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In co-operation with the Center for International Macroeconomics at Northwestern University, the Central Bank of Iceland will convene the Reykjavík Economic Conference on 8-9 May 2025.

The Reykjavík Economic Conference brings together distinguished academics and policymakers to engage in discussions and the sharing of insights on macroeconomic analysis and policy challenges and the evolving role of central banks in today's landscape.

Participation will be by invitation only and conference proceedings will be under the Chatham House Rule.

The conference will take place at Harpa Concert and Conference Hall in Reykjavík.

Draft programme

08:00-08:30 Registration and coffee

08:30-08:45 Opening speech

Daði Már Kristófersson, Minister of Finance and Economic Affairs

08:45-09:30 The Geography of Capital Allocation in the Euro Area

Paper by: Roland Beck, Antonio Coppola, Stanford Graduate School of Business, Angus J. Lewis, and Matteo Maggiori, Martin Schmitz & Jesse Schreger

Slides: The Geo­graphy of Cap­ital Al­loc­a­tion in the Euro Area

Discussant: Goetz von Peter, Bank for International Settlements

Slides: Goetz von Peter

09:30-10:15 Why do Workers Dislike Inflation? Wage Erosion and Conflict Costs

Paper by: Joao Guerreiro, Jonathon Hazell, Chen Lian, and Christina Patterson University of Chicago

Slides: Why do Workers Dislike Inflation? Wage Erosion and Conflict Costs

Discussant: Jane Ryngaert, University of Notre Dame

Slides: Jane Ryngaert

10:15-10:35 Coffee

10:35-11:20 Reconciling Macroeconomics and Finance for the U.S. Corporate Sector: 1929 – Present

Paper by: Andrew Atkeson, UCLA, Jonathan Heathcote, and Fabrizio Perri

Slides: Reconciling Macroeconomics and Finance for the U.S. Corporate Sector: 1929 – Present

Discussant: Ellen McGratten, University of Minnesota

Slides: Ellen McGratten

11:20-11:30 Keynote address: From Magma to Masterpiece: Forging the Future of Cross-Border Payments - This event is live streamed

Deputy Governor Chiara Scotti, Central Bank of Italy

11:30-12:35 Panel 1: The Economic Consequences of Spending Beyond our Means - Debt and Deficit as a Risk Factor

Chair: Sigríður Benediktsdóttir, Senior Lecturer in Discipline of International and Public Affairs, Columbia

Slides: Sigríður Benediktsdóttir

Deputy Governor Signe Krogstrup, Danmarks Nationalbank

Slides: Signe Krogstrup

Governor Irena Radović, Central Bank of Montenegro

Gylfi Zoëga, Professor, University of Iceland

12:35-13:25 Lunch

13:25-14:10 Deficits and Inflation: HANK meets FTPL

Paper by: George-Marios Angeletos, Northwestern University, Chen Lian and Christian K. Wolf

Slides: Deficits and Inflation: HANK meets FTPL

Discussant: Marco Bassetto, Federal Reserve Bank of Minneapolis

Slides: Marco Bassetto

14:10-14:55 Banks and the State-Dependent Effects of Monetary Policy

Paper by: Martin Eichenbaum, Federico Puglisi, Sergio Rebelo, and Mathias Trabandt, Goethe University Frankfurt

Slides: Banks and the State-Dependent Effects of Monetary Policy

Discussant: Itamar Drechler, University of Pennsylvania

Slides: Itamar Drechler

14:55-15:40 Charting the Uncharted: The (Un)Intended Consequences of Oil Sanctions and Dark shipping

Paper by: Jesús Fernández-Villaverde, University of Pennsylvania, Yiliang Li, Le Xu and Francesco Zanetti

Slides: Banks and the State-Dependent Effects of Monetary Policy

Discussant: A Craig Burnside, Duke University

Slides: A Craig Burnside

08:00-08:30 Coffee

08:30-08:40 Welcome - This event is live streamed

Governor Ásgeir Jónsson, Central Bank of Iceland

Slides: Welcoming Remarks

08:40-09:10 Keynote address and Q&A: Monetary policy in uncertain times - This event is live streamed

Governor Andrew Bailey, Bank of England

Q&A moderated by Brynja Þorgeirsdóttir, University of Iceland

Full speech: Monetary policy in uncertain times

09:10-09:55 Estimating the Rise in Expected Inflation from Higher Energy Prices

Paper by: Paula Patzelt and Ricardo Reis, London School of Economics

Slides: Estimating the Rise in Expected Inflation from Higher Energy Prices

Discussant: Mark Watson, Princeton University

Slides: Mark Watson

09:55-10:25 Keynote address and Q&A: Artificial intelligence and the labor market - This event is live streamed

