Banque de France – Toulouse School of Economics Prize for Distinguished Scholars, Seminar with Veronica Guerrieri

Lieu et date

Le 7 octobre 2026 de 15h à 16h30

Contenu et participants

Professor of Economics at the University of Chicago Booth School of Business
Co-winner of the 2026 Banque de France – Toulouse School of Economics Prize for Distinguished Scholars

Veronica Guerrieri will present the paper “Global Price Shocks and International Monetary Coordination” (joint work with Guido Lorenzoni and Iván Werning) on Wednesday, October 7, 2026, from 3:00 to 4:30 p.m., in the Conference Area – Room 1.

Abstract

When a central bank seeks to stabilize domestic inflation, it typically takes global supply conditions as given. Yet global economic conditions — including commodity prices, shipping costs, prices of tradable intermediate goods, and disruptions in global supply chains — are also influenced by the combined actions of monetary authorities around the world.

This paper studies how the lack of international monetary policy coordination can affect the global response to adverse supply shocks. The authors show that, in a world economy with integrated commodity markets, individually optimal monetary policies may generate an expansionary bias from a global perspective, leading to stronger global demand pressures and potentially amplifying inflationary effects.

The paper derives conditions under which this coordination problem emerges and highlights the role of international monetary interactions in shaping the global inflation outlook.

Les séminaires de recherche de la Banque de France sont présentés :

• par un chercheur de la Banque de France, auquel cas ils donnent lieu à un document de travail et durent 1h30 ;
• par un chercheur invité, notamment ceux dans le cadre de nos partenariats de recherche.

Langue

Anglais