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Federal Reserve Board of Governors
March 16-17, 2012, in Frankfurt at, Germany,International Research Forum on Monetary Policy



Friday, March 16, 2012

8:15 a.m.

Registration and Coffee

8:55 a.m.

Opening Remarks

Session I Financial Crises: Causes and Consequences

9:00 a.m.

Inattention to Rare Events

Bartosz Mackowiak* (ECB) and Mirko Wiederholt (Northwestern University)

Discussant: Kristoffer Nimark (CREI)

10:00 a.m.

Welcome Address

Mario Draghi, President of the ECB

10:15 a.m.

Household Leverage and the Recession

Virgiliu Midrigan (New York University) and Thomas Philippon* (New York University)

Discussant: Valery Polkovnichenko (FRB)

11:15 a.m.


11:45 a.m.

When Credit Bites Back: Leverage, Business Cycles, and Crises

Òscar Jordà (San Francisco Fed), Moritz Schularick (Freie Universität Berlin) and Alan M. Taylor* (University of Virginia)

Discussant: Marcel Fratzscher (ECB)

Session II Macro-prudential Policies

2:00 p.m.

Financial Capital and the Macroeconomy: Policy Considerations

Michael T. Kiley (FRB) and Jae W. Sim* (FRB)

Discussant: Kalin Nikolov (ECB)

3:00 p.m.

Macro-prudential Policy in a Fisherian Model of Financial Innovation

Javier Bianchi (University of Wisconsin), Emine Boz (IMF) and Enrique Mendoza* (University of Maryland)

Discussant: Paolo Pesenti (New York Fed)

4:00 p.m.


4:30 p.m.

Panel Discussion Monetary and Fiscal Policy Interactions in an Era of High Debt

Alberto Alesina, Harvard University
Stefan Gerlach, Central Bank of Ireland (moderator)
Otmar Issing, CFS
José Viñals, IMF

7:30 p.m.


8:00 p.m.

Keynote Speech

Charles Evans, President of the Federal Reserve Bank of Chicago

Saturday, March 17, 2012

Session III Fiscal Sustainability

8:45 a.m.

Registration and Coffee

9:00 a.m.

How Do Laffer Curves Differ Across Countries?

Mathias Trabandt* (FRB) and Harald Uhlig (University of Chicago)

Discussant: Roel Beetsma (University of Amsterdam)

10:00 a.m.

Sovereign Risk and the Effects of Fiscal Retrenchment in Deep Recessions

Giancarlo Corsetti* (University of Cambridge), André Meier (IMF) and Gernot Müller (University of Bonn)

Discussant: Tommaso Monacelli (Bocconi)

11:00 a.m.


11:30 a.m.

The Dynamics of Sovereign Debt Crises and Bailouts

Francisco Roch (University of Chicago) and Harald Uhlig* (University of Chicago)

Discussant: Russell Cooper (EUI)

12:30 p.m.


Session IV The Conduct of Monetary Policy

1:30 p.m.

Managing a Liquidity Trap: Monetary and Fiscal Policy

Iván Werning (MIT)

Discussant: Pedro Teles (Banco de Portugal)

2:30 p.m.

Monetary Policy and Rational Asset Price Bubbles

Jordi Galí (CREI)

Discussant: William A. Branch (University of California, Irvine)

3:30 p.m.

End of Conference

* Presenter Return to text

Last update: March 16, 2017