|
MONDAY, JANUARY
15 |
Session A: Inflation
Targeting
Chair: Guillermo Calvo (University of Maryland) |
"The Scope for Inflation Targeting in Uruguay"
J. Licandro (Central Bank of Uruguay)
Discussant: Felipe Morandé (Central Bank of Chile) |
"Inflation Targeting in Latin America"*
V. Corbo (Pontificia Universidad
Católica de Chile) and K. Schmidt-Hebbel (Central Bank
of Chile)
Discussant: Michael Kumhof (Stanford University) |
"Stabilization Policy and the Costs
of Dollarization"
S. Schmitt-Grohé (Rutgers
and CEPR) and M. Uribe (U. of Penn)
Discussant: Francisco Rosende (Pontificia Universidad
Católica de Chile) |
Session B: Financial
Markets.
Chair: Andrés Neumeyer (Universidad Torcuato di Tella) |
"Depositor Behavior and Market Discipline
in Colombia"
A. Barajas (International Monetary Fund) and R. Steiner
(Universidad de Los Andes, Colombia)
Discussant: Carlos Budnevich (Central Bank of Chile) |
"Statistical Properties of Sovereign Credit
Ratings"
J. Cruces (University of
Washington, Seattle, and Universidad de San Andrés,
Argentina)
Discussant: Martín Uribe (University of Pennsylvania) |
"Liquidity Illusion: On The Risks of Sterilization"
**
R. Caballero (MIT) and A. Krishnamurthy (Northwestern
University)
Discussant: Alejandro Izquierdo (The World Bank) |
|
TUESDAY,
JANUARY 16 |
Session C: Globalization.
Chair: Ricardo Caballero (MIT) |
"Globalization and Firm’s Financing
choices: Evidence from Emerging Economies" *
S. Schmuckler (The World
Bank) and E. Vesperoni (University of Maryland)
Discussanst: Ricardo Ffrench-Davis (ECLAC) and
Leonardo Hernández (International Monetary Fund) |
"Incomplete Globalization? International Migration and
Global Capitalism"
A. Solimano (The World Bank)
Discussant: Rodrigo Vergara (Centro de Estudios Públicos,
CEP Chile) |
"The Role of Sovereign Debt Standstills
in Crisis Management"
P. Gai (Bank of England), S. Hayes (Bank of England) and H. S.
Shin (London School of Economics)
Discussants: Felipe Zurita (Pontificia Universidad Católica
de Chile) and Eduardo Fernández-Arias (IDB) |
Session D: Sticky
Prices.
Chair: Timothy Kehoe (University of Minnesota and Federal
Reserve Bank of Minneapolis) |
"A Forward-looking Theory of Inflationary
Inertia" **
G. Calvo (University of Maryland
and NBER), O. Celasun (University of Maryland) and M.
Kumhof (Stanford University)
Discussant: Timothy Kehoe (University of Minnesota and
Federal Reserve Bank of Minneapolis) |
"Can Sticky Prices Models Generate
Volatile and Persistent Exchange Rates?"
Also available a
technical appendix
V. Chari (University of Minnesota
and Federal Reserve Bank of Minneapolis), P. Kehoe (Federal
Reserve Bank of Minneapolis and University of Minnesota)
and E. McGrattan (Federal Reserve Bank of Minneapolis
and University of Minnesota):
Discussant: Raphael Bergoeing (Universidad Alberto Hurtado,
Chile) |
"Optimal Monetary Policy under Sticky Prices"
J. Nicolini (Universidad
Torcuato di Tella) and P. Teles (Universidad Torcuato
de Tella)
Discussant: Martín Uribe (University of Pennsylvania) |
|
WEDNESDAY,
JANUARY 17 |
Session E: Special
Aspects of Open Economies.
Chair: Jorge Desormeaux (Board Member, Central Bank
of Chile) |
"Tradability of Goods and Real Exchange Rate
Fluctuations" *
C. Betts (University of Southern California) and T.
Kehoe (University of Minnesota and Federal Reserve Bank of
Minneapolis)
Discussant: Rómulo Chumacero (University of Chile and
Central Bank of Chile) |
"Real Wage Rigidities, Inflation Persistence and Monetary
Policy"
P. Rabanal (New York University)
Discussant: Pablo García (Central Bank of Chile) |
"The Twin Risks in
the Dollarization Debate: Country and Devaluation Risks"
P. Druck (Universidad del
CEMA, Argentina) and E. Morón (Universidad del Pacífico,
Perú)
Discussants: Ricardo Caballero (MIT) Felipe Larraín (Pontificia Universidad Católica de Chile) |
Session F: Issues
in Fiscal and Monetary Policy.
Chair: Vittorio Corbo (Pontificia Universidad Católica
de Chile) |
"Credibility of Optimal Monetary Policies"
F. Alvarez (UTDT) and P. Neumeyer (UTDT)
Discussant: Patrick Kehoe (Federal Reserve Bank of Minneapolis
and University of Minnesota) |
"Optimal Interest Rate Policy in a Small Open Economy"
E. Parrado (New York University) and A. Velasco (Harvard
University)
Discussant: Luis Óscar Herrera (Central Bank of Chile) |
"Optimal Fiscal Strategy for Oil Exporting Countries"
E. Engel (CEA, University
of Chile) and R. Valdés (Ministry of Finance, Chile)
Discussant: Arístides Torche (Pontificia Universidad
Católica de Chile) |
*
Revised version of the paper.
** Revised version. As the pdf files
are very large (more than 2.5 MB) the file are compressed
in zip format.
The papers are available in pdf format. To downlaod them right
click on the link and choose "Save target as..." if you are
using Microsoft Internet Explorer or "Save link as..." if you
are using Netscape.
Sponsors:
- LACEA
- Central Bank of Chile
- Asociación de Bancos e Instituciones Financieras
de Chile
- Asociación de Administradoras de Fondos de Pensiones
- ICARE
- Compañía de Seguros Generales Cruz
del Sur S. A. |
