International Conference 2018 on "Understanding inflation dynamics: the role of costs, mark-ups and expectations"

25-26 October 2018 - Auditorium of the National Bank of Belgium in Brussels

On 25 and 26 October 2018 the National Bank of Belgium is holding its tenth biennial conference on the subject of 'Understanding inflation dynamics: the role of costs, mark-ups and expectations’.

Controlling inflation is the main objective of monetary policy. The low inflation rates over the past few years illustrate that stabilizing inflation is not straightforward. Recently, inflation realisations have surprised on several occasions. At the global level, inflation responses to the great recession were muted, but remained persistently below target during the recovery. In that environment, it should be no surprise that inflation expectations are hovering between the credibility of the inflation objective and the persistence of the actual inflation dynamics. In Belgium, the inflation trend has shown unusual deviations from the average euro area outcome. These observations have raised questions about the contribution of regulated price components, the passing on of cost moderation and the disciplining power of competition in all sectors of the economy.

A number of new research results on these themes will be presented at our conference. Ten teams of Belgian and international researchers will set out their findings, each time followed by a discussion with international experts.

The colloquium will be concluded by the inauguration of the Lamfalussy Lecture. The National Bank of Belgium has instituted this keynote lecture in honour of Alexandre Lamfalussy in order to preserve the intellectual heritage of this great European and central banker. The first lecture in this series will be presented by Mario Draghi, president of the ECB.