Conference on Asset Prices and Monetary Policy.

• Position: Conferences

The NBER held a conference on Asset Prices and Monetary Policy on May 5 and 6. Organized by NBER Research Associate John Y. Campbell of Harvard University, the conference brought together academic researchers with economists from the Federal Reserve System, as well as individuals with experience both in academe and in the policy sphere. The program was:

Simon Gilchrist, Boston University and NBER, and Masashi Saito, Bank of Japan, "Expectations, Asset Prices, and Monetary Policy: The Role of Learning"

Discussant: Michael Woodford, Columbia University and NBER

Glenn D. Rudebusch and John C. Williams, Federal Reserve Bank of San Francisco, "Revealing the Secrets of the Temple: The Value of Publishing Interest Rate Projections"

Discussant: Marvin Goodfriend, Carnegie Mellon University

Hans Dewachter, Katholiek Universiteit Leuven, and Marco Lyrio, University of Warwick, "Learning, Macroeconomic Dynamics, and the Term Structure of Interest Rates"

Discussant: Jordi Gall, Universitat Pompeu Fabra and NBER

Jeffrey A. Frankel, Harvard University and NBER, "Commodity Prices, Monetary Policy, and Currency Regimes"

Discussant: Lars E. O. Svensson, Princeton University and NBER

Stephen G. Cecchetti, Brandeis University and NBER, "GDP at Risk: A Framework for Monetary Policy Responses to Asset Price Movements"

Discussant: Andrew Levin, Federal Reserve Board

Panel Discussion: Chair, Martin Feldstein, Harvard University and NBER

Donald Kohn, Federal Reserve Board

Laurence Meyer, Macroeconomic Advisers, LLC

William Dudley, Goldman Sachs

Richard H. Clarida, Columbia University and NBER, and Daniel Waldman, Columbia University, "Is Bad News About Inflation Good News for the Exchange Rate?"

Discussant: Charles M. Engel, University of Wisconsin and NBER

Roberto Rigobon, MIT and NBER and Brian Sack, Macroeconomic Advisers, LLC, "Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices"

Discussant: Leonardo Bartolini, Federal Reserve Bank of New York

Tommaso Monacelli, Bocconi Universit, "Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints"

Discussant: Hanno Lustig, University of California, Los Angeles and NBER

Monika Piazzesi, University of Chicago and NBER, and Martin Schneider, New York University, "Inflation Illusion, Credit, and Asset Prices"

Discussant: Markus Brunnermeier, Princeton University and NBER

Gilchrist and Saito study the implications of financial market imperfections represented by a countercyclical external finance premiums and gradual recognition of changes in the drift of...