Improving our grasp of these issues is essential to foster our understanding of the effects of monetary policy. Research is the backbone of good policymaking – and we count on you helping us to advance our knowledge of these fundamental issues, which helps us to deliver on our mandate of price stability.
Thank you very much for your attention, and I wish you an interesting and productive conference. 1. Sims, C. A. (2012), “Statistical modeling of monetary policy and its effects”, American Economic Review, Vol. 102, No 4, pp. 1187-1205. 2. There are studies suggesting that the slope of the structural Phillips curve may be steeper. See Hazell, J. et al.