NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

International Seminar on Macroeconomics



James Stock and Lars Svensson, Organizers

Jeffrey Frankel and Francesco Giavazzi, ISOM Co-Chairs

June 14-15, 2002



European Central Bank

Eurotheum Residence

Plinthbuilding, Meeting Room CP11, First Floor

Neue Mainzer Strasse 66-68

60311 Frankfurt, Germany



PROGRAM



FRIDAY, JUNE 14:



9:50 AM Welcome



10:00 AM ROEL BEETSMA, University of Amsterdam

HENRIK JENSEN, University of Copenhagen

Monetary and Fiscal Policy Interactions in a Micro-Founded Model of a Monetary Union



Discussants: PETER IRELAND, Boston College and NBER

VOLKER WIELAND, Goethe University of Frankfurt

11:10 AM Break



11:30 AM ROBERTO PEROTTI, European University Institute

Estimating the Effects of Fiscal Policy in OECD Countries



Discussants: ZVI ECKSTEIN, Tel Aviv University

JON FAUST, Federal Reserve Board

12:40 PM Lunch



1:40 PM FRANK SMETS, European Central Bank

RAF WOUTERS, National Bank of Belgium

An Estimated Stochastic Dynamic General Equilibrium

Model of the Euro Area



Discussants: JORDI GALI, Universitat Pompeu Fabra

NOAH WILLIAMS, Princeton University

2:50 PM Break



3:10 PM ALEXEI ONATSKI, Columbia University

NOAH WILLIAMS, Princeton University

Modeling Model Uncertainty

Discussants: GLENN RUDEBUSCH, Federal Reserve Bank of San Francisco

ULF SÖDERSTRÖM, Bank of Sweden

4:20 PM KATHARINE NEISS and EDWARD NELSON, Bank of England

Inflation Dynamics, Marginal Cost, and the Output Gap:

Evidence from Three Countries

Discussants: MARK GERTLER, New York University and NBER

KAI LEITEMO, Bank of Norway



5:30 PM Adjourn



7:30 PM Group Dinner

Restaurant Emma Metzler

Café im Museumspark, Museum fuer Angewandte Kunst

Schaumainkai 17, 60596 Frankfurt



Dinner Speaker: OTMAR ISSING, European Central Bank

SATURDAY, JUNE 15:



8:45 AM PANEL DISCUSSION:

GEORGES DE MENIL, Ecole des Hautes Etudes en Sciences Sociales, Paris

ROBERT GORDON, Northwestern University and NBER

Twenty-Five Years of ISOM and European Macroeconomics



9:15 AM N. GREGORY MANKIW, Harvard University and NBER

RICARDO REIS, Harvard University

What Measure of Inflation Should a Central Bank Target?



Discussants: IGNAZIO ANGELONI, European Central Bank

WILLIAM DUPOR, University of Pennsylvania



10:25 AM Break



10:45 AM CHARLES ENGEL and KENNETH WEST, University of Wisconsin and NBER

Taylor Rules and the Deutschmark - Dollar Real Exchange Rate

Discussants: JEFFREY FRANKEL, Harvard University and NBER

HELENE REY, Princeton University and NBER



11:55 AM JON FAUST, JOHN ROGERS, ERIC SWANSON and

JONATHAN WRIGHT, Federal Reserve Board

Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using Fed

Funds Futures Data



Discussants: ILIAN MIHOV, INSEAD

CHRISTOPHER SIMS, Princeton University and NBER



1:05 PM Lunch and Adjourn

7:00 PM Group Dinner

Auf Schoenburg Restaurant - Rhine Castle Hotel

55430 Oberwesel

(Participants to be transported by bus)

6/7/02