NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

International Seminar on Macroeconomics

Jeffrey Frankel and Francesco Giavazzi, ISOM Chairs

Richard Clarida and Francesco Giavazzi, Program Organizers

Hyatt Regency Istanbul Hotel

Istanbul, Turkey

June 15-16, 2007

PROGRAM

FRIDAY, JUNE 15:

9:00 am

Registration and Welcome

9:30 am

Opening Remarks:

Durmuş Yilmaz, Governor, Central Bank of Turkey 

9:45 am

Interest-Setting and Central Bank Transparency

Charles Wyplosz, University of Geneva

(with Pierre Gosselin and Aileen Lotz)

Discussants: Charlie Bean, Bank of England
               Michael Woodford, Columbia University and NBER

11:00 am

Coffee Break

11:15 am

Expectations, Monetary Policy, and the Misalignment of Traded Goods Prices

Charles Engel, University of Wisconsin and NBER

(with Michael Devereux)

Discussants: Gianluca Benigno, London School of Economics
               Argia Sbordone, Federal Reserve Bank of New York

12:30 pm

Lunch at Agora Restaurant, Hyatt Regency Hotel

1:30 pm

Public Investment and the Golden Rule:  Another (Different) Look

Roberto Perotti, Bocconi University and NBER

Discussants: Erdem Başςi, Central Bank of Turkey
               Kenneth West, University of Wisconsin and NBER

2:45 pm

Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust

Şebnem Kalemli-Özcan, University of Houston and NBER

(with Bent Sorensen and Mehmet Fatih Ekinci)

Discussants: Philip Lane, Trinity College Dublin
               Enrique Mendoza, University of Maryland and NBER

4:00 pm

Coffee Break

4:15 pm

International Portfolios with Supply, Demand and Redistributive Shocks

Robert Kollmann, ECARES, Universite Libre de Bruxelles

(with Nicolas Coeurdacier and Philippe Martin) 

Discussants: Fabio Ghironi, Boston College and NBER
               Refet Gürkaynak, Bilkent University

5:30 pm

Session on Turkish Economy

6:15 pm

Adjourn

6:45 pm

Departure from Hotel

7:00 pm

Boat Tour through the Bosphorus

 8:00 pm

Dinner at Le Pécheur Restaurant

SATURDAY, JUNE 16:

9:00 am

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies

Paolo Pesenti, Federal Reserve Bank of New York and NBER

(with Giancarlo Corsetti)

Discussants: Richard Clarida, Columbia University and NBER
               Jeffrey Frankel, Harvard University and NBER

10:15 am

Coffee Break

10:30 am

Capital Flows and Asset Prices

Kosuke Aoki, Gianluca Benigno, and Nobuhiro Kiyotaki, London School of Economics

Discussants: Andrew Haldane, Bank of England
               Şebnem Kalemli-Özcan, University of Houston and NBER

11:45 am

On the Welfare Implications of Financial Globalization without Financial Development

Enrique Mendoza, University of Maryland and NBER

(with Vincenzo Quadrini and Jose-Victor Rios-Rull) 

Discussants: Giancarlo Corsetti, European University Institute
               Mehmet Yörükoğlu, Central Bank of Turkey

1:00 pm

Adjourn and Lunch at Agora Restaurant, Hyatt Regency Hotel

2:30 pm 

Departure from Hotel

3:00 pm

Visit to Topkapi Palace and Harem; Sultan Ahmed Mosque (The Blue Mosque);

Hagia Sophia and Covered Bazaar

7:30 pm

Dinner at Zinhan Restaurant

6/13/07