Entitled 'Monetary Policy Challenges in a Changing World', the European Central Bank's forum on central banks will host the annual Young Economists Award. Among the ten finalists, who will participate in the forum, the Spanish José Elías Gallegos will compete for the final prize with his research project: Macroeconomics and trust generation.

This year's projects will deal with the short- and medium-term consequences of the pandemic on the labor market, the energy market in the post-pandemic economy and its impact on inflation, globalization with its implications for the production chain and the international trade, bubble cycles in the real estate market and the role of inflation and crypto assets in monetary policy.

In the case of Elías, information related to macroeconomics forms the backbone of his project: “I study the role of frictions in macroeconomic information. My research shows how the change in US business confidence during the 1980s explains two empirical changes: the fall in inflation and the flattening of the Philips curve.

The jury, made up of a group of prominent academics and directors of the BCE, will take into account the assessments of the members of the forum and based on criteria based on innovation, relevance and pertinence, will designate the winning project, which will obtain a prize of 10,000 euros.