Governor Michael S. Barr, Federal Reserve Board

Q&A moderated by Francine Lacqua, Bloomberg

Full speech: Artificial intelligence and the labor market

10:25-10:45 Coffee

10:45-11:15 Keynote address and Q&A: Assessing maximum employment - This event is live streamed

Governor Adriana Kugler, Federal Reserve Board

Q&A moderated by Francine Lacqua, Bloomberg

Full speech: Assessing maximum employment

11:15-12:30 Panel 2: The Risk of Resurgence - Inflation Outlook in 2025 and Beyond

Chair: Gauti Eggertsson, Professor, Brown University

Pierre-Olivier Gourinchas, International Monetary Fund

Governor Lesetja Kganyago, South African Reserve Bank

Thórarinn G. Pétursson, Deputy Governor for Monetary Policy, Central Bank of  Iceland

Slides: Thórarinn G. Pétursson

Eric Leeper, Professor, University of Virgina

Slides: Eric Leeper

12:30-13:00 Keynote address and Q&A: Uncertainty and Robust Monetary Policy - This event is live streamed

President John C. Williams, Federal Reserve Bank of New York

Q&A moderated by Francine Lacqua, Bloomberg

Full speech: Uncertainty and Robust Monetary Policy

Slides: Uncertainty and Robust Monetary Policy

13:00-13:50 Lunch

13:50-14:10 Keynote address: Evolution of China's Monetary Policy Framework

Deputy Governor Xuan Changneng, People‘s Bank of China

14:10-15:15 Panel 3: Out of the woods? Financial Stability and the Rate Cutting Cycle

Chair: Ricardo Reis, Professor, London School of Economics (LSE)

Governor Gediminas Simkus, Bank of Lithuania

Governor Natia Turnava, National Bank of Georgia

Slides: Natia Turnava

Tómas Brynjólfsson, Deputy Governor for Financial Stability, Central Bank of Iceland

Slides: Tómas Brynjólfsson

15:15- 16:00 Keynote address and Q&A: When Mice can Roar: How to move fast without breaking things - This event is live streamed

Governor Ásgeir Jónsson, Central Bank of Iceland

Full speech: When Mice can Roar: How to move fast without breaking things

Slides: When Mice can Roar: How to move fast without breaking things

Followed by fireside chat with Gauti Eggertsson, Brown University

16:00-17:00 Reception at Harpa Concert and Conference Hall

George-Marios Angeletos, Northwestern University

Marios Angeletos is the Stanley J. Gradowski Jr. Professor of Behavioral Macroeconomics at Northwestern University. He joined Northwestern in 2023, after 22 years at MIT’s faculty. He is a fellow of the Econometric Society, a member of the Academy of Athens, and a recipient of a Sloan Foundation fellowship and multiple NSF grants. A big portion of his work has focused on the roles of behavioral and informational frictions—from elementary questions such as the validity of the Welfare Theorems, to practical policy questions such as the effectiveness and optimal design of forward guidance. Other topics include the sources of business cycles, incomplete markets, optimal debt management, and monetary-fiscal interactions.

An­drew Atkeson, UC­LA

Andrew (Andy) Atkeson is a professor of economics at the University of California Los Angles (UCLA). He is a Fellow of the Econometric Society, a research associate in the NBER’s Economic Fluctuations and Growth and Asset Pricing programs, a consultant at the Federal Reserve Bank of Minneapolis, and has served on the editorial boards of various journals including the American Economic Review, the Review of Economic Studies, the Journal of Political Economy and the Quarterly Journal of Economics.

Gov­ernor An­drew Bailey, Bank of Eng­land

On 20 December 2019, Andrew Bailey was announced as the new Governor of the Bank of England. He began his term on 16 March 2020.

Andrew Bailey served as Chief Executive Officer of the Financial Conduct Authority (FCA) from 1 July 2016 until taking up the role of Governor. As CEO of the FCA, Andrew Bailey was also a member of the Prudential Regulation Committee, the Financial Policy Committee, and the Board of the Financial Conduct Authority.

Andrew previously held the role of Deputy Governor, Prudential Regulation and CEO of the PRA from 1 April 2013. While retaining his role as Executive Director of the Bank, Andrew joined the Financial Services Authority in April 2011 as Deputy Head of the Prudential Business Unit and Director of UK Banks and Building Societies. In July 2012, Andrew became Managing Director of the Prudential Business Unit, with responsibility for the prudential supervision of banks, investment banks and insurance companies. Andrew was appointed as a voting member of the interim Financial Policy Committee at its June 2012 meeting.

