Inflation: Drivers and Dynamics Conference 2021
The European Central Bank (ECB) and the Federal Reserve Bank of Cleveland’s Center for Inflation Research held the Inflation: Drivers and Dynamics Conference 2021 virtually and by invite only on October 7–8. The conference brought together top researchers from academia, central banks, and other policy institutions to present research findings related to inflation.
Scientific Committee
Thursday, October 7, 2021
All Times in EDT
Opening Remarks | video
9:00-9:15 am
Isabel Schnabel, Executive Board, European Central Bank
Price Setting and Inflation | video
9:15-10:15 am
Chair: Chiara Osbat, European Central Bank
Empirical Investigation of a Sufficient Statistic for Monetary Shocks
Andrea Ferrara, Northwestern University | paper | presentation
Fernando Alvarez, University of Chicago
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 | paper | presentation
Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland
Jesse Wursten, Katholieke Universiteit Leuven
Break
10:15-10:30 am
Parallel Paper Sessions
10:30-11:30
Chairs: Christiane Nickel, European Central Bank and Ed Knotek, Federal Reserve Bank of Cleveland
Medium-vs. Short-Term Consumer Inflation Expectations: Evidence from a New Euro Area Survey
Ewa Stanislawska, Narodowy Bank Polski | paper | presentation
Maritta Paloviita, Suomen Pankki
Understanding Persistent ZLB: Theory and Assessments
Pablo Cuba-Borda, Board of Governors of the Federal Reserve System | paper | presentation
Sanjay R. Singh, University of California, Davis
New Evidence on Monetary Transmission: Interest Rate Versus Inflation Target Shocks
Elizaveta Lukmanova, Université catholique de Louvain | paper | presentation
Katrin Rabitsch, Vienna University of Economics and Business
Small Price Changes, Sales Volume, and Menu Cost
Avichai Snir, Netanya Academic College | paper | presentation
Doron Sayag, Bar-IIan University
Daniel Levy, Bar-Ilan University, Emory University, International School of Economics Tbilisi, and Rimini Center for Economic Analysis
Public Information and Survey Expectations
Luca Gemmi, Boston College | paper | presentation
Rosen Valchev, Boston College
Do Sticky Wages Matter? New Evidence from Matched Firm-Survey and Register Data
Anne-Kathrin Funk, KOF Swiss Economic Institute | paper | presentation
Daniel Kaufmann, University of Neuchâtel
New Facts on Consumer Price Rigidity in the Euro Area
Erwan Gautier, Banque de France | presentation
Cristina Conflitti, Banca d’Italia
Riemer Faber, Charles River Associates
Brian Fabo, Národná banka Slovenska
Ludmila Fadejeva, Latvijas Banka
Valentin Bernard 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, Osterreichische Nationalbank
Sergio Santoro, Banca d’Italia
Elisabeth Wieland, Deutsche Bundesbank
Hélène Zimmer, National Bank of Belgium
Endogenous Growth, Downward Wage Rigidities and Optimal Inflation
Agostino Consolo, European Central Bank | paper | presentation
Mirko Abbritti, Universita degli Studi di Perugia
Sebastian Weber, International Monetary Fund
Break
11:30-11:45 am
Policy Panel | video
11:45am-12:30pm
Chairs: Christiane Nickel, European Central Bank and Ed Knotek, Federal Reserve Bank of Cleveland
Moderator: Sabrina Marggraf, n-tv
Philip Lane, Executive Board, European Central Bank
Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland
Inflation Expectations | video
12:30–2:00 pm
Chair: Mathieu Pedemonte, Federal Reserve Bank of Cleveland
The Inflation Expectations of US Firms: Evidence from a New Survey
Yuriy Gorodnichenko, University of California, Berkeley | paper | presentation
Bernardo Candia, University of California, Berkeley
Olivier Coibion, University of Texas at Austin
Effective Policy Communication: Targets Versus Instruments
Michael Weber, University of Chicago | paper | presentation
Francesco D’Acunto, Boston College
Daniel Hoang, Karlsruher Institut für Technologie
Maritta Paloviita, Suomen Pankki
Selection in Information Acquisition and Monetary Non-Neutrality
Hassan Afrouzi, Columbia University | paper | presentation
Choongryul Yang, Board of Governors of the Federal Reserve System
End of day one
2:00 pm
Friday, October 8, 2021
All Times in EDT
Keynote | video
9:00–9:45 am
Chair: Robert Rich, Federal Reserve Bank of Cleveland
Average Inflation Targeting and Household Expectations
Olivier Coibion, University of Texas at Austin
Break
9:45-10:00 am
Empirical Models | video
10:00-11:00 am
Chair: Ed Knotek, Federal Reserve Bank of Cleveland
Inflation at Risk
Francesca Loria, Board of Governors of the Federal Reserve System | paper | presentation
David Lopez-Salido, Board of Governors of the Federal Reserve System
Long-Run Phillips Curve is…a Curve: The Long-Run Output Gap, Inflation and Monetary Policy
Paolo Bonomolo, De Nederlandsche Bank | presentation
Guido Ascari, University of Oxford
Qazi Haque, The University of Adelaide
Break
11:00-11:15 am
Structural Phillips Curves | video
11:15 am-12:45 pm
Chair: Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland
New Pricing Models, Same Old Phillips Curves?
Ludwig Straub, Harvard University | presentation
Adrien Auclert, Stanford University
Rodolfo Dinis Rigato, Harvard University
Matthew Rognlie, Northwestern University
Endogenous Production Networks and Non-Linear Monetary Transmission
Mishel Ghassibe, University of Oxford | paper | presentation
Aggregation and Redistribution in New Keynesian Economies
Elisa Rubbo, Princeton University | paper | presentation
Break
12:45pm-1:00pm
Keynote | video
1:00–1:45 am
Chair: Michele Lenza, European Central Bank
The Slope of the Phillips Curve: Evidence from US States
Emi Nakamura, University of California, Berkley
Closing Remarks | video
1:45-2:00pm
When and where
October 7-8, 2021
Online conference