Authors, please upload your paper here.

 

NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
International Seminar on Macroeconomics

Jeffrey Frankel and Francesco Giavazzi, ISOM Chairs

Lucrezia Reichlin and Kenneth West, Program Organizers

Hosted by the Central Bank of Cyprus

Mediterranean Beach Hotel
Amathus Avenue
Limassol 3310
Cyprus

                                                                                                June 12-13, 2009

PROGRAM


THURSDAY, JUNE 11:

8:00 pm             Welcome Reception - Mediterranean Beach Hotel

FRIDAY, JUNE 12:

8:30 am             Registration

8:45 am             Welcome and Opening Remarks

Financial Crisis

9:15 am             Free Flows, Limited Diversification:  Openness and the Fall and Rise of Stock Market Correlations, 1890-2001
                        Dennis Quinn, Georgetown University
                        Joachim Voth, CREI, Barcelona

                        Discussants:      Huw Pill, European Central Bank
                                                John Williams, Federal Reserve Bank of San Francisco

10:30 am           Coffee Break

10:45 am           The Default Puzzle: Underwriters and Sovereign Bond Markets (1815-2007)
                        Marc Flandreau, Graduate Institute Geneva
                        Juan Flores, University of Geneva
                        Norbert Gaillard, Sciences Po.
                        Sebastian Nieto, OECD

                        Discussants:      Vincent Reinhart, American Enterprise Institute
                                                Albrecht Ritschl, London School of Economics

12:00 pm           Lunch

1:00 pm             Systemic Risk-Taking and the U.S. Financial Crisis
                        Romain Ranciere, IMF
                        Aaron Tornell, UC, Los Angeles

                        Discussants:      Philippe Bacchetta, University of Lausanne
                                                Enrique Mendoza, University of Maryland and NBER

International Economics Puzzles

2:15 pm             The Feldstein-Horioka Fact
                        Domenico Giannone, European Central Bank
                        Michele Lenza, European Central Bank

                        Discussants:      Richard Clarida, Columbia University and NBER
                                                Philip Lane, Trinity College Dublin

3:30 pm             Coffee Break

3:45 pm             Can Parameter Instability Explain the Meese-Rogoff Puzzle?
                        Philippe Bacchetta, University of Lausanne
                        Eric van Wincoop, University of Virginia and NBER
                        Toni Beutler, University of Lausanne

                        Discussants:      Menzie Chinn, University of Wisconsin and NBER
                                                Domenico Giannone, European Central Bank

5:00 pm             Adjourn

8:00 pm             Gala Dinner - Mediterranean Beach Hotel



SATURDAY, JUNE 13:

Exchange Rates and Financial Development

9:00 am             International Reserves and Underdeveloped Capital Markets
                        Kathryn Dominguez, University of Michigan and NBER

                        Discussants:      Philippe Martin, Sciences Po.
                                                Carmen Reinhart, University of Maryland and NBER

10:15 am           Coffee Break

10:30 am           The Nontradable Goods’ Real Exchange Rate Puzzle
                        Lukasz Drozd, University of Wisconsin
                        Jaromir Nosal, Columbia University

                        Discussants:      Jonathan Eaton, New York University and NBER
                                                Jean Imbs, HEC Lausanne

11:45 am           Assessing External Equilibrium in Low Income Countries
                        Luca Ricci, IMF

                        Discussants:      Nicolas Coeurdacier, London Business School
                                                Michael Klein, Tufts University and NBER

1:00 pm             Lunch

2:00 pm             Panel Discussion on Monetary Policy in a Low Interest Rate Environment 

(Chair:  Athanasios Orphanides, Governor of the Central Bank of Cyprus)


                        Huw Pill, European Central Bank
                        Vincent Reinhart, American Enterprise Institute
                        Volker Wieland, Goethe University Frankfurt
                        John Williams, Federal Reserve Bank of San Francisco


3:30 pm             Adjourn

5:30 pm             Bus departs from hotel lobby for dinner in Lefkara


SUNDAY, JUNE 14:

9:30 am             Bus departs from hotel lobby for group excursion:
▪Colossi Castle

                                ▪Curium

                                ▪Coffee break at Petra tou Romiou

                                ▪Paphos Mosaics

                                ▪Lunch at Yialos Fish Restaurant, Pissouri Bay










6/9/09