BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Date iCal//NONSGML kigkonsult.se iCalcreator 2.20.2//
METHOD:PUBLISH
X-WR-CALNAME;VALUE=TEXT:TSE
BEGIN:VTIMEZONE
TZID:Europe/Paris
BEGIN:STANDARD
DTSTART:20251026T030000
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
RDATE:20261025T030000
TZNAME:CET
END:STANDARD
BEGIN:DAYLIGHT
DTSTART:20260329T020000
TZOFFSETFROM:+0100
TZOFFSETTO:+0200
TZNAME:CEST
END:DAYLIGHT
END:VTIMEZONE
BEGIN:VEVENT
UID:calendar.142589.field_date.0@www.tse-fr.eu
DTSTAMP:20260519T042832Z
CREATED:20260518T071001Z
DESCRIPTION:Cristina Manea (BIS)\, “Targeted Taylor Rules: Some Evidence an
 d Theory”\, Séminaire Banque de France\, May 19\, 2026\, 11:30–12:30\, Ban
 que de France\, Paris\, room Room 4 and Online.\n\nWe introduce targeted T
 aylor rules: monetary policy rules which allow for different reactions to 
 demand– and supply–driven inflation. This new concept aligns with the stra
 tegy of the Federal Reserve — as reflected in its official communications.
  Estimates of this new type of rule suggest that U.S. monetary policy has 
 reacted nearly fourfold more strongly to demand– than to supply–driven inf
 lation since Paul Volcker’s Chairmanship. These results obtain both when u
 sing off–the–shelf decompositions of inflation in demand and supply factor
 s\, as well as novel measures of demand– and supply–driven inflation deriv
 ed with an advanced reasoning Large Language Model (LLM) applied to FOMC t
 ranscripts. We show how to embed this new type of rule into a New-Keynesia
 n model with simultaneous demand and supply shocks\, and discuss its impli
 cations for business cycle fluctuations and welfare.
DTSTART;TZID=Europe/Paris:20260519T123000
DTEND;TZID=Europe/Paris:20260519T133000
LAST-MODIFIED:20260519T001001Z
LOCATION:May 19\, 2026\, 11:30–12:30\, Banque de France\, Paris\, room Room
  4 and Online
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2026-targeted-taylor-rules-some
 -evidence-and-theory
END:VEVENT
END:VCALENDAR