Monetary Policy and Financial Frictions Conference

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Economic Research

October 31—November 1, 2008 Minneapolis, Minnesota Sponsored by the Bank of Canada and the Federal Reserve Bank of Minneapolis Organizers: Césaire Meh (Bank of Canada) and Warren Weber (Federal Reserve Bank of Minneapolis)

Friday, October 31, 2008
Session 1
2:00—3:00	“Sophisticated Monetary Policies” Presenters: Andy Atkeson (UCLA), V.V. Chari and Patrick Kehoe (Federal Reserve Bank of Minneapolis and University of Minnesota) [Slides] Discussant: Fernando Alvarez (University of Chicago) [Slides]
3:00—3:15	Break
3:15—4:15	“Liquidity and Trading Dynamics” Presenters: Veronica Guerrieri (University of Chicago) and Guido Lorenzoni (MIT) [Slides] Discussant: Steve Williamson (Washington University) [Slides]
4:15—4:30	Break
4:30—5:30	“Monetary Policy in a Channel System” Presenters: Aleksander Berentsen and Cyril Monnet (Federal Reserve Bank of Philadelphia) [Slides] Discussant: Jonathan Chiu (Bank of Canada) [Slides]
6:00—9:00	Conference Reception and Dinner Hosted by Arthur J. Rolnick, Senior Vice President and Director of Research, Federal Reserve Bank of Minneapolis. “Price-Level Targeting” Keynote Speaker: Finn Kydland (UCSB, Nobel Laureate)
Saturday, November 1, 2008
Session 2
8:30-9:00	Breakfast
9:00—10:00	“Credit Frictions and Optimal Monetary Policy” Presenters: Vasco Curdia (Federal Reserve Bank of New York) and Michael Woodford (Columbia University) [Sides] Discussant: Andy Atkeson (UCLA) [Slides]
10:00—10:15	Break

10:15—11:15	“Real Effects of Price Stability with Endogenous Nominal Indexation" Presenters: Cesaire Meh (Bank of Canada), Vincenzo Quadrini (USC) and Yasuo Terajima (Bank of Canada) [Slides] Discussant: Matthias Doepke (Northwestern) [Slides]
11:15—11:30	Break
11:30—12:30	“Financial Factors in Economic Fluctuations” Presenters: Larry Christiano (Northwestern), Roberto Motto and Massimo Rostagno (ECB) [Slides] Discussant: Guido Lorenzoni (MIT) [Slides]
12:30—2:00	Lunch
Session 3
2:00—3:00	“Liquidity, Business Cycles and Monetary Policy” Presenters: Nobuhiro Kiyotaki (Princeton) and John Moore (LSE) [Slides] Discussant: Narayana Kocherlakota (University of Minnesota and Federal Reserve Bank of Minneapolis) [Slides] Notes for Discussion
3:00—4:15	“Trend and Cycles in Bond Premia” Presenters: Monika Piazzesi and Martin Schnieder (Stanford) [Slides] Discussant: John Heaton (University of Chicago) [Slides]
4:15—4:30	Break
4:30—5:30	“Information, Liquidity and Asset Prices” Presenters: Benjamin Lester (University of Western Ontario), Andrew Postlewaite and Randy Wright (University of Pennsylvania). [Slides] Discussant: Ricardo Lagos (NYU) [Slides]