International Research Forum on Monetary Policy - Seventh Conference

Friday, 16 and Saturday, 17 March 2012
Participation is by invitation only.

The Forum is sponsored by the European Central Bank (ECB), the Federal Reserve Board (FRB), the BMW Center for German and European Studies (CGES) at Georgetown University, and the Center for Financial Studies (CFS) at the Goethe University Frankfurt. It organises biennial conferences that are held alternately in Frankfurt and Washington, DC. The organisers of the 2012 conference are Günter Coenen (ECB), Christopher Erceg (FRB), Matthew Canzoneri (CGES) and Thomas Laubach (CFS).

Day 1 - 16 March 2012

8.15 a.m. Registration and Coffee
8.55 a.m. Opening Remarks
Günter Coenen, ECB (on behalf of the organizers)
  Session I – Financial Crises: Causes and Consequences
Chair: Thomas Laubach, CFS and FRB
9 a.m. Inattention to Rare Events
Bartosz Maćkowiak* (ECB) and Mirko Wiederholt (Northwestern University)
  • paper
  • presentation

Discussant: Kristoffer Nimark (CREI, Universitat Pompeu Fabra)
  • presentation
10 a.m. Welcome Address
Mario Draghi, President of the ECB
10.15 a.m. Household Leverage and the Recession
Virgiliu Midrigan (New York University) and Thomas Philippon* (New York University)
  • paper
  • presentation

Discussant: Valery Polkovnichenko (FRB)
  • presentation
11.15 a.m. Coffee
11.45 a.m. When Credit Bites Back: Leverage, Business Cycles, and Crises
Òscar Jordà (Federal Reserve Bank of San Francisco), Moritz Schularick (Freie Universität Berlin) and Alan M. Taylor* (University of Virginia)
  • paper
  • presentation

Discussant: Marcel Fratzscher (ECB)
  • presentation
12.45 p.m. Lunch
  Session II – Macro-prudential Policies
Chair: Ignazio Angeloni, ECB
2 p.m. Financial Capital and the Macroeconomy: Policy Considerations
Michael T. Kiley (FRB) and Jae W. Sim* (FRB)
  • paper
  • presentation

Discussant: Kalin Nikolov (ECB)
  • presentation
3 p.m. Macro-prudential Policy in a Fisherian Model of Financial Innovation
Javier Bianchi (University of Wisconsin), Emine Boz (IMF) and Enrique Mendoza* (University of Maryland)
  • paper
  • presentation

Discussant: Paolo Pesenti (Federal Reserve Bank of New York)
  • presentation
4 p.m. Coffee
4.30 p.m. Panel Discussion – Monetary and Fiscal Policy Interactions in an Era of High Debt
Alberto Alesina, Harvard University
Stefan Gerlach, Central Bank of Ireland (moderator)
Otmar Issing, CFS
Harald Uhlig , University of Chicago
José Viñals, IMF
7.30 p.m. Dinner
  Keynote Speech
Charles Evans, President of the Federal Reserve Bank of Chicago
  * Presenter

Day 2 - 17 March 2012

8.45 a.m. Registration and Coffee
  Session III – Fiscal Sustainability
Chair: Frank Smets, ECB
9 a.m. How Do Laffer Curves Differ Across Countries?
Mathias Trabandt* (FRB) and Harald Uhlig (University of Chicago)
  • paper
  • presentation

Discussant: Roel Beetsma (University of Amsterdam)
  • presentation
10 a.m. Sovereign Risk and the Effects of Fiscal Retrenchment in Deep Recessions
Giancarlo Corsetti* (University of Cambridge), Keith Kuester (Federal Reserve Bank of Philadelphia), André Meier (IMF) and Gernot Müller (University of Bonn)
  • paper
  • presentation

Discussant: Tommaso Monacelli (Bocconi University)
  • presentation
11 a.m. Coffee
11.30 a.m. The Dynamics of Sovereign Debt Crises and Bailouts
Francisco Roch (University of Chicago) and Harald Uhlig* (University of Chicago)
  • paper
  • presentation

Discussant: Russell Cooper (European University Institute)
  • presentation
12.30 p.m. Lunch
  Session IV – The Conduct of Monetary Policy
Chair: Matt Canzoneri (Georgetown University)
1.30 p.m. Managing a Liquidity Trap: Monetary and Fiscal Policy
Iván Werning (MIT)
  • paper
  • presentation

Discussant: Pedro Teles (Banco de Portugal)
  • presentation
2.30 p.m. Monetary Policy and Rational Asset Price Bubbles
Jordi Galí (CREI, Universitat Pompeu Fabra)
  • paper
  • presentation

Discussant: Seppo Honkapohja (Bank of Finland)
  • presentation
3.30 p.m. End of Conference
  * Presenter

For each paper, the presenter has 25 minutes and the discussant 15 minutes, with a further 20 minutes allocated for general discussion.

The programme may be subject to change without notice.

Conference dates Friday, 16 and Saturday, 17 March 2012
Conference venue European Central Bank
Eurotower – conference room CIV
Kaiserstrasse 29
60311 Frankfurt am Main

Tel.: +49 69 1344 0
Conference language English
Dinner Friday, 16 March 2012, 7.30 p.m.
Steigenberger Frankfurter Hof – Salon 3-5
Am Kaiserplatz
60311 Frankfurt am Main

Tel.:+49 69 215 0
Organising committee Günter Coenen (ECB)
Christopher Erceg (FRB)
Matthew B. Canzoneri (CGES)
Thomas Laubach (CFS)
Contact Directorate General Research
Ms Daniela Rothermel
Tel.: +49 69 1344 7360
Ms Nina Willenberg
Tel.: +49 69 1344 8303

Directorate Communication
Publishing, Events and Protocol Division
Mr Nasser Hanafy
Tel.: +49 69 1344 7523