Friday, February 25, 2011

Conference Summary

Agenda

Morning Session Chair: Glenn Rudebusch, Federal Reserve Bank of San Francisco
8:10 A.M. Continental Breakfast
8:50 A.M. Welcoming Remarks
9:00 A.M. Stefania D’Amico, Board of Governors of the Federal Reserve
? Thomas B. King, Board of Governors of the Federal Reserve
? Flow and Stock Effects of Large-Scale Treasury Purchases
? Conference Presentation
?
? James D. Hamilton, University of California, San Diego
? Jing (Cynthia) Wu, University of California, San Diego
? The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment
? Conference Presentation
? ?
? Arvind Krishnamurthy, Northwestern University and NBER
? Annette Vissing-Jorgensen, Northwestern University, NBER and CEPR
? The Effects of Quantitative Easing on Long-Term Interest Rates
? Conference Presentation
10:00 A.M. Break
10:25 A.M. Discussants: Gregory Duffee, Johns Hopkins University
? ? Tsutomu Watanabe, Hitotsubashi University
? ? Monika Piazzesi, Stanford University
? ? Discussion of QE papers (Duffee)
? ? Discussion of QE Papers (Piazzesi)
11:10 A.M. General Discussion
12:00 P.M. Lunch – Market Street Dining Room, Fourth Floor
?
Afternoon Session Chair: Eric Swanson, Federal Reserve Bank of San Francisco
1:15 P.M. Gauti Eggertsson, Federal Reserve Bank of New York
? Paul Krugman, Princeton University
? Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minksy-Koo Approach
? Conference Presentation
? Discussants: Martin Eichenbaum, Northwestern University
? ? Robert Hall, Stanford University
? ? Discussion of “Debt, Deleveraging and the Liquidity Trap” (Eichenbaum)
? ? Discussion of Debt, Deleveraging, and the Liquidity Trap” (Hall)
2:35 P.M. Break
2:50 P.M. Charles Brendon, Exeter College, Oxford
? Matthias Paustian, Bank of England
? Tony Yates, Bank of England
? Optimal Conventional and Unconventional Monetary Policy in the Presence of Collateral Constraints and the Zero Bound
? Discussants: Lawrence Christiano, Northwestern University
? ? Carl Walsh, University of California, Santa Cruz
? ? Discussion of: “Optimal conventional and unconventional monetary policy in the presence of collateral constraints and the zero bound” (Christiano)
? ? Comments on “Optimal conventional and unconventional monetary policies in the presence of collateral constraints and the zero bound” by Brendon, Paustian and Yates. (Walsh)
4:10 P.M. Break
4:25 P.M. Hess Chung, Board of Governors of the Federal Reserve
? Jean-Philippe Laforte, Board of Governors of the Federal Reserve
? David Reifschneider, Board of Governors of the Federal Reserve
? John C. Williams, Federal Reserve Bank of San Francisco
? Have We Underestimated the Probability of Hitting the Zero Lower Bound?
? Conference Presentation
? Discussants: Christopher Sims, Princeton University
? ? Lars E. O. Svensson, Sveriges Riksbank
? ? Comment on: Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events? (Sims)
? ? Comments on Chung, Laforte, Reifschneider, and Williams, ”Have We Underestimated the Likelihood and Severity of Zero Lower Bound Events?” (Svensson)
5:45 P.M. Reception – West Market Street Lounge, Fourth Floor
6:30 P.M. Dinner – Market Street Dining Room, Fourth Floor
? Speaker: Charles Evans, Federal Reserve Bank of Chicago