Monetary Policy Conference

A conference to mark twenty years of Inflation Targeting
Sponsored by the Reserve Bank of New Zealand and the Center for International Economics and Development

17 & 18 December 2009

Intercontinental Hotel, Grey Street, Wellington, New Zealand


PROGRAMME

Thursday, 17 December, 2009

9.00 – 9.30


Registration and Coffee

 

Morning Session Chair:

John McDermott, Reserve Bank of New Zealand

9.30 – 9.45

Welcome

Alan Bollard, Reserve Bank of New Zealand

9.45 – 10.45

Session One

 

 

Author

When is the Government Spending Multiplier Large? (PDF 828KB)

Lawrence Christiano, Martin Eichenbaum, and Sergio Rebelo, Northwestern University

 

Discussant

John Leahy, New York University (10 mins)

10.45 – 11.00

Morning Coffee

 

11.00 – 12.00

Session Two

 

 

Author

A Defence of the Federal Reserve Open Market Committee (FOMC) (PDF 965 KB)

Thomas Sargent, New York University

Presented by Craig Burnside, Duke University

 

Discussant

Craig Burnside, Duke University (10 mins)

12.00 – 13.00

Session Three

 

 

Author

A Model of Unconventional Monetary Policy

(PDF 314 KB)

Mark Gertler, and Peter Karadi, New York University

 

Discussant

Robert Hall, Stanford University (10 mins)

13.00 – 14.30

Lunch

InterContinental Hotel Mezzanine Floor

 

Afternoon Session Chair:

Chris Kent, Reserve Bank of Australia

14.30 – 15.30

Session Four



Author

Do Credit Constraints Amplify Macroeconomic Fluctuations? (PDF 363 KB)

Tao Zha, Zheng Liu, Pengfei Wang, Federal Reserve Bank of Atlanta


Discussant

Simon Gilchrist, Boston University (10 mins)

15.30 – 16.30

Session Five



Author

On a Tractable Small Open Economy Model with Endogenous Monetary-policy Trade-offs (PDF 283 KB)

Jaime Alonso-Carrera (Universidade de Vigo) and Timothy Kam, Australian National University


Discussant

Christoph Thoenissen, University of St Andrews (10 mins)

16.30 – 16.45

Afternoon Coffee


16.45 – 17.45

Session Six



Author

Long and Short Interest Rate Targets (PDF 183 KB)

Bernardino Adao, Isabel Correia and Pedro Teles, Banco de Portugal


Discussant

Pablo Andres Neumeyer,

Torcuato Di Tella University (10 mins)




18.30

Reception

 InterContinental Hotel Mezzanine Floor




19.30

Dinner

Invitation Only

Friday, 18 December, 2009

9.15 – 09.30


Coffee

 

Morning Session Chair:

Bernard Hodgetts, Reserve Bank of New Zealand

9.30 – 10.30

Session Seven

 

 

Author

Bailouts, Time Inconsistency and Optimal Regulation (PDF 198 KB)

V. V. Chari and Patrick J. Kehoe, Federal Reserve Bank of Minneapolis

 

Discussant

Timo Henckel, Australia National University (10 mins)

10.30 – 10.45

Morning Coffee

 

10.45 – 12.00

Session Eight

 


Key Note

The High Sensitivity of Economic Activity to Financial Frictions (PDF 922 KB)

Robert Hall, Stanford University

12.00 – 13.30

Lunch

InterContinental Hotel Mezzanine Floor

 

Afternoon Session Chair:

Lawrence Christiano, Northwestern University and CIED

13.30 – 14.30

Session Nine



Author

Sunspots and Credit Frictions (PDF 234 KB)

Sharon Harrison(Colimbia University) and Mark Weder, University of Adelaide


Discussant

Martin Fukac, Reserve Bank of New Zealand (10 mins)

14.30 – 14.45

Afternoon Coffee


14.45 – 15.45

Session Ten



Author

Inflation and the Natural Rate of Unemployment in US Business Cycles (PDF 435 KB)

Nicolas Groshenny, Reserve Bank of New Zealand


Discussant

Thomas Lubik, Federal Reserve Bank of Richmond (10 mins)

15.45


Closing Comments

Names listed in bold will be presenters at the conference.