NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.

Europe and the Euro

Alberto Alesina and Francesco Giavazzi, Organizers

Milan, Bocconi University

October 17-18, 2008

PROGRAM

FRIDAY, OCTOBER 17, 2008:

9.20 am Shuttle Van departs from Via Caradosso (in front of the hotel) to Bocconi University

10:00 am ALBERTO ALESINA, Harvard University and NBER

SILVIA ARDAGNA, Harvard University

VINCENZO GALASSO, Università Bocconi

The Euro and Structural Reforms

Discussant: Otmar Issing

11:15 am Coffee Break

11:30 am BARRY EICHENGREEN, UC, Berkeley and NBER

The Breakup of the Euro Area

Discussant: Martin Feldstein, Harvard University and NBER

12:45 pm Lunch

2:00 pm ANTONIO FATAS and ILIAN MIHOV, INSEAD

The Euro and Fiscal Policy

Discussant: Roberto Perotti, IGIER, Università Bocconi

3:15 pm JEFFREY FRANKEL, Harvard University and NBER

The Estimated Effects of the Euro on Trade: Why Are They Below Historical Evidence on Effects of Monetary Unions among Smaller Countries?

Discussant: Silvana Tenreyro, London School of Economics

4:30 pm Coffee break

4:45 pm ULF SODERSTROM, Università Bocconi

Re-Evaluating Swedish Membership in the EMU: Evidence from an Estimated Model

RICCARDO DICECIO and EDWARD NELSON, Federal Reserve Bank of St. Louis

Euro Membership as a U.K. Monetary Policy Option: Results from a Structural Model

Discussant: Carlo Favero, IGIER, Università Bocconi

6:00 pm Shuttle Van departs to Hotel Palazzo delle Stelline

7:20 pm Shuttle Van departs from via Caradosso to Triennale

7:45 pm Visit at Museum of Design at Triennale

8:30 pm Conference Dinner at Triennale

Dinner Speech: MARIO DRAGHI, Governor, Bank of Italy and Chairman, Financial Stability Forum

SATURDAY OCTOBER 18, 2008:

8:30 am Shuttle Van from Via Caradosso to Bocconi University

9:00 am MATTEO BUGAMELLI, Bank of Italy

FABIANO SCHIVARDI, Università di Cagliari and Ente Einaudi

ROBERTA ZIZZA, Bank of Italy

The Euro and Firm Restructuring

Discussant: Gianmarco Ottaviano, Università di Bologna

10:15 am Coffee break

10:30 am The Euro and Financial Markets

ANIL KASHYAP, University of Chicago and NBER

REINT GROPP, European Business School and ZEW

A New Metric for Banking Integration in Europe

Discussant: Loretta Mester, Federal Reserve Bank of Philadelphia

ALBERTO GIOVANNINI, Unifortune Asset Management, Milan

The Integration of European Financial Markets: Why Has It Not Happened Yet?

Discussant: Richard Portes, London Business School and CEPR

1:00 pm Lunch

OLIVIER BLANCHARD, MIT, IMF and NBER

Reflections on the crisis

2:30 pm LUCREZIA REICHLIN, European Central Bank

DOMENICO GIANNONE, Universite Libre de Bruxelles

MICHELE LENZA, European Central Bank

Business Cycles in the Euro Area

Discussant: Olivier Blanchard, MIT, IMF and NBER

3:45 pm STEPHEN G CECCHETTI, BIS and NBER

KERMIT L. SCHOENHOLTZ, Citigroup

ECB Policy: The First Decade and Beyond

Discussant: Pervenche Berès, European Parliament

5:00 pm Adjourn

6:30 pm Private visit at Lenoardo’s Last Supper

10/14/08