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Models of Monetary Economies II: The Next Generation

Federal Reserve Bank of Minneapolis and University of Minnesota
May 21–22, 2004

Friday, May 21

8:15 Registration
8:30 Continental Breakfast
9:00 Welcome and Opening Remarks 
Robert Bruininks
, President, University of Minnesota
Session I: Models of Monetary Economies
  Chair: Arthur J. Rolnick
Federal Reserve Bank of Minneapolis
9:15 Edward Green (Federal Reserve Bank of Chicago and Pennsylvania State University) and 
Ruilin Zhou (Federal Reserve Bank of Chicago and Pennsylvania State University) 
  “Money as a Mechanism in a Bewley Economy” [PDF]
Discussant: David Levine
(University of California, Los Angeles)
10:15 Break
10:30 Charles Kahn (University of Illinois), 
James McAndrews 
(Federal Reserve Bank of New York) and 
William Roberds 
(Federal Reserve Bank of Atlanta) 
  “Money is Privacy” [PDF]
Discussant: Akihiko Matsui (University of Tokyo)
11:30 Peter Howitt (Brown University) 
  “Beyond Search: Fiat Money in Organized Exchange” Discussant: Dean Corbae (University of Texas, Austin)
Session II: Monetary Policy
  Chair: Karl Shell, Cornell University
2:15 Ricardo Lagos (Federal Reserve Bank of Minneapolis and New York University) and 
Guillaume Rocheteau (Federal Reserve Bank of Cleveland and Australian National University) 
  “Inflation, Output, and Welfare” [PDF]
Discussant: Edward Prescott (Federal Reserve Bank of Minneapolis and Arizona State University)
3:15 Joydeep Bhattacharya (Iowa State University), 
Joseph Haslag (University of Missouri) and 
Antoine Martin (Federal Reserve Bank of Kansas City) 
  “Heterogeneity, Redistribution, and the Friedman Rule” Discussant: Peter Ireland (Boston College)
4:15 Break
4:30 Nobuhiro Kiyotaki (London School of Economics) and 
John Moore (Edinburgh University and
London School of Economics) 
  “Liquidity and Asset Prices” [PDF] 
Discussant: Michael Woodford (Princeton University)
Saturday, May 22
8:30 Continental Breakfast
Session III: Imperfect Information/Participation
  Chair: John Kennan, University of Wisconsin
9:15 Aleksander Berentsen (University of Basel), 
Gabriele Camera (Purdue University) and
Christopher Waller (University of Notre Dame)
  “The Distribution of Money Balances and the
    Non-Neutrality of Money” [PDF]
Discussant: S. Williamson (University of Iowa)
10:15 Break
10:30 Shouyong Shi (University of Toronto) 
  “Nominal Bonds and Interest Rates: 
   The Case of One-Period Bonds” [PDF]
Discussant: Warren Weber (Federal Reserve Bank of Minneapolis and University of Minnesota)
11:30 Allen Head (Queen’s University) and 
Alok Kumar ( University of Victoria)
  “Price Dispersion, Inflation, and Welfare”
Discussant: Dale Mortensen (Northwestern University)
Session IV: Money and Banking
  Chair: John Kareken, University of Minnesota

Ping He (University of Pennsylvania),
Lixin Huang (City University of Hong Kong) and 
Randall Wright (University of Pennsylvania) 
  “Money and Banking in Search Equilibrium” [PDF]
Discussant: V.V. Chari (Federal Reserve Bank of Minneapolis and University of Minnesota)


Ricardo Cavalcanti (Getulio Vargas Foundation), 
Andres Erosa (University of Toronto) and 
Ted Temzelides (University of Pittsburgh) 
  “Liquidity, Money Creation and Destruction
   and the Returns to Banking” [PDF]
Discussant: Andrew Atkeson (Federal Reserve Bank of Minneapolis and University of California, Los Angeles)

4:15 Break
4:30 Neil Wallace (Federal Reserve Bank of Minneapolis and Pennsylvania State University) 
  “From Private Banking to Central Banking:
   Ingredients of a Welfare Analysis” [PDF]
Discussant: Narayana Kocherlakota (Federal Reserve Bank of Minneapolis and Stanford University)

The Next Generation of Monetary ModelsThe Region, September 2004 
Models of Monetary Economies Proceedings