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Monetary policy conference

This 2009 conference marked 20 years of inflation targeting. It was sponsored by the Reserve Bank of New Zealand and the Center for International Economics and Development.

Past Event
Thursday, 17 December 2009 to Friday, 18 December 2009
9:00 am - 5:00 pm
Intercontinental Hotel, Grey Street, Wellington, New Zealand

Programme for 17 December

Morning session

Session chair: John McDermott (Reserve Bank of New Zealand)
Welcome: Alan Bollard, Reserve Bank of New Zealand

Session 1

When is the government spending multiplier large?
Presented by: Lawrence Christiano, Martin Eichenbaum, and Sergio Rebelo (Northwestern University)
Discussant: John Leahy (New York University)

Session 2

A defence of the federal reserve open market committee (FOMC)
Presented by: Thomas Sargent (New York University) and Craig Burnside (Duke University)
Discussant: Craig Burnside (Duke University)

Session 3

A model of unconventional monetary policy
Presented by: Mark Gertler and Peter Karadi (New York University)
Discussant: Robert Hall (Stanford University)

Afternoon session

Session chair: Chris Kent (Reserve Bank of Australia)

Session 4

Do credit constraints amplify macroeconomic fluctuations?
Presented by: Tao Zha, Zheng Liu and Pengfei Wang (Federal Reserve Bank of Atlanta)
Discussant: Simon Gilchrist (Boston University)

Session 5

On a tractable small open economy model with endogenous monetary policy trade-offs
Presented by: Jaime Alonso-Carrera (Universidade de Vigo) and Timothy Kam (Australian National University)
Discussant: Christoph Thoenissen (University of St Andrews)

Session 6

Long and short interest rate targets
Presented by: Bernardino Adao, Isabel Correia and Pedro Teles (Banco de Portugal)
Discussant: Pablo Andres Neumeyer (Torcuato Di Tella University)

Programme for 18 December

Morning session

Session chair: Bernard Hodgetts (Reserve Bank of New Zealand)

Session 7

Bailouts, time inconsistency and optimal regulation
Presented by: V. V. Chari and Patrick J. Kehoe (Federal Reserve Bank of Minneapolis)
Discussant: Timo Henckel (Australia National University)

Session 8

The high sensitivity of economic activity to financial friction
Presented by: Robert Hall (Stanford University)

Afternoon session

Session chair: Lawrence Christiano (Northwestern University and CIED)

Session 9

Sunspots and credit frictions
Presented by: Sharon Harrison (Columbia University) and Mark Weder (University of Adelaide)
Discussant: Martin Fukac (Reserve Bank of New Zealand)

Session 10

Inflation and the natural rate of unemployment in the US business cycles
Presented by: Nicolas Groshenny (Reserve Bank of New Zealand)
Discussant: Thomas Lubik (Federal Reserve Bank of Richmond)