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3rd Banca d'Italia-CEPR Conference on Money, Banking and Finance Monetary Policy Design and Communication

Rome, 27-28 September 2007

Hosted by the Banca d'Italia
Via Nazionale, 91
Rome, 27-28 September 2007

 
Thursday, September 27

 
Morning - Costs and benefits of transparency

08:30 - 09:15 Registration

 
09:15 - 09:30 Welcome address

Costs and Benefits of Transparency
Chair: Ignazio Visco (Banca d'Italia)

 
09:30 - 10:35 The limits of Transparency

*Alex Cukierman (Tel-Aviv University and CEPR)

 
Discussant: Francesco Giavazzi (Bocconi University and CEPR)

 
10:35 - 10:50 Coffee break

 
10:50 - 11:55 Imperfect Central Bank Communication

*Spencer Dale (Board of Governors of the Federal Reserve System)
Athanasios Orphanides (Central Bank of Cyprus and CEPR)
Pär Österholm (Uppsala University)

 
Discussant: Aleh Tsyvinski (Harvard University)

 
11:55 - 13:00 Monetary Policy Credibility and the Macroeconomy

Martin Melecky (De Nederlandsche Bank)
Diego Rodríguez-Palenzuela (ECB)
*Ulf Söderström (Bocconi University and CEPR)

 
Discussant: Tony Yates (Bank of England)

 
13:00 - 14:15 Lunch

 
  Disclosing targets and forecasts
Chair: Giorgio Gomel (Banca d'Italia)

 
14:15 - 15:20 Uncertainty about perceived inflation target and monetary policy

*Kosuke Aoki (London School of Economics and CEPR)
Takeshi Kimura (Bank of Japan)

 
Discussant: Stefano Eusepi (Federal Reserve of New York)

 
15:20 - 16:25 The Announcement of Future Policy Intentions

Giuseppe Ferrero (Bank of Italy)
*Alessandro Secchi (Bank of Italy)

 
Discussant: Stefan Gerlach (University of Frankfurt and CEPR)

 
16:25 - 16:40 Coffee break

 
16:40 - 17:45 When Central Banks Reveal Their Interest Rate Forecasts: Alignment of Expectations Vs. Creative Opacity

*Pierre Gosselin (University of Geneva)
Aileen Lotz (University of Geneva)
Charles Wyplozs (University of Geneva and CEPR)

 
Discussant: Martin Ellison (Warwick University and CEPR)

 
20:00 Dinner (by invitation)

 
Friday, September 28

 
  Central Bank Communication and Financial Markets
Chair: Daniele Terlizzese (Banca d'Italia and Ente Einaudi)

 
09:00 - 10:05 Social value of public information - testing the limits to transparency

*Michael Ehrmann (ECB)
Marcel Fratzscher (ECB)

 
Discussant: Chistopher Crowe (IMF)

 
10:05 - 10:20 Coffee break

 
10:20 - 11:25 The effects of central bank communication on financial markets

Milinha van Bleijswijk (De Nederlandsche Bank)
*Beata K. Bierut (De Nederlandsche Bank)
Dick van Dijk (Erasmus University Rotterdam)

 
Discussant: Paolo Angelini (Banca d'Italia)

 
11:25 - 12:30 The Impact of Central Bank Announcements on Asset Prices in Real Time: Testing the Efficiency of the Euribor Futures Market

*Carlo Rosa (London School of Economics)
Giovanni Verga (University of Parma)

 
Discussant: Filippo Altissimo (Brevan Howard Asset Management LLP and CEPR)

 
12:30 - 13:45 Lunch

 
  The role of Committees and External Pressures
Chair: Athanasios Orphanides (Central Bank of Cyprus and CEPR)

 
13:45 - 14:50 Is Transparency to no Avail? Committee Decision-Making, Pre-meetings, and Credible Deals

How committees of experts interact with the outside world: some theory, and evidence from the FOMC

Is Transparency to no avail?Committee Decision-making, Premeetings, and Credible Deals - full version

Otto Swank (Erasmus University Rotterdam)
*Bauke Visser (Erasmus University Rotterdam)

 
Discussant: Marco Ottaviani (London Business School)

 
14:50 - 15:55 Communicating monetary policy when the MPC members believe in different stories

Carl Andreas Claussen (Norges Bank)
*Øistein Røisland (Norges Bank)

 
Discussant: Henrik Jensen (University of Copenhagen and CEPR)

 
15:55 - 16:10 Coffee break

 
16:10 - 17:15 Political Pressures and Monetary Mystique

*Petra M. Geraats (University of Cambridge)

 
Discussant: Claes Berg (Sveriges Riksbank)

 
17:15 Concluding Remarks: Salvatore Rossi (Banca d'Italia)

 
Organizers Giuseppe Ferrero (Bank of Italy)
Francesco Lippi (University of Sassari and CEPR)
Athanasios Orphanides (Central Bank of Cyprus and CEPR)
Massimo Sbracia (Bank of Italy)
Daniele Terlizzese (Banca d'Italia and Ente Einaudi)

 
*denotes speaker

 

Local Contact Persons:
Alessandra Piccinini-e-mail: alessandra.piccinini@bancaditalia.it
Tel. +39 0647922933 -Fax +39 064747820
Carlo Muscariello-e-mail: carlo.muscariello@bancaditalia.It
Tel. +39 0647923184 - Fax +39 064747820

 

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