Monetary policy responses to the post-pandemic inflation: What happened and lessons learned


April 19, 2024, 9:45 AM to 12:45 PM EDT
PIIE Webcast, Washington, DC

Olivier Blanchard (PIIE), Bill English (Yale School of Management), Charles L. Evans (Former Federal Reserve Bank of Chicago), Kristin Forbes (MIT Sloan School of Management), Klaas Knot (De Nederlandsche Bank), Roberto Perli (Federal Reserve Bank of New York), Dave Ramsden (Bank of England), Ángel Ubide (Citadel LLC) and Carolyn A. Wilkins (Griswold Center for Economic Policy Studies, Princeton University)


Panel 1: What Caused the Inflation, and What Central Banks Did

Friday April 19, 2024, 9:45 AM EDT

Kristin Forbes,
Jerome and Dorothy Lemelson Professor of Management and Global Economics, MIT Sloan School of Management


Olivier Blanchard
Senior Fellow, PIIE

Jonathan Heath
Deputy Governor, Central Bank of Mexico

Dave Ramsden
Deputy Governor, Markets, Banking, Payment and Resolution, Bank of England

Ángel Ubide
Citadel LLC

Panel 2: Financial Markets, Financial Stability, and Monetary Policy Mandates

Friday April 19, 2024, 11:45 AM EDT

Bill English, Eugene F. Williams, Jr. Professor of the Practice, Yale School of Management


Charles L. Evans
Former President and CEO, Federal Reserve Bank of Chicago

Roberto Perli
Manager of the System Open Market Account, Federal Reserve Bank of New York

Carolyn A. Wilkins
Senior Research Scholar, Griswold Center for Economic Policy Studies, Princeton University


Event Summary

As economies recovered from the COVID-19 pandemic, inflation spiked to its highest levels in decades. This tested both central banks' commitment to price stability and the effectiveness of their frameworks and tools. This event features a panel of presentations that draws from a new book published by the Centre for Economic Policy Research (CEPR), Monetary Policy Responses to the Post-Pandemic Inflation, edited by Bill English , Kristin Forbes, and Ángel Ubide , with contributions by senior policymakers and leading economists exploring how central banks across the globe responded to these challenges. What strategies did they follow? How did their responses differ—and why? What did we learn about the risks to financial stability from sharp and unexpected increases in interest rates? This wide range of experiences provides important insights and lessons to better tackle the next inflationary episode.

The event has three parts. The first part features a summary of main conclusions from the book by Ángel Ubide, managing director and head of Economic Research for Global Fixed Income and Macro, Citadel LLC, followed by two panels.