Inflation in an Era of Relative Price Shocks

Organizers

Westfälische Wilhelms University Münster, Germany
Wilfrid Laurier University and Viessmann European Research Centre, Waterloo , Canada
Centre for Applied Macroeconomic Analysis (CAMA), Australian National University, Australia
and
Reserve Bank of Australia , Australia

Program

Tuesday, June 16

12:30 – 13:00 Arrival of participants and light snacks

Location: Alexander von Humboldt-Haus, Hüfferstraße 61,

48149 Münster

Please note that the papers are not to be quoted or cited without the express knowledge or permission of the authors

Opening Session

13:00 – 13:10 Words of Welcome

Ursula Nelles , President of the Westfälische Wilhelms

University

Session I Chair: Martin T. Bohl , Westfälische Wilhelms University

13:10 – 14:00 "Macroeconomic Determination of Agricultural and Mineral Commodity Prices", Jeffrey Frankel , Harvard University

Discussant: Marco Lombardi , European Central Bank

14:00 – 14:50 "Oil Price Shocks, Monetary Policy and Stagnation " Lutz Kilian , University of Michigan [Presentation]

Discussant: Christiane Baumeister , Ghent University

14:50 – 15:10 Coffee Break

Session II Chair: Bernd Kempa , Westfälische Wilhelms University Münster

15:10 – 16:00 "Global Relative Price Shocks: The Role of Macroeconomic Policies" Warwick J. McKibbin , Centre for Applied Macroeconomic Analysis

Discussant: Ansgar Belke , University of Essen

16:00 – 16:50 "Global Inflation: Determinants and Prospects", Robert Anderton , European Central Bank

Discussant: David Sondermann , Westfälische Wilhelms University

Dinner 18:30 – 21:00 MENU

Location: Mövenpick Hotel Münster, Kardinal-von-Galen-Ring 65,

48149 Münster

Wednesday, June 17

Session III Chair: Renee Fry, CAMA

09:00 – 09:50 "Oil and the Euro Area Economy", Gert Peersman , Ghent University

Discussant: Torben Hendrix , University of Essen

09:50 – 10:40 "Investigating Price Level Dynamics with an Unobserved Components Model", Tara M. Sinclair , The George Washington University [Presentation]

Discussant: Tino Berger, Westfälische Wilhelms-University [Discussion]

10:40 – 11:00 Coffee Break

Session IV Chair: Warwick J. McKibbin , Centre for Applied Macroeconomic Analysis

11:00 – 11:50 "What Drives Inflation Around the World", Klaus Schmidt-Hebbel, Pontifica Universidad Catolica de Chile

Discussant: Simon Price, Bank of England [Discussion]

11:50 – 12:40 "Relative Price Shocks, Inflation Expectations, and the Role of Monetary Policy Strategies", Pierre L. Siklos , Wilfrid Laurier University

Discussant: Ine van Robays , Ghent University

12:40 – 13:30 "Ditch the Ex! Measure Core Inflation with a Disaggregate Ensemble", Shaun P. Vahey , Melbourne Business School

Discussant: Tara M. Sinclair , The George Washington University [Discussion]

End of Conference

Session structure: 30 minutes presentation, 10 minutes discussant, 10 minutes discussion by audience.

Acknowledgement: The organizers are grateful to the sponsors below for their financial support of this workshop.

ARRIVAL

• Public transport: Please find the bus schedule from the FMO airport to the main railway station Münster here . Please find the bus schedule fom the main railway station Münster to the bus stop "Schützenstrasse" here . Please find the description of the way from the bus stop "Schützenstrasse" to the hotel (Stadthotel Münster, Aegidiistraße 21) here.
  

Martin Bohl (WWU Munster), Renee Fry (CAMA), Bernd Kempa (WWU Munster), Chris Kent (RBA), Warwick McKibbin (CAMA), Pierre Siklos (WLU).

Alternate Website

The revised drafts of some of the foregoing papers will be posted on the Reserve Bank of Australia's website following the August version of the conference. The link is http://www.rba.gov.au/PublicationsAndResearch/Conferences/

Sponsors

THE SECOND PART OF THE CONFERENCE WAS HELD IN SYDNEY, AUSTRALIA, AT THE RESERVE BANK. PLEASE CLICK ON THE LINK IN THE SCREEN SHOT BELOW FOR DETAILS




A FEW PHOTOS FROM THE SYDNEY CONFERENCE