Previously, Andrew worked at the Bank in a number of areas, most recently as Executive Director for Banking Services and Chief Cashier, as well as Head of the Bank's Special Resolution Unit (SRU). Previous roles include Governor's Private Secretary, and Head of the International Economic Analysis Division in Monetary Analysis.

Gov­ernor Mi­chael S. Barr, Fed­eral Re­serve Board

Michael S. Barr took office as a member of the Board of Governors of the Federal Reserve System on July 19, 2022, for an unexpired term ending January 31, 2032. Mr. Barr served as the Vice Chair for Supervision of the Board of Governors of the Federal Reserve System from July 19, 2022, to February 28, 2025.

Prior to his appointment to the Board, Mr. Barr was the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy, the Frank Murphy Collegiate Professor of Public Policy, the Roy F. and Jean Humphrey Proffitt Professor of Law at the University of Michigan Law School, and the founder and faculty director of the University of Michigan's Center on Finance, Law & Policy. At the University of Michigan Law School, Mr. Barr taught financial regulation and international finance and co-founded the International Transactions Clinic and the Detroit Neighborhood Entrepreneurs Project.

Mr. Barr served as the U.S. Department of the Treasury's assistant secretary for financial institutions, 2009-2010. Under President William J. Clinton, he served as the Treasury Secretary's special assistant, as deputy assistant secretary of the Treasury, as special adviser to the President, and as a special adviser and counselor on the policy planning staff at the U.S. Department of State.

Additionally, Mr. Barr served as a law clerk to U.S. Supreme Court Justice David H. Souter during October Term 1993, and previously to the Honorable Pierre N. Leval, then of the Southern District of New York.

Mr. Barr received a BA in history from Yale University, an MPhil in international relations from Oxford University, and a JD from Yale Law School.

Marco Bas­setto, Fed­eral Re­serve Bank of Min­neapolis

Marco Bassetto joined the Federal Reserve Bank of Minneapolis as a senior research economist in 2019. Formerly, he was a senior economist and research advisor in the Economic Research Department at the Federal Reserve Bank of Chicago. He has also been a professor at University College London and an assistant professor at the University of Minnesota and at Northwestern University. He received a B.A. from Bocconi University (Milan, Italy) and a Ph.D. in economics from the University of Chicago.

Marco’s research focuses on applications of game theory to macroeconomics and the design and consistency of macroeconomic policy. His work has been published in a number of top-tier journals, including American Economic Review, Econometrica, Quarterly Journal of Economics, Review of Economic Studies, Journal of Political Ecoomy, Journal of Economic Theory, Journal of Monetary Economics, Review of Economic Dynamics, and Journal of Economic Dynamics and Control.

Sigríður Benediktsdóttir, Columbia University

Sigríður Benediktsdóttir (Sigga)'s research interests are in the area of international finance with focus on Central Banks and financial stability. She received a Bachelor of Science in economics and in computer science from the University of Iceland in 1995 and 1998 respectively. She completed her doctoral degree in economics at Yale in May 2005, with concentration in finance and econometrics. Prior to joining SIPA she was the Assistant Dean of Undergraduate Education at Yale Jackson School of Global Affairs. She was an external expert in the IMF Financial Stability Assessment Program (FSAP) for the UK, which concluded its mission in February 2022. She was Director of the Financial Stability Department at the Central Bank of Iceland 2012-2016. She was also a voting member of the Danish Systemic Risk Council during the same period. Previously she was a lecturer and associate chair of the Economics Department at Yale University and an economist for the U.S. Federal Reserve Board. She was one of three appointed to the Parliamentary Special Investigation Commission on the causes of the Icelandic banking collapse in 2008.

Tómas Brynjólfsson, Deputy Governor for Financial Stability, Central bank of Iceland

Tómas Brynjólfsson was appointed Deputy Governor for Financial Stability in August 2024.

Deputy Governor Brynjólfsson completed a Master’s degree in International Relations from London School of Economics in 2004 and received a Master’s degree in Economics from the University of Iceland in 2003 and a BA in International Relations, History, and Economics from the University of Georgia in 2002.

He served as Director General of the Department of Economic Affairs and Financial Services at the Ministry of Finance and Economic Affairs from 2018 – 2024 and was acting Permanent Secretary from January through April 2024.

From 2015 until 2018, he served as Director of the Services, Capital, Persons and Programmes Division at the EFTA offices in Brussels. He was Director General of the Department of Economic Affairs and Financial Services in the Ministry of Finance and Economic Affairs from 2013 until 2015.

