International Research Forum on Monetary Policy: Second Conference, Washington, DC, November 14-15, 2003
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Conference Home


   Ignazio Angeloni
 Matthew Canzoneri
 Dale Henderson
 Volker Wieland

Media Contact
   Andrew Williams

Preconference Reception*
Thursday, November 13, 2003
8:00 p.m. -- 10:00 p.m.
State Plaza Hotel, 2117 E Street, N.W., Washington, D.C.
Day 1:  Friday, November 14, 2003
8:30 a.m. Continental breakfast
9:00 a.m. Welcome
Alan Greenspan, Chairman
Board of Governors of the Federal Reserve System
9:15 a.m. Session 1: Information and Learning
Chair: Volker Wieland
 The Great Inflation of the 1970s (200 KB PDF)
Authors: F. Collard, University of Toulouse
H. Dellas, University of Bern
Discussants: M. Spagat, University of London
A. Levin, Federal Reserve Board
10:30 a.m. Coffee break
11:00 a.m. The Decline of Activist Stabilization Policy: Natural Rate Misperceptions, Learning, and Expectations (182 KB PDF)
Authors: A. Orphanides, Federal Reserve Board
J. Williams, Federal Reserve Bank of San Francisco
Discussants: A. Cukierman, Tel Aviv University
V. Gaspar, European Central Bank
12:15 p.m. Lunch*
1:15 p.m. Speaker
Otmar Issing, Member
Executive Board of the European Central Bank
2:00 p.m. Session 2:
Monetary and Fiscal Policy
Chair: Matthew Canzoneri
 Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach (440 KB PDF)
Authors: P. Benigno, New York University
M. Woodford, Princeton University
Discussants: B. Diba, Georgetown University
A. Razin, Tel Aviv University
3:15 p.m. The Optimal Degree of Monetary Policy Discretion (385 KB PDF)
Authors: S. Athey, Stanford University
A. Atkeson, University of California, Los Angeles
P. Kehoe, Federal Reserve Bank of Minneapolis
Discussants: K. Rogoff, Harvard University
B. McCallum, Carnegie Mellon University
4:30 p.m. Coffee break
5:00 p.m. Understanding the Effects of Government Spending on Consumption (590 KB PDF)
Authors: J. Galí, Centre de Recerca en Economia Internacional
D. López-Salido, Banco de España
J. Vallés, Banco de España
Discussants: E. Leeper, Indiana University
I. Mihov, INSEAD
6:15 p.m. Conference adjourns
7:00 p.m. Reception
7:30 p.m. Dinner*
Ben Bernanke, Member
Board of Governors of the Federal Reserve System

Day 2: Saturday, November 15, 2003
8:00 a.m. Continental breakfast
8:30 a.m. Session 3: International Linkages
Chair: Ignazio Angeloni
  Indeterminacy with Inflation-Forecast-Based Rules in a Two-Bloc Model (325 KB PDF)
Authors: N. Batini, Bank of England
P. Levine, University of Surrey
J. Pearlman, London Metropolitan University
Discussants: G. Corsetti, European University Institute
M. Giannoni, Columbia University
9:45 a.m. Coffee break
10:15 a.m. When Leaner Isn't Meaner: Measuring the Benefits and Spillovers of Greater Competition in Europe (579 KB PDF)
Authors: T. Bayoumi, International Monetary Fund
D. Laxton, International Monetary Fund
P. Pesenti, Federal Reserve Bank of New York
Discussants: P. Minford, Cardiff Business School
G. Coenen, European Central Bank
11:30 a.m. Interdependence between the Euro Area and the U.S.: What Role for EMU? (492 KB PDF)
Authors: M. Ehrmann, European Central Bank
M. Fratzscher, European Central Bank
Discussants: J. Faust, Federal Reserve Board
O. Jorda, University of California, Davis
12:45 p.m. Lunch*
2:00 p.m. Session 4: Optimal Monetary Policy
Chair: Dale Henderson
  Monetary Discretion, Pricing Complementarity and Dynamic Multiple Equilibria (604 KB PDF)
Authors: R. King, Boston University
A. Wolman, Federal Reserve Bank of Richmond
Discussants: M. Gertler, New York University
O. Jeanne, International Monetary Fund
3:15 p.m. Ramsey Monetary Policy and International Relative Prices (666 KB PDF)
Authors: E. Faia, Universitat Pompeu Fabra
T. Monacelli, Università Bocconi
Discussants: G. Benigno, London School of Economics
P. Teles, Federal Reserve Bank of Chicago
4:30 p.m. Conference ends