ECB conference on "Key developments in monetary economics"
Frankfurt, 29-30 October 2009
This conference will bring together leading academics and central bank researchers to provide a comprehensive account of the state of the art in monetary economics. The conference papers will present a critical review of the most important developments in this field and indicate interesting directions for future research.
A related conference on the same topic will take place at the Federal Reserve Board on 8-9 October 2009. The papers presented at the two conferences constitute the initial drafts of chapters that will subsequently be published in an updated edition of the Handbook of Monetary Economics.
The opinions expressed in the papers should not be interpreted as representing the views of the European Central Bank or of the European System of Central Banks, nor should the ECB’s hosting of this conference be interpreted as providing any endorsement of the Handbook of Monetary Economics or of its publisher.
Attendance at the conference is by invitation only.
Academic organisers
Benjamin M. Friedman (Harvard University)
Michael D. Woodford (Columbia University)
Local organisers
Frank Smets (European Central Bank)
Oreste Tristani (European Central Bank)
Useful contacts
For conference-related queries, please contact Ms Iris Bettenhäuser .
Link to the Federal Reserve Board conference details
| Thursday, 29 October 2009 | |
|---|---|
| 8.30 a.m. - 9 a.m. | Registration / coffee |
| 9 a.m. - 9.15 a.m. | Opening address Jean-Claude Trichet (President, European Central Bank) |
| 9.15 a.m. - 9.30 a.m. | Introductory remarks Benjamin Friedman (Harvard University) Michael Woodford (Columbia University) |
| SESSION ONE – OPTIMAL MONETARY POLICY Chair: Benjamin Friedman (Harvard University) |
|
| 9.30 a.m. - 10.30 a.m. | The optimal rate of inflation Stephanie Schmitt-Grohé (Columbia University) with Martin Uribe (Columbia University) |
| Discussant: Pedro Teles (Banco de Portugal and Universidade Católica Portuguesa) discussion | |
| 10.30 a.m. - 11.30 a.m. | Monetary policy and unemployment Jordi Galí (Centre de Recerca en Economia Internacional and Universitat Pompeu Fabra) |
| Discussant: Christopher Pissarides (London School of Economics) discussion | |
| 11.30 a.m. - 11.45 a.m. | Coffee |
| 11.45 a.m. - 12.45 p.m. | Inflation expectations, adaptive learning and optimal monetary policy Frank Smets (European Central Bank) with Vítor Gaspar (European Commission) and David Vestin (Sveriges Riksbank) |
| Discussant: Klaus Adam (Universität Mannheim) discussion | |
| 12.45 p.m. - 2 p.m. | Lunch |
| SESSION TWO – POLICY IMPLEMENTATION AND BANKS Chair: Frank Smets (European Central Bank) |
|
| 2 p.m. - 3 p.m. | Implementation of monetary policy: how do central banks set interest rates? Benjamin Friedman (Harvard University) with Kenneth Kuttner (Williams College) |
| Discussant: Huw Pill (European Central Bank) discussion | |
| 3 p.m. - 4 p.m. | Financial intermediaries and monetary economics Hyun Shin (Princeton University) with Tobias Adrian (Federal Reserve Bank of New York) |
| Discussant: Xavier Freixas (Universitat Pompeu Fabra) discussion | |
| 4 p.m. - 4.15 p.m. | Coffee |
| SESSION THREE – OPEN ECONOMY Chair: Frank Smets (European Central Bank) |
|
| 4.15 p.m. - 5.15 p.m. | Monetary policy in developing countries Jeffrey Frankel (Harvard University) |
| Discussant: Olivier Blanchard (International Monetary Fund and Massachusetts Institute of Technology) discussion | |
| 5.15 p.m. - 6.15 p.m. | International dimensions of monetary policy: A re-appraisal and new directions Giancarlo Corsetti (European University Institute) with Luca Dedola (European Central Bank) and Sylvain Leduc (Federal Reserve Bank of San Francisco) paper |
| Discussant: Pierpaolo Benigno (Libera Università Internazionale degli Studi Sociali Guido Carli) discussion | |
| 7.30 p.m. | Keynote speech and dinner Lucas Papademos (Vice-President, European Central Bank) |
| Friday, 30 October 2009 | |
| 9 a.m. - 9.30 a.m. | Registration / coffee |
| SESSION FOUR – POLITICAL ECONOMY AND MONETARY POLICY REGIMES Chair: Michael Woodford (Columbia University) |
|
| 9.30 a.m. - 10.30 a.m. | The politics of monetary policy Alberto Alesina (Harvard University) with Andrea Stella (Harvard University) paper |
| Discussant: Allan Drazen (University of Maryland) discussion | |
| 10.30 a.m. - 11.30 a.m. | Inflation targeting Lars E.O. Svensson (Sveriges Riksbank & Stockholm University) presentation |
| Discussant: Athanasios Orphanides (Central Bank of Cyprus) discussion | |
| 11.30 a.m. - 11.45 a.m. | Coffee |
| 11.45 a.m. - 12.45 a.m. | The performance of alternative monetary regimes Laurence Ball (Johns Hopkins University) paper |
| Discussant: Petra Geraats (University of Cambridge) discussion | |
| 12.45 a.m. - 2 p.m. | Lunch |
| SESSION FIVE – MODELS FOR MONETARY POLICY ANALYSIS Chair: Oreste Tristani (European Central Bank) |
|
| 2 p.m. - 3 p.m. | DSGE models for monetary policy Lawrence Christiano (Northwestern University) with Mathias Trabandt (European Central Bank and Sveriges Riksbank) and Karl Walentin (Sveriges Riksbank) |
| Discussant: Volker Wieland (Goethe-Universität Frankfurt am Main) discussion | |
| 3 p.m. - 4 p.m. | Inflation persistence Jeffrey Fuhrer (Federal Reserve Bank of Boston) |
| Discussant: Raf Wouters (Nationale Bank van België/Banque Nationale de Belgique) discussion | |
| 4 p.m. - 4.15 p.m. | Coffee |
| 4.15 p.m. - 5.15 p.m. | Monetary policy regimes and economic performance: the historical record, 1979-2008 Charles Goodhart (London School of Economics) with Luca Benati (European Central Bank) |
| Discussant: Lucrezia Reichlin (London Business School) discussion | |
| 5.15 p.m. | End of conference |
Academic organisers
- Benjamin Friedman (Harvard University)
- Michael Woodford (Columbia University)
Local organisers:
- Frank Smets (European Central Bank)
- Oreste Tristani (European Central Bank)