Inflation: Drivers and Dynamics 2025 Conference

Registration and Welcome Coffee

Welcome address

Session 1 – Pricing and Production Networks

Session chair: Sarah Holton, European Central Bank

Business Cycles with Pricing Cascades

Mishel Ghassibe*, Centre de Recerca en Economia Internacional (CREi), Barcelona School of Economics and Universitat Pompeu Fabra

Discussant: James Costain, Bank of Spain

Uncertainty through the Production Network: Sectoral Origins and Macroeconomic Implications

• Giacomo Candian*, HEC Montréal and Centre interuniversitaire de recherche en analyse des organisations (CIRANO)
• Matteo Cacciatore HEC Montréal, Bank of Canada and National Bureau of Economic Research (NBER)

Discussant: Efrem Castelnuovo, University of Padova

Supply Chain Networks and the Macroeconomic Expectations of Firms

• Ina Hajdini*, Federal Reserve Bank of Cleveland
• Saten Kumar, Auckland University of Technology
• Samreen Malik, New York University Abu Dhabi
• Jordan Norris, New York University Abu Dhabi
• Mathieu Pedemonte, Federal Reserve Bank of Cleveland

Discussant: Tiziano Ropele, Bank of Italy

Coffee Break

Keynote Speech: Oil, Inflation Expectations and Household Characteristics: A Nonlinear Heterogenous Agent VAR Approach

Christiane Baumeister, University of Notre Dame

Introduction and Chair: Chiara Osbat, European Central Bank

Buffet Lunch and Poster Session I

Policy Panel

• Beth M. Hammack, Federal Reserve Bank of Cleveland
• David E. J. Ramsden, Bank of England
• Philip R. Lane, European Central Bank

Moderator: Benoît Mojon, Bank for International Settlements 

Coffee Break

Session 2 – Inflation Expectations

Session chair: Damjan Pfajfar, Federal Reserve Bank of Cleveland

The Macroeconomic Effects of Inflation Expectations: The Distribution Matters

• Guido Ascari*, Università degli Studi di Pavia, De Nederlandsche Bank and Centre for Economic Policy Research (CEPR)
• Paolo Bonomolo, De Nederlandsche Bank and European Central Bank
• Alessandro Celani, Örebro University

Discussant: Michael Ehrmann, Frankfurt School of Finance & Management

Information and Macroeconomic Expectations: Global Evidence

• Michael Weber*, Booth School of Business, University of Chicago and National Bureau of Economic Research (NBER)
• Francesco D'Acunto, McDonough School of Business, Georgetown University

Discussant: Fiorella De Fiore, Bank for International Settlements

How Inflation Expectations De-Anchor: The Role of Selective Memory Cues

• Raphael Schoenle*, Brandeis University
• Nicola Gennaioli, Bocconi University
• Marta Leva, Bocconi University
• Andrei Shleifer, Harvard University

Discussant: Lena Dräger, Leibniz Universität Hannover 

Dinner – by invitation only

Coffee

Session 3 – Firm Pricing Theories

Session chair: Ina Hajdini, Federal Reserve Bank of Cleveland

Rationing Under Sticky Prices

Tom D. Holden*, Deutsche Bundesbank

Discussant: Andrey Alexandrov, Tor Vergata University of Rome 

Firm Wage Setting and the On-the-Job Search Limit Wage-Price Spirals

• Jacob P. Weber*, Federal Reserve Bank of New York
• Justin Bloesch, Department of Economics and ILR, Cornell University
• Seung Joo Lee, Saïd Business School, University of Oxford

Coffee break

Session 4 – Trade and Inflation

Session chair: Elena Bobeica, European Central Bank

Trade Costs and Inflation Dynamics

• Albert Queralto*, Federal Board of Governors of the Federal Reserve System
• Pablo Cuba-Borda, Federal Board of Governors of the Federal Reserve System
• Ricardo Reyes-Heroles, Federal Reserve Bank of Dallas
• Mikaël Scaramucci, University of California, Los Angeles

Discussant: Ine Van Robays, European Central Bank

Trade Fragmentation, Inflationary Pressures and Monetary Policy

• Jenny Chan*, Bank of England
• Maria Ludovica Ambrosino, London Business School
• Silvana Tenreyro, London School of Economics and Political Science, The Centre for Macroeconomics, UK, Centre for Economic Policy Research (CEPR)

Discussant: Giancarlo Corsetti, European University Institute 

Buffet Lunch and Poster Session II
Foyer

Keynote Speech: When do deficits fuel inflation?

Gauti B. Eggertsson, Brown University

Introduction and chair: Peter Karadi, European Central Bank

Coffee Break

Session 5 – Inflation and Monetary Policy

Session chair: Edward Knotek, Federal Reserve Bank of Cleveland

The Taming of the Skew: Asymmetric Inflation Risk and Monetary Policy

• Andrea De Polis*, University of Strathclyde and Economic Statistics Centre of Excellence (ESCOE), UK.
• Leonardo Melosi, University of Warwick, European University Institute, De Nederlandsche Bank, and Centre for Economic Policy Research (CEPR)
• Ivan Petrella, Collegio Carlo Alberto, University of Turin, and Centre for Economic Policy Research (CEPR)

Discussant: Matthias Rottner, Bank for International Settlements

Monetary Policy across Inflation Regimes

• Katerina Petrova*, Federal Reserve Bank of New York, Universitat Pompeu Fabra and Barcelona School of Economics
• Valeria Gargiulo, Universitat Pompeu Fabra
• Christian Matthes, Indiana University

Discussant: Marco Lombardi, Bank for International Settlements

Closing Remarks and Thanks