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NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SI 2013 Monetary Economics Workshop

Christina Romer and David Romer, Organizers

July 8-12, 2013

Royal Sonesta Hotel

40 Edwin H. Land Boulevard

Cambridge, Massachusetts

PROGRAM

 

 

Monday, July 8:

 

12:00 pm

Lunch

 


1:00 pm


Elizabeth Klee, Federal Reserve Board
Viktors Stebunovs, Board of Governors of the Federal Reserve System
Target Practice: Monetary Policy Implementation in a Post-Crisis Environment

 

1:55 pm

Break

 


2:05 pm


James Cloyne, Bank of England
Paolo Surico, London Business School
Household debt and the dynamic effects of income tax changes

 

3:00 pm

Break

 


3:10 pm


Kevin Sheedy, London School of Economics
Debt and Incomplete Financial Markets: A Case for Nominal GDP Targeting

 

4:05 pm

Adjourn

 

Tuesday, July 9:

 

12:00 pm

Lunch

 


1:00 pm


Mark Gertler, New York University and NBER
Nobuhiro Kiyotaki, Princeton University and NBER
Banking, Liquidity and Bank Runs in an Infinite Horizon Economy

 

1:55 pm

Break

 


2:05 pm


Francesco Bianchi, Duke University
Leonardo Melosi, Federal Reserve Bank of Chicago
Escaping the Great Recession

 

3:00 pm

Break

 


3:10 pm


Jennifer La'O, Columbia University and NBER
A Traffic Jam Theory of Recessions

 

4:05 pm

Adjourn

 

Wednesday, July 10:

 

Special all-day meeting on The First 100 Years of the Federal Reserve:
The Policy Record, Lessons Learned, and Prospects for the Future
Organized by Anil Kashyap, Christina Romer, and David Romer

 

7:30 am

Coffee and pastries

 

 

8:00 am

The Conduct of Monetary Policy

 

 

Chair: Christina Romer, University of California at Berkeley and NBER

 

 

Overview Paper:

Penitence after Accusations of Error 100 Years of Monetary Policy at the U.S. Federal Reserve

 

                           Julio Rotemberg, Harvard University and NBER

 

 

Commentators:

 

Martin Eichenbaum, Northwestern University and NBER

 

Frederic Mishkin, Columbia University and NBER

 

Carmen Reinhart, Harvard University and NBER

 

 

9:15 am

Break

 

 

9:35 am

International Coordination and Crisis Management

 

 

Chair: Anne Krueger, Johns Hopkins University and NBER

 

 

Overview Paper: Does the Fed Care About the Rest of the World?

 

                           Barry Eichengreen, University of California at Berkeley and NBER

 

 

Commentators:

 

Stanley Fischer, Bank of Israel and NBER

 

Randall Kroszner, University of Chicago and NBER

 

Lawrence Summers, Harvard University and NBER

 

 

10:50 am

Break

 

 

11:10 am

A Discussion with Paul Volcker

 

 

Moderator: Martin Feldstein, Harvard University and NBER

 

 

12:00 pm

Lunch

 

 

1:00 pm

Central Bank Design

 

 

Chair: David Romer, University of California at Berkeley and NBER

 

 

Overview Paper: Central Bank Design

 

                           Ricardo Reis, Columbia University and NBER

 

 

Commentators:

 

Alan Blinder, Princeton University and NBER

 

Nancy Stokey, University of Chicago and NBER

 

Jean-Claude Trichet, Group of Thirty

 

 

2:15 pm

Break 

 

 

2:35 pm

Financial Regulation

 

 

Chair: Anil Kashyap, University of Chicago and NBER

 

 

Overview Paper

The Federal Reserve and Financial Regulation: The First Hundred Years

 

                           Gary Gorton, Yale University and NBER

 

                           Andrew Metrick, Yale University and NBER

 

 

Commentators:

 

Douglas Diamond, University of Chicago and NBER

 

Philipp Hildebrand, BlackRock

 

Donald Kohn, Bank of England and Brookings Institution

 

 

3:50 pm

Break

 

 

4:10 pm

Presentation by Ben Bernanke

 

 

Moderator: James Poterba, Massachusetts Institute of Technology and NBER

 

 

5:15 pm

Adjourn

 


6:00 pm


Clambake, Royal Sonesta Hotel, 40 Edwin H. Land Boulevard, Cambridge, MA

 

 

 

Thursday, July 11:

 

12:00 pm

Lunch

 


1:00 pm


Simon Gilchrist, Boston University and NBER
Benoit Mojon, Banque de France
Credit Risk in the Euro Area

 

1:55 pm

Break

 


2:05 pm


Raghuram Rajan, University of Chicago and NBER
Rodney Ramcharan, Federal Reserve Board
Financing Capacity and Fire Sales: Evidence from Bank Failures

 

3:00 pm

Break

 


3:10 pm


Filippo Ippolito, Universitat Pompeu Fabra
Ali Ozdagli, Federal Reserve Bank of Boston
Ander Perez, Universitat Pompeu Fabra
Is Bank Debt Special for the Transmission of Monetary Policy? Evidence from the Stock Market

 

4:05 pm

Adjourn

 

Friday, July 12:

 

Joint meeting with the Finance and Macroeconomics group

Andrew Metrick, David Scharfstein and Guillermo Ordonez, Organizers

8:00 am

Coffee and Pastries

 


8:30 am


Nicolae Garleanu, University of California at Berkeley and NBER
Stavros Panageas, University of Chicago and NBER
Jianfeng Yu, University of Minnesota
Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

Discussant: Douglas Gale, New York University and NBER

 


9:30 am


Andrew Atkeson, University of California at Los Angeles and NBER
Andrea Eisfeldt, University of California at Los Angeles
Pierre-Olivier Weill, University of California at Los Angeles and NBER
Measuring the Financial Soundness of US Firms 1926-2012

Discussant: Samuel Hanson, Harvard University and NBER

 

10:30 am

Break

 


11:00 am


Giovanni Dell'Ariccia, International Monetary Fund
Luc Laeven, International Monetary Fund
Gustavo Suarez, Federal Reserve Board
Bank Leverage and Monetary Policy's Risk-Taking Channel: Evidence from the United States

Discussant: Mark Gertler, New York University and NBER

 

12:00 pm

Lunch

 

1:00 pm

Ricardo Caballero, Massachusetts Institute of Technology and NBER
Emmanuel Farhi, Harvard University and NBER
A Model of the Safe Asset Mechanism: Safety Traps and Economic Policy.

Discussant: Gary Gorton, Yale University

 

2:00 pm

Ulrike Malmendier, University of California at Berkeley and NBER
Stefan Nagel, Stanford University and NBER
Learning from Inflation Experiences

Discussant: 
Ricardo Reis, Columbia University and NBER

 

3:00 pm

Break

 

3:30 pm

Francisco Buera, University of California at Los Angeles and NBER
Juan Pablo Nicolini, Federal Reserve Bank of Minneapolis
Liquidity Traps and Monetary Policy: Managing a Credit Crunch

Discussant: 
Gauti Eggertsson, Brown University and NBER

 

4:30 pm

Adjourn