Asset Prices, Exchange Rates, and Monetary Policy


Friday, March 2, 2001 – Saturday, March 3, 2001

Asset Prices, Exchange Rates, and Monetary Policy

Stanford University
March 2-3, 2001

Conference Summary


Friday, March 2
Donald L. Lucas Conference Center
Morning Session Chair: JACK BEEBE, Federal Reserve Bank of San Francisco

8:15 A.M. Continental Breakfast
8:55 A.M. Welcoming Remarks: JOHN TAYLOR, Stanford University
9:00 A.M. JAMES H. STOCK, Harvard University
MARK W. WATSON, Princeton University
Forecasting Output and Inflation: The Role of Asset Prices (Appendix)
  Discussants: CLIVE GRANGER, University of California, San Diego
CHRISTOPHER SIMS, Princeton University
10:30 A.M. Break
11:00 A.M.

KAI LEITEMO, Central Bank of Norway
ULF SÖDERSTRÖM, Central Bank of Sweden
Simple Monetary Policy Rules and Exchange Rate Uncertainty
(PDF – 594KB)

  Discussants: PIERPAOLO BENIGNO, New York University
ANDREW ROSE, University of California, Berkeley
Bechtel Center
12:30 P.M. Lunch
Donald L. Lucas Conference Center
Afternoon Session Chair: JOHN TAYLOR, Stanford University
2:00 P.M. NICOLETTA BATINI, Bank of England
STEPHEN P. MILLARD, Bank of England
Monetary Policy Rules for an Open Economy (PDF – 347KB)
Technical Annexes
(PDF – 43KB)
  Discussants: RICHARD CLARIDA, Columbia University
JEFFREY FUHRER, Federal Reserve Bank of Boston
3:30 P.M. Break
4:00 P.M. CHARLES GOODHART, London School of Economics
BORIS HOFMANN, University of Bonn
Asset Prices, Financial Conditions and the Transmission of Monetary Policy
  Discussants: BEN BERNANKE, Princeton University
ANDREW FILARDO, Federal Reserve Bank of Kansas City
Schwab Center
5:30 P.M. Reception
6:30 P.M. Dinner
Introduction: ROBERT PARRY, President, Federal Reserve Bank of San Francisco
Speaker: JOHN LIPSKY, Chief Economist, J.P. Morgan and Company
Saturday, March 3
Donald L. Lucas Conference Center
Morning Session Chair: GLENN RUDEBUSCH, Federal Reserve Bank of San Francisco
8:00 A.M. Continental Breakfast
8:45 A.M. MARK GERTLER, New York University
SIMON GILCHRIST, Boston University
FABIO NATALUCCI, New York University
External Constraints on Monetary Policy and the Financial Accelerator
  Discussants: RICARDO CABALLERO, Massachusetts Institute of Technology
MICHAEL KUMHOF, Stanford University (PDF – 32KB)
10:15 A.M. Break
10:30 A.M. BENNETT McCALLUM, Carnegie-Mellon University
Inflation Targeting and the Liquidity Trap (PDF – 229KB)
  Discussants: LARS SVENSSON, Stockholm University
CARL WALSH, University of California, Santa Cruz
12:00 P.M. Buffet Lunch