Issues in Inflation Targeting

Acknowledgements

Introduction
Robert Amano and Raphael Solomon

Opening Remarks
Agathe Côté

Abstracts

Session 1: Inflation Targeting in Canada

The Road Ahead for Canadian Inflation Targeting

Session 2: Inflation Dynamics

The New Keynesian Phillips Curve When Inflation Is Non-Stationary: The Case for Canada

Discussion: Günter Coenen

Factor-Market Structure, Shifting Inflation Targets, and the New Keynesian Phillips Curve

Discussion: Jean Boivin

General Discussion: Sharon Kozicki

Session 3: Asset Prices and Monetary Policy

Exchange Rate Volatility, Pass-Through, Trade Patterns, and Inflation Targets

Discussion: Lucie Samson

Monetary Policy, Asset Prices, and Misspecification

Discussion: (based on remarks by Klaus Schmidt-Hebbel)

General Discussion: Philip Lowe

John Kuszczak Memorial Lecture

The Inflation-Targeting Debate

Session 4: The Zero Lower Bound on Nominal Interest Rates

The Zero Lower Bound on Interest Rates and Monetary Policy in Canada

Discussion: Peter Ireland

Session 5: Welfare Implications

The Welfare Implications of Inflation versus Price-Level Targeting in a Two-Sector, Small Open Economy

Discussion:
Craig Burnside

Learning and the Welfare Implications of Changing Inflation Targets

Discussion: (based on remarks by Andrew Levin)

General Discussion: Vitor Gaspar

Panel Discussion

Discussion 1: Paul Beaudry

Discussion 2: Pierre Duguay

Discussion 3: Peter Howitt

The Participants