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Nombulelo Gumata of the South African Reserve Bank was among the experts presenting research during a September Kellogg School workshop for central bankers. The workshop brought nearly three dozen economists to the James L. Allen Center for a week of discussion about banking practices worldwide.

Central bankers convene again at Kellogg School

Weeklong workshop stimulates discussion, exchange of ideas

9/12/2006 - For the third time, the Kellogg School has played host to some of the top minds in banking and finance as the Advanced Workshop for Central Bankers convened at the James L. Allen Center during mid September.

“This workshop gathers central bank researchers from around the world for a week of intense study covering frontier research that is relevant to monetary policy,” said Sergio Rebelo, the Tokai Bank Distinguished Professor of International Finance, one of the Kellogg faculty members helping coordinate the event.

Participants spent their mornings attending lectures by specialists in monetary economics, such as Professor Rebelo and Professors Lawrence Christiano and Martin Eichenbaum from Northwestern University’s Department of Economics. The afternoons were devoted to computer lab sessions during which participants built stochastic dynamic general equilibrium models to study the interaction between monetary policy and the economy.

Additional lectures before dinner rounded out each day by considering such topics as the evolution of productivity in Europe and the U.S., which was discussed by Northwestern Professor Robert J. Gordon. Other topics discussed included the use of forecasting techniques to guide monetary policy, how monetary policy affects the price setting rules followed by firms, the role of the financial sector in the monetary transmission mechanism, and how uncertainty about the economy affects monetary policy decisions.

The workshop provided researchers from different banks with an opportunity to compare their approaches to building the models that guide monetary policy at their home institutions.

This year the workshop gathered 35 researchers from 20 central banks from Europe, Asia, Latin America, Africa, Canada and the United States.

“The workshop was heavily oversubscribed and it is helping to put Kellogg and Northwestern University on the map as a premier center for research on monetary economics,” said Rebelo.