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
2:15

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)

3:15

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