Financial Markets and Monetary Policy
Federal Reserve Board & JMCB
Sponsored by
the Federal Reserve Board
and the Journal of Money, Credit, and Banking
June 4-5, 2009    Washington, D.C.


Thursday 4 June 2009
 8:00am Continental Breakfast
 8:45am Welcoming Remarks: Ben Bernanke, Chairman, Federal Reserve Board
 9:00am Credit Spreads and Monetary Policy (643 KB)
Authors: Vasco Curdia and Michael Woodford
Discussant: John C. Williams
 10:15am Coffee Break
10:45am Optimal Monetary Policy in a Model with Agency Costs (452 KB)
Authors: Charles Carlstrom, Timothy Fuerst, and Matthias Paustian
Discussant: Tommaso Monacelli
Presentation (719 KB PDF)
12:00pm Lunch Break
1:00pm Financial Factors in Economic Fluctuations (2.9 MB PDF)
Authors: Lawrence Christiano, Roberto Motto, and Massimo Rostagno
Discussant: Christopher Sims
Presentation (43 KB PDF)
2:15pm Monetary Policy and the Equity Premium (301 KB)
Authors: Christopher Gust and David Lopez-Salido
Discussant: Michael Dotsey
Presentation (164 KB PDF)
3:30pm Coffee Break
4:00pm Credit and Banking in a DSGE Model of the Euro Area (493 KB)
Authors: Andrea Gerali, Stefano Neri, Luca Sessa, and Federico Signoretti
Discussant: William English
5:15pm  Credit Risk and the Macroeconomy: Evidence from an Estimated DSGE Model (500 KB PDF)
Authors: Simon Gilchrist, Alberto Ortiz, and Egon Zakrajsek
Discussant: Marvin Goodfriend
Presentation (101 KB PDF)
6:30pm Reception
7:30pm Dinner and Keynote Speech (for participants only)
Speakers: Lars Svensson, Deputy Governor, Sveriges Riksbank
Presentation (221 KB PDF)
Friday 5 June 2009
 8:00am Continental Breakfast
 9:00am Inflation Expectations and Risk Premiums in an Arbitrage-Free Model of Nominal and Real Bond Yields (289 KB)
Authors: Jens Christensen, Jose Lopez, and Glenn Rudebusch
Discussant: Stanley Zin
Presentation (750 KB PDF)
10:15am Coffee Break
10:45am Do Fundamentals Explain the International Impact of U.S. Interest Rates?  Evidence at the Firm Level (647 KB)
Authors: John Ammer, Clara Vega, and Jon Wongswan
Discussant: Marcel Fratzscher
Presentation (219 KB PDF)
12:00pm Lunch Break
1:00pm Financial Deleveraging and the International Transmission of Shocks (211 KB)
Authors: Michael Devereux and James Yetman
Discussant: Paolo Pesenti
Presentation (176 KB PDF)
2:15pm Panel Discussion
Donald Kohn, Vice Chairman, Federal Reserve Board
Olivier Blanchard, Chief Economist, International Monetary Fund
Mark Gertler, Henry and Lucy Moses Professor of Economics, New York University
Eric Rosengren, President, Federal Reserve Bank of Boston
Janet Yellen, President, Federal Reserve Bank of San Francisco
3:45pm Adjournment