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DSGE Modeling at Policymaking Institutions: Progress and Prospects

December 2-3, 2005  •  Federal Reserve Board, Washington, DC


Thursday, December 1
7:00 p.m. Reception at George Washington University Inn (registered attendees only)

Friday, December 2
8:00 a.m. Continental breakfast (registered attendees only)
9:00 a.m. Tax Reform and Labour Market Performance in the Euro Area: A Macroeconomic Assessment (370 KB PDF)
Authors: Guenter Coenen, Peter McAdam, European Central Bank (ECB)
Roland Straub, International Monetary Fund (IMF)
Discussant: Jordi Galí, Centre de Recerca en Economia Internacional (CREI), University Pompeu Fabra, and Massachusetts Institute of Technology
10:00 a.m. Monetary Policy in a Life-Cycle Economy (3.67 MB PDF)
Authors: Ippei Fujiwara, Yuki Teranishi, Bank of Japan
Discussant: Antti Ripatti, Bank of Finland
11:00 a.m. Coffee
11:30 a.m. An Estimated New Keynesian Small Open Economy Model (523 KB PDF)
Authors: Malin Adolfson, Stefan Laseen, Jesper Lindé, Mattias Villani, Swedish National Bank
Discussant: John Williams, Federal Reserve Bank of San Francisco
12:30 p.m. Lunch (registered attendees only)
1:30 p.m. Optimal Price Setting and Inflation Inertia in a Rational Expectations Model (425 KB PDF)
Authors: Michel Juillard, PSE (Paris-Jourdan Sciences Economiques) UMR CNRS-EHESS-ENCP-ENS and University Paris 8 and CEPREMAP
Michael Kumhof, Douglas Laxton, IMF
Ondra Kamenik, Czech National Bank
Discussant: Jeffrey Fuhrer, Federal Reserve Bank of Boston
2:30 p.m. Monetary Neglect and the Canadian Phillips Curve (322 KB PDF)
Authors: Stephen Murchison, Andrew Rennison, Bank of Canada
Discussant: Lars Svensson, Princeton University
3:30 p.m. Coffee
4:30 p.m. Bubbles, Financial Shocks, and Monetary Policy
Authors: Lawrence Christiano, Northwestern University
Massimo Rostagno, Roberto Motto, ECB
Discussants: Mark Gertler, New York University
5:30 p.m. Adjourn
6:00 p.m. Reception and dinner (registered attendees only)

Saturday, December 3
7:45 a.m. Continental breakfast (registered attendees only)
8:30 a.m. An Estimated DSGE Model of the US Economy with an Application to Natural Rate Measures (361 KB PDF)
Authors: Rochelle Edge, Michael Kiley, Jean-Philippe Laforte, Federal Reserve Board (FRB)
Discussants: Frank Smets, ECB
Documentation of the 2005 Version of the MAQS Dynamic Stochastic General Equilibrium Model of the U.S. Economy (477 KB PDF)
An Estimated DSGE Model of the US Economy (595 KB PDF)
9:30 a.m. Coffee
9:45 a.m. Improving Monetary Policy Models
Author: Christopher Sims, Princeton University
Discussant: Jon Faust, FRB
10:30 a.m. Taking DSGE Models to the Policy Environment (376 KB PDF)
Authors: Pedro Alvarez-Lois, Richard Harrison, Laura Piscitelli, Alasdair Scott, Bank of England
Discussant: Lucrezia Reichlin, ECB
The Bank of England Quarterly Model
11:15 a.m. General Discussion
12:00 p.m. Lunch (registered attendees only)
1:00 p.m. Smooth Landing or Crash? Model Based Scenarios of Global Current Account Rebalancing (784 KB PDF)
Authors: Hamid Faruqee, Douglas Laxton, IMF
Dirk Muir, Bank of Canada
Paolo Pesenti, Federal Reserve Bank of New York
Discussant: Michael Devereux, University of British Columbia
2:00 p.m. Trade Adjustment and the Composition of Trade (280 KB PDF)
Authors: Christopher Erceg, Christopher Gust, Luca Guerrieri, FRB
Discussant: Paolo Pesenti, Federal Reserve Bank of New York
SIGMA: A New Open Economy Model for Policy Analysis (363 KB PDF)
3:00 p.m. Adjourn