Inflation: Drivers and Dynamics Conference 2024
Questions?
The Center for Inflation Research at the Federal Reserve Bank of Cleveland and the European Central Bank (ECB) will host the Inflation: Drivers and Dynamics 2024 conference October 24–25. The conference will be held in person in Cleveland, Ohio, and virtually in a hybrid format. It will bring together top researchers from academia, central banks, and other policy institutions to present research findings related to inflation.
Beth M. Hammack, president and chief executive officer of the Federal Reserve Bank of Cleveland, and Philip R. Lane, member of the ECB’s executive board, will provide remarks.
Christina Romer, Class of 1957 Garff B. Wilson Professor of Economics Emerita, University of California, Berkeley, and Stephanie Schmitt-Grohé Professor; Executive Director, Program for Economic Research, Columbia University, will present keynote addresses.
Virtual attendance is available for individuals who are not presenting or serving as discussants. Registration for virtual attendance will be open through the conference.
Scientific Committee
Ina Hajdini, Ed Knotek, Damjan Pfajfar, Robert Rich (Federal Reserve Bank of Cleveland); Elena Bobeica, Michael Ehrmann, Sarah Holton, Peter Karadi, Chiara Osbat (ECB)
If you have a question, please contact inflation.conference@clev.frb.org.
Agenda
Thursday, October 24, 2024 – Pianalto Auditorium
All times listed are in Eastern Daylight Time (EDT)
| 8:00–8:40 am |
Registration and Breakfast |
| 8:40–8:45 am |
WelcomeEdward S. Knotek II, Senior Vice President and Director of Research, Federal Reserve Bank of Cleveland |
| 8:45–9:00 am |
Opening RemarksBeth M. Hammack, President and Chief Executive Officer, Federal Reserve Bank of Cleveland Cleveland Fed research cited in President Hammack's remarks:
|
| 9:00–9:55 am |
The Pass-Through of Inflation Expectations into Prices and Wages: Evidence from an RCT Survey | download Michael Lamla, Universität Duisburg-Essen Discussant: Erwan Gautier, Banque de France |
| 9:55–10:50 am |
How Do Households Respond to Expected Inflation? An Investigation of Transmission Mechanisms | downloadDaniela Puzzello, Indiana University Discussant: Josefina Cenzon, Bocconi University |
| 10:50–11:20 am |
Break |
| 11:20 am–12:15 pm |
Anchoring Boundedly Rational Expectation | downloadStéphane Dupraz, Banque de France Discussant: Ina Hajdini, Federal Reserve Bank of Cleveland |
| 12:15–1:00 pm |
Lunch |
| 1:00–1:30 pm |
Remarks: Underlying Inflation: An UpdatePhilip R. Lane, Executive Board Member, European Central Bank |
| 1:30–2:15 pm |
Poster Session 1Downward Price Rigidities and Inflationary Relative Demand ShocksBart Hobijn, Federal Reserve Bank of Chicago SAFE to Update Inflation Expections? New Survey Evidence on Euro Area FirmsTimo Reinelt, Federal Reserve Bank of San Francisco The Effects of Inflation Uncertainty on Firms and MacroeconomyXuguang Simon Sheng, American University Households’ Preferences for Inflation and Monetary Policy TradeoffsDamjan Pfajfar, Federal Reserve Bank of Cleveland Global Inflation Expectations: Evidence of Heterogeneous and Synchronized MistakesKaren Smith, Drew University |
| 2:15–3:10 pm |
The Inflation Attention Threshold and Inflation Surges | downloadOliver Pfäuti, University of Texas at Austin Discussant: Joel Flynn, Yale University |
| 3:10–3:40 pm |
Break |
| 3:40–4:35 pm |
Nonlinearities in the Regional Phillips Curve with Labor Market Tightness | downloadGiulia Gitti, Collegio Carlo Alberto and University of Turin Discussant: Juan Herreño, University of California, San Diego |
| 4:35–5:20 pm |
Keynote: Lessons from History for Successful DisinflationChristina Romer, Class of 1957 Garff B. Wilson Professor of Economics Emerita, University of California, Berkeley |
| 5:20–8:00 pm |
ReceptionFederal Reserve Bank of Cleveland, Cleveland Room, 10th floor |
Friday, October 25, 2024 – Pianalto Auditorium
All times listed are in Eastern Daylight Time (EDT)
| 8:00–8:30 am |
Breakfast |
| 8:30–9:25 am |
Monetary Policy and Inflation Scares | downloadJesper Lindé, International Monetary Fund Discussant: Jean-Paul L’Huillier, Brandeis University |
| 9:25–10:20 am |
The Inflation Accelerator | downloadCallum Jones, Board of Governors of the Federal Reserve System Discussant: Oleksiy Kryvtsov, Bank of Canada |
| 10:20–10:50 am |
Break |
| 10:50–11:45 am |
Strike While the Iron Is Hot: Optimal Monetary Policy With a Nonlinear Phillips Curve | downloadErnesto Pastén, Banco Central de Chile Discussant: Timo Haber, De Nederlandsche Bank |
| 11:45 am–12:30 pm |
Keynote: Heterogeneous Downward Nominal Wage Rigidity: Foundations of a Nonlinear Phillips CurveStephanie Schmitt-Grohé, Professor of Economics, Columbia University |
| 12:30–1:15 pm |
Lunch |
| 1:15–2:00 pm |
Poster Session 2The Unseen Cost of Inflation: Measuring Inflation Uncertainty and Its Economic RepercussionsSai Ma, Board of Governors of the Federal Reserve System Nonlinearities of Monetary Policy Across States of Price RigidityPascal Seiler, ETH (Eidgenössische Technische Hochschule) Zürich Speaking of Inflation: The Influence of Fed Speeches on ExpectationsEleonora Granziera, Norges Bank What Drives Core Inflation? The Role of Supply ShocksElena Bobeica, European Central Bank Food Prices Matter Most: Sensitive Household Inflation ExpectationsMatthew Naylor, University of Oxford and Bank of England The Effect of Inflation Uncertainty on Household SpendingChristoph Herler, Bank of England |
| 2:00–2:55 pm |
Cyclical Demand Shifts and Cost of Living Inequality | downloadJake Orchard, Board of Governors of the Federal Reserve System Discussant: Chiara Osbat, European Central Bank |
| 2:55–3:20 pm |
Break |
| 3:20–4:15 pm |
Monetary Policy Pass-Through to Consumer Prices: Evidence from Granular Price Data | downloadAnastasia Allayioti, European Central Bank Discussant: Raphael Schoenle, Brandeis University |
| 4:15–5:10 pm |
Sticky Continuing-Tenant Rents | downloadLara Loewenstein, Federal Reserve Bank of Cleveland Discussant: Christopher D. Cotton, Federal Reserve Bank of Boston |
| 5:10 pm |
Closing RemarksDamjan Pfajfar, Vice President, Center for Inflation Research, Federal Reserve Bank of Cleveland |
When and where
October 24–October 25, 2024
Federal Reserve Bank of Cleveland and Virtually