Friday, March 1, 2002 – Saturday, 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 |
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| 8:00 A.M. | Continental Breakfast | ||
| 8:55 A.M. |
Welcoming Remarks: ROBERT PARRY, President, Federal Reserve Bank of San Francisco |
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| 9:00 A.M. | ERIC LEEPER, Indiana University TAO ZHA, Federal Reserve Bank of Atlanta Empirical Analysis of Policy Interventions (PDF – 366KB) |
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Discussants:
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KEVIN HOOVER, University of California, Davis SHARON KOZICKI, Federal Reserve Bank of Kansas City |
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| 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) |
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Discussants:
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PETER IRELAND, Boston College LARS SVENSSON, Princeton University |
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| 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 |
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| 1:45 P.M. | ARGIA SBORDONE, Rutgers University An Optimizing Model of U.S. Wage and Price Dynamics (PDF – 848KB) |
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Discussant:
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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) |
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Discussant:
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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) |
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Discussant:
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ROBERT GORDON, Northwestern University | ||
| 5:15 P.M. | General discussion of wage and price modeling | ||
| Market Street Lounge | |||
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5:45 P.M. |
Reception | ||
| 6:30 P.M. | Dinner | ||
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Introduction:
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ROBERT PARRY, Federal Reserve Bank of San Francisco | ||
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Speaker:
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FREDERIC MISHKIN, Columbia University | ||
| Saturday, March 2 4th Floor Central Conference Room Morning Session Chair: GLENN RUDEBUSCH, Federal Reserve Bank of San Francisco |
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| 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) |
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Discussants:
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JAMES HAMILTON, University of California, San Diego EDWARD LEAMER, University of California, Los Angeles |
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| 10:15 A.M. | Break | ||
| 10:30 A.M. |
Panel:
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What is a good macroeconomic model for a central bank to use? | |
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Discussants:
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LAWRENCE CHRISTIANO, Northwestern University ADRIAN PAGAN, Australian National University, Written Comments (PDF – 70KB) DAVE STOCKTON, Federal Reserve Board, Written Comments (PDF – 22KB) |
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| 12:00 P.M. | Buffet Lunch | ||