CREI Holds Conference on “New Perspectives on Monetary Policy Design”


On October 10-11, researchers from Barcelona and abroad will convene to discuss a wide range of theoretical and empirical issues regarding the future of monetary policy design. The conference is organized by the Centre for Research in International Economics (CREI)—one of the academic bodies of the BSE—and the Bank of Canada.

The conference will place in the Wellington Building on the Ciutadella campus at Universitat Pompeu Fabra, site of CREI and the BSE offices. A scientific committee comprised of Jordi Galí (BSE and CREI), Robert Amano (Bank of Canada), and Rhys Mendes (Bank of Canada) planned the event.

Attendees of the conference during the lunch break on October 10th

Topics covered will include the optimal level of inflation, the zero bound on nominal interest rates, price-level targeting, monetary policy in open economies and in economies subject to large relative price movements (e.g., oil shocks), and policy design with involuntary unemployment and real imperfections in the labour market. During the two-day conference, these areas will be treated in four sessions: Monetary Dynamics, Optimal Inflation, The Zero Bound and Monetary Policy at Low Inflation Rates, and Issues In Monetary Policy.

General discussion will explore issues such as what has been learned about the costs and benefits of inflation targeting; the theoretical and empirical formulation of inflation dynamics; exchange rate pass-through in a low inflation environment; policy design with imperfect financial markets and asset price bubbles; and the robustness of standard policy design results with respect to alternative models of expectations formation.

The conference is open to members of the Barcelona economics community, including BSE students. Participants in the conference include:

  • Volker Wieland (Goethe University Frankfurt and CEPR),
  • Marc Giannoni (Columbia University),
  • Tommaso Monacelli (IGIER, Università Bocconi and CEPR),
  • Angelo Melino (University of Toronto),
  • Kevin Moran (Laval University),
  • Pau Rabanal (Caixa d'Estalvis i Pensions de Barcelona),
  • James Bullard (FRB Saint Louis),
  • Ester Faia (University of Roma at Tor Vergata),
  • Pierpaolo Benigno (IMF),
  • Michael Dotsey (FRB Philadelphia),
  • Ragna Alstadheim (Norges Bank),
  • R. Anton Braun (University of Tokyo),
  • Steven Ambler (University of Quebec at Montreal),
  • Anton Nakov (Bank of Spain),
  • José-Víctor Ríos-Rull (University of Minnesota),
  • Vitor Gaspar (European Commission),
  • Lars E.O. Svensson (Sveriges Riksbank),
  • Frank Smets (European Central Bank)

CREI Director, BSE Affiliated Professor and conference organizer Jordi Galí welcomes the attendees and presenters

Volker Wieland (Goethe University and CEPR) gives a talk on "Learning, Endogenous Indexation and Disinflation in the New Keynesian Model"


Full Program
List of Papers