This event is organized by the Canadian Economic Analysis (CEA) and the Economic and Financial Research (EFR) Departments at the Bank of Canada. The 2024 conference theme is “Frontiers of Monetary Policy Design”, and the discussion will contribute to inform our thinking about the Bank of Canada's monetary policy framework.

Program: Thursday, November 7

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Opening remarks

08:45–9:00 (ET)

Rhys R. Mendes (Bank of Canada)

John Kuszczak Memorial Lecture

09:00–10:00 (ET)

The credibility revolution in inflation expectations

  • Introduction: Rhys R. Mendes (Bank of Canada)
  • Keynote: Ricardo Reis (London School of Economics)
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Session 1: Central bank communication

10:30–12:00 (ET)

Chair: Tatjana Dahlhaus (Bank of Canada)

Getting through: communicating complex central bank messages

  • Presenter: Michael McMahon (University of Oxford)
  • Matthew Naylor
  • Discussant: Luba Petersen (Simon Fraser University)

Inflation preferences

  • Presenter: Raphael Schoenle (Brandeis University)
  • Hassan Afrouzi
  • Alexander Dietrich
  • Kristian Myrseth
  • Romanos Priftis
  • Discussant: Olena Kostyshyna (Bank of Canada)

Panel Discussion: Reviewing the monetary policy framework: challenges and opportunities

13:30–14:45 (ET)

Moderator: Jing Yang (Bank of Canada)

  • Paul Beaudry (University of British Columbia)
  • Martin Eichenbaum (Northwestern University)
  • Benoit Mojon (Bank for International Settlements)
  • Huw Pill (Bank of England)

Session 2: Supply shocks and the conduct of monetary policy

15:15–16:45 (ET)

Chair: Dmitry Matveev (Bank of Canada)

Relative-price changes as aggregate supply shocks revisited: theory and evidence

  • Presenter: Saroj Bhattarai (University of Texas at Austin)
  • Hassan Afrouzi
  • Edson Wu
  • Discussant: Alexander Wolman (Richmond Fed)

What drives inflation? Lessons from disaggregated price data

  • Presenter: Elisa Rubbo (Booth School of Business at the University of Chicago)
  • Discussant: Hafedh Bouakez (HEC Montreal)

Program: Friday, November 8

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Session 3: Inflation expectations

09:00–10:30 (ET)

Chair: Wenting Song (Bank of Canada)

The long-term effects of inflation on inflation expectations

  • Presenter: Michael Weber (University of Chicago, Booth School of Business)
  • Fabio Braggion
  • Felix von Meyerinck
  • Nic Schaub
  • Discussant: Leonardo Melosi (University of Warwick)

Price-setting when expectations are unanchored

  • Presenter: Stefano Eusepi (Brown University)
  • Carlos Carvalho
  • Silvia Matos
  • Marina Perrupato
  • Discussant: Ina Hajdini (Cleveland FED)

How unconventional is green monetary policy?

11:00–12:00 (ET)

Keynote: Monika Piazzesi (Stanford University)

Session 4: Pricing and inflation

13:00–14:30 (ET)

Chair: Rodrigo Sekkel (Bank of Canada)

Setting the Wrong Price for the Right Reason: Consequences for Inflation and Monetary Policy

  • Presenter: Luminita Stevens (University of Maryland)
  • Camilo Morales-Jimenez
  • Haoran Wang
  • Discussant: Gee He Hong (International Monetary Fund)

Behavioral sticky prices

  • Presenter: Sergio Rebelo (Kellog School of Management)
  • Miguel Santana
  • Pedro Teles
  • Discussant: Oleksiy Kryvtsov (Bank of Canada)
Content Type(s): Conferences and workshops

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