Venue: Bank of Finland, Auditorium, Rauhankatu 19, Helsinki
Dates: 7–8 August, 2014
Dates: 7–8 August, 2014
Organizers: Bruce McGough, Bruce Preston and Jouko Vilmunen
Programme
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 | |
| | ||
| 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 | |
| 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? |
| | Eric 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 |