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Federal Reserve Bank of New York

Workshop:
Monetary Policy and the Money Market

Organized and sponsored by:
European Central Bank and Federal Reserve Bank of New York

Federal Reserve Bank of New York
33 Liberty Street
New York, NY 10045

5 - 6 June 2003

Program

Thursday, June 5

12:00 p.m.	Luncheon Officers’ Dining Room Federal Reserve Bank of New York 10th floor
	Welcome Remarks: Christine M. Cumming Executive Vice President and Director of Research Federal Reserve Bank of New York
1:15 p.m.	Spillovers Across U.S. Financial Markets Roberto Rigobon (Massachusetts Institute of Technology) Brian Sack (Board of Governors of the Federal Reserve) Discussant: Pierluigi Balduzzi (Boston College, Carroll School of Management)

2:45 p.m.	Coffee

3:00 p.m.	Excess Reserves and the ECB’s Implementation of Monetary Policy Ulrich Bindseil (European Central Bank) Gonzalo Camba-Mendez (European Central Bank) Astrid Hirsch (European Central Bank) Benedict Weller (European Central Bank) Discussant: James Clouse (Board of Governors of the Federal Reserve)

4:30 p.m.	Coffee

4:45 p.m.	Euler Equations and Money Market Interest Rates: A Challenge for Monetary Policy Models Robert Cumby (Georgetown University) Behzad Diba (Georgetown University) Matt Canzoneri (Georgetown University) Discussant: Marvin Goodfriend (Federal Reserve Bank of Richmond)

6:15 p.m.	Reception Federal Reserve Bank of New York 11th floor

6:45 p.m.	Dinner President’s Lounge and Dining Room A Federal Reserve Bank of New York 11th floor

Friday, June 6
8:30 a.m.	Continental Breakfast
9:00 a.m.	The Performance of the Euribor Futures Market: Efficiency and the Impact of ECB Policy Announcements Kerstin Bernoth (ZEI, Center for European Integration Studies) Jürgen Von Hagen (ZEI, Center for European Integration Studies) Discussant: Ken Kuttner (Federal Reserve Bank of New York)

10:30 a.m.	Coffee

10:45 a.m.	The Fed’s New Discount Window and Interbank Borrowing Craig Furfine (Federal Reserve Bank of Chicago) Discussant: Rick Mishkin (Columbia University, Graduate School of Business)

12:15 p.m.	Luncheon President’s Lounge and Dining Room A Federal Reserve Bank of New York 11th floor

1:45 p.m.	Interdependence Between the Euro Area and the U.S.: What Role for EMU? Michael Ehrmann (European Central Bank) Marcel Fratzcher (European Central Bank) Discussant: Frank Diebold (University of Pennsylvania)
3:00 p.m.	Coffee

3:15 p.m.	Liquidity and Announcement Effects in the Euro Area Paolo Angelini (Banca d’Italia) Discussant: Oscar Jorda (University of California, Davis)

4:45 p.m.	Concluding Remarks: Francesco Papadia Director General, Operations European Central Bank
5:00 p.m.	Adjourn

Program | List of Participants | Map | Directions | Call for Papers

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