A. Craig Burnside, Duke University

Craig Burnside is the Mary Grace Wilson Professor of Economics at Duke University. Burnside’s fields of specialization include macroeconomics and international finance. His recent research focuses on foreign exchange markets, empirical methods in finance, and the behavior of prices in housing markets.

He has published articles in a number of academic journals, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, and the Review of Financial Studies.

He is a Research Associate of the National Bureau of Economic Research, and was previously a member of the Board of Editors of the American Economic Review (2001-06, 2011-20), Associate Editor for the Review of Economics and Statistics (2012-15), co-editor of the Canadian Journal of Economics (2007-10), and Associate Editor for the Journal of Money Credit and Banking (2003-11).

Deputy Governor Xuan Chaneng, People's Bank of China

Dr. Xuan Changneng was appointed Deputy Governor of the People’s Bank of China (PBOC) in 2022. He previously served as the Deputy Administrator of the State Administration of Foreign Exchange (SAFE) from 2018 to 2022. Before that, he was an Assistant Chairman at the China Securities Regulatory Commission (CSRC) from 2016 to 2018. He joined the PBOC in 2008 and served as Director General of Financial Research Institute and then Director General of Financial Stability Bureau until 2016.

Dr. Xuan Changneng received a bachelor's degree from the University of Science and Technology of China, a master's degree in economics and a doctor's degree in finance from the University of Texas at Austin, as well as an LL.M. from the University of Pennsylvania Law School.

Antonio Coppola, Stanford Graduate School of Business

Antonio Coppola is an Assistant Professor of Finance at the Stanford Graduate School of Business. His research is in international finance and macroeconomics. His work has examined topics including global capital flows, tax havens, financial stability, reserve currencies, and geoeconomic statecraft. He is a faculty fellow at the Stanford Institute for Economic Policy Research, a research affiliate at the Centre for Economic Policy Research, and a research principal at the Global Capital Allocation Project. He received his PhD from Harvard University.

Itamar Drechler, the Wharton School of the University of Pennsylvania

Itamar Drechsler is the Ervin Miller-Arthur M. Freedman Professor of Finance at the Wharton School and the co-director of Wharton’s Rodney L. White Center for Financial Research. He works in the areas of asset pricing, financial intermediation, and monetary policy. He is currently an associate editor at the Journal of Financial Economics and a research associate of the National Bureau of Economic Research. He graduated with a PhD in finance from the Wharton School and has an MA in mathematics and bachelor's degrees in finance, mathematics, and computer science from the University of Pennsylvania. Prior to returning to Wharton, he worked for nine years in the finance department at NYU's Stern School of Business.

Gauti B. Eggerts­son, Brown Uni­versity

Gauti B. Eggerts­son is a mac­roe­conom­ist and a Pro­fessor of Eco­nom­ics at Brown Uni­versity Eco­nom­ics De­part­ment. He re­ceived his Ph.D. in Eco­nom­ics from Prin­ceton Uni­versity in 2004, after hav­ing com­pleted his B.S. in eco­nom­ics from the Uni­versity of Iceland. He has worked at Re­search De­part­ments of the In­ter­na­tional Mon­et­ary Fund and the Fed­eral Re­serve Bank of New York. Since gradu­ation he has also been vis­it­ing fac­ulty at Prin­ceton, Yale, and Columbia where he taught in­ter­na­tional fin­ance and mac­roe­co­nom­ics at both gradu­ate and un­der­gradu­ate level. Eggerts­son has pub­lished in a vari­ety of pro­fes­sional journ­als such as the Amer­ican Eco­nomic Re­view, Amer­ican Eco­nomic Journ­al: Mac­roe­co­nom­ics, Amer­ican Eco­nomic Re­view: In­sights, Brook­ings Pa­pers on Eco­nom­ics Activ­ity, Eco­nomic Journ­al, Journal of Mon­et­ary Eco­nom­ics, Journal of Money, Credit and Bank­ing, Re­view of Eco­nomic Stud­ies, Re­view of Eco­nomic Dy­nam­ics and the Quarterly Journal of Eco­nom­ics. The main fo­cus of his work is the ana­lysis of mon­et­ary and fiscal policy over the busi­ness cycle, both from a mod­ern and his­tor­ical per­spect­ive.

Jesús Fernán­dez-Vil­laver­de, Uni­versity of Pennsylvania

Jesús Fernández-Villaverde is currently the Howard Marks Presidential Professor of Economics at the University of Pennsylvania, where he serves as the Director of the Penn Initiative for the Study of Markets and co-director of the Business, Economic, and Financial History Project. He is also a Visiting Professor at the University of Oxford, a visiting scholar at the European Central Bank and Bank of Spain, a fellow at Collegium Institute, a non-resident fellow at the Civitas Institute at the University of Texas at Austin, and a member of the National Bureau of Economic Research and the Center for Economic Policy Research. Additionally, he is a fellow of the Econometric Society.

