Beliefs and Business Cycles. September 8-9, 2011

Sveriges Riksbank, Stockholm, Sweden

 

Wednesday, September 7

18:00-19:00 Welcome drink at Sveriges Riksbank

Thursday, September 8

09:00 Registration and coffee

Session I: Financial markets and information production
Chair: Ferre De Graeve
09:20 Welcome Address: Lars E.O. Svensson
09:30 Incentives for information production in markets where prices affect real investment
James Dow*, Itay Goldstein and Alexander Guembel [Paper]
Discussant: Emilio Osambela
10:30 Collateral crises
Gary Gorton and Guillermo Ordonez* [Paper]
Discussant: Tore Ellingsen
11:30 Coffee
12:00 Rational attention allocation over the business cycle
Marcin Kacperczyk, Stijn Van Nieuwerburgh and Laura Veldkamp* [Paper]
Discussant: Per Strömberg
13:00 Lunch

Session II: Confronting models with survey and macro data
Chair: Andreas Westermark
14:15 Information rigidity and the expectations formation process: A simple framework and new facts
Olivier Coibion* and Yuriy Gorodnichenko [Paper]
Discussant: Philippe Andrade
15:15

Confidence and the transmission of government spending shocks

Rüdiger Bachmann* and Eric Sims [Paper]
Discussant: Luca Sala

16:15 Coffee
16:30 News, noise and fluctuations
Olivier Blanchard, Jean-Paul L’Huillier and Guido Lorenzoni* [Paper]
Discussant: Raf Wouters
17:30 Adjourn
18:30 Dinner at Sjöfartshuset

 

Friday, September 9

8:45 Coffee

Session III: Beliefs and monetary policy
Chair: Virginia Queijo von Heideken
9:00 Exogenous information, endogenous information and optimal monetary policy
Luigi Paciello and Mirko Wiederholt* [Paper]
Discussant: Filip Matejka
10:00 The consequences of differing beliefs about monetary policy
Christopher Sims* [Paper 1] [Paper 2]
Discussant: Christian Hellwig
11:00 Coffee

Session IV: Beliefs as sources of fluctuations
Chair: Per Krusell
11:30

Man-bites-dog driven business cycles
Kristoffer Nimark* [Paper]
Discussant: Tobias Broer

12:30 Decentralization, communication, and the origins of fluctuations
George-Marios Angeletos*and Jennifer La’O [Paper]
Discussant: John Hassler
13:30 Lunch and Adjourn

 

 

Time allocation
Presentation: 35 minutes
Discussant: 15 minutes
Open discussion: 10 minutes

 

Organizing committee
Ferre De Graeve, Sveriges Riksbank
Daria Finocchiaro, Sveriges Riksbank
Martin Flodén, Stockholm University
Per Krusell, IIES, Stockholm University
Virginia Queijo von Heideken, Sveriges Riksbank
Andreas Westermark, Sveriges Riksbank

 

Local organization
Lena Löfgren, Sveriges Riksbank

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