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DTSTART:20261025T030000
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UID:calendar.141775.field_date.0@www.tse-fr.eu
DTSTAMP:20260712T021200Z
CREATED:20260204T101001Z
DESCRIPTION:Guido Ascari (De Nederlandsche Bank - University of Rotterdam\;
 University of Pavia)\, “Monetary policy in the Euro Area\, when Phillips c
 urves ... are curves”\, Macroeconomics Seminar\, TSE\, June 2\, 2026\, 14:
 00–15:30\, room Auditorium 4.\n\nWe study monetary policy in an environmen
 t where price and wage Phillips curves\nexhibit true curvature. To this en
 d\, we propose a New Keynesian model with endogenous adjustment of price a
 nd wage setting frequencies\, moving beyond the quasi-linear\nstructure of
  standard nonlinear NK Phillips curves. Using euro area data from 1999Q1 t
 o\n2024Q4\, we estimate and simulate the non-linear model\, analyzing the 
 recent inflation\nsurge and the implications of state-dependent prices and
  wages for monetary policy.\nUnlike conventional models\, our framework do
 es not attribute inflation dynamics primarily to exogenous supply shocks. 
 Instead\, the impact of shocks is asymmetric and depends on their timing\,
  size\, and the business cycle. Consequently\, the inflation–output\nstabi
 lization trade-off is state-dependent: monetary policy is more effective i
 n curbing\ninflation\, and supply shocks have larger effects during period
 s of high inflation.
DTSTART;TZID=Europe/Paris:20260602T150000
DTEND;TZID=Europe/Paris:20260602T163000
LAST-MODIFIED:20260528T001001Z
LOCATION:TSE\, June 2\, 2026\, 14:00–15:30\, room Auditorium 4
SUMMARY:Macroeconomics Seminar
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-monetary-policy-euro-area-
 when-phillips-curves-are-curves
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