09:45–10:45
When is the Government Spending Multiplier Large?
Lawrence Christiano, Martin Eichenbaum, and Sergio Rebelo, Northwestern University
Discussant: John Leahy, New York University (10 mins)
Conference program
Monetary Policy
Co-sponsored with the Reserve Bank of New Zealand.
Thursday, December 17, 2009
Morning Session
11:00–12:00
A Defence of the Federal Reserve Open Market Committee (FOMC)
Thomas Sargent, New York University
Presented by Craig Burnside, Duke University
Discussant: Craig Burnside, Duke University (10 mins)
12:00–13:00
A Model of Unconventional Monetary Policy
Mark Gertler, and Peter Karadi, New York University
Discussant: Robert Hall, Stanford University (10 mins)
Afternoon Session
14:30–15:30
Do Credit Constraints Amplify Macroeconomic Fluctuations?
Tao Zha, Zheng Liu, Pengfei Wang, Federal Reserve Bank of Atlanta
Discussant: Simon Gilchrist, Boston University (10 mins)
15:30–16:30
On a Tractable Small Open Economy Model with Endogenous Monetary-policy Trade-offs
Jaime Alonso-Carrera (Universidade de Vigo) and Timothy Kam, Australian National University
Discussant: Christoph Thoenissen, University of St Andrews (10 mins)
16:45–17:45
Long and Short Interest Rate Targets
Bernardino Adao, Isabel Correia and Pedro Teles, Banco de Portugal
Discussant: Pablo Andres Neumeyer, Torcuato Di Tella University (10 mins)
Friday, December 18, 2009
Morning Session
09:30–10:30
Bailouts, Time Inconsistency and Optimal Regulation
V. V. Chari and Patrick J. Kehoe, Federal Reserve Bank of Minneapolis
Discussant: Timo Henckel, Australia National University (10 mins)
10:45–12:00
The High Sensitivity of Economic Activity to Financial Frictions
Keynote
Robert Hall, Stanford University
Afternoon Session
13:30–14:30
Sunspots and Credit Frictions
Sharon Harrison(Columbia University) and Mark Weder, University of Adelaide
Discussant: Martin Fukac, Reserve Bank of New Zealand (10 mins)
14:45–15:45
Inflation and the Natural Rate of Unemployment in US Business Cycles
Nicolas Groshenny, Reserve Bank of New Zealand
Discussant: Thomas Lubik, Federal Reserve Bank of Richmond (10 mins)