He is currently serving as editor in chief of the IMF Review.

Pier­re-Olivier Gourin­chas, Eco­nomic Coun­sel­lor and Dir­ector of the Re­search De­part­ment, In­ter­na­tional Mon­et­ary Fund

Pierre-Olivier Gourinchas is the Economic Counsellor and the Director of Research of the IMF. He is on leave from the University of California at Berkeley where he is the S.K. and Angela Chan Professor of Global Management in the Department of Economics and at the Haas School of Business. He is the laureate of the 2007 Bernàcer Prize for best European economist working in macroeconomics and finance under the age of 40, and of the 2008 Prix du Meilleur Jeune Economiste for best French economist under the age of 40. He attended Ecole Polytechnique and received his PhD in Economics in 1996 from MIT.

Governor Ásgeir Jónsson, Central Bank of Iceland

Ásgeir Jónsson became Governor of the Central Bank of Iceland in August 2019. He previously held the position of Head of Faculty of Economics at the University of Iceland and has extensive experience in the public and the financial sector.

Born in 1970, Governor Jónsson holds an undergraduate degree in Economics from the University of Iceland, and a PhD in Economics from Indiana University with main emphasis on monetary policy in open economies, international finance and economic history.

Governor Jónsson has written a number of scholarly papers and books on monetary policy, economic history and economic affairs. He has also written numerous articles for public consumption as well as policy reports. He as worked as an advisor in the public and private sector and steered a number of key policy committees.

Furthermore, he has published two scholarly books abroad on the Icelandic banking crisis of 2008; of its causes, the onfall and the post-crisis reconstruction of the financial sector.

Governor Lesetja Kganyago, South African Reserve Bank

Lesetja Kganyago is the Governor of the South African Reserve Bank. He was first appointed Governor on 9 November 2014 and was reappointed by the President of South Africa for a second five-year term in 2019, with effect from 9 November 2019 to 8 November 2024.

In 2024, the President reappointed Governor Kganyago for a third five-year term, effective from 9 November 2024 to 8 November 2029. Prior to his appointment as Governor, he served as Deputy Governor of the SARB from 16 May 2011 until his elevation to Governor.

Governor Kganyago is the Chairperson of the Monetary Policy Committee, Prudential Committee and Financial Stability Committee. He also chairs the Committee of Central Bank Governors of the Southern African Development Community and the Bank for International Settlements’ Central Bank Governance Group, and co-chairs the Financial Stability Board’s Cross-Border Payments Coordination Group and the Regional Consultative Group for Sub-Saharan Africa. In addition, he served as the Chairperson of the International Monetary and Financial Committee, which is the primary advisory board to the International Monetary Fund Board of Governors, from 18 January 2018 to 17 January 2021.

He holds an MSc in Economics from SOAS University of London and a BCom in Economics and Accounting from the University of South Africa. He has also received various training in finance, economics and management.

Daði Már Kristófersson, Iceland's Minister of Finance and Economic Affairs

Daði Már Kristófersson is Iceland’s Minister of Finance and Economic Affairs.  Daði has been a professor of economics at the University of Iceland since 2016. He was a specialist at the Institute of Economic Studies at the University of Iceland from 2007, and served as a lecturer and later associate professor in the university's Faculty of Economics from 2009. Daði holds a PhD in economics from the Norwegian University of Life Sciences and an MS degree in environmental and resource economics from the same institution.

Gov­ernor Signe Krogstrup, Dan­marks Na­tion­al­bank

Signe Krogstrup is Member of the Board of Governors of Danmarks Nationalbank. She holds an MSc econ. from University of Copenhagen and a PhD in international economics from The Graduate Institute of International and Development Studies in Switzerland. Signe has extensive experience in economic research and monetary policy. Prior to joining Danmarks Nationalbank in June 2019, she held an adviser position and was member of senior management in the Research Department of The International Monetary Fund, IMF. From 2007 to 2016, Signe worked at The Swiss National Bank.

Governor Adriana Kugler, Federal Reserve Board

Dr. Adriana D. Kugler took office as a member of the Board of Governors of the Federal Reserve System on September 13, 2023, to fill an unexpired term ending January 31, 2026.

