Conference : Inflation Targeting, Central Bank Independence and Transparency

15-16 June 2007
Winstanley Lecture Theatre
Trinity College
Cambridge

Programme
Thursday 14 June

Friday 15 June

8:00-9:00	Registration, Blue Boar Common Room, Winstanley Lecture Theatre, Trinity College, coffee on arrival
Chair:	Hashem Pesaran
9:00-9:30	Keynote policy speech: Paul Tucker (Bank of England) Central Banking And Political Economy: The Example Of The Uk’s Monetary Policy Committee
9.30-10.30	Glenn Rudebusch and John Williams (San Francisco) Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections Discussant: Fabio Milani (California, Irvine)
10.30–11:00	Coffee
Chair:	Seppo Honkapohja
11:00–12:00	Stefano Eusepi (New York) & Bruce Preston (Columbia) Central Bank Communication and Expectations Stabilization Discussant: Bob Tetlow (Fed)
12.00 –12.30	Keynote policy Speech: José Manuel González-Páramo (ECB) Credibility and expectations in modern central banking.
12:30–14:00	Lunch, The Cloisters, Wren Library, Trinity College
Chair:	John Driffill
14:00–15:00	Keynote speech: Lars Svensson (Princeton)
15:00–16:00	Refet S. Gürkaynak (Bilkent), Andrew T. Levin (Fed) & Eric Swanson (San Francisco) Does inflation targeting anchor long-run inflation expectations? Discussant: Michael Ehrmann (ECB)
16:00–16:30	Tea
Chair:	Petra Geraats
16:30–17:30	Gianna Boero, Jeremy Smith & Kenneth Wallis (Warwick) Uncertainty and disagreement in economic prediction: the Bank of England Survey of External Forecasters Discussant: Meredith Beechey (Federal Reserve)
17:30–18:30	Keynote speech: Carl Walsh (California) Transparency, Flexibility, and Inflation Targeting
19:00	Reception
19:30	Dinner, Upper Hall, Jesus College

Saturday 16 June

Chair:	Sean Holly
9:30-10:30	Campbell Leith (Glasgow) & Simon Wren Lewis (Oxford) The Optimal Monetary Policy Response to Exchange Rate Misalignments Discussant: Mike Wickens (York)
10:30-11:30	Athanasios Orphanides & John Williams (San Francisco) Inflation Targeting under Imperfect Knowledge Discussant: Martin Ellison (Warwick)
11:30–12:00	Coffee
12:00–13:00	Keynote speech: Jordi Gali (CREI) Labor Market Frictions and Monetary Policy Design
13:00–14:30	Lunch, The Old Kitchens, Trinity College
Chair:	Sumru Altug
14:30–15:30	Alessandro Calza (ECB), Tommaso Monacelli (Bocconi) and Livio Stracca (ECB) Mortgage Markets, Collateral Constraints and Monetary Policy: Do Institutional Factors Matter? Discussant: Stefan Gerlach (BIS)
15:30–16:30	Günter Beck & Volker Wieland (Frankfurt) Money in Monetary Policy Design under uncertainty: The Two-Pillar Phillips Curve versus ECB-Style Cross-Checking Discussant: Jagjit Chadha, BNP Paribus
16:30–17:00	Tea
17:00–18:00	Round Table Discussion Chair: Petra Geraats. (Willem Buiter, LSE, Steve Nickell, Oxford, Glenn Rudebusch, Lars Svensson)