Inflation targeting twenty years on

Norges Bank, Oslo, 11-12 June 2009


  • Institute for Monetary and Financial Stability (IMFS), Goethe University, Frankfurt am Main, Germany
  • and Norges Bank Monetary Policy

Programme committee:

  • David Cobham, Heriot-Watt University
  • Øyvind Eitrheim, Norges Bank
  • Stefan Gerlach, IMFS
  • Jan F. Qvigstad, Norges Bank


Thursday 11 June:

8:30 – 9:00 Registration, Coffee and biscuits

Opening Session

9:00 – 9:15 Words of welcome, Deputy Governor Jan F. Qvigstad, Norges Bank

9:15 – 10:00 Personal reflections on inflation targeting, Governor Athanasios Orphanides, Central Bank of Cyprus

Session I  A broad view on inflation targeting over two decades, Chair: Ida Wolden Bache, Norges Bank

10:00 – 10:45 Inflation Targeting at 20: Achievements and Challenges, Scott Roger, IMF, Discussant: Rania A. Al-Mashat, Central Bank of Egypt

10:45 – 11:15 Coffee Break

Session I (cont’d)

11:15 – 12:00 The evolution to inflation targeting: how we got here and where we are going, Daniel L. Thornton, Federal Reserve Bank of St. Louis, Discussant: Lars Jonung, European Commission

12:00 – 12:45 Inflation targeting and emerging market economies, Klaus Schmidt-Hebbel, Catholic University of Chile, Discussant: Stefan Gerlach, IMFS

12:45 – 14:00 Lunch 1st floor (“Speilsalen“)
Lunch speech by Lars E. O. Svensson, Deputy Governor Sveriges Riksbank: Theory meets practice: What I have learnt doing IT 

Session II  Inflation targeting and financial stability, Chair: Stefan Gerlach, IMFS

14:00 – 14:45  Inflation targeting and Asset prices, Christopher Allsopp, Oxford University and Oxford Institute for Energy Studies, Discussant: Sean Holly, Cambridge University

14:45 – 15:30  The Optimal Monetary Policy Instrument, Inflation versus Asset Price Targeting, and Financial Stability, Charles A.E. Goodhart, LSE, Carolina Osorio and Dimitrios P.  Tsomocos, Oxford University, Discussant: Michael R. Wickens, University of York

15:30 – 16:00 Coffee Break

Session III Inflation targeting from a global perspective,  Chair: Øyvind Eitrheim, Norges Bank

16:00 – 16:45  Inflation control around the world: why are some countries more successful than other?, Thórarinn G. Pétursson, Central Bank of Iceland, Discussant: Benoit Mojon, Banque de France

16:45 – 17:30  Targeting inflation in Asia and the Pacific: lessons from the recent past , Andrew Filardo, BIS and Hans Genberg, HKMA, Discussant: David Cobham, Heriot-Watt University

Conference dinner hosted by Governor Svein Gjedrem (by invitation only)
19:00 Ekeberg Restaurant
Dinner speech by Charles Goodhart, LSE: Has the Financial Crisis any Implications for Central Bank Independence?

Friday 12 June

8:00 – 8:30 Registration, Coffee and biscuits

Session IV  Inflation targeting, expectations and learning, Chair: David Cobham

8:30 – 9:15 Expectations, Deflation traps and Macroeconomic Policy, George Evans, University of Oregon and Seppo Honkapohja, Cambridge University and Bank of Finland, Discussant: Krisztina Molnar, Norwegian School of Economics and Business Administration

9:15 – 10:00 Heterogeneous expectations, learning and European inflation dynamics, Anke Weber, Cambridge University, Discussant: Christopher Kent, Reserve Bank of Australia

10:00 – 10:30 Coffee Break

Session V  Inflation targeting and forecasting, Chair: David Cobham

10:30 – 11:15 Ditch the Ex! Measure core inflation with a disaggregate ensemble, Francesco Ravazzolo and Shaun Vahey, Discussant: James Mitchell, NIESR

11:15 – 12:00 Inflation targeting and private sector forecasts, Stephen G. Cecchetti, BIS and Craig S. Hakkio, Federal Reserve Bank of Kansas City, Discussant: Steinar Holden, University of Oslo

12:00 – 13:00 Lunch

Session VI  Inflation targeting and transparency, Chair: Anne Berit Christiansen

13:00 – 13:45 Testing the transparency benefits of inflation targeting: evidence from private sector forecasts, Christopher Crowe, IMF, Discussant: Petra Geraats, Cambridge University

13:45 – 14:30 Gauging the effectiveness of central bank forward guidance, Magnus Andersson and Boris Hofmann, ECB, Discussant: Niels Lynggård Hansen, Danmarks Nationalbank

14:30 – 15:00 Coffee Break

Panel session, Moderator: Stefan Gerlach

15:00 – 17:00 Inflation targeting : where do we go from here?, Panelists: Spencer Dale (Bank of England), Hans Genberg (Hong Kong Monetary Auhtorities), Lars Heikensten (European Court of Auditors) and Sushil Wadhwani (Wadhwani Asset Management)

Closing Session

17:00  Final remarks, Governor Svein Gjedrem, Norges Bank

Published 8 October 2008 17:31