Conference on "Monetary stability, financial stability and the business cycle"

28–29 March 2003 | Basel, Switzerland

Day 1 - 28 March

08:50Opening keynote remarks
Central banking under test?Andrew Crockett (Bank for International Settlements)
Session 1: The lessons from history
Chair William White (Bank for International Settlements)
09:30

Paper 1: The price level, relative prices and economic stability: aspects of the inter-war debate

Author

David Laidler (University of Western Ontario)

Discussants and their comments
Olivier Blanchard (Massachusetts Institute of Technology) | discussion
Nobuhiro Kiyotaki (London School of Economics and Political Science) | discussion

11:15

Paper 2: The Great Depression as a credit boom gone wrong

Authors

Barry Eichengreen (University of California, Berkeley) and Kris Mitchener (Santa Clara University)

Discussants and their comments

Michael Bordo (Rutgers University) | discussion
Charles Goodhart (London School of Economics) | discussion

Session 2: Monetary and financial frictions in business fluctuations
Chair John Moore (London School of Economics)
15:00

Paper 3: Public and private information in monetary policy models

Author

Jeffery Amato (Bank for International Settlements) and Hyun Song Shin (London School of Economics)

Discussants and their comments
Marvin Goodfriend (Federal Reserve Bank of Richmond) | discussion
Lars Svensson (Princeton University) | discussion

16:45

Paper 4: External constraints on monetary policy and the financial accelerator 

Author

Mark Gertler (New York University), Simon Gilchrist (Boston University) and Fabio Natalucci (Board of Governors of the Federal Reserve System)

Discussants and their comments

Philippe Bacchetta (Study Centre Gerzensee) | discussion
Philip Lowe (Reserve Bank of Australia) | discussion
V V Chari (University of Minnesota) | discussion

 

Day 2 - 29 March

Session 3: Monetary policy challenges
Chair Charles Freedman (Bank of Canada)
09:00

Paper 5: Asset prices, financial imbalances and monetary policy: are inflation targets enough? 

Author

Charles Bean (Bank of England)

Discussants and their comments
Ignazio Visco (Banca d'Italia) | discussion
Sushil Wadhwani (Wadhwani Asset Management LLP) | discussion

10:45

Paper 6: Financial strains and the zero lower bound: the Japanese experience

Authors

Mitsuhiro Fukao (Keio University)

Discussants and their comments

Ignazio Angeloni (European Central Bank) | discussion
Juergen von Hagen (University of Bonn) | discussion

Session 4: Achieving monetary and financial stability
Chair Andrew Crockett (Bank for International Settlements)
14:30

Panel discussion

Panellists and their contributions

Roger Ferguson (Board of Governors of the Federal Reserve System) | contribution
Michael Mussa (Institute for International Economics)
Otmar Issing (European Central Bank) | contribution
Yutaka Yamaguchi (formerly Bank of Japan) | contribution