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Friday, November 21, 2008
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| 0900 |
Welcome address
Jan F. Qvigstad, Deputy Governor Norges Bank |
| 0910 |
Keynote speech (pdf)
Lars E.O. Svensson, Deputy Governor Sveriges Riksbank |
| 1000 |
Break |
| 1020 |
Session 1 Optimal monetary policy in estimated DSGE models
Optimal monetary policy in a medium-scale model of the euro area (pdf)
Presenters: Stefano Neri, Banca d’Italia and Tiziano Robele, Banca d’Italia
Discussant: Pelin Ilbas, Norges Bank
Presentation (pdf)
Estimating a DSGE model for Norway under optimal policy (pdf)
Presenters: Ida Wolden Bache, Leif Brubakk and Junior Maih, Norges Bank
Discussant: Jesper Lindé, Board of Governors of the Federal Reserve System
Presentation (pdf)
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| 1200 |
Lunch |
| 1300 |
Session 2: Discretion, commitment and delegation
Timeless perspective policymaking: when is discretion superior? (pdf)
Presenter: Richard Dennis, Federal Reserve Bank of San Francisco
Discussant: Andrea Tambalotti, Federal Reserve Bank of New York
Presentation (pdf)
The gains from delegation revisited: price-level targeting, speed-limit and interest rate smoothing policies (pdf)
Presenters: Andrew P. Blake, Bank of England, Tatiana Kirsanova, University of Exeter and Tony Yates, Bank of England
Discussant: Lutz Weinke, Duke University
Presentation (pdf)
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1440 |
Break
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| 1500 |
Session 3: Optimal policy in open economies
Optimal monetary policy and the sources of local-currency price stability
Presenters: Giancarlo Corsetti, University of Rome, Luca Dedola, European Central Bank and Sylvain Leduc, Federal Reserve Board of San Francisco
Discussant: Rodrigo Caputo, Banco Central de Chile
Monetary policy under alternative asset market structures: the case of a small open economy (pdf)
Presenter: Bianca De Paoli, Bank of England
Discussant: Luca Guerrieri, Board of Governors of the Federal Reserve System
Presentation (pdf)
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| 1800 |
Guided tour of and dinner at the new Oslo Opera House |
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Saturday, November 22, 2008 |
| 0900 |
Session 4: Robustness and optimal policy
Learning, expectations formation, and the pitfalls of optimal control monetary policy (pdf)
Presenters: Athanasios Orphanides, Central Bank of Cyprus and John C. Williams, Federal Reserve Bank of San Francisco
Discussant: Krisztina Molnar
Presentation (pdf)
Welfare-maximizing monetary policy under parameter uncertainty (pdf)
Presenters: Rochelle M. Edge, Board of Governors of the Federal Reserve System, Thomas Laubach, Goethe University Frankfurt and John C. Williams, Federal Reserve Bank of San Francisco
Discussant: Kevin Sheedy, London School of Economics
Presentation (pdf)
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| 1040 |
Break |
| 1100 |
Session 5: Optimal monetary policy and credit markets
Optimal monetary policy with credit augmented liquidity cycles (pdf)
Presenter: Ester Faia, University of Roma at Tor Vergata
Discussant: Ander Perez, Universitat Pompeu Fabra
Presentation (pdf)
Optimal monetary policy in a model of the credit channel (pdf)
Presenters: Fiorella De Fiore and Oreste Tristani, European Central Bank
Discussant: Tony Yates, Bank of England
Presentation (pdf)
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| 1240 |
Lunch |
| 1330 |
Session 6: Methods of optimal policy
Analysis of optimal inflation under discretion using a projection method (pdf)
Presenters: Gary Anderson, Jinill Kim and Tack Yun, Board of Governors of the Federal Reserve System
Discussant: Roberto Billi, Federal Reserve Bank of Kansas City
Presentation (pdf)
Recursive optimal policy design: second order approximation decision rules and welfare
Presenters: Michael K. Johnston, Bank of Canada, Denny Lie and Robert G. King, Boston University
Discussant: Junior Maih, Norges Bank
Linear-quadratic approximation to unconditionally optimal policy: the distorted steadystate
Presenters: Tatiana Damjanovic, Vladislav Damjanovic and Charles Nolan, University of St. Andrews
Discussant: Christian Jensen, University of South Carolina
Presentation (pdf) |
| 1600 |
Adjourn |