Banco Central de ChileConferences
11th Annual Conference of the Central Bank of Chile
Monetary Policy Under Uncertainty and Learning
Santiago, Chile, Thursday 15, and Friday 16, November 2007
Thursday, November 15, 2007
| Time | Expositor | Subject |
|---|---|---|
| Session I Opening Remarks (Session in Spanish, with translation) | ||
| 9:00-9:15 | Vittorio Corbo (Governor, Central Bank of Chile) | Opening Remarks |
| Session II_ Keynote Address Chair: Vittorio Corbo (Governor, Central Bank of Chile) |
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| 9:15-10:15 | Thomas Sargent (New York University) | Evolution and Intelligent Design |
| 10:15-10:45 | Coffee | |
| Session III Monetary Policy under Model Uncertainty Chair: Manuel Marfán (Member of the Board, Central Bank of Chile) |
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| 10:45-11:45 | Lars E.O. Svensson (Princeton University) and Noah Williams (Princeton University) Comments: John McDermott (Reserve Bank of New Zealand) |
Optimal Monetary Policy under Model Uncertainty in DSGE Models: A Markov Jump-Linear-Quadratic Approach |
| 11:45-12:45 | Athanasios Orphanides (Federal Reserve Board) and John Williams (Federal Reserve Bank of San Francisco) Comments: Sheryl Kennedy (Bank of Canada) |
Imperfect Knowledge and the Pitfalls of Optimal Control Policy |
| 12:50-14:00 | Lunch | |
| Session IV Learning, Stability, and Equilibrium in Monetary Policy Models Chair: Enrique Marshall (Member of the Board, Central Bank of Chile) |
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| 14:00-15:00 | George Evans (University of Oregon) and Seppo Honkapohja (Cambridge University) Comments: Claes Berg (Sveriges Riksbank) |
Robust Learning Stability with Operational Monetary Policy Rules |
| 15.00-16.00 | Roger Guesnerie (College de France) Comments: Juan Pablo Nicolini (Torcuato di Tella University) |
Macroeconomic and Monetary policies from the ‘Eductive’ Viewpoint |
| 16:00-16:20 | Coffee | |
| Session V Monetary Policy Transparency, Credibility, and Learning Chair: Jorge Desormeaux (Member of the Board, Central Bank of Chile) |
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| 16:20-17:20 | Martin Melecky (De Nederlandsche Bank), Diego Rodríguez Palenzuela (European Central Bank), and Ulf Söderström (Bocconi University) Comments: Alex Bowen (Bank of England) |
Monetary Policy Credibility and the Macroeconomy |
| 17:20-18:20 | Volker Wieland (J.W.Goethe University of Frankfurt) Comments: Vicente Tuesta (Banco Central de Reserva del Perú) |
Learning, Endogenous Indexation and Disinflation in the New Keynesian Model |
Friday, November 16, 2007
| Time | Speaker | Subject |
|---|---|---|
| Session VI Determinacy and Learning in Monetary Policy Chair: Leonardo Hernández (Central Bank of Chile) |
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| 9.00-10.00 | Bennett T. McCallum (Carnegie Mellon University) Comments: Christopher Kent (Reserve Bank of Australia) |
Determinacy and Learnability in Monetary Policy Analysis: Additional Results |
| 10:00-10:20 | Coffee | |
| Session VII Sticky Information and Model Misspecification. Chair: José De Gregorio (Vice Governor, Central Bank of Chile) |
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| 10:20-11:20 | Ricardo Reis (Princeton University) Comments: Claudio Soto (Central Bank of Chile) |
A few model-based Answers to Monetary Policy Questions in the United States and the Euro Area |
| 11:20-12:20 | Marco del Negro (Federal Reserve Bank of Atlanta) and Frank Schorfheide (University of Pennsylvania) Comments: Romulo Chumacero (Central Bank of Chile) |
Inflation Dynamics in a Small Open Economy Model under Inflation Targeting |
| Session VII Key Note Address. Chair: Vittorio Corbo (Governor, Central Bank of Chile) |
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| 12:20-13:20 | Stanley Fischer (Governor, Bank of Israel) | Monetary Policy in Israel |
| 13:25-14:45 | Lunch | |
| Session IX Unobservables in the World. Chair: Igal Magendzo (Central Bank of Chile) |
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| 14:45-15:45 | Klaus Schmidt-Hebbel (Central Bank of Chile) and Carl Walsh (University of California at Santa Cruz) Comments: Nicoletta Batini (International Monetary Fund) |
Monetary Policy and Key Unobservables in the G-3 and Selected Inflation-Targeting Countries |
| 15:45-16:00 | Coffee | |
| Session X Implications of Model and Data Uncertainty for Monetary Policy and Macro Adjustment in Chile. Chair: Pablo García (Central Bank of Chile) |
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| 16:00-17:00 | Felipe Morandé (Universidad de Chile) and Mauricio Tejada (Universidad de Chile) Comments: Rodrigo Valdes (Central Bank of Chile) |
Sources of Uncertainty in Chilean Monetary Policy |
| 17:00-18:00 | Manuel Marfán (Central Bank of Chile), Juan Pablo Medina (Central Bank of Chile), Jorge Selaive (Central Bank of Chile), and Claudio Soto (Central Bank of Chile) Comments: Rodrigo Cerda (Pontificia Universidad Católica de Chile) |
Overoptimism, Boom-Bust Cycles and Monetary Policy in Small Open Economies |