NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
SUMMER INSTITUTE 2001
International Finance Macroeconomics
Kathryn Dominguez and Michael Dooley, Organizers
Royal Sonesta Hotel
5 Cambridge Parkway
Cambridge, Massachusetts
July 16-20, 2001
PRELIMINARY PROGRAM
MONDAY, JULY 16:
8:30 AM Coffee and Doughnuts
9:00 AM GIANCARLO CORSETTI, Yale University
PAOLO PESENTI, Federal Reserve Bank of New York and NBER
International Dimensions of Optimal Monetary Policy
Discussant: LUISA LAMBERTINI, UC, Los Angeles
10:40 AM Break
11:00 AM GUILLERMO CALVO, University of Maryland and NBER
OYA CELASUN, University of Maryland
MICHAEL KUMHOF, Stanford University
A Theory of Rational Inflationary Inertia
Discussant: LARS SVENSSON, Stockholm University and NBER
12:40 PM Lunch and Adjourn
TUESDAY, JULY 17:
8:30 AM Coffee and Doughnuts
9:00 AM JOSE CAMPA, New York University and NBER
LINDA GOLDBERG, Federal Reserve Bank of New York and NBER
Exchange Rate Pass-Through into Import Prices:
A Macro or Micro Phenomenon
Discussant: RICHARD MARSTON, University of Pennsylvania and NBER
10:40 AM Break
11:00 AM FEDERICO STURZENEGGER, Universidad Torcuato Di Tella, Argentina
(Joint with EDUARDO LEVY-YEYATI)
To Float or to Trail: Evidence on the Impact of Exchange Rate Regimes
Discussant: SHANG-JIN WEI, Brookings Institution and NBER
SI01 IFM Program
Page two
12:40 PM Lunch and Adjourn
WEDNESDAY, JULY 18:
NBER Project on Exchange Rate Crises in Emerging Markets
Directed By: Martin Feldstein and Jeffrey Frankel
TURKEY
Jeffrey Frankel and Dani Rodrik, Program Organizers
8:45 AM Coffee and Doughnuts
9:00 AM Official Welcome
9:15 AM BACKGROUND: UP TO 1999
Chairman: JEFFREY FRANKEL, Harvard University and NBER
Panelists: RUSDU SARACOGLU, former head of Turkey's central bank
TED TRUMAN, Institute for International Economics,
former Federal Reserve Board and US Treasury
DAVID HALE, Zurich Financial Services
MOHAMED EL-ERIAN, PIMCO
11:00 AM THE STABILIZATION PROGRAM AND THE EXCHANGE RATE REGIME
Chairman: DANI RODRICK, Harvard University and NBER
Panelists: MAHFI EGILMEZ, former undersecretary of Turkey's Treasury
CAROLINE ATKINSON, former US Treasury
ATISH (REX) GHOSH, IMF
GEORGE HOGUET, State Street Global Advisers
12:30 PM Lunch
1:45 PM BANKING PROBLEMS, AND THE CRISIS OF FALL 2000
Chairman: MIKE DOOLEY, UC, Santa Cruz and NBER
Panelists: SELCUK DEMIRALP, former undersecretary of Turkey's Treasury
STEVE RADELET, US Treasury or NOURIEL ROUBINI, NYU,
former CEA and US Treasury
CARLO COTARELLI, IMF
JOYCE CHANG, Chase Bank
3:15 PM BREAK
SI01 IFM program
page three
3:30 PM THE CRISIS OF FEBRUARY 2001, AND WHERE DO WE GO FROM HERE?
Chairman: MARTIN FELDSTEIN, Harvard University and NBER
Panelists: GAZI ERCEL, former head of Turkey's central bank
JOHN TAYLOR or MARSHALL MILLS, US Treasury
ERIK NIELSEN, Goldman Sachs
MICHAEL DEPPLER, IMF
PETER GARBER, Deutschebank
5:00 PM ADJOURN
BACKGROUND MATERIALS:
A Brief Account of the Turkish Economy, 1980-2000
Faruk Selçuk and Ahmet Ertugrul February 2001
The OECD Economic Survey of Turkey January 2001
The Disinflation Program and the Structure of the Turkish Banking Sector
C. Alper, M. Berument and N. Malatyalý
Monetary Policy Reaction Function in Turkey
Olcay Yucel Emir, Almila Karasoy, & Kursat Kunter,
Research Department of the Bank of Central Turkey
THURSDAY, JULY 19:
JOINT SESSION WITH EFEL GROUP
8:30 AM Coffee and Doughnuts
9:00 AM ARVIND KRISHNAMURTHY, Northwestern University
RICARDO CABALLERO, MIT and NBER
International Liquidity Illusion: on the Risks of Sterilization
Discussant: CRAIG BURNSIDE, UC, San Diego
10:00 AM Break
10:15 AM KATHY YUAN, University of Michigan
The Liquidity Service of Sovereign Bonds
Discussant: ANDREA EISFELDT, Northwestern University
11:15 AM Break
SI01 IFM program
page four
11:30 AM ANUSHA CHARI, University of Chicago
PETER BLAIR HENRY, Stanford University and NBER
Stock Market Liberalizations and the Repricing of Systematic Risk
Discussant: RICHARD LYONS, UC, Berkeley and NBER
12:30 PM ARTURO GALINDO, Inter-American Development Bank
FABIO SCHIANTARELLI, Boston College
ANDREW WEISS, Boston University
Does Financial Liberalization Improve the Allocation of Investment?
Micro Evidence from Developing Countries
Discussant: JENNY MINIER, University of Miami
1:30 PM Lunch and Adjourn
FRIDAY, JULY 20:
INTERAMERICAN SEMINAR ON ECONOMICS - program to be announced
5/15/01