SECOND WORKSHOP ON MACROECONOMIC POLICY RESEARCH October 2-3, 2003
Organised by The Magyar Nemzeti Bank, in Collaboration with The Centre of Central Banking Studies (CCBS) of The Bank of England
P R O G R A M
OCTOBER 2 THURSDAY
13:30 – 13:45 REGISTRATION
13:45 – 14:00 WELCOME ADDRESS
Session I: GENERAL ASSESSMENTS
Chair: MARIO BLEJER (Bank of England)
14:00 – 15:00
REBECCA DRIVER (Bank of England) & PETER F. WESTAWAY (Bank of England): Concepts of Equilibrium Exchange Rates
Paper
Discussant: STELIOS MAKRYDAKIS (ECB)
Discussion
15:00 – 15:50
BALÁZS ÉGERT (Oesterreichische Nationalbank) & KIRSTEN LOMMATZSCH (DIW-Berlin): Equilibrium Exchange Rates: Are They Suited for Policy Purposes? An Application to CEE Acceding Countries
Paper
Presentation
Discussant: BERND SCHNATZ (ECB)
Discussion
15:50 – 16:20
COFFEE BREAK
Session II: EXCHANGE RATES AND GROWTH
Chair: BERND SCHNATZ (ECB)
16:20 – 17:20
PÉTER BENCZÚR (MNB): Real Effects of Nominal Shocks: a 2-Sector Dynamic Model with Slow Capital Adjustment and Money-in-the-utility
Paper
PresentationPresentation figures
Discussant: MARIO BLEJER (Bank of England)
17:20 – 18:10
PÉTER BENCZÚR & ANDRÁS SIMON & VIKTOR VÁRPALOTAI (MNB): Evaluating Macroeconomic Strategies with a Calibrated Model
Paper
Presentation
Discussant: LAURA PISCITELLI (Bank of England)
19:00 RECEPTION
OCTOBER 3 FRIDAY
Session III: EXCHANGE RATE ESTIMATIONS
Chair:STELIOS MAKRYDAKIS (ECB)
9:00 – 9:50
ATTILA CSAJBÓK (MNB): The Equilibrium Real Exchange Rate in Hungary: Results from Alternative Approaches
Discussant: BALÁZS ÉGERT (Oesterreichische Nationalbank)
9:50 – 10:40
LAURA PISCITELLI (Bank of England) & PETER F. WESTAWAY (Bank of England): FEER Computation: a Model Based Approach
Paper
Discussant: LÁSZLÓ HALPERN (MTA KTK)
10:40 – 11:00
COFFEE BREAK
11:00 – 11:50
MICHAL BENCIK (National Bank of Slovakia): Modeling the Equilibrium SKK/Euro Exchange Rate in the Convergence Process of Slovakia by Means of a Multi-equation Gap Model
Paper
Presentation
Discussant:ANNA CZOGALA (National Bank of Poland)
Discussion
Session IV: OTHER ISSUES
Chair:ANDRÁS SIMON (MNB)
12:00 – 12:50
ZENON KONTOLEMIS (EC) & KEVIN ROSS (IMF): Exchange Rate Fluctuations in EU Accession Countries
Paper
Presentation
Discussant: LUCIO VINHAS DE SOUZA (Kiel Institute for World Economics)
Discussion
LUNCH
14:30 – 15:20
MARTIN MEURERS (IFO): Incomplete Pass Through in Import Markets and Permanent Versus Transitory Exchange-Rate Shocks
Paper
Presentation
Discussant: ZSOLT DARVAS (MNB)
Discussion
15:20 – 16:10
TIMO WOLLMERSHAUSEN (IFO): Should Central Banks React to Exchange Rate Movements? An Analysis of the Robustness of Simple Policy Rules under Exchange Rate Uncertainty
Paper
Presentation
Discussant ROLAND STRAUB (European Univerity Institute
Discussion
16:10 – 16:30 COFFEE BREAK
Session V: POLICY SESSION
Chair: ANDRÁS SIMON (MNB)
16:30 – 17:20
EDUARD HOCHREITER (Oesterreichische Nationalbank) & GEORGE TAVLAS (Bank of Greece): Two Roads to the Euro: The Monetary Experiences of Austria and Greece
General discussion
Presentation
19:00 DINNER
Organisers
Mario Blejer (Director of the CCBS, BoE)
Zsolt Darvas (Deputy Head of the Research Division, MNB)
Gill Hammond (Deputy Director of the CCBS, BoE)
András Simon (Head of the Research Division, MNB)
List of participants
Map