Federal Reserve Bank of San Francisco

Economic Research

Macroeconomic Models for Monetary Policy

March 1 - March 2, 2002

Macroeconomic Models for Monetary Policy

Conference sponsored by the Federal Reserve Bank of San Francisco
and the Stanford Institute for Economic Policy Research (March 1-2, 2002)

Conference Summary (FRBSF Economic Letter #2002-11, April 19, 2002)

Conference Agenda

Friday, March 1
4th Floor Central Conference Room

Morning Session Chair: JACK BEEBE, Federal Reserve Bank of San Francisco
8:00 A.M. Continental Breakfast
8:55 A.M. Welcoming Remarks:
ROBERT PARRY, President,
Federal Reserve Bank of San Francisco
9:00 A.M. ERIC LEEPER, Indiana University
TAO ZHA, Federal Reserve Bank of Atlanta
Empirical Analysis of Policy Interventions (PDF – 366KB)
Discussants:
KEVIN HOOVER, University of California, Davis
SHARON KOZICKI, Federal Reserve Bank of Kansas City
10:30 A.M. Break
11:00 A.M. FRANK SMETS, European Central Bank
RAF WOUTERS, National Bank of Belgium
Monetary Policy in an Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area (PDF – 447KB)
Discussants:
PETER IRELAND, Boston College
LARS SVENSSON, Princeton University
Market Street Dining Room
12:30 P.M. Lunch
4th Floor Central Conference Room
Afternoon Session Chair: GLENN RUDEBUSCH, Federal Reserve Bank of San Francisco
1:45 P.M. ARGIA SBORDONE, Rutgers University
An Optimizing Model of U.S. Wage and Price Dynamics (PDF – 848KB)
Discussant:
JEFFREY FUHRER, Federal Reserve Bank of Boston
2:45 P.M. Break
3:00 P.M. JEREMY RUDD, Federal Reserve Board
KARL WHELAN, Federal Reserve Board
Should Monetary Policy Target Labor’s Share of Income? (PDF – 208KB)
Discussant:
JOHN LEAHY, Boston University
4:00 P.M. Break
4:15 P.M. KATHARINE NEISS, Bank of England
EDWARD NELSON, Bank of England
Inflation Dynamics, Marginal Cost, and the Output Gap: Evidence from Three Countries (161KB – PDF file)
Discussant:
ROBERT GORDON, Northwestern University
5:15 P.M. General discussion of wage and price modeling
Market Street Lounge

5:45 P.M.

Reception
6:30 P.M. Dinner
Introduction:
ROBERT PARRY, Federal Reserve Bank of San Francisco
Speaker:
FREDERIC MISHKIN, Columbia University
Saturday, March 2
4th Floor Central Conference Room

Morning Session Chair: GLENN RUDEBUSCH, Federal Reserve Bank of San Francisco
8:00 A.M. Continental Breakfast
8:45 A.M. CHRISTOPHER SIMS, Princeton University
TAO ZHA, Federal Reserve Bank of Atlanta
Macroeconomic Switching (PDF – 291KB)
Discussants:
JAMES HAMILTON, University of California, San Diego
EDWARD LEAMER, University of California, Los Angeles
10:15 A.M. Break
10:30 A.M.
Panel:
What is a good macroeconomic model for a central bank to use?
Discussants:
LAWRENCE CHRISTIANO, Northwestern University
ADRIAN PAGAN, Australian National University, Written Comments (PDF – 70KB)
DAVE STOCKTON, Federal Reserve Board, Written Comments (PDF – 22KB)
12:00 P.M. Buffet Lunch