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Please note that the conference is by invitation only.
Venue:
European Central Bank, Frankfurt am Main
26 - 27 June 2008
Organisers:
Lucrezia Reichlin ( lucrezia.reichlin@ecb.europa.eu)
Matt Canzoneri ( canzonem@georgetown.edu)
Dale Henderson ( hendersd@frb.gov)
Volker Wieland ( wieland@wiwi.uni-frankfurt.de)
| 08.45 | Welcome Lucrezia Reichlin (on behalf of organisers) |
| Session 1 – Financial Markets, Financial Crises, and theTransmission of Monetary Policy |
|
| 09.00 | Deciphering the 2007 - 2008 Liquidity and Credit Crunch
Markus Brunnermeier (Princeton University) en, slides en Discussants: Franklin Allen (University of Pennsylvania) en, Nuno Cassola (ECB) en |
| 10.00 | Breaking the New Keynesian Dichotomy: Asset Market Segmentation and the Monetary Transmission Mechanism Robert King (Boston University), Julia Thomas (FRB) en Discussants: Samuel Reynard (Swiss National Bank) en, Edward Nelson (Federal Reserve Bank of St. Louis) en |
| 11.00 | Coffee Break |
| Session 2 - Price-Setting and its Consequences in Open Economies |
|
| 11.30 | International Competition and Inflation: A New Keynesian Perspective Luca Guerrieri, Christopher Gust, David López-Salido (FRB) en, slides en Discussants: Cedric Tille (Graduate Institute of International and Development Studies) en, Giancarlo Corsetti (European University Institute) en |
| 12.30 | Lunch |
| 12.30 | Luncheon Speaker Donald Kohn (FRB) en |
| Session 3 - Making Monetary Policy While Learning |
|
| 14.00 | Learning and Time-Varying Macroeconomic Volatility Fabio Milani (University of California Irvine) en, slides en Discussants: James Bullard (Federal Reserve Bank of St. Louis) en, Andrew Levin (FRB) 1.29 MB en |
| 15.00 | Perceived Productivity and the Natural Rate of Interest Giovanni Amisano and Oreste Tristani (ECB) en, slides en Discussants: Michael Kiley (FRB) en, Jesper Linde (Sveriges Riksbank) en |
| 16.00 | Coffee Break |
| Session 4 – Implications of Labour Market Policies for Macroeconomic Outcomes |
|
| 16.30 | Labour market reform and price stability: an application to the euro area Carlos Thomas (Banco de España) and Francesco Zanetti (Bank of England) en, slides en Discussants: Giuseppe Bertola (Bocconi University) en, Michael Krause (Deutsche Bundesbank), en |
| 19.30 | Dinner |
| 19.30 | Dinner Speaker Lucas Papademos (Vice-President, ECB) en |
| Session 5 - Central Bank Behaviour and Market Responses |
|
| 09.00 | Inflation Targeting: a Framework for Communication Maria Demertzis (De Nederlandsche Bank) and Nicola Viegi (University of Cape Town) en, slides en Discussants: Petra Geraats (Cambridge University) en, Oistein Roisland (Norges Bank) en |
| 10.00 | The Long and the Short End of the Term Structure of Policy Rules Josephine Smith and John Taylor (Stanford University) en Discussants: Thomas Laubach (Goethe University) en, Refet Gurkaynak (Bilkent University) en |
| 11.00 | Coffee Break |
| Session 6 – Positive and Normative Implications of Labour Market Structure |
|
| 11.30 | How Much Inflation is Necessary to Grease the Wheels? Jinill Kim (FRB) and Francisco Ruge-Murcia (University of Montréal) en, slides en Discussants: Frank Smets (ECB) en, Demosthenes Tambakis (University of Cambridge) en |
| 12.30 | Lunch |
| 13.30 | Frictional Labour Markets, Bargaining Wedges, and Optimal Tax-Rate Volatility David Arseneau (FRB), Sanjay Chugh (University of Maryland) en, slides en Discussants: Harald Uhlig (University of Chicago) en, Andrew Scott (London Business School) en |
| 14.30 | The Welfare Consequences of Monetary Policy and the role of the Labour Market Federico Ravenna and Carl Walsh (University of California, Santa Cruz) en, slides en Discussants: Ester Faia (University of Roma) en, Kai Christoffel (ECB) en |
| 15.30 | Adjourn |
