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International Research Forum on Monetary Policy

Venue and date of the Second Conference:
Federal Reserve Board of Governors, Washington D.C.
14 and 15 November 2003

The Forum is sponsored by the European Central Bank (ECB), the Federal Reserve Board (FRB), the Center for German and European Studies (CGES) at Georgetown University, and the Center for Financial Studies (CFS) at the Goethe University. Its purpose is to encourage research on monetary policy issues that are relevant from a global perspective. It regularly organises conferences that are held alternately in the Euro Area and the United States.

Organisers:
Ignazio Angeloni ( ignazio.angeloni@ecb.int ),
Matt Canzoneri ( canzonem@georgetown.edu ),
Dale Henderson ( hendersd@frb.gov ),
Volker Wieland ( wieland@wiwi.uni-frankfurt.de ).

Participants, pdf 564 kB, en
Visitor's map, pdf 395 kB, en
Airport transportation, pdf 10 kB, en
Entering the building, pdf 7 kB, en

Thursday, 13 November 2003

20:00

Pre-conference reception
at the State Plaza Hotel, 2117 E Street N.W., Washington ( 1 )

Friday, 14 November 2003

08:30

Continental breakfast
09:00

Welcome: Alan Greenspan, Chairman (Board of Governors of the Federal Reserve System)
09:15

Session 1: Information and learning
Chair: Volker Wieland (Center for Financial Studies)

F. Collard (University of Toulouse) and H. Dellas (University of Bern):
"The great inflation of the 1970s" pdf 200 kB, en

Discussant: M. Spagat (University of London) pdf 12 kB, en
Discussant: A. Levin (Federal Reserve Board) pdf 286 kB, en
10:30

Coffee break
11:00

A. Orphanides (Federal Reserve Board) and J. Williams (Federal Reserve Bank of San Francisco): "The decline of activist stabilization policy: natural rate misperceptions, learning, and expectations" pdf 176 kB, en

Discussant: A. Cukierman (Tel Aviv University) pdf 62 kB, en
Discussant: V. Gaspar (European Central Bank) pdf 93 kB, en
12:15

Lunch ( 1 )
13:15

Speaker: Otmar Issing, Member (Executive Board of the European Central Bank)
14:00

Session 2: Monetary and fiscal policy
Chair: Matthew Canzoneri (Georgetown University)

P. Benigno (New York University) and M. Woodford (Princeton University): "Optimal monetary and fiscal policy: A linear-quadratic approach" pdf 450 kB, en

Discussant: B. Diba (Georgetown University) pdf 98 kB, en
Discussant: A. Razin (Tel Aviv University) pdf 75 kB, en
15:15

S. Athey (Stanford University), A. Atkeson (University of California, Los Angeles) and P. Kehoe (Federal Reserve Bank of Minneapolis): "The optimal degree of monetary policy discretion" pdf 349 kB, en

Discussant: K. Rogoff (Harvard University)
Discussant: B. McCallum (Carnegie Mellon University) pdf 129 kB, en
16:30

Coffee-break
17:00

J. Galí (CREI), D. López-Salido and J. Valles (Banco de España): "Understanding the effects of government spending on consumption" pdf 590 kB, en

Discussant: E. Leeper (Indiana University)
Discussant: I. Mihov (INSEAD)
18:15

Conference adjourns
19:00

Reception
19:30

Dinner ( 1 )
Speaker: Ben Bernanke, Member (Board of Governors of the Federal Reserve System)

(1) only for participants who returned the electronic registration form

Saturday, 15 November 2003

08:00

Continental breakfast
08:30

Session 3: International linkages
Chair: Ignazio Angeloni (European Central Bank)

N. Batini (Bank of England), P. Levine (University of Surrey) and J. Pearlman (London Metropolitan University): "Indeterminacy with inflation-forecast-based-rules in a two-bloc model" pdf 326 kB, en

Discussant: G. Corsetti (European University Institute) pdf 37 kB, en
Discussant: M. Giannoni (Columbia University) pdf 137 kB, en
10:15

T. Bayoumi, D. Laxton (International Monetary Fund) and P. Pesenti (Federal Reserve Bank of New York): "When leaner isn't meaner: Measuring the benefits and spillovers of greater competition in Europe" pdf 579 kB, en

Discussant: P. Minford (Cardiff Business School) pdf 208 kB, en
Discussant: G. Coenen (European Central Bank) pdf 81 kB, en
11:30

M. Ehrmann and M. Fratzscher (European Central Bank): "Interdependence between the euro area and the US: What role for EMU?" pdf 710 kB, en

Discussant: J. Faust (Federal Reserve Board) pdf 95 kB, en
Discussant: O. Jorda (University of California, Davis) pdf 114 kB, en
12:45

Lunch ( 2 )
14:00

Session 4: Optimal monetary policy
Chair: Dale Henderson (Federal Reserve Board)

R. King (Boston University) and A. Wolman (Federal Reserve Bank of Richmond): "Monetary discretion, pricing complementarity and dynamic multiple equilibria" pdf 605 kB, en

Discussant: M. Gertler (New York University)
Discussant: O. Jeanne (International Monetary Fund) pdf 159 kB, en
15:15

E. Faia (Universitat Pompeu Fabra) and T. Monacelli (Università Bocconi): "Ramsey monetary policy and international relative prices" pdf 674 kB, en

Discussant: G. Benigno (London School of Economics)
Discussant: P. Teles (Federal Reserve Bank of Chicago)
16:30

Conference ends

(2) only for participants who returned the electronic registration form

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