The Bank of Italy hosted the Workshop on "Monetary Policy in the New Normal: Strategy, Instruments and Transmission". The conference took place in Rome on October 11, 2019.
The conference brought together leading economists from academia and central banks to discuss recent theoretical and empirical works on monetary policy, with a particular focus on policy strategies, instruments and transmission mechanisms in the current low interest rate environment.
The workshop featured two keynote speeches. Paolo Pesenti (Federal Reserve Bank of New York), provided a discussion of the benefits and costs of alternative monetary policy strategies. Jordi Galí (CREI, Universitat Pompeu Fabra and Barcelona GSE) discussed his recent research about the optimal inflation target in a low interest rate environment.
