Menu

The role of money: money and monetary policy in the 21st century

4th ECB Central Banking Conference

Frankfurt am Main, 9 - 10 November 2006


Thursday, 9 November 2006

14.30 Opening address:
Jürgen Stark (Member of the Executive Board, European Central Bank), en

14.45 Session I:
How important is the role of money in the monetary transmission mechanism?

Chair: Gertrude Tumpel-Gugerell (Member of the Executive Board, European Central Bank)


Monetary policy and stock market boom-bust cycle   pdf 572 kB, en,   pdf 856 kB, en
Authors: Lawrence Christiano (Professor, Northwestern University)   pdf 405 kB, en, Roberto Motto and Massimo Rostagno (European Central Bank)

Is money important for monetary policy?
Author: Michael Woodford (Professor, Columbia University)   pdf 147 kB, en,   pdf 310 kB, en

Discussants: Christian Noyer (Governor, Banque de France), Harald Uhlig (Professor, Humboldt University)   pdf 184 kB, en
A general discussion of approximately 30 minutes will follow

16.45 Coffee Break

17.00 – 18.30 Session II:
How useful are monetary and credit aggregates in the conduct of monetary policy?

Chair: José Manuel González-Páramo (Member of the Executive Board, European Central Bank)

Money and monetary policy: ECB 1999-2006   pdf 1.1 MB, en
Authors: Björn Fischer, Michele Lenza, Huw Pill and Lucrezia Reichlin (European Central Bank)   pdf 359 kB, en

Discussants: Philipp M. Hildebrand (Member of the Governing Board, Swiss National Bank), Jordí Galí (Professor, Universitat Pompeu Fabra and Massachusetts Institute of Technology)   pdf 295 kB, en
A general discussion of approximately 30 minutes will follow

19.00 Shuttle service to the dinner venue from the main entrance of the Marriott

19.30 Reception and dinner “Palais im Zoo”
Keynote speech: Lucas Papademos (Vice-President, European Central Bank), en

back to top

Friday, 10 November 2006

09.00 Session III:
What are the benefits of responding to monetary developments?

Chair: Lorenzo Bini Smaghi (Member of the Executive Board, European Central Bank)

A history of monetary targets 1815-2006
Author: Marc Flandreau (Professor, Institut d’Etudes Politiques de Paris-I)   pdf 116 kB, en,   pdf 1.1 MB, en

Discussants: Michael Bordo (Professor, Rutgers University)   pdf 65 kB, en, Christian de Boissieu (Professor, University of Paris)
A general discussion of approximately 30 minutes will follow

10.30 Honorary address: The ECB’s monetary policy strategy: Why did we choose a two pillar approach?
Speaker: Otmar Issing (Former member of the Executive Board, European Central Bank)   pdf 41 kB, en

10.45 Coffee Break

11.15 Session IV:
Panel: money and monetary policy – an academic view


Introduction: Volker Wieland (Professor, Goethe University of Frankfurt and Center for Financial Studies)

Panellists: Ricardo Caballero (Professor, Massachusetts Institute of Technology)   pdf 57 kB, en,   pdf 152 kB, en, Jean-Pierre Danthine (Professor, HEC, Université de Lausanne)   pdf 64 kB, en, Mark Gertler (Professor, New York University)   pdf 175 kB, en, Hyun Song Shin (Professor, Princeton University)   pdf 168 kB, en,   pdf 222 kB, en
A general discussion of approximately 30 minutes will follow
12.45 Lunch

14.45 Session V:
Panel: money and monetary policy – a policy makers’ view


Introduction: Lucrezia Reichlin (Director General Research, European Central Bank)

Panellists: Ben Bernanke (Chairman, Board of Governors of the Federal Reserve System),  en , Kazumasa Iwata (Deputy Governor, Bank of Japan)   pdf 320 kB, en, Jean-Claude Trichet (President, European Central Bank), Zhou Xiaochuan (Governor, People’s Bank of China)
A general discussion of approximately 30 minutes will follow

16.30 Closing address:
Jean-Claude Trichet (President, European Central Bank), en

16.45 End of conference

back to top