The purpose of the IRFMP is to promote the discussion of innovative research on theoretical and empirical macroeconomic issues with relevance formonetary policy. This conference will also be an opportunity to mark the 20thanniversary of the Euro Area Business Cycle Network (EABCN). The...

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...

Organized around the theme “From Global Pandemic to Geopolitical Conflict: Pathways for the World Economy,” the symposium will examine the global economy as we emerge from the depths of the COVID-19 pandemic, as well as the far-reaching impacts of the conflict in Ukraine, elevated inflation...

The themes of the conference cover policy and practitioner-oriented research related to systemic risk measurement. We solicit contributions covering a broad range of techniques related to systemic risk analytics, particularly related to (but not limited to) the following themes: - Using systemic...

The PIER Tools Workshop consists of three six-hour mini-courses, nine hours of practical training sessions (labs), two distinguished guest lectures, the Penn Faculty Lecture, and a half-day, practice-oriented mini-workshop. The courses cover nonlinear models of credit booms, financial crises and...

"We study optimal monetary policy during times of exceptionally high global demand for tradable goods, relative to non-tradable services. The optimal monetary response entails a rise in inflation, which helps rebalance production toward the tradable sector. While the inflation costs are fully...

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.

Co-author: Luhang Wang (Xiamen University) . In China, the relative wages of high-skilled and low-skilled workers display huge variation across different regions. We examine whether financial intermediation development can explain such variation. Conceptually, better-developed financial...

Co-authors: Yiping Huang (Peking University), Han Qiu (Bank for International Settlements) and Changhua Yu (Peking University) Through the lens of a unique dataset covering the full borrowing history of sampled firms from both BigTech and traditional bank lenders in China, we compare the...