We document a new fact: in U.S., European and Japanese surveys, households do not expect deflation, even in environments where persistent deflation is a strong possibility. This fact stands in contrast to the standard macroeconomic models with rational expectations. We extend a New Keynesian...

This policy panel will conclude our trilogy on the links between climate change and inflation. Our panelists will discuss the recent evidence of climate change and mitigation policies driving price levels and ask: are central banks in the position to act against these growing pressures? And what...

Topics: - Global inflation and the natural rate of interest: understanding drivers, persistence, and longer-term outlook; - Global commodity cycle; - Global spillovers from unconventional monetary policies, tapering, and central bank communications; - International monetary policy interaction and...

The conference aims to close gaps in our understanding of the international transmission of vulnerabilities, shocks and policies, and the trade-offs for policymakers, in the current environment of incomplete and divergent recoveries, high uncertainty, and structural change.

Donata Faccia, Miles Parker, and Livio Stracca, in their paper investigate how extreme temperatures affect medium-term inflation, the primary objective of monetary policy.

A mixed-frequency semi-structural model is used for estimating unobservable quantities such as the output gap, the Phillips curve and the NAIRU in real time. We consider two specifications: in one the output gap is observed as the official CBO measure, in the other is unobserved and derived via...

Online BOFIT seminars are open to all researchers interested in the subjects covered.

Topics to be discussed include but are not limited to: - Empirical behavior of gross and net flows and the labor market stocks; - Flows of workers versus jobs; - Cross-country relationships between labor flows and macroeconomic variables; - The role of labor market policies for labor market...

The FSC Research Workshop 2021 will be held on 19 November in conjunction with the Financial Stability Conference (FSC) as an online event. The workshop discusses relevant aspects in the context of corona crisis, climate change risks and crisis management. The challenge is to give a brief and...

The conference brings together leading economic scholars and policy practitioners to discuss cutting-edge research addressing Europe’s economic policy challenges. It is jointly organised by the European Commission’s Directorate-General for Economic and Financial Affairs and the Joint...