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Conference on Monetary Economics
21 Jun. 2002
9.00
The II Banco de Portugal Conference on Monetary Economics will be held in Funchal (Madeira Island), June 21-23, 2002. The Conference aims at bringing together economists to discuss research on monetary theory and policy.
The Conference venue is the Crowne Plaza Resort Madeira, a modern Hotel, located on the Southern coast of Madeira, an Island situated in the middle of the North Atlantic Ocean, some 310 miles from the African Coast and 620 miles from the Portuguese mainland, just one and a half hour’s flight from Lisbon.
The Conference will last for two days and a half, Friday, June 21 to Sunday, June 23.
The Scientific Committee for the Conference is composed by Isabel Correia, Sérgio Rebelo and Pedro Teles.
The Conference venue is the Crowne Plaza Resort Madeira, a modern Hotel, located on the Southern coast of Madeira, an Island situated in the middle of the North Atlantic Ocean, some 310 miles from the African Coast and 620 miles from the Portuguese mainland, just one and a half hour’s flight from Lisbon.
The Conference will last for two days and a half, Friday, June 21 to Sunday, June 23.
The Scientific Committee for the Conference is composed by Isabel Correia, Sérgio Rebelo and Pedro Teles.
Programme
| Thursday, June 20 | |
|---|---|
| 19.30 – 20.00 | Welcome Drink |
| 20.00 - 21.30 | Dinner |
| Friday, June 21 | |
|---|---|
| 09.15 – 09.30 | Opening address by Vítor Constâncio, Governor of the Banco de Portugal |
Session A Chair: Sérgio Rebelo (Northwestern University) |
|
| 09.30 – 10.45 | Liquidity, Business Cycles and Monetary Policy Nobuhiro Kiyotaki (London School of Economics and NBER) John Moore (Edinburgh University and London School of Economics) Discussant: V.V. Chari (University of Minnesota and Federal Reserve Bank of Minneapolis) |
| 10.45 – 11.00 | Coffee |
| 11.00 – 12.15 | Can a Baumol-Tobin Model Account for the Short-Run Behaviour of Velocity? Fernando Alvarez (University of Chicago and NBER) Andrew Atkeson (UCLA and NBER) Christian Edmond (UCLA) Discussant: Timothy Fuerst (Bowling Green State University) |
| 13.15–14.30 | Lunch |
Session B Chair: Isabel Horta Correia (Banco de Portugal) |
|
| 14.45–16.00 | An Estimated Dynamic, General Equilibrium Model for Monetary Policy Analysis David Altig (University of Chicago and Federal Reserve Bank of Cleveland) Lawrence J. Christiano (Northwestern University, Federal Reserve Bank of Chicago and NBER) Martin Eichenbaum (Northwestern University) Jesper Linde (Sveriges Riksbank) Discussant: Lars Peter Hansen (University of Chicago and NBER) |
| 16.00–16.15 | Coffee |
| 16.15–17.30 | Deflation, Real Wages and the International Great Depression: a Productivity Puzzle Harold Cole (Federal Reserve Bank of Minneapolis and UCLA) Ron Leung (University of Minnesota) Lee Ohanian (Federal Reserve Bank of Minneapolis and UCLA) Discussant: Charles Evans (Federal Reserve Bank of Chicago) |
| 20.00–21.30 | Dinner |
| Saturday, June 22 | |
|---|---|
| Session C Chair: Maximiano Pinheiro (Banco de Portugal) |
|
| 09.30–10.45 | The Stock Market Crash of 1929: Irving Fisher Was Right! Ellen R. McGrattan (Federal Reserve Bank of Minneapolis and University of Minnesota) Edward C. Prescott (Federal Reserve Bank of Minneapolis and University of Minnesota) Discussant: Kent Daniel (Northwestern University and NBER) |
| 10.45 – 11.00 | Coffee |
| 11.00 – 12.15 | Bubbles and Crashes Dilip Abreu (Princeton University) Markus K. Brunnermeier (Princeton University) Discussant: Philippe Bacchetta (Studienzentrum Gerzensee) |
| 13.15–14.30 | Lunch |
Session D Chair: Pedro Teles (Federal Reserve Bank of Chicago and Banco de Portugal) |
|
| 14.45 – 16.00 | Overconfidence and Speculative Bubbles José Scheinkman (Princeton University and Université Paris-Dauphine) Wei Xiong (Princeton University) Discussant: Harald Uhlig (Humboldt University and CEPR) |
| 16.00 – 16.15 | Coffee |
| 16.15 – 17.30 | Money Among Mechanisms Edward Green (Federal Reserve Bank of Chicago) Ruilin Zhou (Federal Reserve Bank of Chicago) Discussant: Nobuhiro Kiyotaki (London School of Economics and NBER) |