Prior to her appointment at the Board, Dr. Kugler served as the U.S. Executive Director at the World Bank Group. She is on leave from Georgetown University where she is a professor of Public Policy and Economics and was vice provost for faculty.
Previously, she served as chief economist at the U.S. Department of Labor from 2011 to 2013. Dr. Kugler was also a research associate of the National Bureau of Economic Research and of the Center for the Study of Poverty and Inequality at Stanford University.

Dr. Kugler's other professional appointments include being the elected chair of the Business and Economics Statistics Section of the American Statistical Association. She was also a member of the Board on Science, Technology and Economic Policy of the National Academies of Sciences and served on the Technical Advisory Committee of the Bureau of Labor Statistics.

Dr. Kugler received a BA in economics and political science from McGill University and a PhD in economics from the University of California, Berkeley.

Eric M. Leeper, University of Virginia

Eric Leeper has been the Paul Goodloe McIntire Professor in Economics at the University of Virginia since 2018. He is also a Research Associate at the National Bureau of Economic Research, director of the Virginia Center for Economic Policy at UVA, a Distinguished Visiting Scholar at the Mercatus Center at George Mason University, and a member of the advisory council of the Center for Quantitative Economic Research at the Federal Reserve Bank of Atlanta. He previously served as an external advisor to the Swedish central bank, member of the Research Council of the Bundesbank, and Visiting Scholar at many central banks.

His research focuses on macroeconomic policy, with special emphasis on monetary-fiscal policy interactions. One line of work focuses on the “fiscal theory of the price level,” by which fiscal policy influence economic activity and inflation through new channels. Past research examines the impacts of government spending, the consequences of alternative resolutions to long-run fiscal imbalances, and the modeling of the “fiscal limit” and sovereign risk.

Ellen McGrattan, University of Minnesota

Ellen McGrattan is a professor of economics at the University of Minnesota, a consultant at the Federal Reserve Bank of Minneapolis, a visiting fellow at the Hoover Institution, a fellow of the Econometric Society, a fellow of the Society for the Advancement of Economic Theory, and a research associate at the NBER. Her research is concerned with the aggregate effects of monetary and fiscal policy—in particular, the effects on GDP, investment, the allocation of hours, the stock market, and international capital flows. She received her B.S. in Economics and Mathematics from Boston College and her Ph.D. in Economics from Stanford University.

Christina Pat­ter­son, Uni­versity of Chicago

Christina Patterson is an Associate Professor at University of Chicago Booth School of Business. Christina Patterson studies macroeconomics and labor economics, with a focus on how inequality across workers and firms can affect the economy’s response to shocks. Her research has appeared in the Quarterly Journal of Economics, AEJ: Macroeconomics, and European Economic Review.

Additionally, she serves as a faculty research fellow at the National Bureau of Economic Research. Prior to joining Booth, Patterson was a post-doctoral fellow at Northwestern University.

Patterson earned a PhD in economics from Massachusetts Institute of Technology, and holds a BA in mathematics and economics from Columbia University. Prior to entering academia, Patterson spent time as a research associate at the Federal Reserve Bank of New York.

Goetz von Peter, Bank for In­ter­na­tional Set­tle­ments

Goetz von Peter is the Head of International Banking and Financial Statistics at the BIS, the group that compiles and analyses the BIS statistics on international banking, bond markets and derivatives markets. He is also Principal Economist with expertise on the global financial system and international economics. Since he joined the BIS in 2004, Goetz has worked in various research units and for the Committee on the Global Financial System; from 2016 to 2020, he was part of the International Data Hub focusing on the exposures and interconnectedness of global systemically important banks (G-SIBs). He is a regular contributor to the BIS Quarterly Review and has published research articles on international finance, global banking, financial centres, interbank markets and networks, as well as crises and natural disasters. Goetz holds a BSc and MSc from the London School of Economics, and a PhD in economics from Columbia University.

Thórarinn G. Pétursson, Deputy Gov­ernor for Mon­et­ary Poli­cy, Cent­ral Bank of Ice­land

Thórarinn G. Pétursson was appointed Deputy Governor for Monetary Policy at the Central Bank of Iceland in January 2025.

Prior to his appointment, Mr. Pétursson served as the Chief Economist and Head of Economics and Monetary Policy at the Central Bank of Iceland from 2009 and as Head of Research and Forecasting at the Bank from 2002 to 2009. He also served as a member of the Bank’s Monetary Policy Committee from 2009 to 2019. In addition, Mr. Pétursson served as an Assistant Professor at Reykjavík University from 1999 to 2006 and as an Associate Professor from 2006 to 2009. He has published several academic papers on various topics in empirical macroeconomics in professional journals.

Mr. Pétursson has a BS in Economics from University of Iceland, a MS in Economics from Essex University in the UK, and a PhD in Economics from Aarhus University in Denmark.

