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The Lucas Expectations Anniversary Conference

A conference marking the 25th anniversary of Robert E. Lucas, Jr.’s,
“Expectations and the Neutrality of Money,” submitted to the 
Journal of Economic Theory in 1970

Research Department
Federal Reserve Bank of Minneapolis
May 19-20, 1995
Friday, May 19
1:00 p.m. Welcoming remarks by Gary Stern and S. Rao Aiyagari
Afternoon Session I—Macro and Monetary Theory
Chairman: Arthur J. Rolnick
1:15 p.m. Thomas J. Sargent
Adaptation of Macro Theory to Rational Expectations
2:00 p.m. Discussant: Edward C. Prescott
2:15 p.m. Neil WallaceS. Rao Aiyagari, and Randall Wright
Coexistence of Money and Interest-Bearing Securities
3:00 p.m. Discussant: Nobuhiro Kiyotaki
3:15 p.m. Coffee break
Afternoon Session II—Nonmonetary Business Cycles
Chairman: Beth E. Allen
3:45 p.m. Narayana Kocherlakota
Consumption, Commitment, and Cycles
4:30 p.m. Discussant: Antonio M. Merlo
4:45 p.m. Jess Benhabib and Roger E. A. Farmer
Indeterminacy and Sector-Specific Externalities
5:30 p.m. Discussant: Lawrence J. Christiano
5:45 p.m. Conference adjourns
6:00 p.m. Cocktail reception
7:30 p.m. Dinner
Saturday, May 20
Morning Session—Money and Business Cycles
Chairman: Warren E. Weber
9:15 a.m. Continental breakfast
10:00 a.m. Benjamin Bental and Benjamin Eden
Money and Inventories in an Economy With Uncertain and Sequential Trade
10:45 a.m. Discussant: Harold L. Cole
11:00 a.m.

Julio J. Rotemberg
Prices, Output and Hours: An Empirical Analysis Based on a Sticky Price Model

11:45 a.m. Discussant: R. Anton Braun
12:00 noon Luncheon
Afternoon Session I—Monetary Policy
Chairman: Preston J. Miller
1:30 p.m. Stephen D. Williamson
Sequential Markets and the Suboptimality of the Friedman Rule
2:15 p.m. Discussant: Nancy L. Stokey
2:30 p.m. Michael Woodford
Optimal Monetary Policy in an Economy With Sequential Service
3:15 p.m. Discussant: V. V. Chari
3:30 p.m. Coffee break
Afternoon Session II—Fiscal Policy
Chairman: Edward Green
4:00 p.m. Per KrusellVincenzo Quadrini, and José-Víctor Ríos-Rull
Are Consumption Taxes Really Better Than Income Taxes?
4:45 p.m. Discussant: Ellen R. McGrattan
5:00 p.m. Closing remarks by S. Rao Aiyagari
5:15 p.m. Cocktail reception
7:00 p.m. Dinner