Opening Remarks

Carolyn A. Wilkins (Bank of Canada)

Session 1: Monetary Policy near the Zero Lower Bound

Chair: Rhys Mendes (Bank of Canada)

The Optimal Inflation Target and the Natural Rate of Interest

Philippe Andrade (Banque de France), Jordi Galí (CREI, Universitat Pompeu Fabra and Barcelona GSE), Hervé Le Bihan (Banque de France) and Julien Matheron (Banque de France)

Discussant: Johannes Wieland (University of California, San Diego)

Precautionary Pricing: The Disinflationary Effects of ELB Risk

Robert Amano (Bank of Canada), Thomas Carter (Bank of Canada) and Sylvain Leduc (Federal Reserve Bank of San Francisco)

Discussant: Sebastian Schmidt (European Central Bank)

Session 2: Expectations, Heterogeneity and Monetary Policy

Chair: Sharon Kozicki (Bank of Canada)

Inflation Expectations—A Policy Tool?

Olivier Coibion (University of Texas at Austin), Yuriy Gorodnichenko (University of California, Berkeley), Saten Kumar (Auckland University of Technology) and Mathieu Pedemonte (University of California, Berkeley)

Discussant: Kinda Hachem (UVA, Darden School of Business)

The Intertemporal Keynesian Cross

Adrien Auclert (Stanford University), Matthew Rognlie (Northwestern University) and Ludwig Straub (Harvard University)

Discussant: Gianluca Violante (Princeton University)

John Kuszczak Memorial Lecture

Chair: Lawrence Schembri (Bank of Canada)

Can We Do Better than Flexible Inflation Targeting?

David Romer (University of California, Berkeley)

Panel Discussion

Revisiting the Merits of the Inflation Targeting Policy Framework and its Alternatives

Moderator: Timothy Lane (Bank of Canada)

Martin Eichenbaum (Northwestern University)
Adam Posen (Peterson Institute for International Economics)
Frank Smets (European Central Bank)

Session 3: The Effects of Monetary Policy Guidance

Chair: Jing Yang (Bank of Canada)

Monetary Policy, Bounded Rationality and Incomplete Markets

Emmanuel Farhi (Harvard University) and Iván Werning (Massachusetts Institute of Technology)

Discussant: Guido Lorenzoni (Northwestern University)

Discretion Rather than Rules: Equilibrium Uniqueness and Forward Guidance with Inconsistent Optimal Plans

Jeffrey Campbell (Federal Reserve Bank of Chicago) and Jacob Weber (Federal Reserve Bank of Chicago)

Discussant: David Andolfatto (Federal Reserve Bank of St. Louis)

Session 4: Monetary Policy Transmission: New Insights

Chair: Cesaire Meh (Bank of Canada)

The Reversal Interest Rate

Markus Brunnermeier (Princeton University) and Yann Koby (Princeton University)

Discussant: Julien Bengui (Université de Montréal)

State Dependency and the Efficacy of Monetary Policy: the Refinancing Channel

Martin Eichenbaum (Northwestern University), Sérgio Rebelo (Northwestern University) and Arlene Wong (Princeton University)

Discussant: Andra Ghent (University of Wisconsin-Madison)

Session 5: The Mix of Policies

Chair: Donald Coletti (Bank of Canada)

A Theoretical Model of Leaning Against the Wind

Franklin Allen (Imperial College London), Gadi Barlevy (Federal Reserve Bank of Chicago) and Douglas Gale (New York University)

Discussant: Stephen Williamson (Western University)

The Dire Effects of the Lack of Monetary and Fiscal Coordination

Francesco Bianchi (Duke University) and Leonardo Melosi (Federal Reserve Bank of Chicago)

Discussant: Nora Traum (HEC Montréal)