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.