Workshop on Deflation – Causes, Consequences and Policies


Friday June 12th

Opening remarks by First Deputy Governor Kerstin af Jochnick

Session I

Chair: Jesper Lindé

"The Limits of Monetary Policy with Long-term Drift in Expectations" [Paper]
Stefano Eusepi, Marc Giannoni and Bruce Preston
Discussant: Leonardo Melosi

"Is Inflation Targeting Best Practice Monetary Policy? An Update" [Paper]
Jon Faust
Discussant: Frank Smets

"Targeting Prices or Nominal GDP: Forward Guidance and Expectation Dynamics" [Paper]
Seppo Honkapohja and Kaushik Mitra
Discussant: Saroj Bhattarai

Session II

Chair: Andreas Westermark

"Scarcity of Safe Assets, Inflation, and the Policy Trap" [Paper]
David Andolfatto and Stephen Williamson
Discussant: Ed Nosal

"Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis"
Mariana Garcia Schmidt and Michael Woodford
Discussant: Lars E.O. Svensson

"Unconventional Monetary Policy and International Risk Premia" [Paper]
John Rogers, Chiara Scotti, Jonathan H. Wright

"Inflation, financial conditions and non-standard monetary policy in a monetary union. A model-based evaluation" [Paper]
Lorenzo Burlon, Andrea Gerali, Alessandro Notarpietro and Massimiliano Pisani

Saturday June 13th

Session III

Chair: Karl Walentin

"Hysteresis and the European Unemployment Problem Revisited" [Paper]
Jordi Galí
Discussant: Gernot Mueller

"Threshold-Based Forward Guidance: Hedging the Zero Bound" [Paper]
Richard Harrison, Lena Körber and Matt Waldron
Discussant: Taisuke Nakata

Session IV

Chair: Ferre de Graeve

"Stagnation Traps" [Paper]
Gianluca Benigno and Luca Fornaro

"Why Are Real Interest Rates So Low? Secular Stagnation and the Relative Price of Investment Goods" [Paper]
Gregory Thwaites

"Inflation Through the Lens of Fiscal Theory" [Paper]
Eric Leeper and Campbell Leith
Discussant: Marco Del Negro

Organizing committee

Ferre De Graeve
Jesper Lindé
Karl Walentin
Andreas Westermark

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Updated 11/10/2018