NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Pre-Conference:

G7 Current Account Imbalances: Sustainability and Adjustment

Richard Clarida, Organizer

July 12-13, 2004

Royal Sonesta Hotel

University A Room

5 Cambridge Parkway

Cambridge, Massachusetts

PROGRAM

MONDAY, JULY 12:

12:00 PM Lunch - Riverfront Room

1:00 PM RICHARD CLARIDA, Columbia University and NBER

MANUELA GORETTI and MARK TAYLOR, University of Warwick

Are There Thresholds of Current Account Adjustment?

2:00 PM AART KRAAY, World Bank

JAUME VENTURA, CREI, Universitat Pompeu Fabra and NBER

The Emergence and Transformation of the US Current Account Deficit

3:00 PM Break - Riverfront Room

3:30 PM MUGE ADALET, Wellington University

BARRY EICHENGREEN, UC, Berkeley and NBER

Current Account Reversals: Always a Problem?

4:30 PM CATHERINE MANN, Institute for International Economics

The US Current Account Deficit and Sustainability: A Disaggregated Perspective

5:30 PM HAMID FARUQEE, DOUGLAS LAXTON, and

DIRK MUIR, International Monetary Fund

PAOLO PESENTI, Federal Reserve Bank of New York and NBER

Current Accounts and Global Rebalancing in a Multi-Country Simulation Model

6:30 PM Adjourn

7:00 PM Group Dinner

Davio's at the Royal Sonesta Hotel

TUESDAY, JULY 13:

12:00 PM Lunch - Riverfront Room

1:00 PM MAURICE OBSTFELD, UC, Berkeley and NBER

KENNETH ROGOFF, Harvard University and NBER

Current Account Adjustment and Overshooting

2:00 PM PIERRE-OLIVIER GOURINCHAS, UC Berkeley and NBER

HELENE REY, Princeton University and NBER

Financial Account Adjustment

3:00 PM Break - Riverfront Room

3:30 PM CAROLINE FREUND, World Bank

FRANK WARNOCK, Federal Reserve Board

Demystifying Current Account Adjustment: A Focus on the United States

4:30 PM MICHAEL DOOLEY, UC, Santa Cruz and NBER

DAVID FOLKERTS-LANDAU, Deutsche Bank

PETER GARBER, Brown University and NBER

Direct Investment, Rising Real Wages and the Absorption of Excess Labor in

the Periphery

5:30 PM MENZIE CHINN, University of Wisconsin and NBER

JEFFREY FRANKEL, Harvard University and NBER

Will the Euro Eventually Surpass the Dollar as Leading International

Reserve Currency?

6:30 PM Adjourn

7/12/04