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Policy Talks Series: "Normalization of Monetary Policy: Rationale, Challenges, and Options"

Panel Discussion
Photo of Robert Holzmann
Wednesday, May 31, 2023, 5:30 pm – 7:00 pm

The Department of Public Policy brings you the Policy Talks Series as a way to engage critically with today's global and local issues. Our speakers range from policy practitioners and researchers to diplomats and agency leaders to NGO and social responsibility leaders. The events feature a panel discussion, followed by a Q&A session, and a reception.

Drinks and snacks will be offered.



The normalization of monetary policy under way includes raising nominal policy interest rates, eliminating subsidization of interest rates of bank clients, and moving from quantitative easing to a tightening of the bloated central bank balance sheet. Returning to short-term policy rates as key instrument in monetary policy is proving challenging as the options are limited and demanding. The short-run challenges are around financial market effects and trade-offs involved. The long-term challenges concern the limited policy options if the natural interest rate remains low.


About the speaker:

Robert Holzmann, professor of economics, is the governor of the Oesterreichische Nationalbank, the central bank of the Republic of Austria, since September 2019. He returned to Austria after a distinguished career in international organizations and academia. Since September 2019 he is governor of the Austria National Bank. He holds honory at the University of New South Wales (Sydney) and the University of Malaya (Kuala Lumpur), is elected Fellow of the Austrian Academy of Science (Vienna), and Research Fellow at IZA (Bonn) and Cesifo (Munich).