Issues in Inflation Targeting - 2005 Conference

Proceedings of a conference held by the Bank of Canada, April 2005


Robert Amano and Raphael Solomon

Opening Remarks
Agathe Côté


Session 1: Inflation Targeting in Canada

The Road Ahead for Canadian Inflation Targeting
Christopher Ragan

Session 2: Inflation Dynamics

The New Keynesian Phillips Curve When Inflation Is Non-Stationary: The Case for Canada
Bergljot Bjørnson Barkbu and Nicoletta Batini

Discussion: Günter Coenen

Factor-Market Structure, Shifting Inflation Targets, and the New Keynesian Phillips Curve
Robert Amano and Stephen Murchison

Discussion: Jean Boivin

General Discussion: Sharon Kozicki

Session 3: Asset Prices and Monetary Policy

Exchange Rate Volatility, Pass-Through, Trade Patterns, and Inflation Targets
Steven Globerman and Paul Storer

Discussion: Lucie Samson

Monetary Policy, Asset Prices, and Misspecification
Robert Tetlow

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

General Discussion: Philip Lowe

John Kuszczak Memorial Lecture

The Inflation-Targeting Debate
Frederic S. Mishkin

Session 4: The Zero Lower Bound on Nominal Interest Rates

The Zero Lower Bound on Interest Rates and Monetary Policy in Canada
Francisco Ruge-Murcia

Discussion: Peter Ireland

Session 5: Welfare Implications

The Welfare Implications of Inflation versus Price-Level Targeting in a Two-Sector, Small Open Economy
Eva Ortega and Nooman Rebei

Craig Burnside

Learning and the Welfare Implications of Changing Inflation Targets
Kevin Moran

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