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The Cambridge-INET Institute - continuing as the Janeway Institute


Phillips Curve and Internal Devaluation: The Regional Transmission of Business Cycle and Monetary Shocks Mini Conference

Comparative analyses of regional data in a currency area enhance our ability to understand the extent to which nominal and relative prices respond to business cycle disturbances, and their role in fostering adjustment and thus reducing the economic and employment costs of fluctuations. In the tradition of Cambridge-INET, CFM and Cambridge mini-conference, we are looking to bring together researchers at the frontier of this work, to appraise the current state of the research, review results in recent literature, and discuss open methodological and policy questions that define the agenda for the coming years.

Organised by: Giancarlo Corsetti (Cambridge), Daniel Ostry (Cambridge) and Silvana Tenreyro (LSE and Bank of England)

Event Date: Tuesday 16th February 2021

Time: 03:00pm - 05:55pm

Event Contact: Marion Reusch -

See programme for full details


Luca Dedola (ECB)
"The Missing Internal Devaluation: Regional Adjustment in the US Great Recession" (joint with Giancarlo Corsetti and Riccardo Trezzi) - Paper

Silvana Tenreyro (LSE and Bank of England)
"Optimal Inflation and the Identification of the Phillips Curve" (joint with Michael McLeay) - Slides | Paper

Jon Steinsson (Berkeley)
"The Slope of the Phillips Curve: Evidence from U.S. States" (joint with Jonathon Hazell, Juan HerreƱo and Emi Nakamura) - Slides | Paper


Monetary Policy




Theme: transmission