Norges Bank, MacroMontreal and CIRPEE-Centre Interuniversitaire sur le Risque, les Politiques Economiques et l'Emploi are organizing a joint one-day workshop with the purpose of bringing together researchers working on empirical and theoretical aspects of business cycle analysis. The aim of the workshop is to discuss new challenges brought forward by the recent financial crisis and by the sluggish recovery in labor markets experienced by several countries.

Larry Christiano (Northwestern University) will present the keynote address.

Program

08:30 – 09:00 Registration and entry

09:00 - 10:00 When does a central bank's balance sheet require fiscal support?
Marco Del Negro (Federal Reserve Bank of New York) and Chris Sims (Princeton University) Presentation (Del Negro, Sims)
Discussant: Oreste Tristani (European Central Bank) Presentation (Tristani)

10:00 - 11:00 Optimal monetary and fiscal policy at the zero lower bound in a small open economy
Saroj Bhattarai (Penn State University) and Konstantin Egorov (Penn State University) Presentation (Bhattarai, Egorov)
Discussant: Andrea Tambalotti (Federal Reserve Bank of New York) Presentation (Tambalotti)

11:00 - 11:30 Break

11:30 - 12:30 Keynote: Understanding the Great Recession
Lawrence Christiano (Northwestern University), Martin Eichenbaum (Northwestern University) and Mathias Trabandt (Board of Governors of the Federal Reserve System)
Presentation (Christiano, Eichenbaum, Trabandt)

12:30 - 13:30 Lunch

13:30 - 14:30 Corporate cash and employment
Philippe Bacchetta (University of Lausanne), Kenza Benhima (University of Lausanne) and Céline Poilly (University of Lausanne). Presentation (Bacchetta, Benhima, Poilly)
Discussant: Vivien Lewis (KU Leuven) Presentation (Lewis)

14:30 - 15:30 Search and recruiting intensities over the business cycles
Sylvain Leduc (Federal Reserve Bank of San Francisco) and Zheng Liu (Federal Reserve Bank of San Francisco)
Discussant: Stefano Gnocchi (Bank of Canada) Presentation (Leduc, Liu)

15:30 - 16:00 Break

16:00 - 17:00 Unemployment crises
Nicolas Petrosky-Nadeau (Carnegie Mellon University) and Lu Zhang (Ohio State University) Presentation (Petrosky-Nadeau, Zhang)
Discussant: Francesco Zanetti (Oxford University) Presentation (Zanetti)

Workshop Committee:
Hafedh Bouakez (hafedh.bouakez@hec.ca)
Francesco Furlanetto (francesco.furlanetto@norges-bank.no)
Federico Ravenna (federico.ravenna@hec.ca)
Martin Seneca (martin.seneca@norges-bank.no)

 Lawrence Christiano at Norges Bank, Oslo, Friday June 20th 2014. Photo: Nils S. Aasheim/Norges Bank