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Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley, March 26-27, 2004, Washington, DC
  Day 1: Friday, March 26, 2004
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. "Certainty Equivalence" and "Model Uncertainty" (170 KB PDF)
Authors: Lars Peter Hansen, University of Chicago
Thomas J. Sargent, New York University and Hoover Institution, Stanford University
Discussant: Volker Wieland, Goethe University of Frankfurt
10:15 a.m. Coffee break
10:45 a.m. Robust Estimation and Monetary Policy with Unobserved Structural Change (222 KB PDF)
Author: John C. Williams, Federal Reserve Bank of San Francisco
Discussant: Francis X. Diebold, University of Pennsylvania
11:45 a.m. Estimating Forward-Looking Euler Equations with GMM and Maximum Likelihood Estimators: An Optimal Instruments Approach (469 KB PDF)
Authors: Jeff Fuhrer, Federal Reserve Bank of Boston
Giovanni Olivei, Federal Reserve Bank of Boston
Discussant: Sharon Kozicki, Federal Reserve Bank of Kansas City
12:45 p.m. Lunch
2:00 p.m. The Board's Modeling Work in the 1960s
Edward M. Gramlich
Board of Governors of the Federal Reserve System
2:30 p.m. Optimal Stabilization Policy When Wages and Prices Are Sticky:
The Case of a Distorted Steady State (334 KB PDF)
Authors: Pierpaolo Benigno, New York University
Michael Woodford, Princeton University
Discussant: Robert King, Boston University
3:30 p.m. Coffee break
4:00 p.m. Price and Wage Inflation Targeting: Variations on a Theme by Erceg, Henderson, and Levin (419 KB PDF)
Authors: Matthew B. Canzoneri, Georgetown University
Robert E. Cumby, Georgetown University
Behzad T. Diba, Georgetown University
Discussant: Eric Leeper, University of Indiana
5:00 p.m. Targeting vs. Instrument Rules for Monetary Policy (430 KB PDF)
Authors: Bennett T. McCallum, Carnegie Mellon University and NBER
Edward Nelson, Federal Reserve Bank of St. Louis and CEPR
Discussant: Mark Gertler, New York University
6:00 p.m. Conference adjourns
6:15 p.m. Reception
7:00 p.m. Dinner
Research at the Federal Reserve Board: The Contributions of Henderson, Porter, and Tinsley
Donald L. Kohn
Board of Governors of the Federal Reserve System

  Day 2: Saturday, March 27, 2004
8:30 a.m. Continental breakfast
9:00 a.m. Liquidity and Fire Sales (152 KB PDF)
Author: David L. Kelly, University of Miami
Stephen F. LeRoy, University of California, Santa Barbara
Discussant: Anil Kashyap, University of Chicago
10:00 a.m. Narrow Money, Broad Money, and the Transmission of Monetary Policy (188 KB PDF)
Author: Marvin Goodfriend, Federal Reserve Bank of Richmond
Discussant: Gregory Hess, Claremont-McKenna College
11:00 a.m. Coffee break
11:30 a.m. Panel Discussion
Monetary Policy Modeling:
Where Are We and Where Should We Be Going?
Panel: William Poole, Federal Reserve Bank of St. Louis
John B. Taylor, United States Treasury, Remarks (44 KB PDF)
Ben S. Bernanke, Board of Governors of the Federal Reserve System, Remarks
1:00 p.m. Conference Ends (lunch)