Conference

Challenges for macroeconomic policy in a low inflation environment

Frankfurt am Main, 5-6 November 2015
Conference room C3.08/09, Grossmarkthalle

Programme

Thursday, 5 November 2015

9:45
Registration and coffee
10:00

Welcome address

Vítor Constâncio, Vice-President, European Central Bank

 

Session 1

Chair: Frank Smets, European Central Bank

10:30

Deadly embrace: sovereign and financial balance sheets doom loops, slides

Emmanuel Farhi, Harvard University
with Jean Tirole, Toulouse School of Economics
Discussant: Marie Hoerova, European Central Bank, slides

11:30

The power of forward guidance revisited, slides

Alisdair McKay, Boston University
with Emi Nakamura, Columbia University and Jón Steinsson, Columbia University
Discussant: Mark Giannoni (Federal Reserve Bank of New York), slides

12:30
Lunch

Session 2

Chair: Günter Coenen, European Central Bank

14:00

Unemployment (fears) and deflationary spirals, slides

Wouter den Haan, London School of Economics
with Pontus Rendahl, University of Cambridge and Markus Riegler, University of Bonn
Discussant: Christian Bayer, University of Bonn, slides

15:00

Labor force participation, wage rigidities and inflation, slides

Marianna Riggi, Banca d'Italia
with Francesco Nucci, Sapienza, University of Rome
Discussant: Regis Barnichon, CREI, slides

16:00
Coffee break
16:30

Monetary policy according to HANK, draft, slides

Benjamin Moll, Princeton University
with Greg Kaplan, Princeton University and Gianluca Violante, New York University
Discussant: Keith Kuester, University of Bonn, slides

19:15
Dinner (upon invitation only)

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

Friday, 6 November 2015

9:15
Registration and coffee
 

Session 3

Chair: Massimo Rostagno, European Central Bank

9:30

Empirical properties of inflation expectations and the zero lower bound, slides

Mirko Wiederholt, Goethe University Frankfurt
Discussant: Lena Körber, Bank of England, slides

10:30

How do firms form their expectations? New survey evidence, slides

Yuriy Gorodnichenko, University of California, Berkeley
with Olivier Coibion, University of Texas at Austin and Saten Kumar, Auckland
University of Technology
Discussant: Luigi Paciello, Einaudi Institute for Economics and Finance, slides

11:30
Coffee break

Session 4

Chair: Roberto Motto, European Central Bank

12:00

Policy spillovers and synergies in a monetary union, slides

Carlos Thomas, Banco de España
with Óscar Arce and Samuel Hurtado, Banco de España
Discussant: Stefano Neri, Banca d'Italia, slides

13:00
Buffet lunch
14:00

Financial heterogeneity and monetary union, slides

Simon Gilchrist, Boston University
with Raphael Schoenle, Brandeis University; Jae W. Sim and Egon Zakrajsek, Federal Reserve Board of Governors
Discussant: Fabio Canova, BI Norwegian Business School, slides

15:00
End of conference

Info

Conference dates
Thursday, 5 and Friday, 6 November 2015
Conference venue
European Central Bank
Sonnemannstrasse 20
60314 Frankfurt am Main
Conference room C3.08/09, Grossmarkthalle

Tel.: +49 (0) 69 1344 0
Fax: +49 (0) 69 1344 6000
E-mail: info@ecb.europa.eu

Conference language
English
Transfers
Participants are requested to arrange their own transfers from and to the airport, unless indicated otherwise
Dinner venue
Goldmund im Literaturhaus (upon invitation only)
Schöne Aussicht 2
60311 Frankfurt am Main
Tel.: +49 (0) 69 210 85 985
Dress code: smart casual
Participants are requested to make their own way to the venue, which is within easy walking distance of the ECB and the other hotels suggested
Contacts
Ms Iris Bettenhäuser
Monetary Policy Research Division
Tel.: +49 (0) 69 1344 8782
E-mail: iris.bettenhaeuser@ecb.europa.eu;
MPR-MSY-conference-2015@ecb.europa.eu

Ms Akuvi Edzave
Directorate General Communications
Outreach Division
Tel.: +49 (0) 69 1344 7321
E-mail: DGC-Events@ecb.europa.eu