Workshop: Centre for Macroeconomics, LSE


International Workshop on

Macroeconomic Regime Changes:
Theory, Evidence, and Policy Challenges Ahead

Centre for Macroeconomics, London School of Economics, December 1, 2023

Jointly organized by the Centre for Macroeconomics (CFM, LSE), the Center for European Studies (CefES, UNIMIB), and the Rimini Center for Economic Analysis-Europe (RCEA-Europe, UNIMIB)

The Great Moderation, a benign macroeconomic regime lasting over 40 years in
industrialized countries, might be over. The Global Financial Crisis (GFC) and ensuing Great Recession, the COVID-19 pandemic recession, and the geopolitical crisis triggered by Russia’s full-scale invasion of Ukraine more recently have probably started a reversal in the favorable supply-side developments that had a key role in the Great Moderation. Hence, key questions concern the characteristics of the emerging macroeconomic regime. Is the new regime ahead inflationary or even stagflationary? Will the new regime show a higher natural interest rate?  Will the current productivity slowdown persist in the new macroeconomic regime? And, above all, what are the policy challenges ahead?

The workshop gathers academics and policymakers to discuss recent scientific results concerning the end of the Great Moderation, the emergence of a new macroeconomic regime, and the associated challenges for economic policy. Topics of interest, without being exhaustive, concern inflation and stagflation, globalization and de-globalization, the slowdown in productivity growth, demographic and labor market trends, macroeconomic regimes and the financial-business cycle nexus, macroprudential and resilience policies, fiscal and monetary policy in a time of crisis, fiscal policy and financial stability, disinflationary supply-side policies and supply-side growth policies.

Charles Goodhart, CBE, FBA, Emeritus Professor of Banking and Finance with the
Financial Markets Group at the London School of Economics will present a keynote talk on “Beyond the Great Moderation: Evidence and Policy Challenges".


Deadline: Friday, 20 October 2023

Authors interested in presenting their research at the workshop should submit their
papers by completing the Google form.  The deadline for submission is Friday, 20
October 2023. Authors of accepted papers will be notified of acceptance by Friday, 27
October 2023. Participation in the workshop is free.  Limited refunding of traveling
expenses is available for presenting authors.

If you like to attend the workshop as an auditor, please fill out the form.

Workshop location: Centre for Macroeconomics, London School of Economics, Houghton Street London.

Pierpaolo Benigno (University of Bern, RCEA)
Marcelle Chauvet (University of California-Riverside, RCEA)
Claudio Morana (CefES, RCEA, University of Milano-Bicocca)
Ricardo Reis (CFM, London School of Economics)
Patrizio Tirelli (University of Pavia, CefES, RCEA)