The 51st Konstanz Seminar has been re-scheduled for November 13/14, 2020:

We have moved this year’s conference to the fall. Pre-registration is open (see posts on the right). We will keep you posted.

The Konstanz Seminar on Monetary Theory and Policy

The Konstanz Seminar provides an independent platform for intense discussion of recent developments in monetary theory and policy.

Contributing to policy and science since 1970

Founded by renowned monetarist Karl Brunner in 1970, each year the Konstanz Seminar brings together leading senior academics, junior researchers, participants from the Federal Reserve System, European central banks, and international organizations, as well as practitioners from the private sector.


The conference series is financed by “Verein Konstanzer Seminar e.V.,” a charity located in Bonn. The program is organized by Prof. Dr. Jürgen von Hagen, and Prof. Dr. Keith Kuester, together with the members of the Verein. A wide range of contributions allow us to continue the tradition started by Karl Brunner, and of later organizers Allan H. Meltzer and Manfred J. M. Neumann.


Accommodation and seminar presentations are at Strandhotel Löchnerhaus, located on Reichenau Island and overlooking Lake Constance.

Find the venue on Google Maps.

How to get there:

Inbound, from Zurich airport, it’s best to take the train to Konstanz Hbf. Trains run every half hour. The journey takes 65 to 75 minutes. From Konstanz, there would be a local bus service, or you may take a taxi (its roughly a 20 minute ride).

Outbound, to the airport, there is typically the option to share a taxi (it’s about an hour’s drive to the airport).


Policy speakers

An integral part of the seminar is a lively policy discussion. The seminar was fortunate to benefit from the participation of distinguished policy speakers. Most recently,


Dr. Sylvain Leduc (Deputy Governor, Bank of Canada, 2018)
Dr. Jens Weidmann (President, Deutsche Bundesbank, 2017)
Dr. Loretta Mester (President and CEO, Federal Reserve Bank of Cleveland, 2016)
Dr. Andrzej Rzonca (National Bank of Poland & Member MPC NBP, 2015)
Dr. Klaas Knot (President, De Nederlandsche Bank, 2014)
Dr. Erdem Başçı (Governor, Central Bank of the Republic of Turkey, 2013).

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50th Konstanz Seminar, 2019

The conference was held on June 5 and June 6, 2019. Welcome reception on June 4 at 19:00h, Strandhotel Löchnerhaus.

Program as pdf download

Wednesday, June 5

Morning Session: 8:30 – 12:45

Stephanie Schmitt-Grohé (Columbia University): Exchange Rates and Uncovered Interest Differentials: The Role of Permanent Monetary Shocks
with Martín Uribe, slides
Discussant: Evi Pappa (Carlos III), slides

Rosen Valchev (Boston College): The International Medium of Exchange
with Ryan Chahrour, slides
Discussant: Martin Wolf (U Vienna), slides

Coffee 11:00 – 11:30

Ricardo Reis (London School of Economics): The People versus the Markets: Inflation and Monetary Policy, slides
Discussant: Emanuel Moench (Deutsche Bundesbank), slides

Lunch: 12:45 – 14:15

Afternoon Session: 14:15 – 17:00

Ana Maria Santacreu (Federal Reserve Bank of St. Louis): Knowledge Diffusion, Trade and Innovation across Countries and Sectors
with Jie Cai and Nan Li, slides
Discussant: Christian Bayer (U Bonn), slides

Coffee 15:30 – 15:45

Michael Weber (Chicago Booth): Human Frictions in the Transmission of Economic Policy
with Francesco D’Acunto, Daniel Hoang, and Maritta Paloviit, slides
Discussant: Nathanael Vellekoop (Goethe University, Frankfurt), slides

Dinner: 20:00 (Strandhotel Löchnerhaus)


Thursday, June 6

Morning Session: 9:00-12:30

Barry Eichengreen (UC Berkeley): Thick vs. Thin-Skinned: Technology, News, and Financial Market Reaction
with Romain Lafarguette and Arnaud Mehl
Discussant: Michael Bordo (Rutgers)

Coffee 10:15 – 10:30

Juergen von Hagen (U Bonn):
The Konstanz Seminar at 50 – debates of the past and the present. Karl Brunner and the Konstanz Seminar

Panel discussion on “The international monetary architecture:
Zvi Eckstein (Tiomkin School of Economics),
Charles Goodhart (London School of Economics), 
Haizhou Huang (China International Capital Corporation),
Benoit Mojon (BIS)

Lunch: 12:30 – 14:00

Afternoon Session: 14:00 – 16:45

Nir Jaimovich (University of Zurich): A Tale of Two Workers: The Macroeconomics of Automation
with Itay Saporta-Eksten, Henry Siu, Yaniv Yedid-Levi
Discussant: Ester Faia (Goethe University, Frankfurt)

Coffee 15:15 – 15:30

Paolo Surico (London Business School): Monetary Policy, Corporate Finance, and Investment
with James Cloyne, Clodomiro Ferreira, Maren Froemel
Discussant: Discussant: Petr Sedláček (Oxford)

Policy session: 17:15- 18:00

Speaker: Fritz Zurbrügg (Vice President, Swiss National Bank)

Dinner: Boat departs at 19:00 sharp. Boat to conference dinner at Hotel Waaghaus (Gottlieben, CH)

The seminar is by invitation only and held under Chatham House Rule.

49th Konstanz Seminar, 2018

The conference was held on May 16 and May 17, 2018.

Program as a pdf with schedule.

