Inflation: Dynamics, Expectations. and Targeting

All Press Releases In Subject:
Monetary Policy and Inflation


Monday, July 12, 2021

10:00 – 10:15

Welcome and opening remarks

Amir Yaron, Governor, Bank of Israel


Session I Chair:  Refet S. Gurkaynak, Bilkent University & CEPR


                                   Spen​d​ing Allocation UnderNominal Uncertainty: A Model of Effective Price Rigidity​​​

Gaetano Gaballo (HEC Paris and CEPR)

Luigi Paciello (HEC Paris and CEPR)


Discussant:                                      Mirko Wiederholt, SciencesPo


11:15 – 12:10

                                 New Evidence on MonetaryTransmission: Interest Rate Versus Inflation Target Shocks​

Elizaveta Lukmanova (UCLouvain)

Katrin Rabitsch (Vienna University of Economics and Business)


Discussant:                                       Yossi Yakhin, Bank of Israel​


12:15 – 13:15

Henning Weber – Deutsche Bundesbank

  Estimating the OptimalInflation Target from Trends in Relative Prices​, joint work with Klaus Adams



13:15-14:00    Break


Session II  Chair: Michel Strawczynski, Bank of Israel

14:00 – 14:55

                                   Anchoring of Inflation Expectations: Do Inflation Target Formulations Matter?​

 Grosse-Steffen Christoph (Banque de France)

Discussant:                                         Alon Bi​nyamini​, Bank of Israe​l


15:00 - 15:55

                                   On the Robustness of Average Inflation Targeting?​  


Seppo Honkapohja (Aalto University School of Business)

Nigel McClung (Bank of Finland)


Discussant:       Lilia Maliar,CUNY​




15:55 – 16:25 Break



16:30 – 17:30

Keynote speaker: John Williams, President and Chief Executive Officer of the Federal Reserve Bank of New York



Tuesday, July 13, 2021

Session III  Chair: Wouter J. den Haan, LSE & CEPR


10:30 – 11:25

                                    Control Costs, Rational Inattention,and Retail Price Dynamics​

James Costain (Banco de Espa˜na )

Anton Nakov (ECB and CEPR)


Discussant:                                   Alistair Macaulay, Oxford​



11:30 – 12:25

                                           The Ex​tensive and Intensive Margin of PriceAdjustment to Cost Shocks: Evidence from Danish Multiproduct Firms​​


Luca Dedola (ECB and CEPR)

Mark Strøm Kristoffersen, (Fagbevaegelsens Hovedorganistion)

Gabriel Züllig (University of Oxford and Danmarks Nationalbank)



Discussant:                                    Almut Balleer, RWTH Aachen​


12:30 – 13:25 Break


Session IV  Chair: Sigal Ribon, Bank of Israel

13:30 – 14:25 


                                     Time-varyin​g Price Flexibility and Inflation Dynamics​

Ivan Petrella (University of Warwick & CEPR)

Emiliano Santoro (University of Copenhagen)

Lasse de la Porte Simonsen (Birbeck College)


Discussant: Richard Davies, Bristol University and Economics Observatory



                                  Optimal Policy u​nder Dollar Pricing​


Konstantin Egorov (NES)

Dmitry Mukhin (University of Wisconsin)



Discussant: Vania Stavrakeva, London Business School


15:30 – 16:00             Break





Policy Panel:

 Amir Yaron              Governor, Bank of Israel - Moderator

                                 Stefan Ingves​  Governor and Chairman of the Executive Board, Severiges Riksbank

Thomas Jordan        Chairman of the Governing Board, Swiss National Bank

                                 Jiri Rusnok  Governor, Czech National Bank