| 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
Andrew Levin,
Federal Reserve Board
Ryan Michaels,
University of Michigan |
| Discussants: |
Lars Svensson,
Princeton University
Marc Weidenmier,
Claremont McKenna College
|
| 11:00 a.m. |
The Mistake of 1937: A General Equilibrium Analysis (368 KB PDF) |
| Authors: |
Gauti Eggertsson,
Federal Reserve Bank of New York
Benjamin Pugsley,
University of Chicago |
| Discussants: |
Athanasios Orphanides,
Federal Reserve Board
Peter Temin,
Massachusetts Institute of Technology
|
| 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
|
| Discussants: |
Wouter den Haan,
London Business School
Monika Merz,
University of Bonn
|
| 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
|
| Discussants: |
Dale Mortensen,
Northwestern University
Kai Christoffel,
European Central Bank
|
| 5:00 p.m. |
Unemployment Fluctuations with Staggered Nash Wage Bargaining (689 KB PDF) |
| Authors: |
Mark Gertler,
New York University
Antonella Trigari,
IGIER, Bocconi University
|
| Discussants: |
Olivier Blanchard,
Massachusetts Institute of Technology
Carl Walsh,
University of California, Santa Cruz
|
| 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
Tommaso Monacelli,
IGIER, Bocconi University
Livio Stracca,
European Central Bank |
| Discussants: |
Jonathan Heathcote,
Georgetown University and Federal Reserve Board
Matteo Iacoviello,
Boston College
|
| 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
James Bullard,
Federal Reserve Bank of St. Louis
|
| 11:00 a.m. |
Robustly Optimal Monetary Policy with Near-Rational Expectation (339 KB PDF) |
| Author: |
Michael Woodford,
Columbia University
|
| Discussants: |
Christopher Sims,
Princeton University
George Evans,
University of Oregon
|
| 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
|
| Discussants: |
Ricardo Reis,
Princeton University
Kirstin Hubrich,
European Central Bank
|
| 2:45 p.m. |
Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data (1.03 MB PDF) |
| Authors: |
Marc Giannoni,
Columbia University
Jean Boivin,
Columbia University
Ilian Mihov,
INSEAD |
| Discussants: |
Mark Watson,
Princeton University
Giorgio Primiceri,
Northwestern University
|
| 4:00 p.m. |
Conference ends |
