6th University of Oxford, Federal Reserve Bank of New York and Bank of England Monetary Economics Conference

The Bank of England, the Federal Reserve Bank of New York and the University of Oxford are convening the sixth edition of their joint monetary economics conference, a gathering that has established itself as one of the most important forums for the exchange of ideas between central bankers and academic researchers.

The conference will address the evolution of monetary policy frameworks in the wake of the inflationary episode of the mid-2020s, which challenged the consensus that had governed central banking for two decades. The experience of that period — in which inflation rose sharply, proved more persistent than most forecasters expected, and then fell without the severe recession that some had predicted — has prompted a fundamental reassessment of how central banks should conduct policy.

The programme includes papers on the role of inflation expectations, the effectiveness of forward guidance in an era of elevated uncertainty, and the interaction between monetary policy and financial stability. The conference will also feature a panel discussion on the lessons of the 2022-25 inflation cycle, with participants from several major central banks.

The Bank of England's governor described the conference as an opportunity to learn from the past and prepare for the future. "The inflation episode we have just experienced will be studied for decades," he said. "This conference is part of that study, and its findings will help us build a more resilient monetary framework for the decades to come."