Gallery from Monte Verità

Enjoy the pictures from our great workshop. (Adobe Flash player needed.)

2007 Workshop on “Optimal Monetary Policy and Central Bank Communication”

The Bernoulli Center for Economics and the KOF Swiss Economic Institute are organizing the 2007 Workshop on “Optimal Monetary Policy and Central Bank Communication”. It will last from Tuesday the 15^th of May, through Saturday the 19^th of May 2007.

You will find the following information here so far (there is more to come soon):

General Information
Program
Call for Papers

In case you have questions, please feel free to contact us.

Program

Have a look at the workshop’s program. There is also a PDF version (as well as the adjacent signature file):

Session 1: Tuesday, 14:00 – 18:00

Michael Ehrmann, ‘Social Value of Public Information – Testing the Limits to Transparency’ (with Marcel Fratzscher)

Christopher Waller, ‘Optimal Stabilisation Policy with Firm Entry’ (with Aleksander Berentsen)

Petra Geraats, ‘Political Pressures and Monetary Mystique’

Session 2a: Wednesday, 09:00 – 12:00

Leo Ferraris, ‘Collateral Secured Loans in a Monetary Economy’ (with Makoto Watanabe)
Discussants: Alessandro Marchesiani and Pietro Senesi

Huberto M. Ennis, ‘Avoiding the Inflation Tax’
Discussant: Alberto Trejos

S. Borağan Aruoba, ‘Optimal Fiscal and Monetary Policy When Money is Essential’ (with Sanjay K. Chugh)
Discussant: Marie Hoerova

Session 2b: Wednesday, 09:00 – 12:00

Özer Karagedikli, ‘Does Central Bank Talk Matter for the Exchange Rate? The New Zealand Case’ (with Pierre L. Siklos)
Discussant: Katrin Ullrich

David-Jan Jansen, ‘The Importance of Being Vigilant: To what Extent Can Central Banks Manage Inflation Expectations?’ (with Jakob de Haan)
Discussant: John Carlson

Andreas M. Fischer, ‘Unconventional Policies at the Zero Bound: A High-Frequency Analysis of SNB Intervention Statements’ (with Lukas Burkhard)

Session 3: Wednesday, 14:00 – 18:00

Shouyong Shi, ‘Vehicle Currency’ (with Michael B. Devereux)

Randall Wright, ‘Money, Banking, and Monetary Policy’ (with Ping He and Lixin Huang)

Ricardo Lagos, ‘Liquidity in Asset Markets with Search Frictions’ (with Guillaume Rocheteau)

Session 4a: Thursday, 09:00 – 12:00

B. Ravikumar, ‘Search Frictions and Asset Price Volatility’ (with Enchuan Shao)
Discussant: Gabriele Camera

Warren E. Weber, ‘A Model of Small Change Shortages’ (with Angela Redish)
Discussant: Vincent Bignon

Miquel Faig, ‘The Welfare Costs of Expected and Unexpected Inflation’ (with Zhe Li)
Discussant: Katrin Assenmacher

Session 4b: Thursday, 09:00 – 12:00

Pierre Gosselin, ‘How Much Information Should Interest Rate-Setting Central Banks Reveal?’ (with Aileen Lotz and Charles Wyplosz)
Discussant: Jakob de Haan

William A. Branch, ‘Monetary Policy, Endogenous Inattention, and the Volatility Trade-off’ (with John Carlson, George W. Evans, and Bruce McGough)
Discussant: Otto Swank

Bauke Visser, ‘Transparency and Pre-meetings’ (with Job Swank and Otto Swank)
Discussant: Pierre Siklos

Session 5a: Friday, 09:00 – 12:00

Philipp Kircher, ‘A Model of Money with Multilateral Matching’ (with Manolis Galenianos)
Discussant: Sébastien Lotz

Benjamin Eden, ‘International Seignorage Payments’
Discussant: Andreas Schabert

Igor Livshits, ‘Sovereign Default and Banking Regulation’
Discussant: Philipp Kircher

Session 5b: Friday, 09:00 – 12:00

Meredith Beechey, ‘Central Bank Communication and the Excess Sensitivity and Volatility of Long Interest Rates’
Discussant: Sarah Rupprecht

Pär Österholm, ‘Incorporating Judgement in Fan Charts’
Discussant: Michael Lamla

Helge Berger, ‘Monetary Policy in the Media’ (with Michael Ehrmann and Marcel Fratzscher)
Discussant: Lukas Burkhard

