International Research Forum on Monetary Policy: Second Conference, Washington, DC, December 1-2, 2006
Logo of the European Central Bank Seal of the Board of Governors of the Federal Reserve System Logo of the Center for Financial Studies (CFS) at the Goethe University Seal of Georgetown University

Conference Home

    Lucrezia Reichlin [email protected]
    Dale Henderson [email protected]
    Volker Wieland [email protected]
    Matthew Canzoneri [email protected]
Media Contact:
    Deborah Lagomarsino [email protected]

Friday, December 1, 2006
9:00 a.m. Welcome
Ben Bernanke, Chairman
Board of Governors of the Federal Reserve System
1. DSGE Interpretations of Historical Episodes
  Chair: Lucrezia Reichlin
9:15 a.m. Three Great American Disinflations (355 KB PDF)
Authors: Michael Bordo, Rutgers University
Christopher Erceg, Federal Reserve Board
   Presentation (387 KB PDF)
Andrew Levin, Federal Reserve Board
Ryan Michaels, University of Michigan
Discussants: Lars Svensson, Princeton University
   Presentation (55 KB PPT)
Marc Weidenmier, Claremont McKenna College
   Presentation (114 KB PPT)
11:00 a.m. The Mistake of 1937: A General Equilibrium Analysis (368 KB PDF)
Authors: Gauti Eggertsson, Federal Reserve Bank of New York
   Presentation (274 MB PPT)
Benjamin Pugsley, University of Chicago
Discussants: Athanasios Orphanides, Federal Reserve Board
   Presentation (1.6 MB PDF)
Peter Temin, Massachusetts Institute of Technology
   Presentation (38 KB PPT)
1:15 p.m. Luncheon Speaker
Lucas Papademos, Vice-President
European Central Bank
2. Job Search, Wage Setting, and Microeconomics
  Chair: Matthew Canzoneri
2:00 p.m. Identifying the Role of Labor Markets for Monetary Policy in a Estimated DSGE Model (1.06 MB PDF)
Authors: Kai Christoffel, European Central Bank
Keith Kuester, European Central Bank
Tobias Linzert, European Central Bank
   Presentation (2.5 MB PPT)
Discussants: Wouter den Haan, London Business School
   Presentation (56 KB PPT)
Monika Merz, University of Bonn
   Presentation (18 KB PDF)
3:15 p.m. A New Keynesian Model with Unemployment (264 KB PDF)
Authors: Olivier Blanchard, Massachusetts Institute of Technology
Jordi Galí, CREI, Universitat Pompeu Fabra
   Presentation (256 KB PDF)
Discussants: Dale Mortensen, Northwestern University
   Presentation (134 KB PDF)
Kai Christoffel, European Central Bank
   Presentation (542 KB PDF)
5:00 p.m. Unemployment Fluctuations with Staggered Nash Wage Bargaining (689 KB PDF)
Authors: Mark Gertler, New York University
   Presentation (485 KB PDF)
Antonella Trigari, IGIER, Bocconi University
Discussants: Olivier Blanchard, Massachusetts Institute of Technology
   Presentation (72 KB PDF)
Carl Walsh, University of California, Santa Cruz
   Presentation (173 KB PDF)
6:15 p.m. Conference adjourns
6:45 p.m. Dinner Speaker
Donald Kohn, Vice Chairman
Board of Governors of the Federal Reserve System

Saturday, December 2, 2006
3. Investment in Housing and the Business Cycle
  Chair: Volker Wieland
8:30 a.m. Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter? (538 KB PDF)
Authors: Alessandro Calza, European Central Bank
   Presentation (253 KB PDF)
Tommaso Monacelli, IGIER, Bocconi University
Livio Stracca, European Central Bank

Jonathan Heathcote, Georgetown University and Federal Reserve Board
   Presentation (80 KB PDF)
Matteo Iacoviello, Boston College
   Presentation (3.2 MB PDF)

4. Expectation Formation, Learning, and Policymaking
  Chair: Volker Wieland
9:45 a.m. Bayesian and Adaptive Optimal Policy
under Model Uncertainty (652 KB PDF)
Authors: Noah Williams, Princeton University
Lars Svensson, Princeton University
Discussants: Eric Schaling, University of Johannesburg
   Presentation (148 KB PDF)
James Bullard, Federal Reserve Bank of St. Louis
   Presentation (606 KB PDF)
11:00 a.m. Robustly Optimal Monetary Policy with Near-Rational Expectation (339 KB PDF)

Michael Woodford, Columbia University
   Presentation (195 KB PDF)

Discussants: Christopher Sims, Princeton University
   Presentation (39 KB PDF)
George Evans, University of Oregon
   Presentation (70 KB PDF)
5. Empirical Analysis of Disaggregated Prices
  Chair: Dale Henderson
1:30 p.m. Menu Costs, Multi-product Firms, and Aggregate Fluctuations (1.13 MB PDF)
Author: Virgiliu Midrigan, Federal Reserve Bank of Minneapolis and New York University
    Presentation (581 KB PDF)
Discussants: Ricardo Reis, Princeton University
   Presentation (185 KB PDF)
Kirstin Hubrich, European Central Bank
   Presentation (501 KB PDF)
2:45 p.m. Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data (1.03 MB PDF)
Authors: Marc Giannoni, Columbia University
   Presentation (1.7 MB PDF)
Jean Boivin, Columbia University
Ilian Mihov, INSEAD
Discussants: Mark Watson, Princeton University
   Presentation (154 KB PDF)
Giorgio Primiceri, Northwestern University
   Presentation (229 KB PDF)
4:00 p.m. Conference ends
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