NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Pre-Conference on Asset Prices and Monetary Policy

John Campbell, Organizer

November 5, 2005

NBER

3rd Floor Conference Room

1050 Massachusetts Avenue

Cambridge, Massachusetts

PROGRAM

SATURDAY, NOVEMBER 5:

8:30 am Continental Breakfast

9:00 am SIMON GILCHRIST, Boston University and NBER

Expectations, Asset Prices, and Monetary Policy: The Role of Learning

9:45 am TOMMASO MONACELLI, Bocconi University

Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints

10:30 am Coffee Break

10:45 am HANS DEWACHTER, Katholiek Universiteit Leuven

A Structural Macro Model of the Yield Curve

11:30 am GLENN RUDEBUSCH and JOHN WILLIAMS, Federal Reserve Bank of San Francisco

Yield-Curve Factors as the Instruments of Monetary Policy

12:15 pm Lunch

1:15 pm RICHARD CLARIDA, Columbia University and NBER

DANIEL WALDMAN, Columbia University

Is Bad News About Inflation Good News for the Exchange Rate?

2:00 pm JEFFREY FRANKEL, Harvard University and NBER

Commodity Prices, Monetary Policy, and Currency Regimes

2:45 pm Coffee Break

3:00 pm MONIKA PIAZZESI, University of Chicago and NBER

MARTIN SCHNEIDER, New York University

Inflation Illusion, Credit, and Asset Prices

3:45 pm ROBERTO RIGOBON, MIT and NBER

BRIAN SACK, Federal Reserve Board

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices

4:30 pm Adjourn

10/31/05