Bank of Lithuania
September 24 15:00 - 20:35
September 25 15:00 - 19:20

A recent tendency to blame globalisation, close borders, increase barriers for international commerce and factor movements produce many uncertainties and a need to adapt and adjust behaviour. Events such as an increased concentration on domestic matters and engagement in trade wars by the US, the British decision to leave the European Union and an increase in global political and economic power by China, among others, call for a deeper understanding of how firms adjust their behaviour within such an uncertain and evolving environment. By focusing on micro-level decisions as well as the major constraints and frictions, we hope to deepen our understanding and draw useful policy implications to adjust faster and more efficiently in the inherently frictional, quickly changing and uncertain world.

Adjustments in and to an Uncertain World

Virtual event hosted by the Bank of Lithuania

Virtual conference “Adjustments in and to an Uncertain World” Virtual conference “Adjustments in and to an Uncertain World” Virtual conference “Adjustments in and to an Uncertain World” Virtual conference “Adjustments in and to an Uncertain World”
24 September, Thursday

EEST time:15:00–15:15
(EDT time: 8.00–8:15)

Opening and welcome remarks:
Vitas Vasiliauskas, Chairman of the Board, Bank of Lithuania 
Adam Glapiński,  President, Narodowy Bank Polski

EEST time:15:15–16:45
(EDT time: 8:15–9:45)

Session 1: Monetary Policy and Uncertainty 
Moderator: Pawel Kopiec, Narodowy Bank Polski

The Elusive Gains from Nationally-Oriented Monetary Policy
Presenter: Martin Bodenstein, Federal Reserve Board
Discussant: Martin Wolf, University of Vienna

Interest Rate Uncertainty as a Policy Tool
Presenter: G. Kemal Ozhan, Bank of Canada
Discussant: Michał Brzoza-Brzezina, Narodowy Bank Polski

EEST time:16:50–17:50
(EDT time: 9:50–10:50)

Keynote lecture: the Role of Informational Frictions in Business Cycles
Jennifer La’O, Columbia University and FED Minneapolis

Virtual conference “Adjustments in and to an Uncertain World”

EEST time: 18:00–19:30
(EDT time: 11:00–12:30)

Session 2: Trading Firms’ Behaviour in Uncertain Environment
Moderator: Julian di Giovanni, Federal Reserve Bank of New York, CEBRA and CEPR

How Do Firms Adjust When Trade Stops? 
Presenter: Alminas Žaldokas, Hong Kong University of Science and Technology (HKUST)
Discussant: Alessandro Ruggieri, University of Nottingham

Relationship Stickiness and Economic Uncertainty
Presenter: Julien Martin, University of Quebec in Montreal (UQAM) and CEPR
Discussant: Ryan Monarch, Federal Reserve Board of Governors

EEST time: 19:35–20:35
(EDT time: 12:35–13:35)

Keynote lecture: Trade, Productivity, and (Mis)allocation
Kalina Manova, University College London

Virtual conference “Adjustments in and to an Uncertain World”

25 September, Friday

EEST time: 15:00–16:30
(EDT time: 8:00–9:30)

Session 3: Uncertainty-Induced Trade Effects
Moderator: Andrei A. Levchenko, University of Michigan, CEBRA and CEPR

Taking Stock of Trade Policy Uncertainty: Evidence from China's Pre-WTO Accession 
Presenter: George Alessandria, University of Rochester and NBER
Discussant: Justin Pierce, Federal Reserve Board of Governors

Global Risk Sharing through Trade in Goods and Assets: Theory and Evidence 
Presenter: Inga Heiland, University of Oslo 
Discussant: Jing Zhang, Federal Reserve Bank of Chicago


EEST time: 16:35-17:35
(EDT time: 9:35–10:35)

Keynote lecture: Unravelling Deep Integration: Local Labour Market Effects of the Brexit Vote
Beata Javorcik, University of Oxford and EBRD

Virtual conference “Adjustments in and to an Uncertain World”

EEST time: 17:45–19:15
(EDT time: 10:45–12:15)

Session 4: Macro Effects of Uncertainty 
Moderator: Povilas Lastauskas, CEFER, Bank of Lithuania

Uncertainty-Induced Reallocations and Growth 
Presenter: Mariano Massimiliano Croce, Bocconi University, NBER, CEPR, and IGIER
Discussant: Dario Bonciani, Bank of England

Convex Supply Curves 
Presenter: Nitya Pandalai-Nayar, University of Texas at Austin and NBER
Discussant: Thomas Sampson, London School of Economics and Political Science

EEST time: 19:15–19:20
(EDT time: 12:15–12:20)

Closing remarks

General information

Organising Committee
  • Philippe Bacchetta (HEC Lausanne, Swiss Finance Institute and CEPR)
  • Julian di Giovanni (Federal Reserve Bank of New York, CEBRA and CEPR)
  • Andrei A. Levchenko (University of Michigan, CEBRA and CEPR)
  • Paweł Kopiec (Narodowy Bank Polski) 
  • Krzysztof Makarski (Narodowy Bank Polski)
  • Povilas Lastauskas (CEFER and Bank of Lithuania)
  • Aurelija Proškutė (Bank of Lithuania)
Local organisers
  • Povilas Lastauskas (CEFER and Bank of Lithuania)
  • Aurelija Proškutė (Bank of Lithuania)
  • Ingrida Petraitienė (Bank of Lithuania) 
  • Mariolina Ciccone (CEPR)
Live stream

The first conference day


Registration for this event is over.
Last update: 28-06-2021