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A conference marking the 25th anniversary of Robert E. Lucas, Jr.’s, |
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| Research Department Federal Reserve Bank of Minneapolis May 19-20, 1995 |
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| 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 Wallace, S. 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 |
| 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 Krusell, Vincenzo 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 |