LECTURE SERIES: MONETARY POLICY AND THE FINANCIAL SECTOR (MPFS)
You are cordially invited to the following public lecture:
“High inflation: Fate or Failure?“
Stefan Gerlach
Chief Economist, EFG Bank, former Deputy Governor of the
Central Bank of Ireland
Time: Friday, November 25, 2022, 10:00-12:00 a.m.
Location: Wirtschaftsuniversität Wien, Welthandelsplatz 1, LC
Building, Galerie (ground floor, behind the WU Shop)
Would you please register for the event by email (Cornelia.Berger@wu.ac.at).
Current
record-high inflation rates have taken many central bankers by
surprise. The
broad-based price increases are driven by both supply- and
demand-side forces.
Disturbances in the global supply chains fuelled by the COVID-19
crisis as well
as the weaponizing of energy supplies by Russia on the one side,
and pent-up
demand after the restart of the economies on the other side drive
the strong
price increases. Central banks are responding with unprecedented
jumps in
official interest rates. But are these high
inflation rates „fate", the unavoidable consequence of
a multitude of unpredictable shocks? Or are they the result of a
„failure"
of the central banks that ignored the early signs of an
inflationary pick-up as
„transitory" and then reacted too late? What does this mean for
the
path of reduction of inflation towards the target values?
Stefan
Gerlach is Chief Economist at EFG Bank in Zurich. He served as
Deputy Governor
of the Central Bank of Ireland in 2011-2015. Before that, he was Professor
of Monetary Economics
and Managing Director of the Institute for Monetary and Financial
Stability at
Goethe University, Frankfurt. He was also External Member of the
Monetary
Policy Committee of the Bank of Mauritius and Member of the
Monetary Experts
Panel of the European Parliament's Committee on Economic and
Monetary Affairs.
From 2001-2004 he served as Executive Director and Chief Economist
at the Hong
Kong Monetary Authority.
The public lecture is jointly organized by
Aurel Schubert, Honorary Professor at WU Vienna and former
Director General Statistics, ECB and by Guido Schäfer, Department
of Economics, WU Vienna.
------------
Guido Schäfer
Department of Economics, WU Vienna
Welthandelsplatz 1, 1020 Vienna, Austria
Tel.: + 431 31336 4579
Email: Guido.Schaefer@wu.ac.at