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ECB Forum on Central Banking

Price and wage-setting in advanced economies

Sintra, Portugal, 18-20 June 2018

Participation is by invitation only.


All times are local.

Monday, 18 June

Opening reception and dinner

Opening remarks

Mario Draghi, President, European Central Bank

Dinner hosted by the Executive Board of the European Central Bank

Dinner speech Monetary policy in a low inflation, low interest rate world

Lawrence H. Summers
Professor and President Emeritus of Harvard University, former US Secretary of the Treasury

Tuesday, 19 June

Introductory speech

Mario Draghi, President, European Central Bank


Session 1: Macroeconomics of price and wage-setting

Chair: Peter Praet, Member of the Executive Board, European Central Bank

Slack and cyclically sensitive inflation

James H. Stock, Professor, Harvard University
(with Mark Watson, Professor, Princeton University)

Lucrezia Reichlin, Professor, London Business School

Inflation expectations – a policy tool?

Yuriy Gorodnichenko, Professor, University of California, Berkeley
(with Olivier Coibion, Associate Professor, University of Texas at Austin; Saten Kumar, Associate Professor, Auckland University of Technology; and Mathieu Pedemonte, Graduate Student, University of California, Berkeley)

Ricardo Reis, Professor, London School of Economics

Coffee break

Panel: Macroeconomics of price and wage-setting

Chair: Peter Praet, Member of the Executive Board, European Central Bank

  • Jim Bullard, President, Federal Reserve Bank of St. Louis
  • Kristin J. Forbes, Professor, Massachusetts Institute of Technology
  • Philip R. Lane, Governor, Central Bank of Ireland
  • Charles Wyplosz, Professor, Graduate Institute of International and Development Studies, Geneva
Reception and dinner

Young economists’ poster session

Posters produced by young economists presenting their research will be on display until 13:30 on Wednesday, 20 June.

Participants are invited to talk to the students individually about their research and to rate the posters using the electronic facility provided. Participants’ ratings will serve as input for the selection of the best paper, which will be awarded a prize at the end of the Forum.

Find out more
Wednesday, 20 June

Session 2: Microeconomics of price and wage-setting

Chair: Sabine Lautenschläger, Member of the Executive Board and Vice-Chair of the Supervisory Board, European Central Bank

Measuring inflation in the modern economy – a micro price-setting view

Aviv Nevo, Professor, University of Pennsylvania
(with Arlene Wong, Assistant Professor, Princeton University)

Michael Weber, Assistant Professor, University of Chicago

Productivity growth, wage growth and unions

Uta Schönberg, Professor, University College London (UCL)
(with Alice Kügler and Ragnhild Schreiner, both Postdoctoral Research Fellows, CReAM/UCL)

Michael C. Burda, Professor, Humboldt University Berlin

Coffee break

Panel: Microeconomics of price and wage-setting

Chair: Benoît Cœuré, Member of the Executive Board, European Central Bank

  • Erica L. Groshen, Visiting Professor, Cornell University
  • Philippe Marcadent, Chief of the Inclusive Labour Markets, Labour Relations and Working Conditions Branch, ILO
  • Tommaso Valletti, Chief Competition Economist, European Commission
  • Klaus F. Zimmermann, President, Global Labor Organization, and Maastricht University

Policy panel

  • Mario Draghi, President, European Central Bank
  • Haruhiko Kuroda, Governor, Bank of Japan
  • Philip Lowe, Governor, Reserve Bank of Australia
  • Jerome H. Powell, Chairman, Board of Governors of the Federal Reserve System

Moderator: Stephanie Flanders, Bloomberg Economics


Award ceremony – Young economists’ posters

Closing remarks

Group photo

Reception and dinner hosted by the Banco de Portugal

This programme may be subject to change without notice.

General information

Conference venue

Penha Longa Hotel
Estrada da Lagoa Azul, Linhó
Sintra, Portugal

Conference room Penha Longa Palace – Coroa I

+351 21 924 9000
Fax: +351 21 924 9007


A shuttle service from Lisbon airport to the Penha Longa Hotel is offered for participants – further information and the departure schedule will be available from the Forum’s information desk at the airport.

Dress code

Business attire for the dinner on Monday, 18 June

Smart casual attire for all other events



ECB Forum on Central Banking
Conference organisation office
Nasser Hanafy
Directorate General Communications
European Central Bank

+49 69 1344 7523
+49 174 172 4642
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