Gov­ernor Irena Radović, Cent­ral Bank of Montenegro

Irena Radović is the Governor of the Central Bank of Montenegro, leading efforts in financial stability, regulatory alignment with the EU, and the modernization of payment systems, including Montenegro’s integration into the Single European Payments Area (SEPA). She chairs the National Financial Stability Council and plays an important role in advancing Montenegro’s EU accession across nine negotiation chapters.

A seasoned economist, diplomat, and academic, Irena has a distinguished career spanning central banking, development finance, and international relations. Prior to her governorship, she was the Executive Director of the Investment and Development Fund, spearheading its transformation into a national development bank. As Deputy Governor of the Central Bank, she oversaw banking supervision and financial consumer protection. Earlier, she served as Montenegro’s Ambassador to France and UNESCO, Deputy Minister of Foreign Affairs, and Head of the British Office, representing the UK Government in Montenegro in the lead-up to the country’s independence.

She has lectured on International Economics and EU Monetary Policy at leading universities and was affiliated with All Souls College at Oxford. Holding degrees from Cambridge, CORIPE, and the University of Montenegro, she combines academic expertise with policy leadership. Fluent in English, French, and Italian, she brings a global perspective to economic and financial reform.

A strong advocate for gender inclusiveness and sustainability in finance, she leads key initiatives promoting financial resilience, inclusion, and corporate leadership diversity. She played a pivotal role in shaping Montenegro’s National Agenda for Women’s Economic Empowerment and launched the Women on Boards programme (2023-2026) in partnership with the EBRD.

Her contributions have earned her France’s Legion of Honour, making her the first and only recipient in Montenegro since its independence, the Sovereign Knight Grand Cross with Collar of the Order of Saint Charles from Monaco, and other international distinctions.

Ricardo Reis, London School of Economics

Ricardo Reis is the A.W. Phillips Professor of Economics at the London School of Economics. He is an elected Fellow of the British Academy, the Academia de Ciências de Lisboa, and the Econometric Society, and is a past winner of the Yrjo Jahnsson medal, the Carl Menger prize, the Bernacer prize, and the BdF/TSE junior prize. Professor Reis is an academic consultant at the Bank of England, the European Stability Mechanism, the Federal Reserve Bank of Richmond, and serves on the council or as an advisor of multiple organisations. He has published widely on macroeconomics, including both monetary and fiscal policy, inflation and business cycles, and the international monetary system. Professor Reis received his PhD from Harvard University, and was previously on the faculties at Columbia University and Princeton University.

Jane Ryngaert, University of Notre Dame

Jane Ryngaert is the Rev. John A. O’Brien Assistant Professor of Economics and the University of Notre Dame. Her research empirically examines the inflation expectations of households and firms, with a particular focus on the impact of expectations on household decision-making and the response of expectations to information. She completed her PhD in economics in 2018 at the University of Texas.

Deputy Governor Chiara Scotti, Central Bank of Italy

Chiara Scotti is Deputy Governor of the Bank of Italy. For almost 20 years, she worked for the Federal Reserve System, also serving as Special Adviser to former Vice Chair Richard Clarida during the pandemic. She then joined the Leadership Team of the Federal Reserve Bank of Dallas, where she was Senior Vice President and Director of Research, headed the Bank's Research and Statistics departments and acted as adviser to President and CEO Lorie Logan on monetary policy. Her areas of expertise include monetary policy, central bank communication, financial stability, digital assets, and empirical macroeconomics and finance. Chiara graduated with distinction in Economics from the Bocconi University and she was subsequently awarded an MA in Economics and a PhD in Economics from the University of Pennsylvania.

Gov­ernor Gedi­m­i­nas Simkus, Bank of Lithuania

Gediminas Šimkus, Chair of the Board of Lietuvos bankas, Member of the Governing Council of the European Central Bank

Gediminas Šimkus took office as Chair of the Board of Lietuvos bankas in April 2021. As Chair of the Board, Gediminas Šimkus oversees the areas of monetary policy, economics and organisational management. Before becoming Chair, he was a Member of the Board of Lietuvos bankas and Director of the Economics and Financial Stability Service.

Gediminas Šimkus joined Lietuvos bankas in 2002. For over 20 years he has been working and accumulating experience in various areas of central banking, including the analysis of economic processes and forecasting, ensuring financial stability, shaping and implementation of monetary and macroprudential policies, banking supervision, statistical compilation and dissemination as well as in other areas. His work as a financial stability expert at the European Central Bank in 2010–2012 also added to his experience. Gediminas Šimkus obtained a Master’s degree in Economics from Vilnius University.

