Economics institute hosts daylong workshop
Monetary policy was the focus of a daylong workshop hosted
April 1 by the Santa Cruz Center for International Economics
Academic and central bank economists attended the gathering,
entitled The Implications of Uncertainty and Learning
for Monetary Policy.
Several papers were presented during the event, which was held
in the Alumni Room at the University Center. A dinner followed
the workshop, which was organized by Carl Walsh, professor of
economics, and Federico Ravenna, assistant professor of economics.
The research discussed at the workshop focused either on new
approaches to incorporating learning behavior into the types
of models central banks use to formulate their policy decisions,
or on ways of developing monetary policies that perform well
when the central bank has only an imperfect knowledge of how
the economy behaves.
Ravenna chaired the morning session, which included the presentation
of three research papers: Robert J. Tetlow of the Federal Reserve
Board with discussant George Evans of the University of Oregon;
William A. Branch of UC Irvine with discussant Bruce Preston
of Columbia University; and John C. Williams of the Federal
Reserve Bank of San Francisco with discussant Steven Durlauf
of the University of Wisconsin.
Walsh chaired the afternoon session, which began with a paper
written by three economists from the European Central Bank:
Vitor Gaspar, Frank Smets, and David Vestin. Vestin presented
the paper, which was discussed by Richard Dennis of the Federal
Reserve Bank of San Francisco. The second session featured Nicoletta
Batini of the International Monetary Fund, with discussant Luis-Felipe
Zanna of the Federal Reserve Board. The final paper of the day
was by Kai Leitemo of the Norwegian School of Management and
Ulf Söderström of the Università Bocconi, with
Ravenna serving as discussant.
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