International Research Forum on Monetary Policy | 2026 Conference | Day 1

The video presents a rigorous academic discussion of a critical issue in monetary policy research: the identification of monetary policy shocks. The first paper, presented by Matias Meyer, addresses a fundamental problem: standard identification strategies (e.g., Taylor rule regressions, structural VARs, high-frequency identification) assume that the systematic component of monetary policy (the slope of the policy rule) is constant over time. However, if the slope varies, as documented in the literature, then the identified shocks are contaminated by other macroeconomic shocks, leading to biased estimates of the effects of monetary policy. The theoretical contribution is solid: the authors formalize this contamination and derive testable predictions. The empirical analysis, using a measure of time-varying systematic policy, provides evidence that identified shocks are indeed predictable by slope variation, and that correcting for this yields stronger and quicker responses of inflation and output. The argumentation is clear and well-structured, with appropriate caveats and acknowledgment of limitations. The sources cited are from the academic literature and the conference program, which is appropriate for this type of content. The video is a live stream, so the production quality is not polished, but the content is substantive. The title accurately reflects the content, as it is a full-day conference on monetary policy research. The main strength is the depth of the research and the quality of the presenters. The main weakness is that the video is long (over 8 hours) and may not be accessible to a general audience, but this is not a flaw for its intended audience. Overall, this is a high-quality academic resource for economists and researchers interested in monetary policy.

The title accurately reflects the content: a full-day conference on monetary policy research, featuring multiple presentations and discussions.

8/10

The video is a live stream of a prestigious academic conference organized by the ECB, the Federal Reserve Board, and the Euro Area Business Cycle Network. The content is highly technical and presented by leading researchers, with rigorous theoretical and empirical analysis. The sources are institutional and the discussion is scholarly. However, as a live stream, there is no post-production editing, and the technical quality may vary. The views expressed are those of the researchers and not necessarily the institutions.

Markers derived by PSI from the transcript: the creator did not define chapters.

• 00:00Opening remarks by ECB official, welcoming participants and outlining the conference structure.
• 05:00Introduction of the first paper on the systematic origins of monetary policy shocks by Matias Meyer.
• 10:00Presentation of the theoretical framework: time-varying systematic monetary policy and its implications for shock identification.
• 20:00Discussion of empirical evidence: predictability of identified shocks by slope variation and revised impulse responses.
• 30:00Discussant comments and general discussion on the first paper.
• 40:00Transition to the next session of the conference.

• Conference programme — Official programme of the 14th International Research Forum on Monetary Policy, providing details of sessions and papers.
• Conference playlist — YouTube playlist containing all sessions from the conference.

• ECB conference programme — Official programme confirming the conference details and the paper presented.