For more information on the Konstanz Seminar and recent programs, go to

46. Konstanz Seminar on Monetary Theory and Policy
May 19th - May 22nd, 2015

The seminar will be held from May 19th to May 22nd, 2015, on the Island of Reichenau at the Lake of Constance. The first session will begin on May 20th at 9:00 a.m., the conference will end with dinner on May 21st. There will be an informal get-together for dinner in the evening of May 19th.

The final seminar program is now available.

Lake Constance

Accommodation and seminar presentations will be at Strandhotel Löchnerhaus, located on Reichenau Island.  (Find it here in Google maps.)

Coming from Zurich Airport, you will first have to catch a train to Konstanz Bahnhof.
(see Timetable Zurich-Airport to Konstanz, accessed via Deutsche Bahn Information & Booking)
From there you take a regional train to Reichenau(Baden)/Reichenau Bahnhof and finally a bus (bus no. 7372)
to Reichenau Stedigasse/Anlegestelle which is next to the Strandhotel Löchnerhaus.
(see Timetable Konstanz to Reichenau-Stedigasse, accessed via Deutsche Bahn Information & Booking)

More information on the Konstanz seminar, its history and academic and policy accomplishments are available here.

Presenter Title pdf-Files
Klaus Adam
(University of Mannheim & CEPR)
Price Level Changes and the Redistribution of Nominal Wealth Across the Euro Area
with Junyi Zhu
Discussant: Jirka Slacalek (ECB)
Luigi Bocola
(Federal Reserve Bank of Minneapolis and Northwestern University)
Indeterminacy in Sovereign Debt Markets: An Empirical Investigation
with Alessandro Dovis
Discussant: Pooyan Amir Ahmadi (Goethe University Frankfurt)
Roc Armenter
(Philadelphia Fed)
Excess Reserves and Monetary Policy Normalization
with Ben Lester
Discussant: Chris Waller (St. Louis Fed)
Anna Grodecka
(University of Bonn)
Subprime Borrowers, Securitization and the Transmission of Business Cycles
Discussant: Fiorella de Fiore (ECB)
Joseph H. Haslag
(University of Missouri)
A Tale of Two Correlations: Evidence and Theory Regarding the Phase Shift Between the Price Level and Output
Discussant: Patrick Minford (Cardiff University)
Neil Mehrotra
(Brown University)
A Model of Secular Stagnation
with Gauti Eggertsson
Discussant: Pablo Guerron (Philadelphia Fed)
Emanuel Moench
(Deutsche Bundesbank)
Fundamental Disagreement
with Philippe Andrade, Richard Crump, and Stefano Eusepi
Discussant: John Velis (State Street Global Market)
CÚdric Tille
(Graduate Institute Geneva)
What drives the funding currency mix of banks?
with Signe Krogstrup
Discussant: Casper de Vries (Erasmus University Rotterdam)
Pablo Guerron
(Federal Reserve Bank of Philadelphia)
Regional Default and Migration in General Equilibrium
with Grey Gordon
Policy Session Speaker:
Andrzej Rzonca
(National Bank of Poland & Member MPC NBP)