Journal of Economic Dynamics and Control Conference on

Frontiers in Structural Macroeconomic Modeling:

Thirty Years after “Macroeconomics and Reality”
and
Five Years after “Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy”

Place: Mercury Tower, 7th Floor, Conference Room, Hitotsubashi University

Keynote Speech and Invited Lecture: 35 minutes
(30 minutes for speech or lecture and 5 minutes for chair's introduction and quick discussion with participants)
Others: One hour
(30 minutes for presentation, 15 minutes for comments from discussant and 15 minutes for discussion with participants)

* indicates speakers.


23 January (Saturday)

8:50-9:00Opening Remarks: Wataru Takahashi (Bank of Japan)
9:00-10:10Keynote Speech and Invited Lecture 1
Chair: Wataru Takahashi (Bank of Japan)
Keynote Speech: Lawrence J. Christiano (Northwestern University)
“The NAIRU, Involuntary Unemployment and the Business Cycle” (slides)
Invited Lecture: Frank Smets (European Central Bank)
“Unemployment in Estimated DSGE Models”
with Jordi Gali and Raf Wouters
10:10-10:20Coffee break
10:20-12:20 Session 1: Monetary and Fiscal Policies
Chair: Ippei Fujiwara (Bank of Japan)
10:20-11:20 Timothy Cogley (New York University), Bianca De Paoli (Bank of England), Christian Matthes (New York University), Kalin Nikolov (Bank of England) and Tony Yates* (Bank of England)
“A Bayesian Approach to Optimal Monetary Policy with Parameter and Model Uncertainty”
Discussant: Mototsugu Shintani (Varnderbilt University)
11:20-12:20 R. Anton Braun* (University of Tokyo) and Lena Mareen Körber (German Institute for Economic Research)
“New Keynesian Dynamics in a Low Interest Rate Environment”
Discussant: Tsutomu Watanabe (Hitotsubashi University)
12:20-13:40Lunch
13:40-15:40Session 2: Inflation Expectations and News Shocks
Chair: Tsutomu Watanabe (Hitotsubashi University)
13:40-14:40 Marco Del Negro* (Federal Reserve Bank of New York) and Stefano Eusepi (Federal Reserve Bank of New York)
“Fitting Observed Inflation Expectations”
Discussant: James Yetman (Bank for International Settlement)
14:40-15:40 Akito Matsumoto* (International Monetary Fund), Pietro Cova (Bank of Italy), Massimiliano Pisani (Bank of Italy) and Alessandro Rebucci (Inter-American Development Bank)
“News Shocks and Asset Price Volatility in a DSGE Model” (slides)
Discussant: Yuki Teranishi (Bank of Japan)
15:40-15:50Coffee break
15:50-17:50Session 3: Credit Constraint
Chair: Makoto Saito (Hitotsubashi University)
15:50-16:50 Lawrence J. Christiano (Northwestern University), Mathias Trabandt (European Central Bank and Sveriges Riksbank) and Karl Walentin* (Sveriges Riksbank)
“Introducing Financial Frictions and Unemployment into a Small Open Economy Model”
Discussant: Etsuro Shioji (Hitotsubashi University) (slides)
16:50-17:50 Naohisa Hirakata (Bank of Japan), Nao Sudo* (Bank of Japan) and Kozo Ueda (Bank of Japan)
“Does the Banking Shock Matter to the U.S. Economy?”
Discussant: Mathias Trabandt (European Central Bank and Sveriges Riksbank)
18:00-20:00Reception (Mercury Tower, 7th Floor, Mercury Hall, Hitotsubashi University)

24 January (Sunday)

9:00-11:00Session 4: Price and Wage Rigidities
Chair: Etsuro Shioji (Hitotsubashi University)
9:00-10:00 Jinill Kim* (Federal Reserve Board) and Francisco J. Ruge-Murcia (University of Montréal)
“Monetary Policy When Wages Are Downwardly Rigid: Friedman Meets Tobin” (slides)
Discussant: Shigenori Shiratsuka (Bank of Japan) (slides)
10:00-11:00 Vo Phuong Mai Le (Cardiff University), Patrick Minford* (Cardiff University and CEPR) and Michael Wickens (Cardiff University, University of York and CEPR)
“How Much Nominal Rigidity Is There in the US Economy? Testing a New Keynesian DSGE Model Using Indirect Inference” (slides)
Discussant: Masao Ogaki (Keio University) (slides)
11:00-11:10Coffee break
11:10-12:20Keynote Speech and Invited Lecture 2
Chair: Toshiaki Watanabe (Hitotsubashi University)
Keynote Speech: Christopher Sims (Princeton University)
“Modeling the Influence of Fiscal Policy on Inflation”
Invited Lecture: Siddhartha Chib (Washington University)
“Estimating the Term Structure of Interest Rates from a DSGE Model”
with Kyu Ho Kang and Srikanth Ramamurthy
12:20-13:40Lunch
13:40-14:15Keynote Speech 3
Chair: R. Anton Braun (University of Tokyo)
Keynote Speech: Martin Eichenbaum (Northwestern University)
“Infectious Housing Bubbles”
14:15-14:25Coffee break
14:25-16:25Session 5: Nonlinear and Markov-Switching Models
Chair: Shigenori Shiratsuka (Bank of Japan)
14:25-15:25 Gianni Amisano* (European Central Bank) and Oreste Tristani (European Central Bank)
“Exact Likelihood Computation for Nonlinear DSGE Models with Heteroskedastic Innovations”
Discussant: Sungbae An (Singapore Management University)
15:25-16:25 Roger E. A. Farmer (University of California Los Angeles), Daniel F. Waggoner* (Federal Reserve Bank of Atlanta) and Tao Zha (Federal Reserve Bank of Atlanta)
“Minimal State Variable Solutions to Markov-Switching Rational Expectations Models” (slides)
Discussant: Toshiaki Watanabe (Hitotsubashi University) (slides)
16:25-16:30Closing Remarks: Toshiaki Watanabe (Hitotsubashi University)