Monetary policy decision making: proactive or reactive workshop held at RBNZ
Reserve Bank of New Zealand Workshop held on 8 June 2000
The papers in this workshop consider how forward-looking monetary policy should be, and how monetary policy should proceed in the face of uncertainties about the structure of the economy.
Given the manifest uncertainties that affect macroeconomic models, should a central bank wait until tangible inflation pressures are evident? Or should a central bank respond promptly to the inflation pressures that are projected to arise in future? And what are the consequences of making mistakes in modelling the structure of the economy? Are some types of mistakes preferable, in the sense that they have a less negative effect vis-a-vis other mistakes?
Programme Schedule for Monetary Policy Decision Making: Proactive or Reactive?
Speakers have been invited to talk for forty-five minutes. Each paper will then be discussed by a discussant for ten minutes, following which there will be five minutes to address questions from the other participants.
Workshop will be held on the 2nd floor of the Reserve Bank of New Zealand.
Thursday 8 June 2000 |
|
9.20am |
Introductory remarks of welcome from the Reserve Bank of New Zealand |
9.30am |
Prof. Michael Woodford |
10.15am |
Discussant - Dr Guy Debelle |
10.25am |
Questions from the floor |
10.35-10.50am |
Morning tea |
10.55am |
Dr Athanasios Orphanides |
11.40am |
Discussant - Mr L Christopher Plantier |
11.50am |
Questions from the floor |
12.00-1.00pm |
Lunch |
1.00pm |
Mr Yuong Ha |
1.45pm |
Discussant - Prof. Argia Sbordone |
1.55pm |
Questions from the floor |
2.10pm |
Dr Alex Heath "Monetary policy decision making in the presence of Knightian uncertainty" |
2.55pm |
Discussant - Dr John McDermott |
3.05pm |
Questions from the floor |
3.15-3.30pm |
Afternoon tea |
3.35pm |
Dr Graeme Guthrie |
4.20pm |
Discussant - Prof. Adrian Pagan |
4.30pm |
Questions from the floor |
4.40pm |
Reserve Bank offers thanks |
Papers
Links to papers will be provided as soon as they are available.
These papers are available for downloading in Adobe Acrobat format only.
You may need to go to the Adobe website at http://www.adobe.com if you do not already have the reader installed.
- Prof. Michael Woodford, remarks based on:
"Commentary: How should monetary policy be implemented in an era of price stability?" (PDF 201KB)
- Dr Athanasios Orphanides, remarks based on:
"Activist stabilization policy and inflation : the Taylor rule in the 1970s" (PDF 166 KB) and "The quest for prosperity without inflation" (PDF 604KB)
- Mr Yuong Ha, remarks based on:
- Dr Alex Heath, remarks based on:
"Monetary policy decision making in the presence of Knightian uncertainty" (PDF 204KB)
- Dr Graeme Guthrie, remarks based on:
"The optimal design of interest rate target changes" (PDF 281KB)
Workshop Participants
Speakers
- Prof. Michael Woodford, Princeton University
- Dr Athanasios Orphanides, Federal Reserve Board of Governors
- Dr Alex Heath, Reserve Bank of Australia
- Mr Yuong Ha, Reserve Bank of New Zealand
- Dr Graeme Guthrie, Victoria University of Wellington
Contact details
Christopher Smith (Christie Smith)
Reserve Bank of New Zealand
2 The Terrace
PO Box 2094
Wellington, New Zealand
Email:smithc@rbnz.govt.nz
Telephone: 64 4-471-3657
Fax: 64 4-473-1209