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International Research Forum on Monetary Policy - Seventh Conference
Friday, 16 and Saturday, 17 March 2012
Participation is by invitation only.
The Forum is sponsored by the European Central Bank (ECB), the Federal Reserve Board (FRB), the BMW Center for German and European Studies (CGES) at Georgetown University, and the Center for Financial Studies (CFS) at the Goethe University Frankfurt. It organises biennial conferences that are held alternately in Frankfurt and Washington, DC. The organisers of the 2012 conference are Günter Coenen (ECB), Christopher Erceg (FRB), Matthew Canzoneri (CGES) and Thomas Laubach (CFS).
Day 1 - 16 March 2012
| 8.15 a.m. | Registration and Coffee |
| 8.55 a.m. | Opening Remarks Günter Coenen, ECB (on behalf of the organizers) |
| Session I – Financial Crises: Causes and Consequences Chair: Thomas Laubach, CFS and FRB |
|
| 9 a.m. | Inattention to Rare Events Bartosz Maćkowiak* (ECB) and Mirko Wiederholt (Northwestern University) Discussant: Kristoffer Nimark (CREI, Universitat Pompeu Fabra) presentation |
| 10 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) presentation |
| 11.15 a.m. | Coffee |
| 11.45 a.m. | When Credit Bites Back: Leverage, Business Cycles, and Crises Òscar Jordà (Federal Reserve Bank of San Francisco), Moritz Schularick (Freie Universität Berlin) and Alan M. Taylor* (University of Virginia) Discussant: Marcel Fratzscher (ECB) presentation |
| 12.45 p.m. | Lunch |
| Session II – Macro-prudential Policies Chair: Ignazio Angeloni, ECB |
|
| 2 p.m. | Financial Capital and the Macroeconomy: Policy Considerations Michael T. Kiley (FRB) and Jae W. Sim* (FRB) Discussant: Kalin Nikolov (ECB) presentation |
| 3 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 (Federal Reserve Bank of New York) presentation |
| 4 p.m. | Coffee |
| 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 Harald Uhlig , University of Chicago José Viñals, IMF |
| 7.30 p.m. | Dinner |
| Keynote Speech Charles Evans, President of the Federal Reserve Bank of Chicago |
|
| * Presenter |
Day 2 - 17 March 2012
| 8.45 a.m. | Registration and Coffee |
| Session III – Fiscal Sustainability Chair: Frank Smets, ECB |
|
| 9 a.m. | How Do Laffer Curves Differ Across Countries? Mathias Trabandt* (FRB) and Harald Uhlig (University of Chicago) Discussant: Roel Beetsma (University of Amsterdam) presentation |
| 10 a.m. | Sovereign Risk and the Effects of Fiscal Retrenchment in Deep Recessions Giancarlo Corsetti* (University of Cambridge), Keith Kuester (Federal Reserve Bank of Philadelphia), André Meier (IMF) and Gernot Müller (University of Bonn) Discussant: Tommaso Monacelli (Bocconi University) presentation |
| 11 a.m. | Coffee |
| 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 (European University Institute) presentation |
| 12.30 p.m. | Lunch |
| Session IV – The Conduct of Monetary Policy Chair: Matt Canzoneri (Georgetown University) |
|
| 1.30 p.m. | Managing a Liquidity Trap: Monetary and Fiscal Policy Iván Werning (MIT) Discussant: Pedro Teles (Banco de Portugal) presentation |
| 2.30 p.m. | Monetary Policy and Rational Asset Price Bubbles Jordi Galí (CREI, Universitat Pompeu Fabra) Discussant: Seppo Honkapohja (Bank of Finland) presentation |
| 3.30 p.m. | End of Conference |
| * Presenter |
For each paper, the presenter has 25 minutes and the discussant 15 minutes, with a further 20 minutes allocated for general discussion.
The programme may be subject to change without notice.
| Conference dates | Friday, 16 and Saturday, 17 March 2012 |
| Conference venue | European Central Bank Eurotower – conference room CIV Kaiserstrasse 29 60311 Frankfurt am Main Germany Tel.: +49 69 1344 0 E-mail: info@ecb.europa.eu |
| Conference language | English |
| Dinner | Friday, 16 March 2012, 7.30 p.m. Steigenberger Frankfurter Hof – Salon 3-5 Am Kaiserplatz 60311 Frankfurt am Main Germany Tel.:+49 69 215 0 |
| Organising committee | Günter Coenen (ECB) Christopher Erceg (FRB) Matthew B. Canzoneri (CGES) Thomas Laubach (CFS) |
| Contact | Directorate General Research Ms Daniela Rothermel Tel.: +49 69 1344 7360 Ms Nina Willenberg Tel.: +49 69 1344 8303 E-mail: irfmp2012@ecb.europa.eu Directorate Communication Publishing, Events and Protocol Division Mr Nasser Hanafy Tel.: +49 69 1344 7523 E-mail: evp-events@ecb.europa.eu |