Monetary policy and behavioural economics
In this public event, Martin Kocher, Governor of the Oesterreichische Nationalbank (Austrian Central Bank), will explore the role that behavioural economics can play in monetary policy.
Monetary policy decisions are often analysed and seen through the lens of macroeconomics. More recently, microeconomic foundations of macroeconomic phenomena have become more popular and widespread in research. Large household data sets, but also consumer/producer panels and regular surveys complement data, for instance, from financial markets and national accounts. Behavioural economics is, hitherto, sparsely used in monetary policy, even though anecdotal evidence or narratives in the realm of monetary policy sometimes rely on behavioural concepts such as uncertainty attitudes, time preferences, or biases in the formation of expectations. In particular, the communication of monetary policy seems to warrant an analysis from the perspective of behavioural economics. Is there a good argument for more behavioural economics in monetary economics?
Meet our speaker, chair, and discussant
Martin Kocher is Governor of the Oesterreichische Nationalbank and member of the ECB’s Governing Council since September 2025. He held the positions of Austrian Federal Minister of Labour from 2021 to 2022 and Federal Minster of Labour and the Economy from 2022 to March 2025. Prior to this, he was Scientific Director of the Vienna-based Institute for Advanced Studies, President of the Fiscal Advisory Council and Chairman of the Statistics Council. He is Full Professor of Economics at the University of Vienna and has held academic positions at universities in Munich, East Anglia, Amsterdam, Gothenburg, Brisbane and Innsbruck, where he obtained his doctorate.
Silvana Tenreyro is Professor of Economics at the LSE Department of Economics
Ricardo Reis is the Arthur Williams Phillips Professor of Economics at the LSE Department of Economics
More about this event
Established in 1991, the LSE European Institute is a world-leading centre for the study of Europe in its global context. With eight master’s degrees and a doctoral programme, a vibrant research community, and a world-leading public events programme, our work spans Political Economy, Politics & Policy, Culture & Society, and Migration.
Follow us: Instagram, LinkedIn, Bluesky, Twitter, YouTube, and Soundcloud.
Join our mailing list to receive news about EI events.
Any questions?
Contact us at ei.events@lse.ac.uk.
From time to time there are changes to event details so we strongly recommend that if you plan to attend this event you check back on this listing on the day of the event.
Whilst we are hosting this listing, LSE Events does not take responsibility for the running and administration of this event. While we take responsible measures to ensure that accurate information is given here this event is ultimately the responsibility of the organisation presenting the event.
LSE holds a wide range of events, covering many of the most controversial issues of the day, and speakers at our events may express views that cause offence. The views expressed by speakers at LSE events do not reflect the position or views of the London School of Economics and Political Science.