Amid the evolving landscape of the global economy, policymakers and economists continuously deliberate on the dynamics of central banking. In times of severe crises and large shocks, this topic receives renewed attention as traditional policy frameworks face new challenges.
Emerging markets, given their volatile past, hold valuable lessons for other nations. A key issue facing central banks today, in the face of frictions of post-pandemic recovery, geopolitical conflicts, and global fragmentation, is how to navigate the changing landscape with inflationary supply chain re-configurations without compromising their independence and credibility.
To promote research on this and other related issues, and to highlight lessons from past experiences in emerging markets, the National Bureau of Economic Research (NBER) will convene a research conference on May 7-8, 2025, in Istanbul, Türkiye. The conference will be hosted by the Central Bank of Türkiye. There will be an optional day of tourism, visiting key sites in Istanbul, on May 9. The program will be arranged by NBER affiliates Mark Aguiar (Princeton), Sebnem Kalemli-Ozcan (Brown), and Linda Tesar (Michigan). The conference will bring together academics and policy makers and will feature a keynote address by Gita Gopinath, the First Deputy Managing Director of the International Monetary Fund.
The organizers welcome empirical and theoretical work on topics including, but not limited to:
- Monetary policy in high inflation environments
- The tradeoffs that define the optimal monetary policy stance in emerging markets
- Monetary and fiscal policy interactions, with a focus on emerging markets
- Monetary policy, capital flows, and exchange rates
- Monetary policy, financial frictions, international arbitrage deviations
- Monetary and macroprudential policy interactions, risk premia, financial markets
- Inflationary impact of trade and supply chain re-configuration on monetary policy
- Management of debt in a high interest rate environment
- Interactions between monetary policy, exchange rates, capital controls and other policies
- The role of global south in geopolitical fragmentation
To submit a paper for potential presentation, please upload a PDF file no later than 11:59pm ET on Thursday, February 6, 2025.
Submissions from researchers who are early in their careers, not NBER affiliates, and members of under-represented groups in the economics profession are encouraged. Authors chosen to present papers will be notified by late February 2025. The NBER will reimburse economy-class travel, subject to NBER travel guidelines, and hotel expenses for one author per paper to attend the conference. Questions about this meeting may be addressed to confer@nber.org.