The aim of the conference is to bring together researchers working on issues related to the use of simple rules in the conduct of monetary policy.
Programme committee: Øyvind Eitrheim, Francesco Furlanetto, Dagfinn Rime and Øistein Røisland.
Attendance by invitation only.
Programme:
Thursday 24 June
8:30 – 9:00 Registration. Coffee and biscuits
Opening Session
9:00 – 9:10 Words of welcome, Svein Gjedrem (Governor, Norges Bank)
Keynote speech
Chair: Jon Nicolaisen
9:10 – 10:25 Simple Rules for Open Economies, John B. Taylor (Stanford University)
Presentation (pptx)
10:25 – 10:45 Coffee Break
Session I Monetary policy and simple rules in practice, Chair: Øistein Røisland
10:45 – 11:35 How Does Monetary Policy Change? Evidence on Inflation Targeting Countries, Jaromίr Baxa, Roman Horváth (Czech National Bank) and Bořek Vašίček
Discussant: Øyvind Eitrheim, Norges Bank
Paper (pdf)
Presentation (ppt)
Discussion (pdf)
11:35 – 12:25 The Taylor Rule and the Practice of Central Banking, Pier Francesco Asso, George A. Kahn (Federal Reserve Bank of Kansas City) and Robert Leeson
Discussant: Dale Henderson, Georgetown University
Paper (pdf)
Presentation (pptx)
Discussion (pdf)
12:30 – 13:30 Lunch 1st floor (“Speilsalen“)
Session II Monetary policy – US and European perspectives, Chair: Øyvind Eitrheim
13:30 – 14:20 Falling Behind the Curve: A Positive Analysis of Stop-Start Policies and the Great Inflation, Andrew Levin (Federal Reserve Board of Governors) and John B. Taylor
Discussant: Henrik Jensen, University of Copenhagen
Paper (pdf)
Presentation (pdf)
Discussion (pdf)
14:20 – 15:10 The Zero Lower Bound, ECB Interest Rate Policy and the Financial Crisis, Stefan Gerlach (University of Frankfurt) and John Lewis
Discussant: Gert Peersman, Ghent University
Paper (pdf)
Presentation (pptx)
Discussion (ppt)
15:10 – 15:30 Coffee Break
Session III Monetary policy under uncertainty – are simple rules robust?, Chair: Francesco Furlanetto
15:30 – 16:20 Optimal Monetary Policy and Simple Rules: A Unified Approach, Øistein Røisland (Norges Bank) and Tommy Sveen
Discussant: Guenter W. Beck, University of Mainz
Presentation (pdf)
Discussion (pdf)
Conference dinner hosted by Governor Svein Gjedrem (by invitation only):
18:00 – 19:00 Guided tour at the Oslo opera house
19:00 Dinner at the Oslo opera house
Friday 25 June
8:00 – 8:30 Registration. Coffee and biscuits
Session IV Monetary policy under uncertainty – are simple rules robust? (cont’d), Chair: Ida Wolden Bache
8:30 – 9:20 Simple and Robust Rules for Monetary Policy, John C. Williams (Federal Reserve Bank of San Francisco) and John B. Taylor
Discussant: Ragna Alstadheim, Norges Bank
Paper (pdf)
Presentation (pptx)
Discussion (pdf)
9:20 – 10:10 A Bayesian Approach to Optimal Monetary Policy with Parameter and Model Uncertainty, T. Cogley, B. de Paoli, C. Matthes, K. Nikolov and Tony Yates (Bank of England)
Discussant: Richard Dennis, Federal Reserve Bank of San Francisco
Paper (pdf)
Presentation (pdf)
Discussion (pdf)
10:10 – 10:30 Coffee Break
Session V Monetary policy and asset price bubbles, Chair: Anne Berit Christiansen
10:30 – 11:20 Monetary Policy and the Housing Bubble, Jane Dokko, B. Doyle, M.T. Kiley, Jinill Kim (Federal Reserve Board of Governors), S. Sherlund, S. v.d.Heuvel
Discussant: Rudiger Ahrend, OECD
Paper (pdf)
Presentation (pdf)
Discussion (pdf)
11:20 – 11:40 Break
Session VI Monetary policy regimes – two perspectives, Chair: Amund Holmsen
11:40 – 12:20 Inflation targeting, Lars E. O. Svensson (Deputy Governor Sveriges Riksbank)
Paper (pdf)
Presentation (pdf)
12:20 – 12:40 Monetary policy: Some personal reflections and commentaries, Athanasios Orphanides (Governor, Central Bank of Cyprus)
Paper (pdf)
Presentation (pdf)
12:40 – 12:55 Discussion with audience
Closing Session
13:00 – 13:10 Final remarks, Jon Nicolaisen (Executive Director and Chief Economist, Norges Bank)
13:15 – 14:15 Lunch
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