Global Economy Lecture 2025 - Save the date

05  November 2025    4:00 pm CET

Global Economy Lecture 2025 with Silvana Tenreyro, FBA, CBE

In cooperation with:

Oesterreichische Nationalbank (OeNB) 

Venue

Oesterreichische Nationalbank (OeNB)
Otto-Wagner-Platz 3
1090 Vienna
'Veranstaltungssaal' (ground floor)

or online via Webex

Description

Negative Rates and the Effective Lower Bound

As inflation falls back and policy interest rates are reduced, central banks in many advanced economies may have to confront again the question of where the effective lower bound (ELB) on policy rates lies and the appropriateness of different monetary policy tools, including negative (nominal) interest rates. In the first era of negative rates before the Covid pandemic, no clear consensus on their effectiveness emerged. In this lecture, Prof. Tenreyro will bring together empirical findings, insights from theoretical models of the ELB, and real-life concerns of monetary policy makers about possible side effects on the banking system. Overall, while negative rates pose some practical challenges, the body of analytical work suggests that they should be effective monetary policy tools over a reasonable range, particularly so in small open economies and in economies where market-based finance plays an important role in credit intermediation.

Speaker
Silvana Tenreyro, FBA, CBE
Professor of Economics
London School of Economics and Political Science

Introduction
Martin Kocher
Designated Governor of the Oesterreichische Nationalbank

Chair
Robert Stehrer
Scientific Director
The Vienna Institute for International Economic Studies (wiiw)

Silvana Tenreyro is professor at the London School of Economics, renowned for her work in macroeconomics, international economics, and monetary policy. She obtained her master and PhD in Economics from Harvard University, served on the Bank of England’s Monetary Policy Committee from 2017 to 2023, and was president of the European Economic Association from 2021 to 2022. She has also held positions at the Federal Reserve Bank of Boston and the Bank of Mauritius, and has received several prestigious honors, including the Yrjö Jahnsson Award, the Carl Menger Prize in Monetary Economics and the Excellence Award on Economic Affairs.

Registration

Join us by registering here. 

If you would like to notify OeNB of any address changes or if you would like other interested experts to receive a personal invitation, please contact the OeNB’s event management by e-mail at event-management@oenb.at.

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