Conference on Exchange Rates and Prices

December 6-7, 2007

The Federal Reserve Bank of New York will host the conference "Exchange Rates and Prices" in New York City.

Overview
The conference will focus on international linkages in prices, with an emphasis on fostering a dialogue between researchers with microeconomic and macroeconomic expertise in this theme. Topics to be covered include the dynamics of exchange rate adjustments, price sensitivities, and implications for real economic adjustment.

Conference Location
Federal Reserve Bank of New York
Executive Dining Room
10th Floor
33 Liberty Street
New York, NY 10012

Conference Organizers
Linda Goldberg
Rebecca Hellerstein

Agenda
Thursday, December 6

Conference presenters, discussants, and panelists are invited to participate in an Officer's Gold Vault Tour from 11:30 a.m. to 12:15 p.m. Meet on the 1st Floor, Liberty Street side of building.

12:15 p.m. Registration and Lunch
10th Floor Northwest Conference Room

12:45 p.m.

Welcoming Remarks
Session 1

Chairperson: Linda Goldberg, Federal Reserve Bank of New York

1:00 p.m.

Pass-Through of Exchange Rates and Competition between Mexico and China pdf


Robert Feenstra, University of California at Davis: Presentation

Discussants:
Steve Kamin, Board of Governors of the Federal Reserve System: Comments; Presentation
Tim Kehoe, University of Minnesota, Discussion
2:00 p.m. Lumpy Trade and Large Devaluations pdf

George Alessandria, Federal Reserve Bank of Philadelphia: Presentation

Discussants:
Donald Davis, Columbia University: Comments
Sylvain Leduc, Board of Governors of the Federal Reserve System

3:00 p.m.

Refreshments
10th Floor Northwest Conference Room

3:30 p.m.

Microeconomic Sources of Real Exchange Rate Variability pdf

Mario Crucini, Vanderbilt University: Presentation

Discussants:
Reuven Glick, Federal Reserve Bank of San Francisco
Morten Ravn, European University Institute

4:45 p.m.

Keynote Address
Exchange Rates and Prices: A Tale of Two Dollar Plunges

Paul Krugman, Princeton University

5:45 p.m.

Reception and Dinner
1st Floor Liberty Room

Friday, December 7

Session 2

Chairperson: Rebecca Hellerstein, Federal Reserve Bank of New York

8:00 a.m.

Continental Breakfast
10th Floor Northwest Conference Room

9:00 a.m.

Currency Choice and Exchange Rate Pass-Through pdf

Gita Gopinath, Harvard University: Presentation

Discussants:
Penny Goldberg, Princeton University
Virgiliu Midrigan, New York University
10:00 a.m.

Border Prices and Retail Prices

John Rogers, Board of Governors of the Federal Reserve System: Presentation

Discussants:
Ariel Burstein, University of California at Los Angeles
Linda Goldberg, Federal Reserve Bank of New York: Discussion

11:00 a.m.

Refreshments
10th Floor Northwest Conference Room

Session 3

Chairperson: Paolo Pesenti, Federal Reserve Bank of New York

11:30 a.m.

Accounting for Incomplete Pass-Through pdf

Emi Nakamura, Columbia University and Federal Reserve Bank of New York: Presentation

Discussants:
Rebecca Hellerstein, Federal Reserve Bank of New York: Discussion
Martin Uribe, Duke University: Discussion

12:30 p.m.

Lunch
1st Floor Liberty Room

2:00 p.m.

Incomplete Pass-Through under Deep Habits pdf

Stephanie Schmitt-Grohe, Duke University: Presentation

Discussants:
Gianluca Benigno, London School of Economics and Federal Reserve Bank of New York: Discussion
Jaime Marquez, Board of Governors of the Federal Reserve System: Comments

3:00 p.m. Refreshments
10th Floor Northwest Conference Room
Session 4 Chairperson: Linda Goldberg, Federal Reserve Bank of New York

Panel on Pricing, the Current Account, and Policy

Panelists:
Jonathan Eaton, New York University: Tables
Charles Engel, University of Wisconsin at Madison: Discussion
Takatoshi Ito, University of Tokyo: Discussion