Inflation: Drivers and Dynamics Conference 2021
Joint ECB and Federal Reserve Bank of Cleveland Conference
Thursday, 7 and Friday, 8 October 2021
Online event (by invitation only)
This conference will bring together top researchers from academia, central banks and other policy institutions to present research findings related to inflation. Some of the topics of interest include, but are not limited to: inflation measurement, inflation expectations, structural drivers of inflation, the Phillips curve, wages and profits, and the pass-through of commodity prices to inflation.
Programme
Times are Central European Summer Time (UTC+2)
* indicates the presenter
- 15:00
-
Opening remarks
Isabel Schnabel, Member of the Executive Board, European Central Bank
- 15:15
-
Session 1: Price setting and inflation
Chair: Chiara Osbat, European Central Bank
-
Empirical investigation of a sufficient statistic for monetary shocks
- Fernando Alvarez, University of Chicago
- Andrea Ferrara*, Northwestern University
- Erwan Gautier, Banque de France
- Hervé Le Bihan, Banque de France and Banco de España
- Francesco Lippi, LUISS University
-
Measuring price selection in microdata: it's not there
- Peter Karadi*, European Central Bank
- Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland
- Jesse Wursten, KU Leuven
- 16:15
- Break
- 16:30
-
Parallel paper session
Chair: Christiane Nickel, European Central Bank / Ed Knotek, Federal Reserve Bank of Cleveland
-
Medium vs. short-term consumer inflation expectations: evidence from a new euro area survey
- Ewa Stanisławska*, Narodowy Bank Polski
- Maritta Paloviita, Suomen Pankki – Finlands Bank
-
Understanding persistent ZLB: theory and assessment
- Pablo Cuba-Borda*, Federal Reserve Board
- Sanjay Singh, University of California, Davis
-
New evidence on monetary transmission: interest rate versus inflation target shocks
- Elizaveta Lukmanova*, UCLouvain
- Katrin Rabitsch, Vienna University of Economics and Business
-
Small price changes, sales volume, and menu cost
- Daniel Levy, Bar-Ilan University, Emory University, ISET and RCEA
- Doron Sayag, Bar-Ilan University
- Avichai Snir*, Netanya Academic College
-
Public information and survey expectations
- Rosen Valchev*, Boston College
- Luca Gemmi, Boston College
-
Do sticky wages matter? New evidence from matched firm-survey and register data
- Anne Kathrin Funk*, KOF Swiss Economic Institute
- Daniel Kaufmann, University of Neuchâtel
-
New facts on consumer price rigidity in the euro area
- Erwan Gautier*, Banque de France
- Cristina Conflitti, Banca d'Italia
- Riemer Faber, Charles River Associates
- Brian Fabo, Národná banka Slovenska
- Ludmila Fadejeva, Latvijas Banka
- Valentin Jouvanceau, Lietuvos bankas
- Jan-Oliver Menz, Deutsche Bundesbank
- Teresa Messner, Oesterreichische Nationalbank
- Pavlos Petroulas, Bank of Greece
- Pau Roldan-Blanco, Banco de España
- Fabio Rumler, Oesterreichische Nationalbank
- Sergio Santoro, Banca d'Italia
- Elisabeth Wieland, Deutsche Bundesbank
- Hélène Zimmer, Nationale Bank van België/Banque Nationale de Belgique
-
Endogenous growth, downward wage rigidities and optimal inflation
- Agostino Consolo*, European Central Bank
- Mirko Abbritti, Università degli Studi di Perugia
- Sebastian Weber, International Monetary Fund
- 17:30
- Break
- 17:45
-
Policy panel
Chair: Christiane Nickel, European Central Bank / Ed Knotek, Federal Reserve Bank of Cleveland
- Philip R. Lane, Member of the Executive Board, European Central Bank
- Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
Moderator: Sabrina Marggraf, ntv
- 18:30
-
Session 2: Inflation expectations
Chair: Mathieu Pedemonte, Federal Reserve Bank of Cleveland
The inflation expectations of US firms: evidence from a new survey
- Bernardo Candia, University of California, Berkeley
- Olivier Coibion, University of Texas, Austin
- Yuriy Gorodnichenko*, University of California, Berkeley
-
Effective policy communication: targets versus instruments
- Francesco D'Acunto, Boston College
- Daniel Hoang, Karlsruhe Institute of Technology
- Maritta Paloviita, Suomen Pankki – Finlands Bank
- Michael Weber*, University of Chicago
-
Selection in information acquisition and monetary non-neutrality
- Hassan Afrouzi*, Columbia University
- Choongryul Yang, Federal Reserve Board
- 20:00
-
End of day one
- 15:00
-
Keynote speech
Chair: Robert Rich, Federal Reserve Bank of Cleveland
-
Average inflation targeting and household expectations
Olivier Coibion, University of Texas, Austin
- 15:45
- Break
- 16:00
-
Session 3: Empirical models
Chair: Ed Knotek, Federal Reserve Bank of Cleveland
-
Inflation at risk
- Francesca Loria*, Federal Reserve Board
- David Lopez-Salido, Federal Reserve Board
Long-run Phillips curve is... a curve: the long-run output gap, inflation and monetary policy
- Guido Ascari, University of Oxford
- Paolo Bonomolo*, De Nederlandsche Bank
- Qazi Haque, The University of Adelaide
- 17:00
- Break
- 17:15
-
Session 4: Structural Phillips curves
Chair: Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland
-
New pricing models, same old Phillips curves?
- Adrien Auclert, Stanford University
- Rodolfo Rigato, Harvard University
- Matthew Rognlie, Northwestern University
- Ludwig Straub*, Harvard University
-
Endogenous production networks and non-linear monetary transmission
Mishel Ghassibe*, University of Oxford
-
Aggregation and redistribution in new Keynesian economies
Elisa Rubbo*, Princeton University
- 18:45
- Break
- 19:00
-
Keynote speech
Chair: Michele Lenza, European Central Bank
-
The slope of the Phillips curve: evidence from US states
Emi Nakamura, University of California, Berkeley
- 19:45
Concluding remarks by conference organisers
- 20:00
- End of conference
Please note that this programme may be subject to change without notice.
The event may be filmed and the video recording, or parts of it, may be published on the internet/intranet.
General information
Online event
English
- Peter Karadi, European Central Bank
- Ed Knotek, Federal Reserve Bank of Cleveland
- Michele Lenza, European Central Bank
- Christiane Nickel, European Central Bank
- Chiara Osbat, European Central Bank
- Mathieu Pedemonte, Federal Reserve Bank of Cleveland
- Robert Rich, Federal Reserve Bank of Cleveland
- Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland
Conference email address: inflation-conference2021@ecb.europa.eu
Linda de Leeuw
Directorate General Economics, European Central Bank
+49 69 1344 8650
linda.de_leeuw@ecb.europa.eu