Generally, the aim is to facilitate debate on monetary policy and related issues. Our economists regularly participate in some of these conferences and we are pleased to be able to provide a similar forum. The proceedings of the conference will be published, in order to reach a wider audience. 2.
At first glance, the empirical structural models currently favored in academic research and discussed at this conference--such as the New Keynesian Phillips curve--appear to conform to the informal policymaker model: Expectations formation is dealt with formally, and price inflation, at least in some empirical representations, is directly tied to measures of unit labor costs.