3rd BIS Annual Conference: Understanding Low Inflation and Deflation

Brunnen, Switzerland, 18-19 June 2004


Friday, 18 June     Inflation and deflation dynamics

Opening remarks (William White, BIS)  (PDF, 19 kb)
Morning sessions (Chair: Lars Heikensten, Sveriges Riksbank )
Session 1: Changes in the inflation process (Stephen Cecchetti, Brandeis University and Guy Debelle, BIS)

Discussants: Ignazio Angeloni, ECB; Jordi Galí, Centre de Recerca en Economia Internacional (CREI)
Session 2: Deflation in historical perspective (Michael Bordo, Rutgers University and Andrew Filardo, BIS)

Discussants: Patrick Minford, Cardiff Business School; Fernando Restoy, Bank of Spain
Afternoon sessions (Chair: Vittorio Corbo, Central Bank of Chile)
Session 3: Price setting and deflation in Asia (Hans Genberg, Graduate Institute of International Studies)

Discussants: Laurence Ball, John Hopkins University; Steven Kamin, Federal Reserve Board
Session 4: Panel on 'Deflation and the financial system' (Presenters: Lesley Daniels-Webster, JP Morgan Chase; Takumi Shibata, Nomura Securities)

Discussant: Philipp Hildebrand, Swiss National Bank

Saturday, 19 June     Implications for monetary policy

Morning sessions (Chair: David Longworth, Bank of Canada)
Session 5: Deflation in Japan: causes, consequences and policy options (Masaaki Shirakawa and Kazuo Ueda, Bank of Japan)

Discussants: Michael Mussa, Institute for International Economics; Marc Olivier Strauss-Kahn, Banque de France
Session 6: Beyond current policy frameworks (Charles Goodhart, London School of Economics) 

Discussants: Ignazio Visco, Banca d'Italia; Edwin Truman, Institute for International Economics
Afternoon sessions (Chair: Malcolm Knight, BIS)
Session 7: Overview panel (Ben Bernanke, Federal Reserve Board; Willem Buiter, EBRD; Lucas Papademos, ECB)