NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
The Great Inflation Conference
Michael
Bordo and Athanasios Orphanides, Organizers
Woodstock Inn & Resort
Fourteen The Green
PROGRAM
Thursday, September 25:
A View from
the Trenches
Chairman:
Martin Feldstein,
Panelists: John
Crow, Former Governor, Bank of
Don Brash, Former Governor, Reserve Bank of
Jacob Frenkel, Former Governor, Bank of
Friday, September 26:
8:00
am Continental Breakfast
Session 1:
Milton Friedman Revisited
Chairman:
Michael Bordo, Rutgers University and NBER
8:30 am William
Poole, Robert Rasche and
David Wheelock, Federal Reserve Bank of
The Great Inflation: Did The
Shadow Know Better?
Discussant:
Christina Romer, UC, Berkeley and NBER
9:30
am Andreas Beyer and Otmar
Issing, European Central Bank
Vitor Gaspar, Bureau of European Policy Advisers
Christina Gerberding, Deutsche Bundesbank
Opting Out of the Great Inflation:
German Monetary Policy after the Break Down of Bretton Woods
Discussant:
Benjamin Friedman, Harvard University and NBER
10:30
am Coffee Break
Session 2: Non
Monetary Elements
Chairman: Athanasios
Orphanides, Central Bank of
10:45
am Alan Blinder, Princeton
University and NBER
Jeremy Rudd, Federal Reserve Board
The Supply-Shock Explanation of
the Great Stagflation Revisited
Discussant: Olivier
Blanchard, MIT and NBER
11:45
am Christopher Sims, Princeton
University and NBER
Discussant:
Michael Woodford, Columbia University and NBER
12:45
pm Lunch
Session 3: Time
Inconsistency and Central Bank
Chairman: David
Blanchflower, Dartmouth College and NBER
2:00
pm Alex Cukierman, Tel Aviv
University
Discussant:
Gregory Hess,
3:00
pm Takatoshi Ito, University
of Tokyo and NBER
Discussant:
Frederic Mishkin, Columbia University and NBER
4:00
pm Coffee Break
Session 4: The
Role of a Nominal Anchor
Chairman: David
Wheelock, Federal Reserve Bank of St. Louis
4:15
pm Marvin Goodfriend, Carnegie
Mellon University and NBER
Robert King, Boston University and NBER
Discussant:
Lars Svensson, Sveriges Riksbank and NBER
5:15
pm Andrew Levin, Federal
Reserve Board
John Taylor, Stanford University and NBER
Discussant:
Bennett McCallum, Carnegie Mellon University and NBER
6:15
pm Adjourn
7:30
pm Reception and Dinner
Saturday, September 27:
7:45
am Continental Breakfast
Session 5:
International Perspectives
Chairman:
Harold James,
8:15 am Riccardo
DiCecio and
Edward Nelson, Federal Reserve Bank of St.Louis
The Great Inflation in the United
States and the United Kingdom:
Reconciling Policy Decisions and Data Outcomes
Discussant:
Matthew Shapiro, University of Michigan and NBER
9:15
am Michael Bordo, Rutgers
University and NBER
Barry Eichengreen, UC, Berkeley and NBER
Bretton Woods and the Great
Inflation
Discussant: Allan Meltzer,
10:15
am Coffee Break
Session 6:
Learning Expectations and Policy Mistakes
Chairman: Douglas
Irwin, Dartmouth College and NBER
10:30
am Athanasios Orphanides,
Central Bank of
John Williams, Federal Reserve Bank of
Discussant:
Seppo Honkapohja, Bank of
11:30
am Coffee Break
11:45
am Panel
Session II: Lessons from History
Chairman: Allan Meltzer, Carnegie Mellon University
Panelists: Harold James, Princeton University
Donald Kohn, Federal
Reserve Board
Lucas Papademos, European Central Bank
Anna Schwartz, NBER
1:00 pm Lunch
and Adjourn
2:30 pm Optional
Leaf Peeping