Eighth CefES International Workshop

Europe in Unchartered Territories: Challenges and Policy Responses

CefES International Workshop

Tuesday, 31 January 2023, Aula Pagani, Civitas Bd. Ex-U7 (floor 3)

Workshop Description

Due to the pandemic shock, inflation has "returned" in the eurozone. The energy crisis triggered by Russia's war in Ukraine has added further pressure, leading to a 10% headline inflation in September 2022. Supply-side developments related to energy markets and supply chains, or second rounds wage effects, are likely candidates for further inflationary pressure in the short term. The inflationary outlook is gloomy also 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.

Against these scenarios, the workshop assembles a group of policymakers and researchers to present and discuss recent scientific results and advance policy solutions.

Event Information

Event Information Panel


Tuesday, 31 January 2023, 9:00-18:30 (CET)


University of Milano-Bicocca, Milan
Aula Pagani, Civitas Bd. Ex-U7 (floor 3)

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For any information request, please contact us at: cefes@unimib.it

In collaboration with

9:00 - Welcome and Registration

9:15 - Opening and Institutional Greetings

  • Giovanna Iannantuoni, Rector, University of Milano-Bicocca
  • Claudio Morana, CefES Director


9:30-10:30 - Keynote Speech

Michael Spence (Stanford University and Bocconi  University, Nobel Prize in Economic Sciences - 2001) "Beyond the Great Moderation: Deglobalization, secular inflation, and supply-constrained growth"


10:30-11:00 - Coffee Break


11:00-12:45 - Policy Panel

Chair: Patrizio Tirelli (University of Pavia, CefES)

  • Roberta Torre (European Commission) "Tackling the economic fall out of the war: does reform of the EU fiscal rules help?"
  • Daniel Gros (Center for European Policy Studies) "After the energy price inflation of 2022, can the ECB chart a path towards price stability?"
  • Agostino Consolo (European Central Bank) "Energy price shocks and the unemployment-inflation trade-off"


12:45-14:30 - Lunch


14:30-15:30 - Keynote Speech

Tommaso Monacelli (Bocconi University) "The Origin of Inflation"


15:30-16:00 Coffee break


16:00-17:30/18:00 CefES Session

  • Claudio Morana (University of Milano-Bicocca, CefES, RCEA-Europe, RCEA, CES-Harvard) "Euro area inflation and a new core inflation measure"
  • Andrea Colciago (University of Milano-Bicocca, CefES; Dutch Central Bank) "Carbon taxation, reallocation, and productivity"
  • Gino Gancia (University of Milano-Bicocca, CefES) "Robot Imports and firm-level outcomes"
  • Silvia Marchesi (University of Milano-Bicocca, CefES) "Knockin' on H(e)aven's door. Financial crises and hidden wealth" (joint with G. Marcolongo, Bocconi University)


17:30/18:00 Concluding Remarks

  • Silvia Marchesi (CefES Vice-Director)

Registration for in-person participation is now closed. Please write to cefes@unimib.it for more information.

Online participation is free upon registration