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For the past decade, inflation hasn’t behaved the way economic models predicted. The inflation rate didn’t fall as much during the Great Recession as expected, and it hasn’t climbed as much as expected as the economy and labor market recovered. An earlier generation of central bankers struggled to bring inflation down. Today, the Federal Reserve and other major central banks are struggling to bring inflation up to their publicly announced targets. Experts are debating if the global economy has changed in profound ways, or if inflation is simply sleeping and will awaken sometime.
On October 3, the Hutchins Center on Fiscal & Monetary Policy at Brookings explored the various explanations for the unusual behavior of inflation and the implications for monetary and other policy, with several experts.
It’s all about monetary policy and inflation expectations
It’s all about technology and globalization
It’s all about the labor market
So what are the implications for policy?
Agenda
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October 3
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Introduction
Glenn Hutchins Co-Chair of the Board - The Brookings Institution, Co-Founder - North Island -
The puzzle
Janet L. Yellen United States Secretary of the Treasury - United States Department of the Treasury, Former Distinguished Fellow in Residence - Economic Studies -
It’s all about monetary policy and inflation expectations
Moderator
Nellie Liang Under Secretary for Domestic Finance - United States Department of the Treasury, Former Senior Fellow - Economic StudiesPanelist
Silvana Tenreyro Member, Monetary Policy Committee - Bank of England, Professor in Economics - London School of Economics
Michael Weber Associate Professor of Finance - University of Chicago Booth School of Business -
It’s all about technology and globalization
Moderator
Louise Sheiner The Robert S. Kerr Senior Fellow - Economic Studies, Policy Director - The Hutchins Center on Fiscal and Monetary Policy @lsheinerPanelist
Alberto Cavallo Edgerley Family Associate Professor of Business Administration - Harvard Business School
Kristin J. Forbes Jerome and Dorothy Lemelson Professor of Management, Professor of Global Economics and Management - MIT-Sloan School of Management -
It’s all about the labor market
Moderator
Stephanie Aaronson Senior Associate Director, Division of Research and Statistics - Federal Reserve BoardPanelist
Ekaterina Peneva Principal Economist, Prices and Wages - Federal Reserve Board -
So what are the implications for policy?
Moderator
David Wessel Director - The Hutchins Center on Fiscal and Monetary Policy, Senior Fellow - Economic Studies @davidmwesselPanelist
Ben S. Bernanke Distinguished Senior Fellow - The Brookings Institution, Economic Studies @BenBernanke
Olivier Blanchard C. Fred Bergsten Senior Fellow - Peterson Institute for International Economics @ojblanchard1
Paul Krugman Op-Ed Columnist - The New York Times
Loretta Mester President and CEO - Federal Reserve Bank of Cleveland
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