The Great Recession that accompanied the global financial crisis - and from which many advanced economies are still struggling to recover - prompted extraordinary policy responses on the part of central banks around the world. Some of these policy responses were coordinated, but all were directed at fulfilling purely domestic mandates for price stability and maximum employment. Fears that the dramatic expansion of central bank balance sheets would lead to higher inflation at the consumer level have so far proven unfounded, whether due to still abundant slack in many countries or well-anchored inflation expectations. But it has been argued that an extended period of ultra-easy monetary policy is manifesting itself in excessive risk taking, bubbles in certain asset classes and price pressures in countries that are recipients of capital in search of yield that will ultimately lead to higher inflation globally. At the same time, the rapidly growing emerging and developing economies account for a larger share of global output. The disinflationary impact of the integration of low-wage economies onto the global trading system has challenged our understanding of the price setting process at the national and international level and our understanding of exchange rate pass through.

We are particularly interested in papers that address the following topics:

- the impact of globalization on pricing in national and international markets
- the transmission of monetary policy across national borders
- the implications of extended supply chains for price and exchange rate pass through
- the role of global versus domestic slack as a driver of domestic inflation
- the role of global versus domestic liquidity as a driver of domestic inflation
- international implications of the policy response to the financial crisis

The organisers invite submissions in these and related areas.

Organising committee: Raphael Auer (Swiss National Bank), Giancarlo Corsetti (University of Cambridge and CEPR), Andrew Filardo (Bank for International Settlements), Andreas Fischer (Swiss National Bank), and Mark Wynne (Federal Reserve Bank of Dallas).

Please send submissions in pdf format to internationalecon@snb.ch