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Inflation targeting - prospects and challenges

This August 2019 conference was hosted by us and the International Monetary Fund and discussed topics surrounding inflation targeting.

Past Event
Reserve Bank of New Zealand

Programme for 28 August

Session one: Keynote 1

Session chair: Christie Smith (Electricity Authority)

Central bank mandates
Presented by: Jinill Kim (Korea University)

Session two: Understanding (wage) inflation

Session chair: Thomas Helbeing (International Monetary Fund)

Pass-through from short-term to long-term inflation expectations, and the anchoring of inflation expectations
Presented by: James Yetman (Bank for International Settlements)
Discussant: Karsten Chipeniuk (Reserve Bank of New Zealand)

Employer concentration and income growth in New Zealand
Presented by: Christopher Ball (Reserve Bank of New Zealand)
Discussant: Paul Cashin (International Monetary Fraud)

Session three: Frontiers in monetary policy modelling

Session chair: Odd Per Brekk (International Monetary Fund)

A demand theory of the price level
Presented by: Marcus Hagedorn (University of Oslo and CEPR)
Discussant: Yevgeniy Teryoshin (University of Nevada)

Inflation target uncertainty and monetary policy
Presented by: Yevgeniy Teryoshin (University of Nevada)
Discussant: Marcus Hagedorn (University of Oslo and CEPR)

Session four: Monetary - Fiscal interactions

Session chair: Murat Özbilgin (Reserve Bank of New Zealand)

Performance of simple interest rate rules subject to fiscal policy
Presented by: Nigel McClung (Bank of Finland)
Discussant: Joshua Aizenman (University of Southern California)

Inflation and exchange rate targeting challenges under fiscal dominance
Presented by: Joshua Aizenman (University of Southern California)
Discussant: Nigel McClung (Bank of Finland)

Programme for 29 August

Session five: Keynote two

Session chair: Chikahisa Sumi (International Monetary Fund)

Labour market
Presented by: Mary C. Daly (Federal Reserve Bank of San Francisco)

Session six: Inflation expectations

Session chair: Adam Richardson (Reserve Bank of New Zealand)

The impact of regime change on the influence of the central bank's inflation forecasts: Recent evidence from Japan
Presented by: Toshitaka Sekine (Bank of Japan)
Discussant: Thomas Helbling (International Monetary Fund)

Anchoring of Japanese inflation expectations
Presented by: Paul Cashin (International Monetary Fund)
Discussant: Christopher Ball (Reserve Bank of New Zealand)

Session seven: Panel discussion: Issues in monetary policy

Moderator: Yuong Ha (Reserve Bank of New Zealand)

Panelists: Christian Hawkesby (Reserve Bank of New Zealand), Marzunisham Bin Omar (Bank Negara Malaysia), James Yetman (Bank for International Settlements) and Michael D Patra (Reserve Bank of India)

Session eight: Panel discussion: Governance of central banks

Moderator: Odd Per Brekk (International Monetary Fraud)

Panelists: Geoff Bascand (Reserve Bank of New Zealand), Jonathan Kearns (Reserve Bank of Australia) and Toshitaka Sekine (Bank of Japan)