Navigation Path: Home > Events > Conferences & seminars > Defining Price Stability: Theoretical Options and Practical Experience
Venue:
European Central Bank
Conference room: CVII, Eurotower, 2nd floor
Kaiserstrasse 29
D-60311 Frankfurt am Main
Please note that the conference is by invitation only.
The maintenance of price stability is now established as the principal objective of most central banks worldwide. In pursuing this objective central banks face a wide range of theoretical and empirical issues when defining their price stability objective. These issues include: the welfare implications of alternative rates of inflation; the role of expectations and price-setting mechanisms; and the benefits and costs of defining the objective in terms of a price level rather than an inflation rate.
Against this background, the Bank of Canada and the ECB are organising a conference on the subject of “Defining price stability: Theoretical options and practical experience” on 26 and 27 November 2007. The conference seeks to bring together the latest research on the theoretical and empirical issues which arise in the context of defining price stability.
The conference is being organised by Robert Amano (Bank of Canada), Larry Christiano (Northwestern University & Federal Reserve Bank of Chicago), Gabriel Fagan (ECB) and Massimo Rostagno (ECB). It will be possible to download the papers as soon as they become available by clicking on the link below. Attendance at the conference is by invitation only.
Organisers:
Robert Amano (Bank of Canada)
Lawrence Christiano (Northwestern University & Federal Reserve Bank of Chicago)
Gabriel Fagan (European Central Bank)
Massimo Rostagno (European Central Bank)
Please address any correspondence to
Ms Iris Bettenhaeuser
DG-Research, Monetary Policy Research Division
Kaiserstrasse 29
D-60311 Frankfurt am Main.
For electronic submissions, please send an e-mail to iris.bettenhaeuser@ecb.int.
| 08:30 – 09:00 | Registration / Coffee |
| 09:00 – 09:30 | Welcome John Murray (Bank of Canada) Opening remarks Jürgen Stark (Executive Board Member, European Central Bank) en |
| Session I | Inflation and welfare Chair: John Murray (Bank of Canada) |
| 09:30 – 10:30 | Trend inflation, wage and price rigidities, and welfare Kevin Moran (Université Laval) with Robert Amano (Bank of Canada), Stephen Murchison (Bank of Canada) and Andrew Rennison (Bank of Canada) en Discussant: Larry Christiano (Northwestern University & Federal Reserve Bank of Chicago) en |
| 10:30 – 11:30 | Trend inflation, Taylor principle and indeterminacy Guido Ascari (University of Pavia) with Tiziano Ropele (Banca d’ Italia) en Discussant: Martin Ellison (Warwick University) en |
| 11:30 – 11:45 | Coffee |
| 11:45 – 12:45 | Strategic complementarities and optimal monetary policy Andrew Levin (Board of Governors of the Federal Reserve System) with David Lopez-Salido (Board of Governors of the Federal Reserve System) and Tack Yun (Board of Governors of the Federal Reserve System) en Discussant: Steven Ambler (Université du Québec à Montréal) en |
| 12:45 – 14:00 | Lunch |
| 14:00 – 15:00 | How much inflation is necessary to grease the wheels? Jinill Kim (Board of Governors of the Federal Reserve System) with Francisco J. Ruge-Murcia (Université de Montréal) en Discussant: Klaus Adam (European Central Bank) en |
| 15:00 – 16:00 | Optimal inflation for the U.S. Roberto Billi (Federal Reserve Bank of Kansas City) en Discussant: John Williams (Federal Reserve Bank of San Francisco) en |
| 16:00 – 16:15 | Coffee |
| Session II | Price-level targeting (I) Chair: Larry Christiano (Northwestern University & Federal Reserve Bank of Chicago) |
| 16:15 – 17:15 | Price-level or inflation-targeting under model uncertainty Gino Cateau (Bank of Canada) en Discussant: Kai Leitemo (Norwegian School of Management) en |
| 17:15 – 18:15 | Re-thinking price stability in an economy with endogenous firm entry: real imperfections under product variety Ippei Fujiwara (Bank of Japan) en Discussant: Frank Smets (European Central Bank) en |
| 19:30 | Dinner & speech Sheryl Kennedy (Deputy Governor of the Bank of Canada) en |
| 09:00 – 09:30 | Registration / Coffee |
| Session III | Price-level targeting (II) Chair: Philippe Moutot (European Central Bank) |
| 09:30 – 10:30 | Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting Césaire Meh (Bank of Canada) with Yaz Terajima (Bank of Canada) and José-Victor Ríos-Rull (University of Pennsylvania) en Discussant: Matthieu Darracq-Paries (European Central Bank) en |
| 10:30 – 11:30 | Is time ripe for price-level path stability? David Vestin (European Central Bank) with Vítor Gaspar (European Commission) and Frank Smets (European Central Bank) en Discussant: Tony Yates (Bank of England) en |
| 11:30 – 11:45 | Coffee |
| Session IV | Monetary policy Chair: Frank Smets (European Central Bank) |
| 11:45 – 12:45 | Rigid prices: evidence from U.S. scanner data Jeffrey Campbell (Federal Reserve Bank of Chicago) with Benjamin Eden (Vanderbilt University) en Discussant: Aviv Nevo (Northwestern Unversity) en |
| 12:45 – 14:00 | Lunch |
| 14:00 – 15:00 | Inflation and unemployment in the long run Randall Wright (University of Pennsylvania) with Aleksander Berentsen (University of Basel) and Guido Menzio (University of Pennsylvania) en Discussant: Marcus Hagedorn (University of Zurich) en |
| 15:00 – 16:00 | Business cycle dynamics under rational inattention Mirko Wiederholt (Northwestern University) with Bartosz Mackowiak (European Central Bank & CEPR) en Discussant: Christian Hellwig (UCLA) en |
| 16:00 – 16:15 | Coffee |
| 16:15 – 17:15 | References prices and nominal rigidities Martin Eichenbaum (Northwestern University) with Nir Jaimovic (Stanford University) and Sergio Rebelo (Northwestern University) 1.03 MB en Discussant: Johannes Hoffmann (Deutsche Bundesbank) en |
| 17:15 | End of conference |
For each paper, the author has 40 minutes and the discussant 10 minutes, with a further 10 minutes allocated for general discussion.
Hotel accommodation:
The Westin Grand Frankfurt
Konrad-Adenauer-Strasse 5-7
D-60313 Frankfurt am Main
Tel.: +49 69 2981-0
Fax: +49 69 2981-810
www.starwoodhotels.com/frankfurt
NH Frankfurt City
Vilbelerstrasse 2
D-60313 Frankfurt am Main
Tel.: +49 69 928859-0
Fax: +49 69 928859-100
www.nh-hotels.com
