CEPA and the Economics Department of New School University host:

The conference—honoring James Tobin, Nobel Laureate in Economics—focused on the potential role that monetary policy has on economic activity and unemployment reduction in the three currency zones. The conference brought together major scholars from all United States and Europe, including from the European Central Bank and the European Union, and addressed issues at the forefront of applied academic research.

WELCOME: 9:45-10:00 am
Richard Bernstein, Dean, Graduate Faculty, and Willi Semmler, New School University

10:00am-12:00 pm

"Reaching Inflation Stability," Antonio Moreno (Columbia University) - Download (PDF, 325 KB)
Discussant: Ray Fair (Yale University)

"The Role of Shocks and Institutions in the Rise of European Unemployment: The Aggregate Evidence," Olivier Blanchard (MIT) and Justin Wolfers (Stanford University) - Download (PDF, 2.6 MB)
Discussants: Michael Neugart (Harvard University), David Howell (New School University)

Lunch

1:15 am-3:15 pm

"Automatic Stabilisers and Market Flexibility in EMU: Is There a Trade-Off?," Marco Buti (European Commission), Carlos Martinez-Mongay (European Commission), Khalid Sekkat (European Commission and Free University of Brussels) and Paul Van den Noord (OECD) - Download (PDF, 345 KB)
Discussant: Peter McAdam (European Central Bank)

"The Labour Market Dynamics in the Euro Area: a Model-Based Sensitivity Analysis," Alistair Dieppe (European Central Bank), Jerome Henry (European Central Bank) and Peter McAdam (European Central Bank) - Download (PDF, 445 KB)
Discussant: Justin Wolfers (Stanford University)

Coffee Break

3:30-5:30 pm

"Monetary Policy, the Labor Market and Exchange Rate Regimes: A Study of the German Economy," Peter Flaschel (Bielefeld University), Gang Gong (Tsinghua University and Center for Empirical Macroeconomics, Bielefeld University) and Willi Semmler (New School University) - Download (PDF, 1.2 MB)
Discussant: Jerome Henry (European Central Bank)

"Estimates of the Effectiveness of Monetary Policy," Ray Fair (Yale University) - Download (PDF, 68 KB)
Discussant: Alexei Onatski (Columbia University)

Reception, outside Wolff Conference Room

9:30 am - 12:30 pm

"Portfolio Asymmetries and the Real Effects of Monetary Policy," Pentti Kouri (BTC) - Download (PDF, 136 KB)
Discussant: Anwar Shaikh (New School University)

"The Constitutional Position of the Central Bank," Charles Goodhart (Financial Market Group, London School of Economics) - Download (PDF, 101 KB)
Discussant: Edward Nell (New School University)

"The Long Stagnation of the Japanese Economy and Monetary Policy," Masanao Aoki (UCLA), Hiroshi Yoshikawa (University of Tokyo), and Toshihiro Shimizu (Kanagawa University) - Download (PDF, 272 KB)
Discussant: Salih Neftci (New School University)

Concluding Remarks

1:45 - 3:45 pm

"Activist Stabilization Policy and Inflation: The Taylor Rule in the 1970s," Athanasios Orphanides (Federal Reserve Board, Washington, DC) - Download (PDF, 143 KB)
Discussant: Charles Steindel (Federal Reserve Bank of New York)

"Real Exchange Rates, Share Prices and Jobs: What Role for Money?," Edmund Phelps (Columbia University), Hian Teck Hoon (Singapore Management University), and Gylfi Zoega (Birkbeck College) - Download (PDF, 228 KB)
Discussant: Charles Goodhart (Financial Market Group, London School of Economics)

4:00 - 6:00 pm

PANEL DISCUSSION: Monetary Policy and Unemployment in the US, the Euro-area and Japan

Chair:
Willi Semmler (New School University) - Download (PDF, 830 KB)

Participants:
Olivier Blanchard (MIT)
Edmund Phelps (Columbia University)
Hiroshi Yoshikawa (University of Tokyo)