CESifo Area Conferences

Macro, Money & International Finance

CESifo Conference Centre, Munich, Germany

23 - 24 February 2007

	Programme
	Friday, 23 February 2007
	Session 1
09:00 - 09:10	Welcome & Introduction
09:10 - 10:00	Financial Integration, Investment, and Economic Growth. Evidence From Two Eras of Financial Globalization Moritz Schularick and THOMAS M. STEGER Discussant: PABLO ROVIRA KALTWASSER
10:00 - 10:50	Jointness of Growth Determinants GERNOT DOPPELHOFER and Melvyn Weeks Discussant: THOMAS M.STEGER
10:50 - 11:20	Coffee Break
	Session 2
11:20 - 12:10	Collective Inference and the Demand for Financial Information MARC-ANDREAS MUENDLER Discussant: Gernot Doppelhofer
12:10 - 13:00	Equity Fund Ownership and the Cross-Regional Diversification of Household Risk Sascha Becker and MATHIAS HOFFMANN Discussant: Michel Beine
13:00 - 14:30	Lunch
	Session 3
14:30 - 15:20	Systemic Liquidity and the Composition of Foreign Investment: Theory and Empirical Evidence Itay Goldstein, ASSAF RAZIN, and Hui Tong Discussant: MARC-ANDREAS MUENDLER
15:20 - 16:10	Has There Been a Credit Crunch? - A Comparison of Aggregate Lending in Germany and Japan FRANK WESTERMANN Discussant: Giorgio Bellettini
16:10 - 16:40	Coffee Break
	Session 4
16:40 - 17:30	Financial Stability and Monetary Policy - A Framework GERHARD ILLING Discussant: Apostolis Philippopoulos
17:30 - 18.20	Bank Behavior and the Cost Channel of Monetary Transmission Oliver Huelsewig, Eric Mayer and TIMO WOLLMERSHAEUSER Discussant: Jarko Fidrmuc

	Saturday, 24 February 2007
	Session 5
09:00 - 9:50	Hoarding of International Reservers: Mrs Machlup's Wardrobe and the Joneses YIN-WONG CHEUNG and Xing Wang Qian Discussant: Jakob De Haan
09:50 - 10:40	Modeling Optimism and Pessimism in the Foreign Exchange Market PAUL DE GRAUWE and Pablo Rovira Kaltwasser Discussant: Frank Westermann
10:40 - 11:10	Coffee Break
	Session 6
11:10 - 12:00	Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery GUNTHER SCHNABL Discussant: Andreas Irmen
12:00 - 12:50	Catching- Up and Credit Booms in Central and Eastern European EU Member States and Acceding Countries: An Interpretation within the New Neoclassical Synthesis Framework Peter Backé and CEZARY WÓJCIK Discussant: Timo Wollmershaeuser
	Session 7
12:50 - 14:00	Lunch
14:00 - 14:50	The Nature of the Decision-making Process for Central Bank's Interventions in the FX Market: Evidence from the Bank of Japan MICHEL BEINE, Oscar Bernal, Jean-Yves Gnabo and Christelle Lecourt Discussant: Yin Wong Cheung
14:50 - 15:40	The Importance of Being Vigilant: To What Extent Can Central Banks Manage Inflation Expectations David-Jan Jansen and JAKOB DE HAAN Discussant: Gunther Schnabl
15:40 - 16:10	Coffee Break
	Session 8
16:10 - 17:00	Population, Pensions, and Endogenous Economic Growth Burkhard Heer and ANDREAS IRMEN Discussant: CEZARY WÓJCIK

17:00 - 17:50	The Devil's Advocate: Labor Market Rigidities and International Risk Sharing in the OECD JARKO FIDRMUC, Neil Foster and Johann Scharler Discussant: MATHIAS HOFFMANN
19:00	Conference Dinner at the Seehaus Restaurant

Macro, Money & International Finance

CESifo Conference Centre, Munich, Germany

Programme