New EABCN Course: Cryptocurrencies, Monetary Policy & Inflation Models

The European Area Business Cycle Network (EABCN) has announced a specialized training program examining the theoretical foundations of cryptocurrencies and their relationship to broader monetary policy frameworks. The three-day course, “New developments on theoretical models of cryptocurrencies, monetary policy and inflation determination,” will be led by Professor Pierpaolo Benigno from the University of Bern.

While primarily targeted at EABCN participants, the program welcomes applications from doctoral students, post-doctoral researchers, and economists working in central banks, government institutions, and commercial organizations. Non-network and non-academic organizations will be subject to additional fees to participate.

The curriculum addresses fundamental questions about intrinsically worthless currencies, whether government-issued or private cryptocurrencies like Bitcoin. Participants will explore competitive dynamics between different currency forms and compare cryptocurrency frameworks to traditional payment methods. The timing is particularly relevant given recent inflation surges across global economies.

A significant portion of the course will focus on recent developments in the New Keynesian Phillips Curve, introducing an innovative “Inverse-L” model based on search-and-matching labor market principles. By integrating Phillips Curve and Beveridge Curve analyses, the course will examine pathways to disinflationary processes—whether through soft or hard economic landings.

The program balances theoretical instruction with practical application through afternoon sessions focused on machine learning methodologies. These hands-on components include Bitcoin exchange rate prediction, estimation of the Inverse-L New Keynesian Phillips Curve, and analysis of the Beveridge Curve to derive non-inflationary unemployment rate thresholds.

The course will run across three days with morning lecture sessions from 9:00 to 12:00 CET and afternoon practical workshops from 14:30 to 16:30 CET. Day one covers currency fundamentals and cryptocurrency mechanics, day two explores inflation-unemployment relationships and Phillips Curve models, while day three integrates Beveridge Curve analysis with inflation dynamics.

Leading the instruction is Pierpaolo Benigno, who holds the Chair in Monetary Macroeconomics at the University of Bern, where he also serves as Deputy Head of the Department of Economics. His academic credentials include a bachelor’s degree from Bocconi University and a Ph.D. from Princeton University. Before his current position, Benigno taught at prestigious institutions including New York University and Columbia University.

Benigno brings practical policy experience through consultancy roles at major financial institutions and is a regular lecturer at the Study Center Gerzensee’s central bankers’ courses. His forthcoming book “Monetary Economics and Policy” is scheduled for publication by Princeton University Press in 2025.

While applications for this particular training school are no longer being accepted, the program represents a significant opportunity for understanding how cryptocurrency models intersect with traditional monetary policy frameworks at a time when both are undergoing profound evolution.

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