BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//CREST - ECPv5.1.3//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:CREST
X-ORIGINAL-URL:https://crest.science
X-WR-CALDESC:Events for CREST
BEGIN:VTIMEZONE
TZID:Europe/Helsinki
BEGIN:DAYLIGHT
TZOFFSETFROM:+0200
TZOFFSETTO:+0300
TZNAME:EEST
DTSTART:20260329T010000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:+0300
TZOFFSETTO:+0200
TZNAME:EET
DTSTART:20261025T010000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=Europe/Helsinki:20260504T121500
DTEND;TZID=Europe/Helsinki:20260504T133000
DTSTAMP:20260709T184729
CREATED:20250715T071522Z
LAST-MODIFIED:20260518T081646Z
UID:18241-1777896900-1777901400@crest.science
SUMMARY:François GOURIO (Federal Reserve Bank of Chicago) "Downward Nominal Rigidities and Bond Premia"
DESCRIPTION:[vc_row][vc_column][vc_column_text]Macro seminar\nTime : 12h15 – 13h30 \nDate : 04th  May 2026 \nSalle 3001 \nFrançois GOURIO (Federal Reserve Bank of Chicago) “Downward Nominal Rigidities and Bond Premia” \nAbstract: We develop a parsimonious New Keynesian macro-finance model with downward nominal rigidities to understand secular and cyclical movements in Treasury bond premia. Downward nominal rigidities create state-dependence in output and inflation dynamics: a higher level of inflation makes prices more flexible\, leading output and inflation to be more volatile\, and bonds to become more risky. The model matches well the relation between the level of inflation and a number of salient macro-finance moments. Moreover\, we show that empirically\, inflation and output respond more strongly to productivity shocks when inflation is high\, as predicted by the model. \n  \n
URL:https://crest.science/event/francois-gourio-federal-reserve-bank-of-chicago-t-b-a/
CATEGORIES:Macroeconomics,Seminars
ATTACH;FMTTYPE=:
END:VEVENT
END:VCALENDAR