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Prices, Productivity and Growth

A Joint ECB, Banco de España and CEPR Conference.
Madrid 17/18 October 2003

The main objective of the conference is to provide a forum for central bankers, statisticians and academics to discuss issues related to the measurement and analysis of prices, productivity and growth, with an emphasis on the implications for monetary policy. This is a joint ECB, Banco de España and CEPR Conference, hosted by the Banco de España in Madrid on the 17/18 October 2003.

We invited submissions of unpublished papers that address the general topic of the conference. Areas of interest include, but are not limited to:

Measurement of human and physical capital.
Price and output measurement in the service sectors
Cross country comparisons of productivity.
R&D, technological progress and growth.
Innovation in the EU countries and the role of financial market integration.
Monetary policy implications of rapid technological change

Organising committee:

Gonzalo Camba-Mendez (ECB), Vitor Gaspar (ECB), Dietmar Harhoff (Universität München and CEPR), John Muellbauer (Oxford University and CEPR), Eva Ortega (Banco de España), Fernando Restoy (Banco de España), Javier Vallés (Banco de España) and Juan Luis Vega (ECB)

Attendance at the conference is by invitation only.

List of participants: pdf 28 kB, en. back to top

Friday, 17th October 2003

08:15 - 08:45

Registration
08:45 - 09:45

Introductory session
J. Caruana, Governor of the Banco de España.
E. Domingo-Solans, Member of the Executive Board of the ECB
09:45 - 10:45

Working session 1: Productivity and Prices (chaired by G. J. Hogeweg, ECB)

N. Oulton (Bank of England) and S. Srinivasan (Bank of England), "Capital Stocks, Capital Services and Depreciation: an Integrated Framework" pdf 920 kB, en.

Discussant: R. Gordon (Northwestern University)
10:45 - 11:15

Coffee break
11:15 - 13:15

Working session 1 (cont.): Productivity and Prices

D. Comín (New York University) "Using investment data to assess the importance of price mismeasurement" pdf 520 kB, en.

Discussant: P. Sakellaris (Athens University)

A. Sorensen (John Hopkins University and CEBR) and B. Schjerning (CEBR), "Is it Possible to Measure Sectoral Productivity Levels? The Case of Manufacturing" pdf 570 kB, en.

Discussant: M. Weale (NIESR)
13:15 - 14:15

Lunch at the Banco de España
14:15 - 15:15

Working session 1 (cont.): Productivity and Prices

D. J. Marchetti (Banca d'Italia) and F. Nucci (University of Rome), "Pricing Behaviour and the Comovement of Productivity and Labour: Evidence from Firm Level Data" pdf 639 kB, en.

Discussant: J. Galí (CREI-Universitat Pompeu Fabra)
15:15 - 15:45

Coffee break
15:45 - 17:30

Round Table: Housing Prices (chaired by J.L. Malo de Molina, Banco de España)

Participants: S. Cecchetti (Brandeis University), R. Gordon (Northwestern University), J. Muellbauer (Oxford University) and S. Keuning (ECB)
19:30 - 21:00

Private visit to Prado Museum
21:00

Dinner at Casino de Madrid hosted by J.L. Malo de Molina

Saturday, 18th October 2003

08:30 - 10:30

Working session 2: Technology and Growth (chaired by C. Pfiester, Banque de France)

S. Bond (Oxford University), D. Harhoff (University of Munich) and J. van Reenen (LSE), "Corporate R&D and Productivity in Germany and the UK" pdf 301 kB, en.

Discussant: N. Oulton (Bank of England)

F. Vijselaar (Dutch Ministry of Finance) and P. Sakellaris (Athens University), "Capital Quality Improvement, ICT and the sources of economic growth in the euro area" pdf 195 kB, en.

Discussant: A. Aizcorbe (Federal Reserve Board)
10:30 - 11:00

Coffee break
11:00 - 12:00

Working session 2 (cont.): Technology and Growth

D. López-Salido (Banco de España) and C. Michelacci (CEMFI), "Technology Shocks and Job Flows" pdf 490 kB, en.

Discussant: J. F. Jimeno-Serrano (FEDEA, Universidad de Alcala de Henares and CEPR)
12:00 - 13:00

Invited lecture (chaired by F. Restoy, Banco de España)

D. Jorgenson (Harvard University) "Economic Growth in the Information Age" pdf 138 kB, en.
13:00 - 13:30

Concluding Remarks by V. Gaspar (ECB)
13:30 - 14:45

Lunch at the Banco de España

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