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Monetary Policy and Central Banking: Historical analysis and contemporary approaches

Princeton University
February 6-7, 2015

All sessions to be held in Wallace Hall, Room 300

(By invitation only; papers are only accessible by participants)

Conference Program

Cristina Bodea (Michigan State University)
Raymond Hicks (Princeton University)
Harold James (Princeton University)
Helen V. Milner (Princeton University)

Thursday, February 5

7:00 PM

Agricola, 11 Witherspoon St, Princeton, NJ

Friday, February 6


Continental Breakfast


Welcome and introduction
Helen Milner and Raymond Hicks (Princeton University)

9:20-10:30 AM

Session 1: Historical perspectives
This Means (Bank) War! Corruption and Credible Commitments in the Collapse of the Second Bank of the United States
James Morrison (LSE)
The diffusion of central banks
Paul Poast (Rutgers University)
Discussant: Harold James (Princeton University)

10:30-10:50 AM

Refreshment break

10:50-12:00 PM

Session 2: Past to the Present
Central Banking in Latin America: From the Gold Standard to the Golden Years
Luis Jacome (IMF)
Central Bank Credibility and Reputation in Historical Perspective
Michael Bordo (Rutgers University)
Discussant: Cristina Bodea (Michigan State University)

12:00-1:00 PM


1:00-2:10 PM

Session 3: Why central bank independence?
Determinants of Central Bank Independence in Developing Countries
Carolina Garriga (CIDE)
The Institutions of Federal Reserve Independence
Peter Conti-Brown (Princeton University)
Discussant: Julia Gray (University of Pennsylvania)

2:10-3:20 PM

Session 4: Central banker preferences
Hawks and Doves at the FOMC
Sylvester Eijffinger, Ronald Mahieu, and Louis Raes (Tilburg University)
Estimating Central Bank Preferences
Nicole Baerg and Will Lowe (University of Mannheim)
Discussant: David Bearce (University of Colorado)

3:20-3:40 AM

Refreshment break

3:40-4:50 PM

Session 5: Neutrality vs. Political partisanship
The Federal Reserve's Coalition in Congress
J. Lawrence Broz (University of California, San Diego)
Does Central Bank Independence Explain the Republican Advantage?
William Clark (Texas A&M)
Discussant: Bumba Mukherjee (Penn State University)

4:50-6:00 PM

Session 6: Central bank performance
Financial Crises and the Dismissal of Central Bank Governors
Jakob de Haan (University of Groningen)
Central bank independence, economic growth and inequality
Cristina Bodea (Michigan State University) and Raymond Hicks (Princeton University)
Discussant: Jeffry Frieden (Harvard University)

6:30 PM

Reception and Dinner
Shultz Dining Room, Robertson Hall

Saturday, February 7

8:00-8:30 AM

Continental Breakfast

8:30-9:40 AM

Session 7: The FOMC
The Evolution Of Monetary Policy In The U.S. And The Changing Tone Of FOMC Minutes
Pierre Siklos (Wilfrid Laurier University)
FOMC Communications: Evolution and Analysis

Ellen Meade (Federal Reserve Board)
Discussant: Raymond Hicks (Princeton University)

9:40-10:00 AM

Refreshment break

10:00-10:40 AM

Session 8: The growing scope of central banks
International Capital Flows and the Federal Reserve's Scope for International Monetary Power
Sylvia Maxfield (Providence College)
Discussant: David Singer (MIT)

10:40-11:50 PM

Session 9: New issues in central banking
Targeting Inflation from Below: How do inflation expectations behave?
Michael Ehrmann (Bank of Canada)
The market value of a central bank
Ricardo Reis (Columbia University)
Discussant: Sylvester Eijffinger (Tilburg University)

12:00 PM

Lunch and concluding remarks

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