Unbalanced Sectoral Inflation Dynamics: Lessons for Monetary Policy

Mise en ligne le 20 Novembre 2023

04 Décembre 2023 - 09:00

Paris, Banque de France, December, 4-5, 2023

The conference is exploring new results on sectoral heterogeneity in the inflation process and the consequences for monetary policy.


Monday, 4 December

9h00 – 9h30 Registration & Welcome Coffee

9h30-11h10 Session 1: A disaggregated view on inflation

Chair: Christoph Grosse-Steffen (Banque de France)

-    Hassan Afrouzi (Columbia University), “Inflation and GDP Dynamics in Production Networks: ” A Sufficient  Statistics Approach”, with S. Bhattarai.

-    Santiago E. Alvarez-Blaser (University of Basel), “The granular origins of inflation and its international comovement”, with R. Auer, S. Lein and A. Levchenko.

11h10-11h40 Coffee break
11h40 – 13h10 Session 2. Shock propagation with input-output linkages

Chair: Giulia Sestieri (Banque de France)

-     Mishel Ghassibe (CREi & Barcelona School of Economics), “Endogenous production networks and non-linear monetary transmission”.
-     Ambrogio Cesa-Bianchi (Bank of England), “The Transmission of Keynesian Supply Shocks”, with A. Ferrero.

13h10-14h00  Lunch
14h00-15h40 Session 3. The role of input supply constraints for inflation and monetary policy

Chair: Andreas Schaab (TSE)

-    Callum Jones (Fed. Reserve Board), “Supply Chain Constraints and Inflation”, with D. Comin and R. Johnson.
-    Christoph Grosse-Steffen (Banque de France), “Global Sectoral Supply Shocks, Inflation and Monetary Policy”, with M. Elsayed and M. Marx. 

15h40-16h15 Break

16h15-17h15 Keynote speaker: Alireza Tahbaz-Salehi (Northwestern University) “The Macroeconomics of Supply Chain Disruptions”, with D. Acemoğlu.

Chair: Matthieu Bussière (Banque de France)


Tuesday, 5 December

9h00-9h30 Opening remarks, Olivier Garnier (Director General Economics, Statistics and International)

9h30-10:20 Session 4. Supply constraints, inflation and monetary policy in the Euro Area 

Chair: Magali Marx (Banque de France)             

- Almut Balleer (RWI Essen), “Monetary Policy in the presence of supply constraints: evidence from German firm-level data”, with M. Noeller. 

10h20-11h00 coffee break 

11h00-12h40 Session 5. Monetary policy in multi-sector HANK models 

Chair: Adrian Penalver (Banque de France) 

- Stacy Yingqi Tan (Tsinghua University), “Monetary and Fiscal Policy According to HANK-IO”, with A. Schaab. 
- Vincent Sterk (University College London), “Optimal Monetary Policy during a Cost-of-Living Crisis”, with A. Olivi and D. Xhani. 


Scientific & organizing committee: 
-    Christoph Grosse-Steffen (Banque de France)
-     Magali Marx (Banque de France) 
-    Andreas Schaab (Toulouse School of Economics)





Visuel - Unbalanced Sectoral Inflation Dynamics: Lessons for Monetary Policy


Mise à jour le 1 Décembre 2023