Inflation dynamics: the role of labour markets, productivity and globalization

Thursday 19 May 2016

Opening remarks
Julio Velarde (Governor of the Central Reserve Bank of Peru)

Session I - Wage and Price Setting
Chair: Enrique Alberola (Bank for International Settlements)

Endogenous wage indexation and aggregate shocks by Julio A. Carrillo Gert Peersman and Joris Wauters (Bank of Mexico) (paper, appendix, presentation)
Discussant: Giorgio Primiceri (Northwestern University) (discussion)

Wage and price setting: New evidence from Uruguayan firms by Fernando Borraz, Gerardo Licandro and Daniela Sola (Central Bank of Uruguay) (paper, presentation)
Discussant: Charles Engel (University of Wisconsin) (discussion)

Session II - Exchange Rates, Interest Rates and Pass-Through
Chair: Marco Vega (Central Reserve Bank of Peru)

Nonlinear pass-through of exchange rate shocks on inflation: A Bayesian Smooth Transition VAR approach by Hernán Rincón and Norberto Rodríguez (Bank of the Republic of Colombia) (paper - later published as BIS Working Papers, no 690 - presentation)
Discussant: David Parsley (Vanderbilt University) (discussion)

Pass-through, expectations and risks. What affect Chilean banks' interest rates? by Michael Pedersen (Central Bank of Chile) (paper, presentation)
Discussant: Alessandro Rebucci (Johns Hopkins University) (discussion)

Session III - Credit Conditions, Unemployment and Inflation
Chair: Ramon Moreno (Bank for International Settlements)

Downward nominal wage rigidity in Canada: Evidence against a 'greasing effect' by Joel Wagner (Bank of Canada) (paper, presentation)
Discussant: Federico Ravenna (HEC Montreal) (discussion)

Friday 20 May 2016

Session III - Credit Conditions, Unemployment and Inflation (continued)

Unemployment and gross credit flows in a New Keynesian framework by David Florian-Hoyle and Johanna L. Francis (Central Reserve Bank of Peru) (paper, presentation)
Discussant: Raoul Minetti (Michigan State University) (discussion)

Session IV - Productivity, Price Stickiness and the Labour Market Participation
Chair: Adrian Armas (Central Reserve Bank of Peru)

Labor demand management in search equilibrium by Cynthia L. Doniger and David López-Salido (Board of Governors of the Federal Reserve System) (paper, presentation)
Discussant: Russell Cooper (Penn State University) (discussion)

Labor markets in heterogenous sectors by Sergio A. Lago Alves (Central Bank of Brazil) (paper, presentation)
Discussant: Peter Rupert (University of California, Santa Barbara) (discussion)

Conclusions and final remarks 
Enrique Alberola (Chief Representative, Bank for International Settlements, Office for the Americas)