Due to the pandemic shock, inflation has returned. The energy crisis triggered by Russia's war in Ukraine has added further price pressure, particularly in Europe, leading to double-digit inflation rates in many advanced countries. Short-term inflationary pressure originates mainly from energy markets, supply chains, and labor market developments. The risk of stagflation cum weakening financial markets hampers the implementation of disinflationary monetary policies, posing threats of financial disruptions stemming from interest rate hikes. However, the inflationary outlook is also gloomy in the medium term, as most of the favorable supply-side developments during the Great Moderation are at risk of undoing due to de-globalization forces reducing international trade and technological, capital, and migratory flows. Climate change and environmental degradation pose further threats in terms of extreme weather disruptions to economic activity and harvests and the spread of new pandemic waves. Energy prices might be further subject to increases as the green transition appears to occur before the supply of renewable resources can adequately meet energy demand.
Against these scenarios, the conference aims to present and discuss recent scientific results and advance policy solutions. Topics of interest, without being exhaustive, concern inflation and stagflation, globalization and de-globalization, climate change and its economic and financial effects, green transition risk, financial crises, macroeconomic regimes, macroprudential and resilience policies, fiscal and monetary policy in a time of crisis.
The conference features keynote speeches by Robert Engle (New York University), Refet S. Gürkaynak (Bilkent University), David F. Hendry (Oxford University), Jesus Gonzalo (University of Madrid Carlos III), Frank Smets (Ghent University; ECB), Raphael Schoenle (Brandeis University; Center for Inflation Research – Cleveland Fed).
The conference is broadcasted over several time zones, covering Europe (CET) and North America (EST through PST).
The conference's revenue will finance scholarships for Ukrainian students to enroll in the MSc programs in International Economics or Global Management at the University of Milano-Bicocca or similar programs at other European universities. Co-funding is a requirement for suitable institutions to compete for the allocation of the RCEA-Europe scholarships. Scholarships are awarded in collaboration with the Ukrainian Global University initiative at the Kyiv School of Economics.