We document a new fact: in U.S., European and Japanese surveys, households do not expect deflation, even in environments where persistent deflation is a strong possibility. This fact stands in contrast to the standard macroeconomic models with rational expectations. We extend a New Keynesian...

Organized around the theme “From Global Pandemic to Geopolitical Conflict: Pathways for the World Economy,” the symposium will examine the global economy as we emerge from the depths of the COVID-19 pandemic, as well as the far-reaching impacts of the conflict in Ukraine, elevated inflation...

This policy panel will conclude our trilogy on the links between climate change and inflation. Our panelists will discuss the recent evidence of climate change and mitigation policies driving price levels and ask: are central banks in the position to act against these growing pressures? And what...

Topics: - Propagation of financial shocks; - Technology transformation in a locked-down world; - Covid-19 & digitalisation of the workplace; - Green technologies in a post-pandemic world; - Government involvement and investment allocation; - Fiscal emergency measures and the cleansing effects of...

Topics: - Global inflation and the natural rate of interest: understanding drivers, persistence, and longer-term outlook; - Global commodity cycle; - Global spillovers from unconventional monetary policies, tapering, and central bank communications; - International monetary policy interaction and...

The conference aims to close gaps in our understanding of the international transmission of vulnerabilities, shocks and policies, and the trade-offs for policymakers, in the current environment of incomplete and divergent recoveries, high uncertainty, and structural change.

Donata Faccia, Miles Parker, and Livio Stracca, in their paper investigate how extreme temperatures affect medium-term inflation, the primary objective of monetary policy.

The program will include several sessions covering the main areas of International Macroeconomics. Sessions and covered topics: - International macroeconomics and finance (JEL): - Exchange rates, exchange-rate regimes, international monetary system; - Economic growth, business cycles,...

Arranged around the theme "Policy Options for Sustainable and Inclusive Growth," the conference will assess the global pandemic and economic recovery and the mounting pressures on labor markets, supply chains, and price levels, as well as enduring challenges including economic inequality, fiscal...

A mixed-frequency semi-structural model is used for estimating unobservable quantities such as the output gap, the Phillips curve and the NAIRU in real time. We consider two specifications: in one the output gap is observed as the official CBO measure, in the other is unobserved and derived via...