Session 6: Friday, 14:00 – 18:00

James Bullard, ‘Monetary Policy As Equilibrium Selection’ (with Gaetano Antinolfi and Costas Azariadis)

Alex Cukierman, ‘The Limits of Transparency’

Neil Wallace, ‘Optimal “Seasonal” Central Bank Lending: Some Examples’ (with Alexei Deviatov)

Session 7a: Saturday, 10:00 – 14:00

Ed Nosal, ‘Inflation, Output and Welfare’
Discussant: Christopher Waller

David Andolfatto, ‘Moral Hazard in the Diamond-Dybvig Model of Banking’ (with Ed Nosal)
Discussant: Régis Breton

Miguel Molico, ‘Liquidity, Redistribution, and the Welfare Cost of Inflation’ (with Jonathan Chiu)
Discussant: Cyril Monnet

Allen Head, ‘Elastic Money, Settlement, and Interest Rate Policy’ (with Junfeng Qiu)
Discussant: Mariana Rojas Breu

Session 7b: Saturday, 10:00 – 14:00

Pierpaolo Benigno, ‘Linear Quadratic Approximations of Optimal Policy Problem’ (with Michael Woodford)
Discussant: Marcus Hagedorn

Nurlan Turdaliev, ‘Communication in Repeated Monetary Policy Games’
Discussant: Etienne Lehmann

Samuel Reynard, ‘Maintaining Low Inflation: Money, Interest Rates, and Policy Stance’
Discussant: John Carlson

Dean Corbae, ‘Credit Scoring and Competitive Pricing of Default Risk’ (with Satyajit Chatterjee and José-Víctor Ríos-Rull)
Discussant: Makoto Watanabe

General Information

Address

The workshop will be at the Stefano Franscini Conference Center at Monte Verità, Ascona. The address is:

Centro Stefano Franscini
Monte Verità
Via Collina
CH-6612 Ascona
Switzerland
Tel. +41 91 785 40 55 (Timezone: CET)

Weather Forecast

Check out the weather forecast for Ascona.

Travel Information

The workshop will start on Tuesday afternoon and end on Saturday afternoon. Please plan to arrive on Tuesday morning (May 15) and to depart on Sunday morning (May 20).

By Air

Please book your flight to Milan-Malpensa Airport (Airport Code: MXP). Then tell us when you will arrive and depart and we will organise transfer to/from Monte Verità.

There are two alternatives to Milan-Malpensa. The closest airport to the conference center is Lugano, but this is in general an expensive destination. A third option is Zurich.

By Train

Book your train ticket to Locarno. We will fetch you there (if you tell us). For timetables please consult the homepage of Swiss Railway.

By Car

See the information at the center’s webpage.

Passport and Visa

You will need a valid passport to enter Switzerland. You are responsible for arranging a visa if required. Invitational letters for visa purposes will be issued to registered participants upon request.

Insurance

The Organizers of the Workshop do not provide insurance and do not take responsibility for any loss, accident or illness that might occur during the Workshop or in the course of travel to or from the meeting site. It is, therefore, the responsibility of the participants to check their coverage with their insurance provider.

Electricity

Switzerland uses a voltage which is between 220 and 240 Volts at 50 Hertz. If you plan to bring your own equipment don’t forget to bring an adaptor to fit your plug into the Swiss sockets.

Call For Papers

The Bernoulli Center for Economics and the KOF Swiss Economic Institute are organizing the 2007 Workshop on “Optimal Monetary Policy and Central Bank Communication”. The workshop will take place in the south of Switzerland on the fascinating hill above Ascona TI called Monte Verità (Mountain of Truth). It will last from Tuesday the 15^th of May, through Saturday the 19^th of May 2007. There will be ample time for informal discussions among the participants.

We welcome papers in all areas of monetary theory and policy. In particular, we welcome submissions on

the implementation and the role of central bank communication
the formation of price expectations and monetary policy
financial asset markets and monetary policy
the role of frictions in monetary policy
the interaction of monetary developments and labor markets

The organizers for the 2007 workshop are Aleksander Berentsen (University of Basel) and Jan-Egbert Sturm (KOF, ETH Zurich).

The deadline for submissions was the 31^st of January 2007.

Authors and discussants are expected to pay their own travel and accommodation costs. There is, however, a limited budget for travel and accommodation of academic participants.

Please feel free to pass news of this conference on to other potentially interested parties.

A print version of this call is available at: www.benomics.org/file_download/10 (as well as a signature file).

If you have any questions please contact us at workshop2007@benomics.org.