26-27 June 2008, Palace Luzern Hotel, Switzerland
Wednesday 25 June
| 17:30 | Conference registration |
| 19:00 | Cocktail reception followed by informal dinner |
Thursday 26 June
| 10:00 | Registration and refreshments |
| 11:00 | Opening remarks: | William White, Bank for
International Settlements |
| | 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) | |
| Author: | Otmar Issing, Centre for
Financial Studies | |
| | Discussants: | José de Gregorio, Central Bank of Chile (comments) Allan Meltzer, Carnegie Mellon University (comments) |
| 12:45 | Lunch | |
| | Chair: | Durmus Yilmaz, Central Bank of the Republic of Turkey |
| 14:15 | Session 2: | Monetary policy communication |
| Paper title: | Talking about monetary policy: The virtues (and vices?) of central bank communication | |
| | Author: | Alan Blinder, Princeton University |
| | Discussants: | Benjamin
Friedman, Harvard University (comments) Y V Reddy, Reserve Bank of India (comments) |
| 15:45 | Coffee break | |
| Chair: | Tito Mboweni, South African Reserve Bank | |
| 16:15 | Session 3: | Expectations formation: beyond rational expectations |
| Paper title: | Inflation expectations, uncertainty, and monetary policy | |
| Author: | Christopher Sims, Princeton University | |
| Discussants: | Athanasios
Orphanides, Central Bank of Cyprus (comments) Lars Svensson, Sveriges Riksbank (comments revised version 27 Aug 2008) | |
| 18:00 | End of day one | |
| 19:00 | Reception followed by formal dinner |
| | Keynote adress by Edmund Phelps, Columbia University |
Friday 27 June
| | Chair: | Donald Kohn, Board of Governors of the Federal Reserve System |
| 09:00 | Session 4: | Changes in monetary policy transmission |
| Paper title: | Has the monetary transmission process in the euro area changed? Evidence based on VAR estimates (revised version 18 August 2008) | |
| | Author: | Axel Weber, Deutsche Bundesbank |
| | Discussants: | Marvin
Goodfriend, Carnegie Mellon University (comments) Arminio Fraga Neto, Gávea Investimentos (comments) |
| 10:30 | Coffee break | |
| | Chair: | Hamad Saud Al-Sayari, Saudi Arabian Monetary Agency |
| 11:00 | Session 5: | Price stability and the external dimension |
| | Paper title: | China's financial conundrum and global imbalances (revised version 19 August 2008) |
| | Author: | Ronald McKinnon, Stanford
University Gunther Schnabl, Leipzig University |
| | Discussants: | Ricardo Caballero,
Massachusetts Institute of Technology (comments) Michael Mussa, The Peterson Institute for International Economics (comments) |
| 12:30 | Lunch | |
| | Luncheon remarks by Martin Wolf, Financial Times |
| | Chair: | Lucas Papademos, European Central Bank |
| 14:00 | Session 6: | Credit frictions and monetary policy analysis |
| Paper title: | Credit frictions and optimal monetary policy (revised version 19 August 2008) | |
| | Author: | Michael Woodford, Columbia
University |
| | Discussants: | Olivier Blanchard,
Massachusetts Institute of Technology (comments) Charles Goodhart, London School of Economics (comments) |
| 15:30 | Coffee break | |
| 16:00 | Panel discussion: | Beyond price stability: the challenges ahead |
| | Chair: | Malcolm
Knight, Bank for International Settlements |
| | Panellists: |
Mark Carney, Bank of Canada (comments) Jean-Pierre Landau, Bank of France |
| 17:30 | Close of conference | |