Conferences

Fourth Annual Conference of the Central Bank of Chile

10 Years of inflation targeting: Design, Performance, Challenges

Thursday, November 30, 2000

Inaugural Session (Press will be admitted)
Time Speaker Subject  
9:00-9:15 Chair: Carlos Massad, President, Central Bank of Chile Welcoming Remarks  
9:15-10:00 Jacob Frenkel, Director, Sovereign Advisor Group, (Merrill Lynch) Keynote Speech "Inflation Targets, Exchange rates and Monetary Policy"  
10:00-10:50
  • Felipe Morandé, Chief Economist, Central Bank of Chile
  • Discussant: Francisco Rosende, Catholic University of Chile
A Decade of Inflation Targeting in Chile: Developments, Lessons, and Challenges  
10:50-11:20 Coffee
Session 1. Inflation Targeting: Issues and Stylized Facts Chair: Jorge Desormeaux, Board Member, Central Bank of Chile
Time Speaker Subject  
11:20-12:10
  • Gabriel Sterne (Bank of England)
  • Discussant: Jorge Marshall (Central Bank of Chile)
 Inflation targets in a global context  
12:10-13:00
  • Frederic Mishkin* (Columbia University) and Klaus Schmidt-Hebbel* (Central Bank of Chile)
  • Discussant: Mark Stone (International Monetary Fund)
 One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need To Know?  
13:00-15:00 Lunch at Hotel Carrera (by invitation only)
Session 2. Assessing the Performance of Inflation Targeting Chair: María Elena Ovalle, Board Member, Central Bank of Chile
Time Speaker Subject  
15:30-15:50
  • Vittorio Corbo* (Catholic University of Chile), Óscar Landerretche (MIT), and Klaus Schmidt-Hebbel* (Central Bank of Chile)
  • Discussant: Alejandro Werner (Bank of Mexico)
 Does Inflation Targeting Make a Difference?  
15:50-16:20 Coffee
Session 3. The Design of Inflation Targeting Chair: Felipe Morandé, Chief Economist, Central Bank of Chile
Time Speaker Subject  
16:20-17:10
  • Jordi Galí (NYU and Pompeu Fabra University)
  • Discussant: Raimundo Soto (Central Bank of Chile)
 "Targeting Inflation in an Economy with Staggered Price Setting"  
17:10-18:00
  • Eric Parrado* (NYU) and Andrés Velasco (Harvard University)
  • Discussant: Norman Loayza (Central Bank of Chile)
 "Alternative Monetary Rules in the Open Economy: A Welfare-Based Approach"  
18:00 Cocktail at the Central Bank (by invitation only)

Note: In the case of papers by more than one author, the person in charge of the presentation is identified with an asterisk (*).