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Quantitive Evidence on Price Determination
Sponsored by
the Federal Reserve Board
and the Journal of Money, Credit, and Banking
September 29-30, 2005    Washington, D.C.


Thursday, September 29, 2005
  2:00 p.m. Opening Remarks
  2:10 p.m. Modeling Inflation Dynamics: A Critical Survey of Recent Research
Authors: Jeremy B. Rudd, Federal Reserve Board
Karl Whelan, Central Bank and Financial Services Authority of Ireland
Discussants: Laurence M. Ball, Johns Hopkins University
Bennett T. McCallum, Carnegie Mellon University
  3:15 p.m. Speaker: Stanley Fischer, Governor of the Bank of Israel
  3:55 p.m. Coffee break
  4:10 p.m. A Quantitative Comparison of Sticky-Price and Sticky-Information Models of Price Setting
Author: Michael T. Kiley, Federal Reserve Board
Pricing Models: A Bayesian DSGE Approach to the U.S. Economy
Author: Jean-Philippe Laforte, Federal Reserve Board
Discussants: Mark Gertler, New York University
Christopher A. Sims, Princeton University
Frank Smets, European Central Bank
  6:00 p.m. Reception
  6:30 p.m. Dinner
Speaker: Donald Kohn, Member of the Board of Governors of the Federal Reserve System

 Friday, September 30, 2005
8:00 a.m. Breakfast
8:30 a.m. A Global Village without Borders? International Price Differentials at eBay
Author: Philipp Maier, De Nederlandsche Bank
Discussants: Judith A. Chevalier, Yale University
John H. Rogers, Federal Reserve Board
9:35 a.m. Has Inflation Become Harder to Forecast?
Authors: James H. Stock, Harvard University
Mark W. Watson, Princeton University
Discussants: Robert J. Gordon, Northwestern University
Matthew D. Shapiro, University of Michigan
10:40 a.m. Coffee break
10:55 a.m. Benefits from U.S. Monetary Policy Experimentation in the Days of Samuelson and Solow and Lucas
Authors: Timothy Cogley, University of California, Davis
Riccardo Colacito, New York University
Thomas J. Sargent, New York University
Discussants: James D. Hamilton, University of California, San Diego
Athanasios Orphanides, Federal Reserve Board
12:00 p.m. Lunch
Speaker: John B. Taylor, Professor of Economics at Stanford University
1:30 p.m. Price and Investment Dynamics: Theory and Plant Level Data
Authors: Charlotte Bucht, Ministry of Finance, Sweden
Nils Gottfries, Uppsala University
Tomas Lindström, Skandinaviska Enskilda Banken
Magnus Lundin, Uppsala University
Discussants: Mark Bils, University of Rochester
Simon G. Gilchrist, Boston University
2:35 p.m. Real Wage Rigidities and the New Keynesian Model
Authors: Olivier J. Blanchard, Massachusetts Institute of Technology
Jordi Galí, Centre de Recerca en Economia Internacional and Massachusetts Institute of Technology
Discussants: Robert E. Hall, Stanford University
Julio J. Rotemberg, Harvard University
3:40 p.m. Coffee break
3:55 p.m. Panel Discussion: Understanding Price Determination:
Where Are We Now? Where Should We Be Going?
Panelists: Robert E. Lucas, Jr., University of Chicago
N. Gregory Mankiw, Harvard University
Michael Woodford, Columbia University
5:00 p.m. Conference adjourns

Attendance at the conference is by invitation only.