On the use of simple rules as guidelines for policy decisions

24–25 June 2010, Norges Bank

The aim of the conference is to bring together researchers working on issues related to the use of simple rules in the conduct of monetary policy.

Programme committee: Øyvind Eitrheim, Francesco Furlanetto, Dagfinn Rime and Øistein Røisland.

Attendance by invitation only.

Programme:

Thursday 24 June

8:30 – 9:00 Registration. Coffee and biscuits

Opening Session

9:00 – 9:10 Words of welcome, Svein Gjedrem (Governor, Norges Bank)

Keynote speech

Chair: Jon Nicolaisen

9:10 – 10:25 Simple Rules for Open Economies, John B. Taylor (Stanford University)

Presentation (pptx)

10:25 – 10:45 Coffee Break

Session I Monetary policy and simple rules in practice, Chair: Øistein Røisland

10:45 – 11:35 How Does Monetary Policy Change? Evidence on Inflation Targeting Countries, Jaromίr Baxa, Roman Horváth (Czech National Bank) and Bořek Vašίček
Discussant: Øyvind Eitrheim, Norges Bank

Paper (pdf)

Presentation (ppt)

Discussion (pdf)

11:35 – 12:25 The Taylor Rule and the Practice of Central Banking, Pier Francesco Asso, George A. Kahn (Federal Reserve Bank of Kansas City) and Robert Leeson
Discussant: Dale Henderson, Georgetown University

Paper (pdf)

Presentation (pptx)

Discussion (pdf)

12:30 – 13:30 Lunch 1st floor (“Speilsalen“)

Session II Monetary policy – US and European perspectives, Chair: Øyvind Eitrheim

13:30 – 14:20 Falling Behind the Curve: A Positive Analysis of Stop-Start Policies and the Great Inflation, Andrew Levin (Federal Reserve Board of Governors) and John B. Taylor
Discussant: Henrik Jensen, University of Copenhagen

Paper (pdf)

Presentation (pdf)

Discussion (pdf)

14:20 – 15:10 The Zero Lower Bound, ECB Interest Rate Policy and the Financial Crisis, Stefan Gerlach (University of Frankfurt) and John Lewis
Discussant: Gert Peersman, Ghent University

Paper (pdf)

Presentation (pptx)

Discussion (ppt)

15:10 – 15:30 Coffee Break

Session III Monetary policy under uncertainty – are simple rules robust?, Chair: Francesco Furlanetto

15:30 – 16:20 Optimal Monetary Policy and Simple Rules: A Unified Approach, Øistein Røisland (Norges Bank) and Tommy Sveen
Discussant: Guenter W. Beck, University of Mainz

Presentation (pdf)

Discussion (pdf)

Conference dinner hosted by Governor Svein Gjedrem (by invitation only):
18:00 – 19:00 Guided tour at the Oslo opera house
19:00 Dinner at the Oslo opera house

Friday 25 June

8:00 – 8:30 Registration. Coffee and biscuits

Session IV Monetary policy under uncertainty – are simple rules robust? (cont’d), Chair: Ida Wolden Bache

8:30 – 9:20 Simple and Robust Rules for Monetary Policy, John C. Williams (Federal Reserve Bank of San Francisco) and John B. Taylor
Discussant: Ragna Alstadheim, Norges Bank

Paper (pdf)

Presentation (pptx)

Discussion (pdf)

9:20 – 10:10 A Bayesian Approach to Optimal Monetary Policy with Parameter and Model Uncertainty, T. Cogley, B. de Paoli, C. Matthes, K. Nikolov and Tony Yates (Bank of England)
Discussant: Richard Dennis, Federal Reserve Bank of San Francisco

Paper (pdf)

Presentation (pdf)

Discussion (pdf)

10:10 – 10:30 Coffee Break

Session V Monetary policy and asset price bubbles, Chair: Anne Berit Christiansen

10:30 – 11:20 Monetary Policy and the Housing Bubble, Jane Dokko, B. Doyle, M.T. Kiley, Jinill Kim (Federal Reserve Board of Governors), S. Sherlund, S. v.d.Heuvel
Discussant: Rudiger Ahrend, OECD

Paper (pdf)

Presentation (pdf)

Discussion (pdf)

11:20 – 11:40 Break

Session VI Monetary policy regimes – two perspectives, Chair: Amund Holmsen

11:40 – 12:20 Inflation targeting, Lars E. O. Svensson (Deputy Governor Sveriges Riksbank)

Paper (pdf)

Presentation (pdf)

12:20 – 12:40 Monetary policy: Some personal reflections and commentaries, Athanasios Orphanides (Governor, Central Bank of Cyprus)

Paper (pdf)

Presentation (pdf)

12:40 – 12:55 Discussion with audience