Wednesday, May 16th

Franck Portier (University College London): Real Keynesian Models and Sticky Prices
with Paul Beaudry, presentation
Discussant: Edouard Challe (Ecole Polytechnique), discussion

Jesper Lindé (Riksbank): Resolving the Missing Deflation Puzzle
with Matthias Trabandt, presentation
Discussant: Nils Gornemann (Board of Governors), discussion

Sylvain Leduc (Bank of Canada): Precautionary Pricing: The Disinflationary Eff ects of ELB Risk
Discussant: Pablo Guerrón (Boston College)

Cyril Monnet (University of Bern): Risk and Liquidity Requirements in a Model of Fractional Reserve Banking
with Stefan Imhof and Shengxing Zhang
Discussant: Régis Breton (Banque de France)

Agnieszka Markiewicz (Erasmus University, Rotterdam) Cyclicality of Add-on Pricing
with Branko Boskovic, Sacha Kapoor, Barry Scholnick
Discussant: Sarah Lein (U Basel), discussion


Thursday, May 17th

Leonardo Melosi (Federal Reserve Bank of Chicago): The Role of TFP News in
U.S. Recessions and Booms

with Renato Faccini
Discussant: Federico Ravenna (Danmarks Nationalbank)

Miguel Faria-e-Castro (Federal Reserve Bank of St. Louis): Fiscal Multipliers and Financial Crises, presentation
Discussant: Almuth Scholl (U Konstanz), discussion

Roman Sustek (Queen Mary): MONK: Mortgages in a New Keynesian Model
with Carlos Carriga and Finn Kydland
Discussant: Carlos Thomas (Banco de España), discussion

Andrea Ferrero (Oxford) Concerted Efforts? Monetary Policy and Macro-Prudential Tools
with Richard Harrison and Benjamin Nelson
Discussant: Zeno Enders (U Heidelberg), discussion


Policy Session.  Speaker: Sylvain Leduc (Deputy Governor, Bank of Canada)


The seminar is closed to media and held under Chatham House Rule.

48th Konstanz Seminar, 2017

Program 48th Konstanz Seminar (PDF)

Edouard Challe (Ecole Polytechnique): Uninsured unemployment risk and optimal monetary policy
Discussant: Monika Merz (University of Vienna)

Kurt Mitman (IIES): Monetary Policy, Heterogeneity and the Housing Channel,
with Fatih Karahan, Serdar Ozkan, an Aron Hedlund
Discussant: Vincent Sterk (University College London)

Julia Thomas (Ohio State): Default Risk and Aggregate Fluctuations in an Economy with Production Heterogeneity, with Aubhik Khan, Tatsuro Senga
Discussant: Petr Sedláček (University of Bonn)

Adrian Auclert (Stanford): Inequality and Aggregate Demand,
with Matt Rognlie
Discussant: Kathrin Schlafmann (IIES)

Ariel Zetlin-Jones (Carnegie-Mellon): The Maturity Structure of Inside Money,
with Burton Hollifield
Discussant: Fabrizio Mattesini (University of Rome “Tor Vergata”)

Todd B. Walker (Indiana Bloomington): Approximate Aggregation in Dynamic Economies,
with Karsten O. Chipeniuk and Nets Hawk Katz
Discussant: Michael Evers (Goethe University Frankfurt)

Fabio Ghironi (University of Washington): Market Reforms at the Zero Lower Bound,
with Matteo Cacciatore, Romain Duval, and Giuseppe Fiori
Discussant: Gernot Mueller (University of Tuebingen)

Evi Pappa (EUI): Fiscal Consolidations in a Low Inflation Environment: Pay cuts versus Lost Jobs,
with Guilherme Bandeira, Rana Sajedi, and Eugenia Vella
Discussant: Pablo Guerrón-Quintana (Boston College)

Michael Kumhof (Bank of England): The Macroeconomics of Central Bank Issued Digital Currencies,
with John Barrdear
Discussant: Paul Pichler (University of Vienna and OENB)

Policy Session Speaker:
Jens Weidmann (President, Deutsche Bundesbank): Low rates, loud talk?

47th Konstanz Seminar, 2016

Program 47th Konstanz Seminar (PDF)

Alexander Monge-Naranjo   (Federal Reserve Bank of St. Louis) : Natural Resources and Global Misallocation, with Juan M. Sánchez and Raul Santaeulalia-Llopis
Discussant: Berthold Herrendorf (University of Vienna)

Brent Bundick (Federal Reserve Bank of Kansas City): The Dynamic Effects of Forward Guidance Shocks,
with with A. Lee Smith
Discussant: Benjamin Born (University of Bonn)

Mirko Wiederholt (Goethe University Frankfurt): Empirical Properties of Inflation Expectations and the Zero Lower Bound
Discussant: Pablo Guerrón (Federal Reserve Bank of Philadelphia)

Alisdair McKay (Boston University): Optimal Automatic Stabilizers ,
with Ricardo Reis
Discussant: Ralph Luetticke (University of Bonn)

Raphael Schoenle (Brandeis): Production Networks and the Propagation of Monetary Policy Shocks ,
with Ernesto Pasten and Michael Weber
Discussant: Zeno Enders (University of Heidelberg)

Vincent Sterk (University College London): The Dark Corners of the Labor Market ,
Discussant: Keith Kuester (University of Bonn)

Moritz Schularick (University of Washington): Macrofinancial History and the New Business Cycle Facts,
with Òscar Jordà and Alan Taylor

David Martinez-Miera (EUI): Search for Yield,
with Raphael Repullo
Discussant: Stefan Niemann (University of Essex)

Policy Session Speaker:
Loretta Mester (President and CEO, Federal Reserve Bank of Cleveland): Recent Inflation Developments and Challenges for Research and Monetary Policymaking