Math­ias Tra­bandt, University Frankfurt

Mathias Trabandt is a Professor of Macroeconomics at the Faculty of Economics and Business at Goethe University in Frankfurt am Main.

Mathias Trabandt is a Research Fellow at the Halle Institute for Economic Research (IWH), the CEPR, and an Associate Editor at the Review of Economic Dynamics.

Mathias Trabandt’s research and teaching interests focus on macroeconomics, monetary economics, public economics, labor economics, international macroeconomics, financial frictions, applied econometrics, and epidemics.

His research has been published in e.g. American Economic Journal: Macroeconomics, Econometrica, Journal of Applied Econometrics, Journal of Economic Dynamics and Control, Journal of Economic Perspectives, Journal of Monetary Economics, Journal of Political Economy, IMF Economic Review, European Economic Review, American Economic Review (Papers and Proceedings), Review of Economic Dynamics, Review of Economics and Statistics, Review of Financial Studies, NBER Macroeconomics Annual and Handbook of Monetary Economics.

Before joining Goethe University Frankfurt in 2021, Mathias Trabandt was a Professor at Freie Universität Berlin. Earlier in his career, Mathias Trabandt was Chief of the Global Modeling Studies Section at the International Finance Division of the Federal Reserve Board of Governors in Washington D.C. and held positions as an economist at the European Central Bank, Deutsche Bundesbank and Sveriges Riksbank.

Mathias Trabandt received his Ph.D. in Economics from Humboldt University Berlin.

For more information, visit www.mathiastrabandt.com

Gov­ernor Na­tia Turnava, Na­tional Bank of Geor­gia

Natia Turnava has been the Chair of the Board and the Governor of the National Bank of Georgia since February 2025. She has been a member of the NBG Board since June 2022. She served as the First Vice-Governor and Acting Governor of the National Bank of Georgia from June 2023 to February 2025. Prior to joining the NBG Board, in 2019-2022 Natia Turnava held the position of Minister of Economy and Sustainable Development of Georgia, having been a Deputy Minister in 2018-2019. Prior to that, she was the Deputy Executive Director of the Partnership Fund for five years. In 2006-2013, Natia Turnava was a member of the Board of Directors of Georgian Industrial Group (GIG), Ltd; General Director and a Chairperson of the Board of Directors of Georgian International Energy Corporation Ltd.  Earlier, in 2000-2005, she served as the First Deputy Minister of Economy of Georgia. An economist by profession, she holds a Ph.D. in economics. She also earned her Master’s degree in Business Administration from the University of Cumbria, Great Britain, in 2014. Throughout her career, she has served as a lecturer at several higher education institutions.

Mark Wat­son, Prin­ceton Uni­versity

Mark Watson is a professor at Princeton University. His research focuses on time-series econometrics, empirical macroeconomics, and macroeconomic forecasting. Watson did his undergraduate work at Pierce Junior College and California State University at Northridge and completed his Ph.D. at the University of California at San Diego.

President John C. Williams, Federal Reserve Bank of New York

John C. Williams is the president and chief executive officer of the New York Fed. In that capacity, he serves as the vice chair and a permanent voting member of the Federal Open Market Committee.

Before joining the New York Fed in 2018, Mr. Williams was the president and CEO of the San Francisco Fed, which he first joined in 2002 and subsequently served as research director. He began his career as an economist at the Federal Reserve’s Board of Governors, and he has also served in roles at the White House Council of Economic Advisers and Stanford University’s Graduate School of Business.

Gylfi Zoega, University of Iceland

Gylfi Zoega is Professor of Economics at the University of Iceland and Birkbeck College, London. He was an external member of the Monetary Policy Committee of the Central Bank of Iceland from 2009 to 2023 and has written extensively about the causes of the financial crisis in Iceland in 2008. His research is focused on productivity growth, saving and investment.  He is a coauthor of recently published books The Great Economic Slowdown and Dynamism with Hian Tech Hoon and Edmund S. Phelps.

Moderators

Francine Lacqua, Q&A Moderator

Francine Lacqua is an editor-at-large and an anchor for Bloomberg TV based in London. She has worked for Bloomberg for over 20 years, and leads our coverage of major events such as the World Economic Forum in Davos, the ECB Forum in Sintra, the BOE Watchers' Conference, and the IMF/WB Annual Meetings.

Brynja Þorgeirsdóttir, Conference Moderator

Brynja Þorgeirsdóttir has twenty years of experience in broadcast journalism, mostly at the Icelandic National Broadcasting Service (RÚV). She is now a lecturer at the University of Iceland.