| 17.30 – 19.00 | Policy Panel - The Current Monetary Policy Challenges Chair: Luís Campos e Cunha (Universidade Nova de Lisboa) Richard T. Freeman (Federal Reserve Board) Takashi Oyama (Bank of Japan) Jürgen Stark (Deutsche Bundesbank) |
| 20.00–21.30 | Dinner |
| Sunday, June 23 | |
|---|---|
| Session E Chair: Pedro Duarte Neves (Banco de Portugal) |
|
| 09.30 – 10.15 | Some Evidence on the Importance of Sticky Prices Mark Bils (University of Rochester and NBER) Peter Klenow (Federal Reserve Bank of Minneapolis and NBER) Discussant: Susanto Basu (University of Michigan and NBER) |
| 10.15 – 11.30 | Time-Consistent Public Expenditures Paul Klein (University of Western Ontario) Per Krusell (University of Rochester, Institute for International Economic Studies and CEPR) José-Víctor Ríos-Rull (University of Pennsylvania, CEPR and NBER) Discussant: Pablo Andrés Neumeyer (Universidad Torcuato Di Tella) |
| 13.00 – 14.30 | Lunch |
| 15.00 – 20.00 | Visit to Madeira |
| 20.00 – 21.30 | Dinner |
Participants
Dilip Abreu (Princeton University)
Bernardino Adão (Banco de Portugal)
Irasema Alonso (University of Rochester)
Nuno Alves (Banco de Portugal)
Jeffery Amato (Bank for International Settlements)
Andrew Atkeson (UCLA and NBER)
Philippe Bacchetta (Studienzentrum Gerzensee)
Susanto Basu (University of Michigan and NBER)
Serge Bertholomé (Banque Nationale de Belgique)
Mark Bils (University of Rochester and NBER)
Craig Burnside (The World Bank)
Ariel Burstein (Northwestern University)
V. V. Chari (University of Minnesota and Federal Reserve Bank of Minneapolis)
Lawrence J. Christiano (Northwestern University, Federal Reserve Bank of Chicago and NBER)
Vítor Constâncio (Banco de Portugal)
Isabel Horta Correia (Banco de Portugal, Universidade Católica Portuguesa and CEPR)
Sónia Costa (Banco de Portugal)
Luís Campos e Cunha (Universidade Nova de Lisboa)
Kent Daniel (Northwestern University and NBER)
Javier Díaz-Giménez (Universidad Carlos III de Madrid)
Martin Eichenbaum (Northwestern University and NBER)
Charles Evans (Federal Reserve Bank of Chicago)
Ana Fernandes (CEMFI)
Carsten Folkertsma (De Nederlandsche Bank)
Richard T. Freeman (Federal Reserve Board)
Timothy Fuerst (Bowling Green State University)
Edward Green (Federal Reserve Bank of Chicago)
Lars Peter Hansen (University of Chicago and NBER)
Nobuhiro Kiyotaki (London School of Economics and NBER)
Per Krusell (University of Rochester, Institute for International Economic Studies and CEPR)
Ana Cristina Leal (Banco de Portugal)
Patrick Lünnemann (Banque Centrale du Luxembourg)
José Ferreira Machado (Universidade Nova de Lisboa)
Carlos Robalo Marques (Banco de Portugal)
Klaus Masuch (European Central Bank)
Stephen Millard (Bank of England)
José Luis Malo de Molina (Banco de España)
John Moore (Edinburgh University and London School of Economics)
Peter Mooslechner (Oesterreichische Nationalbank)
Marcelo Kfoury Muinhos (Banco Central do Brasil)
Pablo Andrés Neumeyer (Universidad Torcuato Di Tella)
João Luís César das Neves (Universidade Católica Portuguesa)
Pedro Duarte Neves (Banco de Portugal and Universidade Católica Portuguesa)
Juan Pablo Nicolini (Universidad Torcuato Di Tella)
Lee Ohanian (Federal Reserve Bank of Minneapolis and UCLA)
Takashi Oyama (Bank of Japan)
Maximiano Pinheiro (Banco de Portugal)
Edward C. Prescott (Federal Reserve Bank of Minneapolis and University of Minnesota)
Sérgio Rebelo (Northwestern University, NBER and CEPR)
José-Víctor Ríos-Rull (University of Pennsylvania, CEPR and NBER)
Salvatore Rossi (Banca d'Itália)
José Scheinkman (Princeton University and Université Paris-Dauphine)
Manuel Sebastião (Banco de Portugal)
Peter Stalder (Swiss National Bank)
Jürgen Stark (Deutsche Bundesbank)
Pedro Teles (Federal Reserve Bank of Chicago and Banco de Portugal)
Gertrude Tumpel-Gugerell (Oesterreichische Nationalbank)
Harald Uhlig (Humboldt University and CEPR)
Javier Vallés (Banco de España)
Andreas Worms (Deutsche Bundesbank)
Ruilin Zhou (Federal Reserve Bank of Chicago)
