THURSDAY, MARCH 20, 2003

6:30 PM Dinner

Davio's Restaurant

5 Cambridge Parkway

Cambridge, MA

FRIDAY, MARCH 21, 2003

8:15 AM Shuttle Van Departs Royal Sonesta Hotel for 1050 Mass. Avenue

8:30 AM Shuttle Van Departs Royal Sonesta Hotel for 1050 Mass. Avenue

8:30 AM Continental Breakfast

9:00 AM ANDREW ATKESON, UC, Los Angeles and NBER

PATRICK KEHOE, Federal Reserve Bank of Minneapolis and NBER

On the Benefits to Transparency in a Monetary Policy Instrument

Discussant: JON FAUST, Federal Reserve Board

10:00 AM Break

10:30 AM AARON TORNELL, UC,Los Angeles and NBER

FRANK WESTERMANN, University of Munich

The Credit Channel in Middle Income Countries

Discussant: FERNANDO BRONER, University of Maryland

11:30 AM CEDRIC TILLE, Federal Reserve Bank of New York

How Valuable is Exchange Rate Flexibility? Optimal Monetary Policy

under Sectoral Shocks

Discussant: CHARLES ENGEL, University of Wisconsin and NBER

12:30 PM Lunch

Over, Please!

International Finance and Macroeconomics Program Meeting, Page 2:

1:30 PM KATHRYN DOMINGUEZ and LINDA TESAR, University of Michigan and NBER

HERMAN KAMIL, University of Michigan

Cross-Border Trading as a Mechanism for Capital Flight:

ADRs, CEDEARS and the Argentine Crisis

(Joint with S. Auguste)

Discussant: SERGIO SCHMUKLER, The World Bank

2:30 PM MARK AGUIAR and GITA GOPINATH, University of Chicago

Fire-Sale FDI and Liquidity Crises

Discussant: BERNARD DUMAS,INSEAD and NBER

3:30 PM Break

4:00 PM HELENE REY, Princeton University and NBER

JEAN IMBS, HAROON MUMTAZ and MORTEN RAVN, London Business School

PPP Strikes Back: Aggregation and the Real Exchange Rate

Discussant: SHANG-JIN WEI, International Monetary Fund and NBER

5:00 PM Adjourn

3/10/03