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Challenges for macroeconomic policy in a low inflation environment

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


Thursday, 5 November 2015
Registration and coffee

Welcome address

Vítor Constâncio, Vice-President, European Central Bank


Session 1

Chair: Frank Smets, European Central Bank


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


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


Session 2

Chair: Günter Coenen, European Central Bank


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


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

Coffee break

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

Dinner (upon invitation only)

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

Friday, 6 November 2015
Registration and coffee

Session 3

Chair: Massimo Rostagno, European Central Bank


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

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


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

Coffee break

Session 4

Chair: Roberto Motto, European Central Bank


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

Buffet lunch

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

End of conference
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
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
Ms Iris Bettenhäuser
Monetary Policy Research Division
Tel.: +49 (0) 69 1344 8782
E-mail: iris.bettenhaeuser@ecb.europa.eu;

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