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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
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The New York Innovation Center bridges the worlds of finance, technology, and innovation and generates insights into high-value central bank-related opportunities.
The growing role of nonbank financial institutions, or NBFIs, in U.S. financial markets is a transformational trend with implications for monetary policy and financial stability.
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The Governance & Culture Reform hub is designed to foster discussion about corporate governance and the reform of culture and behavior in the financial services industry.
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| September 23 and 24, 2005 |
| A conference sponsored jointly by the Federal Reserve Bank of New York, the Program for Economic Research at Columbia University, and the Dynare Project of CEPREMAP (Centre pour la recherche économique et ses applications). Overview The goal of this conference is to present and discuss recent developments in the use of quantitative structural models to simulate and evaluate alternative monetary and fiscal policies. The conference emphasizes models with optimizing foundations that are parameterized to match features of economic time series. Examples of the issues that we address include methods of econometric estimation and tests of the empirical fit of dynamic stochastic general equilibrium models, ways of taking into account parameter and model uncertainty in policy evaluation exercises, the welfare consequences of stabilization policies, and the degree to which simple rules can approximate a fully optimal policy. The conference considers analyses of stabilization policy in both closed and open economies. Conference Location Conference Organizers Dr. Paolo Pesenti, Federal Reserve Bank of New York Prof. Michel Juillard, CEPREMAP |
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Registration The conference is by invitation only. Invited participants are requested to complete the registration form and fax it to Elizabeth Lewis-Draffen, +1 212 720 6831 or email it to christopher.tonetti@ny.frb.org no later than August 15, 2005. Confirmation of registration will be sent by email to all participants. |
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Preliminary Program 8:30 a.m. Continental Breakfast SESSION 1: Modeling Monetary Economies 9:00 a.m. Fiscal Determination of Hyperinflation 10:10 a.m. Morning Break 10:30 a.m. Monetary Policy Analysis with Potentially Misspecified Models 11:40 a.m. An Estimated DSGE Model of the US Economy 1:00 p.m. Lunch SESSION 2: Policy Evaluation in Open Economies 2:30 p.m. Empirical Properties of Closed and Open Economy DSGE Models of the Euro Area 3:40 p.m. Welfare Effects of Tax Policy in Open Economies: Stabilization and Cooperation 4:50 p.m. Adjourn 7:00 p.m. Dinner (by invitation only) Saturday, September 24 8:30 a.m. Continental Breakfast SESSION 3: Optimal monetary policy 9:00 a.m. Monetary Policy Rules in Economies with Traded and Non-Traded Goods 10:10 a.m. Morning Break 10:30 a.m. Linear-Quadratic Approximation to Optimal Policy: An Algorithm and Two Applications 11:40 a.m. Panel on "The role of quantitative models in policymaking" 1:00 p.m. Lunch (informal) 2:00 p.m. Adjourn |
