26-27 June 2008, Palace Luzern Hotel, Switzerland
Thursday 26 June
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10:00
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Registration and refreshments |
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11:00
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Opening remarks: | William White, Bank for
International Settlements
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Chair: |
Guillermo Ortiz, Bank of Mexico |
| 11:15 |
Session 1: |
In search of monetary stability: the evolution of policy regimes |
| Paper title: | In search of monetary stability: the evolution of monetary policy Some reflections. Experience - Lessons - Open issues (revised version 30 June 2008) |
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Author:
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Otmar Issing, Centre for
Financial Studies
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Discussants:
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José de Gregorio, Central Bank of Chile (comments) Allan Meltzer, Carnegie Mellon University (comments) |
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12:45
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Lunch
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Chair:
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Durmus Yilmaz, Central Bank of the Republic of Turkey
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| 14:15 | Session 2: | Monetary policy communication |
| Paper title: | Talking about monetary policy: The virtues (and vices?) of central bank communication | |
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Author:
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Alan Blinder, Princeton University |
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Discussants:
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Benjamin
Friedman, Harvard University (comments)
Y V Reddy, Reserve Bank of India (comments) |
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15:45
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Coffee break
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| Chair: | Tito Mboweni, South African Reserve Bank | |
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16:15
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Session 3:
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Expectations formation: beyond rational expectations |
| Paper title: | Inflation expectations, uncertainty, and monetary policy
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Author:
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Christopher Sims, Princeton University |
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Discussants:
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Athanasios
Orphanides, Central Bank of Cyprus (comments)
Lars Svensson, Sveriges Riksbank (comments revised version 27 Aug 2008) |
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18:00
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End of day one
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19:00
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Reception followed by formal dinner |
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Keynote adress by Edmund Phelps, Columbia University
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Friday 27 June
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Chair: |
Donald Kohn, Board of Governors of the Federal Reserve System |
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09:00
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Session 4: | Changes in monetary policy transmission |
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Paper title:
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Has the monetary transmission process in the euro area changed? Evidence based on VAR estimates (revised version 18 August 2008) |
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Author:
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Axel Weber, Deutsche Bundesbank |
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Discussants:
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Marvin
Goodfriend, Carnegie Mellon University (comments)
Arminio Fraga Neto, Gávea Investimentos (comments) |
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10:30
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Coffee break
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Chair: | Hamad Saud Al-Sayari, Saudi Arabian Monetary Agency |
| 11:00 | Session 5: | Price stability and the external dimension |
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Paper title:
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China's financial conundrum and global imbalances
(revised version 19 August 2008)
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Author:
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Ronald McKinnon, Stanford
University
Gunther Schnabl, Leipzig University |
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Discussants:
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Ricardo Caballero,
Massachusetts Institute of Technology (comments)
Michael Mussa, The Peterson Institute for International Economics (comments) |
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12:30
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Lunch
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Luncheon remarks by Martin Wolf, Financial Times
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Chair: |
Lucas Papademos, European Central Bank |
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14:00
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Session 6: | Credit frictions and monetary policy analysis |
| Paper title: | Credit frictions and optimal monetary policy (revised version 19 August 2008) | |
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Author:
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Michael Woodford, Columbia
University
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Discussants:
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Olivier Blanchard,
Massachusetts Institute of Technology (comments)
Charles Goodhart, London School of Economics (comments) |
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15:30
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Coffee break
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16:00
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Panel discussion:
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Beyond price stability: the challenges ahead
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Chair:
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Malcolm
Knight, Bank for International Settlements
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Panellists:
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Mark Carney, Bank of Canada (comments) Jean-Pierre Landau, Bank of France |
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17:30
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Close of conference
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