NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.



MONETARY ECONOMICS PROGRAM MEETING



Anil Kashyap and Monika Piazzesi, Organizers

November 5, 2004



NBER Offices

1050 Massachusetts Avenue

Cambridge, Massachusetts

PROGRAM

THURSDAY, NOVEMBER 4:



6:30 PM Dinner

Davio's

5 Cambridge Parkway

Cambridge, MA 02142



FRIDAY, NOVEMBER 5:

8:15 AM Shuttle Van from the Royal Sonesta to NBER



8:30 AM Shuttle Van from the Royal Sonesta to NBER

8:30 AM Continental Breakfast



9:00 AM TOM KREBS, Brown University

Job Displacement Risk and the Cost of Business Cycles



Discussant: LAWRENCE KATZ, Harvard University and NBER

10:00 AM Break



10:20 AM DANIEL LEVY, Bar-Llan University

HAIPENG (ALLAN) CHEN, University of Miami

SOURAV RAY, McMaster University

MARK BERGEN, University of Minnesota

Asymmetric Price Adjustment in the Small:

An Implication of Rational Inattention



Discussant: STEPHEN CECCHETTI, Brandeis University and NBER



11:20 AM Break



11:40 AM ANDREW LEVIN and FABIO NATALUCCI, Federal Reserve Board

EGON ZAKRAJSEK, Board of Governors

The Magnitude and Cyclical Behavior of Financial Market Frictions

Discussant: JANICE EBERLY, Northwestern University and NBER

Monetary Economics Program, Page 2:

12:40 PM Lunch

1:40 PM FRANCIS DIEBOLD, University of Pennsylvania and NBER

GLENN RUDEBUSCH, Federal Reserve Bank of San Francisco

S. BORAGAN ARUOBA, University of Maryland

The Macroeconomy and the Yield Curve:

A Dynamic Latent Factor Approach



Discussant: MARK WATSON, Princeton University and NBER

2:40 PM Break



3:00 PM N.GREGORY MANKIW, Harvard University and NBER

MATT WEINZIERL, Harvard University

Dynamic Scoring: A Back-of-the-Envelope Guide



Discussant: BRADFORD DELONG UC, Berkeley and NBER



4:00 PM Adjourn





9/21/04