NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

International Seminar on Macroeconomics

Richard Clarida and Francesco Giavazzi, Organizers

Jeffrey Frankel, ISOM Chair

June 18-19, 2004

University of Iceland

Faculty of Economics and Business Administration

Askja 131

101 Reykjavik, Iceland

PROGRAM

FRIDAY, JUNE 18:

10:30 AM GAUTI EGGERTSSON, IMF

MICHAEL WOODFORD, Princeton University and NBER

Optimal Monetary and Fiscal Policy in a Liquidity Trap

Discussants: TOR EINARSSON, University of Iceland

ERIC LEEPER, Indiana University and NBER

11:45 AM Break

12:00 PM FABIO CANOVA, Universitat Pompeu Fabra

EVI PAPPA, London School of Economics

Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints

Discussants: KENNETH WEST, University of Wisconsin and NBER

GYLFI ZOEGA, University of London

1:15 PM Lunch

2:45 PM MATTHEW CANZONERI and BEHZAD DIBA, Georgetown University

ROBERT CUMBY, Georgetown University and NBER

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?

Discussants: GAUTI EGGERTSSON, IMF

CARLO FAVERO, Universita Bocconi

4:00 PM Break

4:15 PM OZGE SENAY, Middle East Technical University

ALAN SUTHERLAND, University of St. Andrews

Endogenous Price Flexibility, the Expenditure Switching Effect and Exchange

Rate Regime Choice

Discussants: GIANLUCA BENIGNO, London School of Economics

MATTHEW CANZONERI, Georgetown University

5:30 PM Break

5:45 PM MIHIR DESAI, Harvard University and NBER

C. FRITZ FOLEY, University of Michigan

The Co-Movement of Returns and Investment Within the Multinational Firm

Discussants: JOSE CAMPA, IESE Business School

EVI PAPPA, London School of Economics

7:00 PM Adjourn

7:30 PM Group Dinner

Central Bank of Iceland

Kalkofnsvegur 1

150 Reykjavik

SATURDAY, JUNE 19:

9:00 AM FRANCESCO CASELLI, Harvard University and NBER

SILVANA TENREYRO, Federal Reserve Bank of Boston

Is Poland the Next Spain?

Discussants: RICHARD CLARIDA, Columbia University and NBER

JUAN DOLADO, Universidad Carlos III de Madrid

10:15 AM ANDREW CLARK, CNRS

FABIEN POSTEL-VINAY, CREST-INSEE

Job Security and Job Protection

Discussants: PIERRE-OLIVIER GOURINCHAS, UC, Berkeley and NBER

ALAN SUTHERLAND, University of St. Andrews

11:30 AM Break

11:45 AM ROB ALESSIE, Utrecht University

AGAR BRUGIAVINI, University of Venice

GUGLIELMO WEBER, University of Padova

Household Saving and Cohabitation

Discussants: MIHIR DESAI, Harvard University and NBER

MICHAEL MCMAHON, Bank of England

1:00 PM Lunch and Adjourn

6/4/04