Overview

The Federal Reserve Bank of Richmond held a macroeconomics conference at its Richmond office on November 17-26, 2011. Researchers from academia and the Federal Reserve met to discuss how monetary policy and fiscal policy intersect and interact with each other.

Monetary policy and fiscal policy have traditionally been studied independently of each other. Over the last two decades, however, there has been a growing recognition that these policies are intricately linked and cannot be analyzed in isolation. While the earlier literature has looked at policies that are given exogenously, this conference focused on the endogenous determination of monetary and fiscal policies from the perspective of dynamic games and optimal policy choice.

Audience

Academic researchers working on monetary and fiscal policy issues and their intersection, policymakers

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Agenda

Thursday, November 17

9:00 a.m. – 9:30 a.m.
Breakfast

9:30 a.m. – 10:30 a.m.
Marco Bassetto, Federal Reserve Bank of Chicago, "More Perils of Taylor Rules"
Bio

10:30 a.m. – 11:00 a.m.
Break

11:00 a.m. – 12:00 p.m.
Christopher Phelan, Federal Reserve Bank of Minneapolis/University of Minnesota, "On the Social Usefulness of Fractional Reserve Banking"
Bio

12:30 p.m.– 1:30 p.m.
Lunch

1:45 p.m. – 2:45 p.m.
Todd Walker, Indiana University, "Quantitative Effects of Fiscal Foresight"
Bio  Paper

2:45 p.m. – 3:00 p.m.
Break

3:00 p.m. – 4:00 p.m.
Marco Battaglini, Princeton University, "Fiscal Policy and Unemployment"
Bio  Paper

4:00 p.m. – 5:00 p.m.
Manuel Amador, Stanford University, "Fiscal Policy in Debt Constrained Economies"
Bio  Paper

5:30 p.m. – 6:30 p.m.
Reception

6:00 p.m.
Dinner

Friday, November 18

8:30 a.m. – 9:00 a.m.
Breakfast

9:00 a.m. – 10:00 a.m.
Pierre Yared, Columbia University, "The Political Economy of Indirect Control"
Bio  Paper

10:00 a.m. – 10:15 a.m.
Break

10:15 a.m. – 11:15 a.m.
Eric Young, University of Virginia, "Monetary and Macro-Prudential Policies: An Integrated Analysis"
Bio  Paper

11:15 a.m. – 12:15 p.m.
Ricardo Nunes, Board of Governors, "Lack of Committment and the Level of Debt"
Bio  Paper

12:30 p.m.
Box Lunch and Departure

Resources/Presentations

Agenda (PDF)