Understanding price dynamics: recent advances
Banque de France 15/16 October 2009, Paris
Thursday, 15 October
Registration and coffee 8.30 – 9.15
● INTRODUCTORY ADDRESS (9:15-9:30 a.m.): Pierre JAILLET, Director General of the Economics and International Relations Directorate, Banque de France
CHAIR: Pierre JAILLET (Banque de France)
● INVITED LECTURE: (9:30-10:30 a.m.) Pete KLENOW (Stanford University): “Microeconomic Evidence on Price-Setting.”
Coffee break (10:30-10:45 a.m.)
CHAIR: Julio ROTEMBERG (Harvard Business School)
● SESSION 1: NEW MICRO-EVIDENCE ON PRICE STICKINESS (10:45am-1:00pm) Fredrik WULFSBERG (Norges Bank): “Price Adjustments and Inflation Evidence from Consumer Price Data in Norway 1975–2004.” Discussant: Huw DIXON (Cardiff University)
Mikael CARLSSON (Sveriges Riksbank) and Oskar Nordström-Skans (Uppsala University): “Evaluating Micro Foundations for Price Setting: Evidence from Matched Firm-Level Data on Product Prices and Unit Labor Cost.” Discussant: Patrick SEVESTRE (Banque de France and Paris School of Economics) Denis Fougère (Crest-Insee, IZA & CEPR), Erwan GAUTIER (Banque de France), Hervé Le Bihan (Banque de France): “Restaurant Prices and the Minimum Wage.” Discussant: Oleksiy KRYVTSOV (Bank of Canada)
LUNCHTIME: 1:00pm-2:30pm
CHAIR: Michael DOTSEY (Federal Reserve Bank of Philadelphia)
● SESSION 2: SECTORAL HETEROGENEITY AND NOMINAL RIGIDITIES (2:30 - 4:45pm) Carlos CARVALHO (Federal Reserve of New-York) and Niels Dam (Danmarks Nationalbank): “Estimating the Cross-sectional Distribution of Price Stickiness from Aggregate Data.” Discussant: Luis J. ALVAREZ (Banco de España)
Bartosz MAĆKOWIAK (European Central Bank and CEPR), Emmanuel Moench (Federal Reserve Bank of New York), Mirko Wiederholt (Northwestern University): “Sectoral Price Data and Models of Price Setting.” Discussant: Philippe ANDRADE (Banque de France)
Hafedh Bouakez (HEC Montreal), Emanuela Cardia (Université de Montréal) and Francisco RUGE-MURCIA (Université de Montréal): “Sectoral Price Rigidity and Aggregate Dynamics.” Discussant: Niels Arne DAM (Danmarks Nationalbank)
Friday, 16 October
CHAIR: Gilbert CETTE (Banque de France)
● INVITED LECTURE: (9:15-10:15a.m.) Julio ROTEMBERG (Harvard Business School): “Behavioral aspects of price setting.”
Coffee break (10:15-10:30 a.m.)
CHAIR: Silvia FABIANI (Banca d’Italia)
● SESSION 3: IMPLICATIONS OF MICROECONOMIC PRICING PATTERNS (10:30am-12:45am) Takayuki Mizuno (Hitotsubashi University), Makoto Nirei (Hitotsubashi University) and Tsutomu WATANABE (Hitotsubashi University): “Real Rigidities: Evidence from an Online Marketplace.” Discussant: Etienne GAGNON (Federal Reserve Board)
Peter Karadi (NYU) and Adam REIFF (Magyar Nemzeti Bank): “Inflation Asymmetry and Menu Costs New Micro Data Evidence.” Discussant: Jerzy (Jurek) KONIECZNY (Wilfrid Laurier University and Rimini Centre for Economic Analysis)
Bernardo Guimaraes (LSE) and Kevin SHEEDY (London School of Economics): “Sales and Monetary Policy.” Discussant: Hafedh BOUAKEZ (HEC Montreal)
LUNCHTIME: 12:45am-2:00pm
CHAIR: Pete KLENOW (Stanford University)
● SESSION 4: RECENT ADVANCES ON MENU-COST MODELS (2:00-4:30pm)
Oleksiy KRYVTSOV (Bank of Canada) and Virgiliu Midrigan (NYU) “Inventories, Markups, and Real Rigidities in Menu Cost Models.” Discussant: Bartosz MAĆKOWIAK (ECB and CEPR)
James COSTAIN (Banco de España), Anton Nakov (Banco de España) “Dynamics of the Price Distribution in a General Model of State-Dependent Pricing” Discussant: Rafael WOUTERS (National Bank of Belgium)
Michael DOTSEY (Federal Reserve Bank of Philadelphia), Robert King (Boston University), Alexander Wolman (Federal Reserve Bank of Richmond) “Inflation and Real Activity with Firm Level Productivity Shocks.” Discussant: Michel JUILLARD (CEPREMAP & Banque de France)
Organisers Hervé LE BIHAN ([email protected]) Erwan GAUTIER ([email protected])