Conference: Monetary analysis and monetary policy frameworks

The aim of this conference is to consider (a) how analysis of monetary aggregates can and does contribute to central banks’ policymaking, and (b) how, if at all, the operations and framework of monetary policy should be changed in the light of the crisis, e.g. to give a more prominent role to money, to facilitate closer monetary-fiscal coordination, to include a systematic response to asset prices, to target nominal GDP instead of inflation, etc. 

The conference will be held in The Point Hotel in Bread Street, Edinburgh on Wednesday 9 and Thursday 10 April 2014; funding is primarily from the Scottish Institute for Research in Economics’ macro programme and from the Royal Economic Society, also from the Money Macro & Finance Research Group; six papers will be published in a special online issue of The Manchester School (to be edited by George Bratsiotis and David Cobham).

The first day of the conference will consist of two PhD training sessions (to which anyone is welcome), followed by the first keynote lecture of the conference. The second day will consist of 6-7 papers, the second keynote lecture and a concluding panel discussion.

Provisional programme: 

Wednesday 9 April (c. 1030 to 1800) 

PhD training session prior to the conference proper, with sessions by Lynne Evans (Newcastle University) on money demand and Bernd Hayo (Philipps-Universität Marburg) on money supply

First keynote lecture by Ben Friedman (Harvard University) 

Thursday 10 April (0900-1830)

Andy Blake (Bank of England) – survey of central bank policymaking
Ryland Thomas and Jonathan Bridges (Bank of England) - monetary analysis of QE1 and 2
Bernhard Winkler (ECB) - monetary analysis of effects of LTROs etc at ECB
Andy Filardo (BIS) and Hans Genberg (IMF) - monetary analysis at Asian central banks 
Atanas Christev (Heriot-Watt) and Yue Kang (Stirling) - long term relations between money and inflation 
David Cobham (Heriot-Watt) - multiple objectives in monetary policy 
Kaushik Mitra (St Andrews) and Seppo Honkapohja (Bank of Finland) - comparison of inflation and nominal income targets 

Second keynote lecture by Charles Goodhart 

Panel discussion on monetary policy frameworks: Larry Ball (Johns Hopkins), Seppo Honkapohja (Bank of Finland), Bill Allen (ex-Bank of England), one other.

Further information can be sought from David Cobham ([log in to unmask])or Yuka Scott ([log in to unmask]). 



Professor Gulcin Ozkan
Department of Economics
University of York
YORK YO10 5DD
UK