5th DYNARE CONFERENCE

Norges Bank, Olso

August 31-September 1, 2009

 

 

Plenary sessions:

 

Andrew Levin

"The Design of Unconventional Monetary Policy at the Zero Lower Bound"

 

Tao Zha

Why Do We Need to Go Beyond Gaussianality in Structural Modeling?”

 

 

Session A.1: Optimal policy

 

M. Dossche

Optimal Inflation, Imperfect Competition and Labor Taxes”

 

A. Rannenberg

The Taylor Principle and (In-) Determinacy in a New Keynesian Model with hiring Frictions and Skill Loss” [link]

 

E. Santoro, I. Petrella

Optimal Monetary Policy with Durable Consumption Goods and Factor Demand Linkages” [link]

 

 

Session A.2: Fiscal policy

 

P. Jacob

Deep Habits, Price Rigidities and the Crowding-in of Private Consumption by Fiscal Expansions”

 

T. Cwik, J. F. Cogan, J. B. Taylor, V. Wieland

New Keynesian Versus Old Keynesian Government Spending Multipliers” [link]

 

D. Valdivia, M. A. Montenegro

Bolivia’s Fiscal Rules: Dynamic Stochastic General Equilibrium Model Approach” [link]

 

Session B.1: Business cycles features

Chair: H. Khan

 

G. Nuño Barrau

Technology, Convergence and Business Cycles” [link]

 

J. Iversen

Should We Expect Financial Integration to Affect the Business Cycle?” [link]

 

H. Khan, J. Tsoukalas

The Quantitative Importance of News Shocks in Estimated DSGE Models” [link]

 

Session B.2 Euro Area

Chair:  G. Nicoletti

M. Marx, J. Barthélemy, A. Poissonnier

Trends and Cycles: A Historical Review of the Euro Area”

 

G. Nicoletti, S. Siviero

A Microfounded Core Inflation Model for the Euro Area”

 

 

Session C.1: DSGEs and business cycles

Chair: E. Araujo

 

P. McNelis , H. K. Chow

Hong Kong and Singapore: A Volatility Puzzle for GDP?”

 

V. Almeida

Bayesian estimation of a DSGE model for the Portuguese economy” [link]

 

P. Gelain, D. Kulikov

An Estimated Dynamic Stochastic General Equilibrium Model with Financial Frictions for Estonia”

 

E. Araujo

Investment-Specific Shocks and Real Business Cycles in Emerging Markets: Evidence from Brazil”

 

 

Session C.2: Estimation and forecasts

Chair: A. Kriwoluzky

 

A. Ormeno

Disciplining Expectations: Adding Survey Expectations in Learning Models” [link]

 

A. S. Jore, I. W. Bache, J. Mitchell, S. P. Vahey

“Combining VAR and DSGE forecast densities” [link]

 

N. Iskrev

On the Choice of Observables in DSGE Models”

 

A. Kriwoluzky

Matching Theory and Data: Bayesian Vector Autoregression and Dynamic Stochastic General Equilibrium Models” [link]

 

Session D.1: Recent crisis

Chair: F. Ravazzolo

 

B. Mojon, J. Barthélemy, M. Marx, A. Poissonnier

Monetary Policy Transmission in Time of Crisis”

 

M. Ratto, W. Roeger, J. in ‘t Veld

Using a DSGE Model to Look at the Recent Boom-Bust Cycle in the US” [link]

 

F. Ravazzolo, I. W. Bache, J. Mitchell, S. P. Vahey

What Just Happened? Macro Models After Volatile Times” [link]

 

 

 

Session D.2: Monetary policy

Chair: A. Binning

 

L. Uuskula, M. O Ravn, S. Schmitt-Grohe, M. Uribe

Deep Habits and the Dynamic Effects of the Monetary Policy Shock”

 

H. Ngalawa

Monetary Policy, Informal Finance and Macroeconomic Stabilisation in Quasi-Emerging Market Economies” [paper] [mod file]

 

A. Binning, J. Benes, M. Fukac, K. Lees, T. Matheson

K.I.T.T.: Kiwi Inflation Targeting Technology”

 

 

Session E.1: DSGE and firms' dynamics

Chair: S. Ivashchenko

 

V. Lewis

Optimal Monetary Policy and Firm Entry” [link]

 

M. Cecioni

Firm Entry, Competitive Pressures and the U.S. Inflation Dynamics”

 

S. Ivashchenko

Open DSGE model with firms owned capital” [link]

 

Session E.2: DSGE and the open economy

Chair: J. Fornero

 

R. Lama, P. Medina

Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease”

 

R. Garcia-Saltos, O. Kamenik, D. Laxton, M. Juillard

New Features of the Global Projection Model”

 

J. Fornero, F. Breuss

An Estimated DSGE Model of Austria, the Euro Area and the U.S: Some Welfare Implications of EMU”

 

 

 

 

Session F.1: Financial markets

Chair: M.M. Andreasen

 

R. Merola

Optimal Monetary Policy Financial Frictions” [link]

 

K.A. Aastveit

Modeling Transmission of Oil Price Shocks and Monetary Policy Shocks in a Data Rich Environment

 

M. M. Andreasen

Explaining Macroeconomic and Term Structure Dynamics Jointly in a Non-linear DSGE Model” [link]

 

 

Session F.2: Fiscal and monetary policy

Chair: M. Pisani

 

M. Rieth, M. Kirchner

Fiscal and Monetary Policy Interaction in Turkey: A Bayesian Approach”

 

M. Pisani, L. Forni, A. Gerali

The Macroeconomics of Fiscal Consolidation: The case of Italy” [link]

 

 

 

 

The Conference was organized by Norges Bank, DSGE-net, and the Dynare Project at CEPREMAP.