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


Friday 28 March

08.50 Opening keynote remarks
Andrew Crockett (Bank for International Settlements)
Session I: 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 (PDF, 197 kb)
Author: David Laidler (University of Western Ontario)
Discussants and their comments:
Olivier Blanchard (PDF, 68 kb)   (Massachusetts Institute of Technology)
Nobuhiro Kiyotaki (Scanned PDF, 1274 kb)   (London School of Economics and Political Science)
11.15 Paper 2: The Great Depression as a credit boom gone wrong (PDF, 490 kb)
Authors: Barry Eichengreen (University of California, Berkeley) and Kris Mitchener (Santa Clara University)
Discussants and their comments:
Michael Bordo (PDF, 52 kb)   (Rutgers University)
Charles Goodhart (PDF, 31 kb)   (London School of Economics)
Session II: 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 (PDF, 382 kb)
Authors: Jeffery Amato (Bank for International Settlements) and Hyun Song Shin (London School of Economics)
Discussants and their comments:
Marvin Goodfriend (PDF, 34 kb)  (Federal Reserve Bank of Richmond)
Lars Svensson (PDF, 100 kb)   (Princeton University)
16.45 Paper 4: External constraints on monetary policy and the financial accelerator (PDF, 528 kb)
Authors: 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 (PDF, 37 kb)   (Study Centre Gerzensee)
Philip Lowe (PDF, 30 kb)   (Reserve Bank of Australia)
V V Chari (PDF, 36 kb)   (University of Minnesota)

Saturday 29 March

Session III: Monetary policy challenges
Chair: Charles Freedman (Bank of Canada)
09.00 Paper 5: Asset prices, financial imbalances and monetary policy: are inflation targets enough? (PDF, 279 kb)
Author: Charles Bean (Bank of England)
Discussants and their comments:
Ignazio Visco (PDF, 80 kb)   (Banca d'Italia)
Sushil Wadhwani (PDF, 19 kb)   (Wadhwani Asset Management LLP)
10.45 Paper 6: Financial strains and the zero lower bound: the Japanese experience (PDF, 213 kb)
Author: Mitsuhiro Fukao (Keio University)
Discussants and their comments:
Ignazio Angeloni (PDF, 20 kb)  (European Central Bank)
Juergen von Hagen (PDF, 18 kb)  (University of Bonn)
Session IV: Achieving monetary and financial stability
14.30 Panel discussion
Chair: Andrew Crockett (Bank for International Settlements)
Panellists and their contributions:
Roger Ferguson (PDF, 76 kb)   (Board of Governors of the Federal Reserve System)
Michael Mussa (Institute for International Economics)
Otmar Issing (PDF, 65 kb)   (European Central Bank)
Yutaka Yamaguchi (PDF, 26 kb)   (formerly Bank of Japan)