NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Conference on Asset Prices and Monetary Policy

John Campbell, Organizer

May 5-6, 2006

Wequassett Inn

Chatham, Massachusetts

PROGRAM

THURSDAY, MAY 4:

6:30 pm Reception and Dinner

FRIDAY, MAY 5:

8:30 am Continental Breakfast

9:00 am SIMON GILCHRIST, Boston University and NBER

MASASHI SAITO, Bank of Japan

Expectations, Asset Prices, and Monetary Policy:

The Role of Learning

Discussant: MICHAEL WOODFORD, Columbia University and NBER

10:00 am Coffee Break

10:15 am GLENN RUDEBUSCH and JOHN WILLIAMS, Federal Reserve Bank of San Francisco

Revealing the Secrets of the Temple:

The Value of Publishing Interest Rate Projections

Discussant: MARVIN GOODFRIEND, Carnegie Mellon University

11:15 am HANS DEWACHTER, Katholiek Universiteit Leuven

MARCO LYRIO, University of Warwick

Learning, Macroeconomic Dynamics and the Term Structure of Interest Rates

Discussant: JORDI GALI, CREI, Universitat Pompeu Fabra and NBER

12:15 pm Lunch

2:15 pm JEFFREY FRANKEL, Harvard University and NBER

Commodity Prices, Monetary Policy, and Currency Regimes

Discussant: LARS SVENSSON, Princeton University and NBER

3:15 pm STEPHEN CECCHETTI, Brandeis University and NBER

Measuring the Macroeconomic Risks Posed by Asset Price Booms

Discussant: ANDREW LEVIN, Federal Reserve Board

4:15 pm Coffee Break

4:30 pm Panel Discussion: Chair, MARTIN FELDSTEIN, Harvard University and NBER

DONALD KOHN, Federal Reserve Board

LAURENCE MEYER, Macroeconomic Advisers, LLC Background paper

WILLIAM DUDLEY, Goldman Sachs Background paper

6:00 pm Adjourn

6:30 pm Reception and Dinner

SATURDAY, MAY 6:

8:00 am Continental Breakfast

8:30 am RICHARD CLARIDA, Columbia University and NBER

DANIEL WALDMAN, Columbia University

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

Discussant: CHARLES ENGEL, University of Wisconsin and NBER

9:30 am ROBERTO RIGOBON, MIT and NBER

BRIAN SACK, Macroeconomic Advisers, LLC

Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices

Discussant: LEONARDO BARTOLINI, Federal Reserve Bank of New York

10:30 am Coffee Break

10:45 am TOMMASO MONACELLI, Bocconi University

Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints

Discussant: HANNO LUSTIG, UC, Los Angeles and NBER

11:45 am MONIKA PIAZZESI, University of Chicago and NBER

MARTIN SCHNEIDER, New York University

Inflation Illusion, Credit, and Asset Prices

Discussant: MARKUS BRUNNERMEIER, Princeton University and NBER

12:45 pm Lunch and Adjourn

3/7/06