Friday, February 25, 2011
Agenda
| Morning Session Chair: Glenn Rudebusch, Federal Reserve Bank of San Francisco | ||
| 8:10 A.M. | Continental Breakfast | |
| 8:50 A.M. | Welcoming Remarks | |
| 9:00 A.M. | Stefania D’Amico, Board of Governors of the Federal Reserve | |
| Thomas B. King, Board of Governors of the Federal Reserve | ||
| Flow and Stock Effects of Large-Scale Treasury Purchases | ||
| Conference Presentation | ||
| James D. Hamilton, University of California, San Diego | ||
| Jing (Cynthia) Wu, University of California, San Diego | ||
| The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment | ||
| Conference Presentation | ||
| Arvind Krishnamurthy, Northwestern University and NBER | ||
| Annette Vissing-Jorgensen, Northwestern University, NBER and CEPR | ||
| The Effects of Quantitative Easing on Long-Term Interest Rates | ||
| Conference Presentation | ||
| 10:00 A.M. | Break | |
| 10:25 A.M. | Discussants: | Gregory Duffee, Johns Hopkins University |
| Tsutomu Watanabe, Hitotsubashi University | ||
| Monika Piazzesi, Stanford University | ||
| Discussion of QE papers (Duffee) | ||
| Discussion of QE Papers (Piazzesi) | ||
| 11:10 A.M. | General Discussion | |
| 12:00 P.M. | Lunch – Market Street Dining Room, Fourth Floor | |
| Afternoon Session Chair: Eric Swanson, Federal Reserve Bank of San Francisco | ||
| 1:15 P.M. | Gauti Eggertsson, Federal Reserve Bank of New York | |
| Paul Krugman, Princeton University | ||
| Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minksy-Koo Approach | ||
| Conference Presentation | ||
| Discussants: | Martin Eichenbaum, Northwestern University | |
| Robert Hall, Stanford University | ||
| Discussion of “Debt, Deleveraging and the Liquidity Trap” (Eichenbaum) | ||
| Discussion of Debt, Deleveraging, and the Liquidity Trap” (Hall) | ||
| 2:35 P.M. | Break | |
| 2:50 P.M. | Charles Brendon, Exeter College, Oxford | |
| Matthias Paustian, Bank of England | ||
| Tony Yates, Bank of England | ||
| Optimal Conventional and Unconventional Monetary Policy in the Presence of Collateral Constraints and the Zero Bound | ||
| Discussants: | Lawrence Christiano, Northwestern University | |
| Carl Walsh, University of California, Santa Cruz | ||
| Discussion of: “Optimal conventional and unconventional monetary policy in the presence of collateral constraints and the zero bound” (Christiano) | ||
| Comments on “Optimal conventional and unconventional monetary policies in the presence of collateral constraints and the zero bound” by Brendon, Paustian and Yates. (Walsh) | ||
| 4:10 P.M. | Break | |
| 4:25 P.M. | Hess Chung, Board of Governors of the Federal Reserve | |
| Jean-Philippe Laforte, Board of Governors of the Federal Reserve | ||
| David Reifschneider, Board of Governors of the Federal Reserve | ||
| John C. Williams, Federal Reserve Bank of San Francisco | ||
| Have We Underestimated the Probability of Hitting the Zero Lower Bound? | ||
| Conference Presentation | ||
| Discussants: | Christopher Sims, Princeton University | |
| Lars E. O. Svensson, Sveriges Riksbank | ||
| Comment on: Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? (Sims) | ||
| Comments on Chung, Laforte, Reifschneider, and Williams, ”Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?” (Svensson) | ||
| 5:45 P.M. | Reception – West Market Street Lounge, Fourth Floor | |
| 6:30 P.M. | Dinner – Market Street Dining Room, Fourth Floor | |
| Speaker: Charles Evans, Federal Reserve Bank of Chicago | ||