As part of the Vilfredo Pareto Research Seminar series, the International Economics Department at the Geneva Graduate Institute is pleased to invite you to a public talk given by Francesca Monti, Professor of Economics at the Universite' Catholique de Louvain.
She will present his work titled Heterogeneous beliefs and the Phillips curve, joint with Roland Meeks.
Abstract: Heterogeneous beliefs modify the New Keynesian Phillips curve by introducing a term in the cross-section distribution of expectations. We develop a novel functional data approach to estimation and inference in survey-based Phillips curves that accounts for variation in distributions of expectations, generalizing standard approaches. Our findings demonstrate the statistical and economic importance of heterogeneous beliefs for inflation dynamics, especially during periods of macroeconomic disruption. Our findings hold in similar form across two major economies.
For those interested, the full paper is available here.
About the Speaker
Francesca Monti is an advisor and former Deputy Director of the Qatar Centre for Global Banking & Finance. Francesca holds a PhD in Economics and Statistics from the Université Libre de Bruxelles. She has worked at the Bank of England for 10 years, focusing mainly on macro modelling and monetary policy strategy issues. Her research spans the fields of macroeconometrics, empirical macro and monetary economics.