChaMP”)


The European System of Central Banks (ESCB) – encompassing all central banks of the European Union – is launching a major research initiative to enhance the understanding of the transmission of monetary policy in the euro area and the EU: the ChaMP Network (“Challenges for Monetary Policy Transmission in a Changing World”). The Network will examine transmission through the financial system and to the real economy, with a particular focus on the ultimate impact on firms’ price-setting and inflation. More information about the objectives, organisation and activities of ChaMP can be found on the Network’s website. This inaugural conference marks the beginning of the initiative, aims to communicate its objectives to the public, will feature relevant new monetary transmission research and discussions of its policy implications, including market perspectives. This will be achieved through a combination of research presentations, speeches by policymakers and a panel bringing together different views.

Researchers are invited to submit papers on monetary policy transmission in the euro area/EU, and notably how it has been affected by structural changes and/or recent shocks. Topics of particular interest for submission include, but are not limited to:

Transmission of monetary policy through the financial system, including:

  • Transmission through banks to firms, focusing on unexplored aspects of the bank lending channel in the euro area/EU (including country-specific variations, competition dynamics among banks, and the composition of loan and securities portfolios in response to monetary policy)
  • Transmission through household lending (mortgages and consumer credit)
  • Implications of the growing presence of non-bank financial intermediaries for monetary policy transmission
  • The role of financial networks for monetary policy transmission
  • How various aspects of transmission through the financial system and its different components affect price setting of firms and inflation overall

Transmission of monetary policy to the real economy, including:

  • The role of production networks for all aspects of monetary policy transmission (including price setting of firms and overall inflation)
  • Transmission of other supply-side shocks through production networks and their interaction with monetary policy
  • Interaction of monetary policy with structural changes such as digitalisation, servitisation and sectoral reallocation, (de)globalisation, and climate change (both directions of causality)
  • Implications of such structural changes for monetary policy transmission

New approaches to monetary transmission assessments, including:

  • New methods for assessing the speed, strength and diversity (across member countries) of monetary transmission in the euro area
  • Econometric approaches for assessing the progress in the transmission of monetary policy measures in real time


Papers should be submitted in PDF format at by 21 December 2023. If your paper is accepted, you will be notified by 15 February 2024. Authors should also indicate whether they would be willing to discuss a paper. We expect presenters and discussants to attend in person. Academic presenters and discussants (employed by universities) will be reimbursed for their travel and accommodation expenses.


Inaugural Conference of the ESCB Research Network on Monetary Transmission (“ChaMP”)