Recent Developments in Monetary Policy, Fiscal Policy, and Financial System Design
A Conference to Honor Ben Friedman

April 22-23, 2011
Federal Reserve Bank of Boston
600 Atlantic Avenue, Boston MA

This conference brings together students and colleagues to honor Ben Friedman’s contributions to economics over the four-decade span of his career. The conference participants will present and discuss new work that is characteristic of Ben’s contributions to economics, with emphasis on monetary and fiscal policy issues.

Friday, April 22, 2011

7:30 a.m.

Registration and continental breakfast

8:30 a.m.

Welcome and opening remarks

Monetary Policy

8:45 a.m. Tactics and Strategy in Swiss Monetary Policy

Thomas Jordan offsite (Swiss National Bank)
Stefan Gerlach offsite (Goethe University Frankfurt)

Paper pdf

  Discussant: Lars Svensson offsite (Sveriges Riksbank)
9:45 a.m.


10:15 a.m. Can Inflation Targeting Make You Pursue the Wrong Policy?

Adam Posen offsite (Bank of England)
Ken Kuttner offsite (Williams College)

Paper pdf

  Discussant: Gauti Eggertsson offsite (Federal Reserve Bank of New York)
11:15 a.m. The Role of Expectations in Inflation Dynamics

Jeff Fuhrer (Federal Reserve Bank of Boston)

Paper pdf

  Discussant: Jim Stock offsite (Harvard University)
12:15 p.m. Lunch
1:45 p.m. Inflation Targeting: A Canadian Perspective

Angelo Melino offsite (University of Toronto)

Paper pdf

  Discussant: David Johnson offsite (Wilfred Laurier University)
2:45 p.m. Get Real: Interpreting Nominal Exchange Rate Fluctuations

Rich Clarida offsite (Columbia University)

Paper pdf

  Discussant: Hans-Helmut Kotz offsite (Center for Financial Studies)
3:45 p.m. Break

Fiscal Policy, Investment, and Financial System Design

4:00 p.m. Tax Policy and the Effects of Government Deficits on Economic Activity

Glenn Hubbard offsite (Columbia University)

Paper pdf

  Discussant: Alberto Alesina offsite (Harvard University)
5:00 p.m. Reception and dinner


Saturday, April 23, 2011

7:30 a.m. Continental breakfast

The Design of Financial Systems

8:30 a.m.
Natural Expectations and Investment Dynamics

David Laibson offsite (Harvard University)

Paper pdf

  Discussant: Paul Willen (Federal Reserve Bank of Boston)
9:30 a.m. Break
9:45 a.m. Financial System Design: Some Core Principles

Zvi Bodie offsite (Boston University)

  Discussant: Arturo Estrella (Rensselaer Polytechnic Institute)
10:45 a.m. Break
11:00 a.m. Closing Panel

Ben Friedman offsite (Harvard University)
Thomas Jordan offsite (Swiss National Bank)
Eric Rosengren (Federal Reserve Bank of Boston)
Lars Svensson offsite (Sveriges Riksbank)
José Viñals offsite (International Monetary Fund)

12:30 p.m.

Luncheon and adjournment