Issues in Inflation Targeting
Summary by Robert Amano and Raphael Solomon, Research Department
Introduction
Robert Amano and Raphael Solomon
Opening Remarks
Agathe Côté
Session 1: Inflation Targeting in Canada
The Road Ahead for Canadian Inflation Targeting
Christopher Ragan
Session 2: Inflation Dynamics
The New Keynesian Phillips Curve When Inflation Is Non-Stationary: The Case for Canada
Bergljot Bjørnson Barkbu and Nicoletta Batini
Discussion: Günter Coenen
Factor-Market Structure, Shifting Inflation Targets, and the New Keynesian Phillips Curve
Robert Amano and Stephen Murchison
Discussion: Jean Boivin
General Discussion: Sharon Kozicki
Session 3: Asset Prices and Monetary Policy
Exchange Rate Volatility, Pass-Through, Trade Patterns, and Inflation Targets
Steven Globerman and Paul Storer
Discussion: Lucie Samson
Monetary Policy, Asset Prices, and Misspecification
Robert Tetlow
Discussion: (based on remarks by Klaus Schmidt-Hebbel)
General Discussion: Philip Lowe
John Kuszczak Memorial Lecture
The Inflation-Targeting Debate
Frederic S. Mishkin
Session 4: The Zero Lower Bound on Nominal Interest Rates
The Zero Lower Bound on Interest Rates and Monetary Policy in Canada
Francisco Ruge-Murcia
Discussion: Peter Ireland
Session 5: Welfare Implications
The Welfare Implications of Inflation versus Price-Level Targeting in a Two-Sector, Small Open Economy
Eva Ortega and Nooman Rebei
Discussion:
Craig Burnside
Learning and the Welfare Implications of Changing Inflation Targets
Kevin Moran
Discussion: (based on remarks by Andrew Levin)
General Discussion: Vitor Gaspar
Panel Discussion
Discussion 1: Paul Beaudry
Discussion 2: Pierre Duguay
Discussion 3: Peter Howitt