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