“Zero Bound on Interest Rates and New
Directions in Monetary Policy” conference
The
Laurier Centre for Economic Research and Policy Analysis,
the Rimini Centre for Economic Analysis
and
the Rimini Centre for Economic Analysis in
Canada
October 7-8, 2011,
Wilfrid Laurier University, Waterloo, Ontario, Canada
Conference Program
Friday,
October 7, 2011
9:00-10:00 Plenary talk
Gauti Eggertsson (Federal Reserve Bank of New York)
The Inflation-Output Tradeoff Revisited
10:00-10:30 Coffee break
10:30-12:00 Session 1: Lessons
from Quantitative Easing
Yoshiyuki
Nakazono* (Waseda University and Japan Society for the Promotion of Science)
and Kozo Ueda (Bank of Japan)
Policy Commitment and Market Expectations:
Lessons Learned from Survey Based Evidence under Japan's Quantitative Easing
Policy - Download Paper
Christopher
J. Neely (Federal Reserve Bank of St. Louis)
The Large-Scale Asset Purchases Had Large
International Effects - Download Paper
Discussants: Ke Pang, Wilfrid Laurier University
12:00-1:00 Lunch
1:00-3:15 Session 2: Fiscal
and Monetary Policy in Liquidity Trap; Monetary Policy and Volatility
Signe
Krogstrup*, Samuel Reynard and Barbara Sutter (Swiss National Bank)
Liquidity Effect at the Zero Lower Bound - Download Paper
Julio A. Carrillo (Ghent University) and Céline Poilly* (Université catholique de Louvain, IRES)
On the Recovery Path during a Liquidity Trap:
Do Financial Frictions Matter for Fiscal Multipliers? - Download Paper
Etiene Farvaque (Université de
Lille 1), Piotr Stanek* (Cracow University of Economics) and Stephane Vigeant
(Université de Lille 1)
How Efficient are MPCs in Managing Aggregate
Volatility? - Download Paper
Discussants: Angelo Melino, University
of Toronto
Trevor
Tombe, Wilfrid Laurier University
Martin Menner, Universidad de Alicante
Saturday, October 8, 2011
9:00-10:00 Plenary
talk
Stephanie Schmitt-Grohé (Columbia University)
Liquidity Traps: An Interest-Rate-Based Exit Strategy - Download Paper
10:00-10:30 Coffee break
10:30-12:00 Session 3: What are
the Effects of Large Scale Asset Purchases?
Christiane
Baumeister* (Bank of Canada) and Luca Benati (Banque de France)
Unconventional Monetary Policy and the Great
Recession: Estimating the Impact of a Compression in the Yield Spread at the
Zero Lower Bound - Download Paper
Sharon
Kozicki, Eric Santor* and Lena Suchanek (Bank of Canada)
The Impact of Large Scale Asset Purchases on
Commodity Prices - Download Paper
Discussants: Gabriel Bruneau, University of Montreal
David Laidler,
University of Western Ontario and C.D. Howe Institute
12:00-1:00 Lunch
1:00-2:30 Session 4: Exit
Strategies
Andrew
T. Foerster (Duke University)
Financial Crises, Unconventional Monetary
Policy Exit Strategies, and Agents’ Expectations - Download Paper
Jaime
Marquez, Ari Morsey and Bernd Schlusche* (Federal Reserve Board)
Overnight Interest Rates and Reserve Balances:
Econometric Modeling of Exit Strategies - Download Paper
Discussants: Giuseppe Ferrero, Bank of Italy
Matthew
Doyle, University of Waterloo
2:30-3:00 Coffee break
3:00-4:30 Session 5: Modeling Monetary Policy
Robert
Amano, Rhys Mendes and Stephen Murchison* (Bank of Canada)
Endogenous Rule-of-Thumb Price Setters and
Monetary Policy - Download Paper
Martin Menner (Universidad de
Alicante)
“Gesell" Tax and Efficiency of Monetary
Exchange - Download Paper
Discussants: Jean-Paul Lam, University of Waterloo
Babak
Mahmoudi, Queen’s University