NATIONAL BUREAU OF ECONOMIC RESEARCH

Conference on Inflation Targeting

January 23 - 26, 2003

Michael Woodford, Organizer

Sheraton Bal Harbour

Bal Harbour, FL

PROGRAM

THURSDAY, JANUARY 23, 2003

7:00 PM Welcome Reception and Dinner

FRIDAY, JANUARY 24, 2003

8:00 AM Continental Breakfast

8:30 AM MERVYN KING, Bank of England and NBER

What has Inflation Targeting Achieved?

9:00 AM LARS SVENSSON, Princeton University and NBER

MICHAEL WOODFORD, Princeton University and NBER

Implementing Optimal Policy through Inflation-Forecast Targeting

Discussant: BENNETT MCCALLUM, Carnegie-Mellon University and NBER

10:00 AM Break

10:15 AM LAURENCE BALL, John Hopkins University and NBER

NIAMH SHERIDAN, International Monetary Fund

Does Inflation Targeting Matter?

Discussant: MARK GERTLER, New York University and NBER

11:15 AM STEPHEN CECCHETTI, Ohio State University and NBER

JUNHAN KIM, Ohio State University

Inflation Targeting, Price Level Targeting, and Output Variability

Discussant: N. GREGORY MANKIW, Harvard University and NBER

12:15 PM MARC GIANNONI, Columbia University

MICHAEL WOODFORD, Princeton University and NBER

Optimal Inflation Targeting Rules

Discussant: EDWARD NELSON, Bank of England

1:15 PM Lunch

2:15 PM Adjourn

7:00 PM Reception and Dinner

SATURDAY, JANUARY 25, 2003

8:00 AM Continental Breakfast

8:30 AM ATHANASIOS ORPHANIDES, Federal Reserve Board

JOHN WILLIAMS, Federal Reserve Bank of San Francisco

Imperfect Knowledge, Inflation Expectations, and Monetary Policy

Discussant: GEORGE W. EVANS, University of Oregon

9:30 AM CHRISTOPHER SIMS, Princeton University and NBER

Limits to Inflation Targeting

Discussant: STEPHANIE SCHMITT-GROHE, Rutgers University and NBER

10:30 AM Break

10:45 AM MARVIN GOODFRIEND, Federal Reserve Bank of Richmond

Inflation Targeting in the U.S.?

Discussant: DONALD KOHN, Federal Reserve Board

11:45 AM FREDERIC MISHKIN, Columbia University and NBER

JIRI JONAS, International Monetary Fund

Inflation Targeting in Transition Economies

Discussant: OLIVIER BLANCHARD, MIT and NBER

12:45 PM Lunch

1:45 PM RICARDO CABALLERO, MIT and NBER

ARVIND KRISHNAMURTHY, Northwestern University

Inflation Targeting and Sudden Stops

Discussant: BEN BERNANKE, Federal Reserve Board

2:45 PM Panel Discussion: Is Deflation a Threat for the U.S.?

MARTIN FELDSTEIN, Harvard University and NBER

MICHAEL WOODFORD, Princeton University and NBER

BEN BERNANKE, Federal Reserve Board

3:45 PM Adjourn

1/27/03