NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

SUMMER INSTITUTE 2005

Monetary Economics Workshop

Christina Romer and David Romer, Organizers

Royal Sonesta Hotel

5 Cambridge Parkway

Cambridge, Massachusetts

July 11 - 15, 2005

PRELIMINARY PROGRAM

MONDAY, JULY 11:
12:00 n	Lunch
1:00 pm	JULIAN DI GIOVANNI, International Monetary Fund
	JAY SHAMBAUGH, Dartmouth College
	The Impact of Foreign Interest Rate Shocks on the Economy: The Role of the Exchange Rate Regime
1:55 pm	MICHAEL EHRMANN and MARCEL FRATZSCHER, European Central Bank
	Communication and Decision-Making by Central Bank Committees: Different Strategies, Same Effectiveness?
2:50 pm	Break
3:05 pm	Discussion with JANET YELLEN
	President, Federal Reserve Bank of San Francisco
4:00 pm	Adjourn
TUESDAY, JULY 12:
12:00 n	Lunch
1:00 pm	ADAM ASHCRAFT, Federal Reserve Bank of New York
	MURILLO CAMPELLO, University of Illinois at Urbana-Champaign
	Borrowers’ Financial Constraints and the Transmission of Monetary Policy: Evidence from Financial Conglomerates
1:55 pm	Break
2:10 pm	SIMON GILCHRIST, Boston University and NBER
	JAE SIM, Boston University
	Investment During the Korean Financial Crisis: The Role of Foreign-Denominated Debt
3:05 pm	Adjourn
WEDNESDAY, JULY 13:
12:00 n	Lunch
1:00 pm	OLIVIER BLANCHARD, MIT and NBER
	JORDI GALI, CREI and NBER
	Real Wage Rigidities and the New Keynesian Model
1:55 pm	Break
2:10 pm	RICARDO REIS, Princeton University and NBER
	Towards a Dynamic Price Index
3:05 pm	Adjourn
6:00 pm	Clambake, Harvard Faculty Club, 20 Quincy Street, Cambridge, MA
THURSDAY, JULY 14:
12:00 n	Lunch
1:00 pm	HENNING BOHN, UC, Santa Barbara
	The Sustainability of Fiscal Policy in the United States
1:55 pm	ATHANASIOS ORPHANIDES, Federal Reserve Board
	JOHN WILLIAMS, Federal Reserve Bank of San Francisco
	Robust Monetary Policy with Imperfect Knowledge
2:50 pm	Break
3:05 pm	ERIK HURST, University of Chicago and NBER
	ANNAMARIA LUSARDI, Dartmouth College and NBER
	ARTHUR KENNICKELL, Federal Reserve Board
	FRANCISCO TORRALBA, University of Chicago
	Precautionary Savings and Entrepreneurship
4:00 pm	Adjourn
FRIDAY, JULY 15:
12:00 n	Lunch
1:00 pm	JAMES STOCK, Harvard University and NBER
	MARK WATSON, Princeton University and NBER
	Implications of Dynamic Factor Models for VAR Analysis
1:55 pm	Break
2:10 pm	ANDREW ANG, Columbia University and NBER
	SEN DONG, Columbia University
	MONIKA PIAZZESI, University of Chicago and NBER
	No-Arbitrage Taylor Rules
3:05 pm	JOSEPH DAVIS, The Vanguard Group and NBER
	An Improved Annual Chronology of U.S. Business Cycles since the 1790’s
4:00 pm	Adjourn
5/9/05