Inflation: Drivers and Dynamics Conference 2021

Opening remarks

Isabel Schnabel, Member of the Executive Board, European Central Bank

Session 1: Price setting and inflation

Chair: Chiara Osbat, European Central Bank

Empirical investigation of a sufficient statistic for monetary shocks

• Fernando Alvarez, University of Chicago
• Andrea Ferrara*, Northwestern University
• Erwan Gautier, Banque de France
• Hervé Le Bihan, Banque de France and Banco de España
• Francesco Lippi, LUISS University

Measuring price selection in microdata: it's not there

• Peter Karadi*, European Central Bank
• Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland
• Jesse Wursten, KU Leuven

Parallel paper session

Chair: Christiane Nickel, European Central Bank / Ed Knotek, Federal Reserve Bank of Cleveland

Medium vs. short-term consumer inflation expectations: evidence from a new euro area survey

• Ewa Stanisławska*, Narodowy Bank Polski
• Maritta Paloviita, Suomen Pankki – Finlands Bank

Understanding persistent ZLB: theory and assessment

• Pablo Cuba-Borda*, Federal Reserve Board
• Sanjay Singh, University of California, Davis

New evidence on monetary transmission: interest rate versus inflation target shocks

• Elizaveta Lukmanova*, UCLouvain
• Katrin Rabitsch, Vienna University of Economics and Business

Small price changes, sales volume, and menu cost

• Daniel Levy, Bar-Ilan University, Emory University, ISET and RCEA
• Doron Sayag, Bar-Ilan University
• Avichai Snir*, Netanya Academic College

Public information and survey expectations

• Rosen Valchev*, Boston College
• Luca Gemmi, Boston College

Do sticky wages matter? New evidence from matched firm-survey and register data

• Anne Kathrin Funk*, KOF Swiss Economic Institute
• Daniel Kaufmann, University of Neuchâtel

New facts on consumer price rigidity in the euro area

• Erwan Gautier*, Banque de France
• Cristina Conflitti, Banca d'Italia
• Riemer Faber, Charles River Associates
• Brian Fabo, Národná banka Slovenska
• Ludmila Fadejeva, Latvijas Banka
• Valentin Jouvanceau, Lietuvos bankas
• Jan-Oliver Menz, Deutsche Bundesbank
• Teresa Messner, Oesterreichische Nationalbank
• Pavlos Petroulas, Bank of Greece
• Pau Roldan-Blanco, Banco de España
• Fabio Rumler, Oesterreichische Nationalbank
• Sergio Santoro, Banca d'Italia
• Elisabeth Wieland, Deutsche Bundesbank
• Hélène Zimmer, Nationale Bank van België/Banque Nationale de Belgique

Endogenous growth, downward wage rigidities and optimal inflation

• Agostino Consolo*, European Central Bank
• Mirko Abbritti, Università degli Studi di Perugia
• Sebastian Weber, International Monetary Fund

Policy panel

Chair: Christiane Nickel, European Central Bank / Ed Knotek, Federal Reserve Bank of Cleveland

• Philip R. Lane, Member of the Executive Board, European Central Bank
• Loretta J. Mester, President and Chief Executive Officer, Federal Reserve Bank of Cleveland

Moderator: Sabrina Marggraf, ntv

Session 2: Inflation expectations

Chair: Mathieu Pedemonte, Federal Reserve Bank of Cleveland

The inflation expectations of US firms: evidence from a new survey

• Bernardo Candia, University of California, Berkeley
• Olivier Coibion, University of Texas, Austin
• Yuriy Gorodnichenko*, University of California, Berkeley

Effective policy communication: targets versus instruments

• Francesco D'Acunto, Boston College
• Daniel Hoang, Karlsruhe Institute of Technology
• Maritta Paloviita, Suomen Pankki – Finlands Bank
• Michael Weber*, University of Chicago

Selection in information acquisition and monetary non-neutrality

• Hassan Afrouzi*, Columbia University
• Choongryul Yang, Federal Reserve Board

End of day one

Keynote speech

Chair: Robert Rich, Federal Reserve Bank of Cleveland

Average inflation targeting and household expectations

Olivier Coibion, University of Texas, Austin

Session 3: Empirical models

Chair: Ed Knotek, Federal Reserve Bank of Cleveland

Inflation at risk

• Francesca Loria*, Federal Reserve Board
• David Lopez-Salido, Federal Reserve Board

Long-run Phillips curve is... a curve: the long-run output gap, inflation and monetary policy

• Guido Ascari, University of Oxford
• Paolo Bonomolo*, De Nederlandsche Bank
• Qazi Haque, The University of Adelaide

Session 4: Structural Phillips curves

Chair: Raphael Schoenle, Brandeis University and Federal Reserve Bank of Cleveland

New pricing models, same old Phillips curves?

• Adrien Auclert, Stanford University
• Rodolfo Rigato, Harvard University
• Matthew Rognlie, Northwestern University
• Ludwig Straub*, Harvard University

Endogenous production networks and non-linear monetary transmission

Mishel Ghassibe*, University of Oxford

Aggregation and redistribution in new Keynesian economies

Elisa Rubbo*, Princeton University

Keynote speech

Chair: Michele Lenza, European Central Bank

The slope of the Phillips curve: evidence from US states

Emi Nakamura, University of California, Berkeley

Concluding remarks by conference organisers