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11th EABCN Workshop - After the Crisis: A New Agenda for Business Cycle Research?
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Hosted by
University of Amsterdam
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Sponsored by
NWO (The Netherlands Organisation for Scientific Research) and
Euro Area Business Cycle Network (www.eabcn.org)
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Amsterdam, 21-22 September 2009
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MONDAY 21 SEPTEMBER
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08.30 - 08.45
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Registration and Coffee
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08.45-09.00
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Introductory remarks: TBC
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Session 1:
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Assessments of the Past
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09.00-09.40
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Monetary Policy Regimes and Economic Performance: The Historical Record 1979-2008
Presentation Slides
*Luca Benati (European Central Bank)
Charles Goodhart (London School of Economics)
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Discussant:
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Mike Wickens (University of York and CEPR)
Discussion Slides
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09.40-10.20
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Equilibrium Credit Spreads and the Macroeconomy
Presentation Slides
João Gomes (University of Pennsylvania)
*Lukas Schmid (Duke University)
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Discussant:
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Mathias Trabandt (European Central Bank)
Discussion Slides
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10.20-11.00
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Letting Different Views about Business Cycles Compete
Presentation Slides
*Paul Beaudry (University of Oxford)
Bernd Lücke (University of Hamburg)
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Discussant:
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Vasco Carvalho (CREI)
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11.00-11.30
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Coffee Break
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Session 2:
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Monetary Policy
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11.30-12.10
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Limitations on the Effectiveness of Forward Guidance at the Zero Lower Bound
Presentation Slides
*Andrew Levin (Federal Reserve Board and CEPR)
David Lopez-Salido (Federal Reserve Board)
Ed Nelson (Federal Reserve Board)
Tack Yun (Federal Reserve Board)
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Discussant:
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Klaus Adam (University of Mannheim and CEPR)
Discussion Slides
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12.10-12.50
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Monetary Policy and the Financing of Firms
Presentation Slides
Fiorella de Fiore (European Central Bank)
*Pedro Teles (Banco de Portugal and CEPR)
Oreste Tristani (European Central Bank)
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Discussant:
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Kevin Sheedy (London School of Economics)
Discussion Slides
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12.50-13.30
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Regulatory Competition and Bank Risk Taking
Presentation Slides
Itai Agur (European University Institute and de Nederlandsche Bank)
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Discussant:
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Christian Stoltenberg (University of Amsterdam)
Discussion Slides
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13.30 - 15.00
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Lunch
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Session 3:
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Fiscal Policy
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15.00-15.40
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New Keynesian versus Old Keynesian Government Spending Multipliers
Presentation Slides
John Cogan (The Hoover Institution)
Tobias Cwik (Goethe University of Frankfurt)
John Taylor (Stanford University)
*Volker Wieland (Goethe University of Frankfurt and CEPR)
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Discussant:
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Harris Dellas (University of Bern and CEPR)
Discussion Slides
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15.40-16.20
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Monetary-Fiscal Policy Interactions and Fiscal Stimulus
Presentaion Slides
Troy Davig (Federal Reserve Bank of Kansas City)
*Eric Leeper (Indiana University)
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Discussant:
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Florin Bilbiie (HEC Paris and CEPR)
Discussion Slides
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16.20-17.00
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Fiscal Policy, Wealth Effects and Markups
Presentation Slides
Tommaso Monacelli (Università Bocconi and CEPR)
*Roberto Perotti (Università Bocconi and CEPR)
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Discussant:
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Gernot Müller (University of Bonn)
Discussion Slides
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19.30
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Conference Dinner
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TUESDAY 22 SEPTEMBER
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Session 4:
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Interaction Between Financial Markets and Real Activity
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09.00-09.40
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The Unconventional U.S. Monetary Policy of 2008-9
Ricardo Reis (Columbia University and CEPR)
Presentation Slides
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Discussant:
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Adam Posen (Bank of England - Monetary Policy Committee)
Discussion Slides
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09.40-10.20
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Financial Integration, Liquidity and the Depth of Systemic Crises
Presentation Slides
*Fabio Castiglionesi (Tilburg University)
Fabio Ferriozzi (Tilburg University)
Guido Lorenzoni (MIT)
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Discussant:
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Enrico Perotti (University of Amsterdam and CEPR)
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10.20-11.00
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Monetary Policy and Herd Behavior in New-Tech Investment
Presentation Slides
Olivier Loisel (Banque de France)
Aude Pommeret (Université de Savoie and Université de Lausanne)
*Franck Portier (University of Toulouse and CEPR)
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Discussant:
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Chryssi Giannitsarou (University of Cambridge and CEPR)
Discussion Slides
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11.00-11.30
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Coffee Break
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Session 5:
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Panel - Research Implications of the Great Recession
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11.30-13.00
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Panellists:
Thomas Cooley, Dean of the Stern School of Business of New York University
Athanasio Orphanides, Governor of the Central Bank of Cyprus
Adam Posen, External member of the Bank of England Monetary Policy Committee
Frank Smets, Director General Research of the European Central Bank
Coen Teulings, Director of Netherlands Bureau for Economic Policy Analysis (CPB)
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Discussant:
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Franck Portier (University of Toulouse)
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13.00 - 14.00
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Lunch
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Session 6:
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Matching Frictions
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14.00-14.40
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An Incentive Theory of Matching
Presentation Slides
Alessio Brown (The Kiel Institute for the World Economy)
*Christian Merkl (The Kiel Institute for the World Economy)
Dennis Snower (The Kiel Institute for the World Economy)
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Discussant:
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Pieter Gautier (Free University Amsterdam and CEPR)
Discussion Slides
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14.40-15.20
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Confidence, Crashes and Animal Spirits
Presentation Slides
Roger Farmer (University of California, Los Angeles and CEPR)
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Discussant:
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Martin Ellison (Oxford University)
Discussion Presentation
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15.20-15.40
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Coffee Break
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Session 7:
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Information
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15.40-16.20
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Information, Heterogeneity and Market Incompleteness
Presentation Slides
Liam Graham (University College London)
*Stephen Wright (Birkbeck College, University of London)
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Discussant:
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Bartosz Mackowiak (European Central Bank and CEPR)
Discussion Slides
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16.20-17.00
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Asset Price Bubbles and Crashes
Presentation Slides
Klaus Adam (Mannheim University and CEPR)
*Albert Marcet (London School of Economics and CEPR)
Juan Pablo Nicolini (Universidad Torcuato di Tella)
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Discussant:
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Kristoffer Nimark (CREI)
Discussion Slides
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17.00
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End of Conference
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* Indicates the presenter.
Speakers have 20 minutes for the presentations, leaving 10 minutes for the designated discussants and 10 minutes for general discussion.
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Organizers:
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Wouter den Haan (University of Amsterdam and CEPR)
Andrew Scott (London Business School and CEPR)
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