Wir freuen uns, für Dienstag, 6. Juni 2017, ein Brown Bag Seminar mit  Philipp Illeditsch (Wharton School of the University of Pennsylvania) ankündigen zu können.

Die Veranstaltung findet in D4.0.133 von 12:00 bis 13:00 statt.

Er wird sein Paper "

Disagreement about Inflation and the Yield Curve

" (gemeinsam mit Paul Ehling, Michael Gallmeyer, and Christian Heyerdahl-Larsen) vorstellen.

Abstract: We show that inflation disagreement, not just expected inflation, has an impact on nominal interest rates. In contrast to expected inflation, which mainly affects the wedge between real and nominal yields, inflation disagreement affects nominal yields predominantly through its impact on the real side of the economy. We show theoretically and empirically that inflation disagreement raises real and nominal yields and their volatilities. Inflation disagreement is positively related to consumers’ cross-sectional consumption growth volatility and trading in fixed income securities. Calibrating our model to disagreement, inflation, and yields reproduces the economically significant impact of inflation disagreement on yield curves.