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Program |
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| 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 |
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| 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 |
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| 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 |
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| 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 Speaker: Edward M. Gramlich Board of Governors of the Federal Reserve System |
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| 2:30 p.m. |
Optimal Stabilization Policy When Wages and Prices Are Sticky: The Case of a Distorted Steady State (334 KB PDF) |
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| Authors: | Pierpaolo Benigno,
New York University Michael Woodford, Princeton University |
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| 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 |
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| 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 |
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| 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 Speaker: Donald L. Kohn Board of Governors of the Federal Reserve System |
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| 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 |
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| 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? |
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| 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 |
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| 1:00 p.m. | Conference Ends (lunch) | ||
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