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Bruegel Annual Meetings, Day 2- In this session we would like to discuss monetary and macroeconomic policies after Covid-19.

September 2, 2021, 2:15 pm PALAIS DES ACADEMIES, RUE DUCALE 1 Public | On the Record Livestreamed Topic: Finance & Financial Regulation

A quicker than expected reopening is resulting in both pent-up demand and some supply bottlenecks (e.g. containers and microchips’ shortage), which, combined with strong base effects, increased energy prices, and a very stimulative policy mix, have led to a quick rise in inflation in some countries in the first half of 2021. This is particularly true in the US where inflation reached 4.9% yoy in May 2021, i.e. its highest level since September 2008. The situation is slightly different in the euro-area and in the UK where the recovery is lagging the US and inflation only reached 2% and 2.1%, respectively, in May.

At this stage, it’s still early to know if this is just a temporary phenomenon following the most peculiar recession in economic history or if we are witnessing a regime shift after decades of low inflation, due to profound changes in macroeconomic policies (a permanent increase in the use of fiscal policies, less independent central banks and/or fiscal dominance which could lead to a disanchoring of inflation of expectations) or in economic structures (e.g. demography, power dynamics between labour and capital). In this session, we will discuss these various possibilities with policymakers, academics and market participants.

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Schedule

Sep 2, 2021

14:15-14:45

Opening remarks

Chair:

Gita Gopinath, Chief Economist, International Monetary Fund

Lawrence H. Summers, Charles W. Eliot University Professor Harvard Kennedy School, Former United States Treasury Secretary

14:45-15:30

Panel discussion

Chair: Grégory Claeys, Senior Fellow

Per Callesen, Governor, Danmarks Nationalbank

Gita Gopinath, Chief Economist, International Monetary Fund

Jorge Sicilia Serrano, Chief Economist, BBVA Group, Spain

Lawrence H. Summers, Charles W. Eliot University Professor Harvard Kennedy School, Former United States Treasury Secretary

Speakers

Grégory Claeys

Senior Fellow

Per Callesen

Governor, Danmarks Nationalbank

Gita Gopinath

Chief Economist, International Monetary Fund

Jorge Sicilia Serrano

Chief Economist, BBVA Group, Spain

Lawrence H. Summers

Charles W. Eliot University Professor Harvard Kennedy School, Former United States Treasury Secretary

Location & Contact

PALAIS DES ACADEMIES, RUE DUCALE 1

Katja Knezevic

[email protected]

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