“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

 

Click here to download program