Federal Reserve Bank of San Francisco

Economic Research

Interest Rates and Monetary Policy

March 19, 2004

The Federal Reserve Bank of San Francisco
and Stanford Institute for Economic Policy Research

Conference Summary

Agenda Download (PDF – 10KB)

Agenda

Friday, March 19
8:15 A.M.
Continental Breakfast
8:55 A.M.
Welcoming Remarks:
Robert Parry, Federal Reserve Bank of San Francisco
Morning Session Chair: John C. Williams, Federal Reserve Bank of San Francisco
9:00 A.M. Future Prices as Risk-adjusted Forecasts of Monetary Policy
Presenters:
Monika Piazzesi, University of Chicago
Eric Swanson, Federal Reserve Board
Discussants:
Charles Evans, Federal Reserve Bank of Chicago
Comments (PDF – 293KB)
Frank Schorfheide, University of Pennsylvania
Comments (PDF – 82KB)
10:30 A.M. Break
11:00 A.M. A Macro-Finance Model of the Term Structure, Monetary Policy, and the Economy
Presenters:
Glenn Rudebusch, Federal Reserve Bank of San Francisco
Tao Wu, Federal Reserve Bank of San Francisco
Discussants:
Greg Duffee, University of California, Berkeley
Bennett McCallum, Carnegie Mellon University
 
12:30 P.M. Lunch — Market Street Dining Room, Fourth Floor
 
Afternoon Session Chair: Richard Dennis, Federal Reserve Bank of San Francisco
2:00 P.M. The Term Structure of Real Rates and Expected Inflation (PDF – 319KB)
Presenters:
Andrew Ang, Columbia University
Geert Bekaert, Columbia University
Discussants:
Martin Evans, Georgetown University
Comments (PDF – 153KB)
Ken West
, University of Wisconsin
3:30 P.M. Break
4:00 P.M. Permanent and Transitory Policy Shocks in an Empirical Macro Model with Asymmetric Information (PDF – 939KB)
Presenters: Sharon Kozicki, Federal Reserve Bank of Kansas City
Peter Tinsley, George Washington University
Discussants: Alan Blinder, Princeton University
Comments (PDF – 27KB)
Steven Durlauf, University of Wisconsin
 
5:30 P.M. Reception — West Market Street Lounge, Fourth Floor
6:30 P.M. Dinner — Market Street Dining Room, Fourth Floor
Introduction: Robert Parry, Federal Reserve Bank of San Francisco
Speaker: Ben Bernanke, Federal Reserve Board
 
Saturday, March 20
8:00 A.M. Continental Breakfast
Morning Session Chair: Narayana Kocherlakota, Stanford University
8:45 A.M. Regime Shifts in a Dynamic Term Structure Model of U.S. Treasury Bond Yields
Presenters: Qiang Dai, New York University
Kenneth J. Singleton, Stanford University
Wei Yang, Stanford University
Discussants: James Hamilton, University of California, San Diego
Comments (PDF – 47KB)
John Heaton, University of Chicago
Comments (PDF – 46KB)
10:15 A.M. Break
10:30 A.M. Empirical and Policy Performance of a Forward-Looking Monetary Model
Presenters: Alexei Onatski, Columbia University
Noah Williams, Princeton University
Discussants: Jeffrey Fuhrer, Federal Reserve Bank of Boston
Comments (PDF – 574KB)
Lars Hansen, University of Chicago
Comments (PDF – 50KB)
 
12:00 P.M. Lunch
 
1:00 P.M.
Adjourn