Venue: Bank of Finland, Auditorium, Rauhankatu 19, Helsinki
Dates: 78 August, 2014
Organizers: Bruce McGough, Bruce Preston and Jouko Vilmunen


Last updated 6 August
Thursday, August 7
8.15 am​ Opening Remarks: Seppo Honkapohja, Bank of Finland
Session 1 Chair: Jouko Vilmunen, Bank of Finland
8.30 am​ Learning to Optimize​
George W. Evans, University of Oregon
Bruce McGough, University of Oregon​
Paper (PDF 0.29 MB)
9.30 am​ The Limits of Monetary Policy with Long-Term Drift in Expectations​
Stefano Eusepi, Federal Reserve Bank of New York
Marc Giannoni, ​Federal Reserve Bank of New York
Bruce Preston, Monash University
Paper (PDF 0.33 MB)
10.30 am​ Coffee​
11.00 am​ Financial Instability via ​Adaptive Learning

Noah Williams, University of Wisconsin​
Paper (PDF 0.48 MB)

12.00 am​ On the Determination of Adaptive Learning Gains​
Michele Berardi, University of Manchester
Jaqueson K. Galimberti, ETH Zurich
Paper (PDF 0.68 MB)
1.00 pm​ Lunch​
Session 2 Chair: Bruce McGough, University of Oregon
2.30 pm​ Do Sunspots Matter? Evidence from an Experimental Study of Bank Runs​
Jasmina Arifovic, Simon Fraser University
Janet Hua Jiang, Bank of Canada​
Paper (PDF 0.80 MB)
3.30 pm​ Bubble Formation and (In)Efficient Markets in Learning-to-Forecast and -Optimize Experiments​
Te Bao, University of Groningen
Cars Hommes, University of Amsterdam
Tomasz Makarewicz, University of Amsterdam​
Paper (PDF 0.63 MB)
4.30 pm​ Coffee​
5.00 pm​ Keynote 1:
Self-Confirming Equilibrium and the Social Value of Central Bank Experimentation with Credit Easing
Ramon Marimon, European University Institute​
6.00 pm​ Adjourn​
6.45 pm​ Dinner​

Bank of Finland Banqueting Hall

Dinner speech:

President James Bullard, Federal Reserve Bank of St. Louis ​

Friday, August 8​ ​

 Session 3

8.30 am​

 Chair: George Evans, University of Oregon

Consumer Attitudes and the Epidemiology of Inflation Expectations​

Michael Ehrmann, Bank of Canada
Damjan Pfajfar, University of Tilburg
Emiliano Santoro, Catholic University of Milan​
Paper (PDF 0.63 MB)
9.30 am​ Adaptive vs. Eductive Learning: Theory and Evidence​
Te Bao, University of Groningen
John Duffy, University of Pittsburgh​
Paper (PDF 0.92 MB)
10.30 am Coffee
11.00 am Adaptive Learning and Labour Market Dynamics
Federico Di Pace, University of St Andrews
Kaushik Mitra, University of St Andrews
Shoujian Zhang, University of St Andrews
Paper (PDF 0.26 MB)
12.00 pm On the Dynamics of Unemployment, Sectoral Reallocation, and Housing Prices under Financial Frictions
William A. Branch, University of California - Irvine
Nicolas Petrosky-Nadeau, Tepper School of Business Administration
Guillaume Rocheteau, University of California - Irvine​
Paper (PDF 0.61 MB)
1.00 pm​ Lunch​
Session 4​ ​Chair: Bruce Preston, Monash University
2.30 pm​ What does the Yield Curve imply about Investor Expectations?
Er​ic Gaus, Ursinus College
Arunima Sinha, Fordham University
Paper (PDF 0.32 MB)
3.30 pm​ Informational Effects of Monetary Policy
Giuseppe Ferrero, Banca d'Italia
Marcello Miccoli, Banca d'Italia
Sergio Santoro, Banca d'Italia
Paper (PDF 0.38 MB)​
4.30 pm​ Coffee​
5.00 pm​ Keynote 2: Internal Rationality and Asset Prices
Albert Marcet, Universitat Autònoma de Barcelona​
6.00 pm​ Adjourn​