ES

Workshop on Monetary Policy

The Banco de España hosted a Workshop on Monetary Policy at its headquarters in Madrid on 26 February 2009.

The workshop featured six papers on diverse aspects of the theory of monetary policy, presented and discussed by macroeconomic researchers from the Banco de España, the Eurosystem, and European universities.

Information

Speakers

26 February

- 09:15h - 10:30h
- "Collateral constraints, bank lending margins and optimal monetary policy"
  
  Javier Andrés, Oscar Arce and Carlos Thomas
  
  Presentation: "Collateral constraints, bank lending margins and optimal monetary policy" (400 KB)
  
  Discussant: Tommaso Monacelli (Bocconi University). Discussant: "Collateral constraints, bank lending margins and optimal monetary policy" (642 KB)
- 11:00h - 12:15h
- "The inflation-unemployment tradeoff at low inflation rate"
  Pierpaolo Benigno and Luca Ricci
  - Paper: "The inflation-unemployment tradeoff at low inflation rate" (534 KB)
  - Presentation: "The inflation-unemployment tradeoff at low inflation rate" (273 KB)
  Discussant: Eva Ortega (Banco de España). Discussant: "The inflation-unemployment tradeoff at low inflation rate" (232 KB)
- 12:15h - 13:30h
- "Dynamics of the price distribution in a general model of state-dependent pricing"
  James Costain and Anton Nakov
  - Paper: "Dynamics of the price distribution in a general model of state-dependent pricing" (563 KB)
  - Presentation: "Dynamics of the price distribution in a general model of state-dependent pricing" (617 KB)
  Discussant: Kevin Sheedy (LSE)Discussant: "Dynamics of the price distribution in a general model of state-dependent pricing" (259 KB)
- 14:30h - 15:45h
- "Unique monetary equilibria with interest rate rules"
  Pedro Teles, B. Adao and I. Correia
  - Paper: "Unique monetary equilibria with interest rate rules" (214 KB)
  - Presentation: "Unique monetary equilibria with interest rate rules" (198 KB)
  Discussant: Anton Nakov (Banco de España). Discussant: "Unique monetary equilibria with interest rate rules" (431 KB)
- 16:15h - 17:30h
- "Central bank's two way communication with the public and inflation dynamics"
  Kosuke Aoki and Takeshi Kimura
  - Paper: "Central bank's two way communication with the public and inflation dynamics" (306 KB)
  - Presentation: "Central bank's two way communication with the public and inflation dynamics" (320 KB)
  Discussant: B. Mackowiak (ECB). Discussant: "Central bank's two way communication with the public and inflation dynamics" (70 KB)
- 17:30h - 18:45h
- "Monetary policy and the equity premium"
  David López-Salido and Christopher Gust
  - Paper: "Monetary policy and the equity premium" (327 KB)
  - Presentation: "Monetary policy and the equity premium" (467 KB)
  Discussant: Gianluca Benigno (LSE). Discussant: "Monetary policy and the equity premium" (144 KB)

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