THURSDAY, MARCH 23:

6:30 PM Dinner

Legal Sea Food

Kendall Square

5 Cambridge Center

Cambridge, MA

FRIDAY, MARCH 24:

8:00 AM Shuttle Van Departs Royal Sonesta Hotel for 1050 Mass. Avenue

8:15 AM Shuttle Van Departs Royal Sonesta Hotel for 1050 Mass. Avenue

8:30 AM Continental Breakfast

9:00 AM RICARDO J. CABALLERO, MIT and NBER

EMMANUEL FARHI, MIT

PIERRE OLIVER GOURINCHAS, UC, Berkeley and NBER

An Equilibrium Model of "Global Imbalances" and Low Interest Rates

Discussant: PAOLO A. PESENTI, Federal Reserve Bank of New York and NBER

10:00 AM Break

10:30 AM ANDREW K. ROSE, UC, Berkeley and NBER

MARK M. SPIEGEL, Federal Reserve Bank of San Francisco

Offshore Financial Centers: Parasites or Symbionts?

Discussant: SEBNEM KALEMLI-OZCAN, University of Houston and NBER

11:30 AM ROMAIN RANCIERE, IMF

AARON TORNELL, UC, Los Angeles and NBER

FRANK WESTERMANN, University of Munich

Systemic Crises and Growth

Discussant: ROBERTO CHANG, Rutgers University and NBER

12:30 PM Lunch

Over, Please!

INTERNATIONAL FINANCE AND MACROECONOMICS PROGRAM, PAGE 2:

1:30 PM JULIAN DI GIOVANNI and ANDREI A. LEVCHENKO, IMF

Openness, Volatility and the Risk Content of Exports

Discussant: SYLVAIN LEDUC, Federal Reserve Board

2:30 PM MICHAEL KUMHOF and STIJN VAN NIEUWERBURGH , IMF

Monetary Policy in an Equilibrium Portfolio Balance Model

Discussant: MICHAEL DEVEREUX, University of British Columbia and NBER

3:30 PM Break

4:00 PM EDUARDO A. CAVALLO, Harvard University

JEFFREY A. FRANKEL, Harvard University and NBER

Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, or Less?

Using Gravity to Establish Causality

Discussant: GRACIELA KAMINSKY, George Washington University and NBER

5:00 PM Adjourn

2/8/06