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Canadian Macroeconomics Study Group (CMSG)

Market Imperfections and Macroeconomic Reality

05/11/2004 - 06/11/2004

Auberge des Gouverneurs
1415 St-Hubert Street
Montréal, Québec, Canada


Presenters will have 25 minutes and discussants 10 minutes,
which will leave 10 minutes for a reply by the speaker and for questions from the floor.


Friday, November 5 2004

Session 1:
Business Cycles
Chair: Steven Ambler (UQAM)

David ANDOLFATTO (Simon Fraser University), Glen MACDONALD (Washington University)
"Jobless Recoveries"
Discussant: Jonas FISHER (Federal Reserve Bank of Chicago)

Paul BEAUDRY (U. of British Columbia), Franck PORTIER (U. de Toulouse)
"Stock Prices, News, and Economic Fluctuations"
Discussant: Huw LLOYD-ELLIS (Queen's University)

Coffee Break (10h30-10h45)

Session 2:
Monetary Theory
Chair: André Kurmann (UQAM)

Stephen WILLIAMSON (University of Iowa)
"Search, Limited Participation, and Monetary Policy"
Discussant: Ricardo LAGOS (New York University)

Miguel MOLICO (U. of Western Ontario), Yahong ZHANG (U. of Western Ontario)
"Monetary Policy and the Distribution of Money and Capital"
Discussant: Miguel FAIG (University of Toronto)

Lunch (12h15-14h00)

Session 3: Monetary Policy
(sponsored by the Bank of Canada's Research Department)

Chair: Pierre Duguay (Bank of Canada)

Randall WRIGHT(University of Pennsylvania), Guillaume ROCHETEAU (Fed. Reserve Bank of Cleveland)
"Inflation and Welfare in Models with Trading Frictions"
Discussant: Peter IRELAND (Boston College)

Henry SIU (U. of British Columbia)
"Time Consistent Monetary Policy with Endogenous Price Rigidity"
Discussant: Nooman REBEI (Bank of Canada)

Coffee Break (15h30-15h45)

Session 4: Shocks and Transmission Mechanisms
Chair: Louis Phaneuf (UQAM)

Patrick J. KEHOE (University of Minnesota), V. V. CHARI (University of Minnesota), and Ellen R. MCGRATTAN (Federal Reserve Bank of Minneapolis)
"Are Structural VARs Useful Guides for Developing Business Cycle Theories?"
Discussant: Christian ZIMMERMANN (University of Connecticut)

Philippe MARTIN (Université de Paris 1), Giancarlo CORSETTI (European University Institute), Paolo PESENTI (Fed. Reserve Bank of New York)
"Productivity, spillovers, real exchange rates, and the «home market effect»: elements for a general equilibrium analysis"
Discussant: Hafedh BOUAKEZ (HEC Montréal)

Saturday, November 6 2004

Session 5: Labor 1
Chair: Stéphane Pallage (UQAM)

Russell COOPER (University of Texas at Austin), John HALTIWANGER (University of Maryland), Jonathan WILLIS (Federal Reserve Bank of Kansas City)
"Dynamics of Labor Demand: Evidence from Plant-Level Observations and Aggregate Implications"
Discussant: Paul STORER (Western Washington U.)

(Université de Montréal), Daniele COEN-PIRANI (Carnegie-Mellon University)
"Why Have Aggregate Skilled Hours
Become so Cyclical Since the Late 1980s?"
Discussant: Scott SCHUH (Federal Reserve Bank of Boston)

Coffee Break (10h30-10h45)

Session 6: Labor 2

Chair: Étienne Wasmer (UQAM)

Martin GERVAIS (U. of Western Ontario), Igor LIVSHITS (U. of Western Ontario), Césaire MEH (Bank of Canada)
"Uncertainty and the Specificity of Human Capital"
Discussant: Ed NOSAL (Federal Reserve Bank of Cleveland)

Lunch and Keynote Address
(sponsored by the Analysis Group)

Chair: Étienne WASMER (UQAM)

Christopher PISSARIDES (London School of Economics and Political Science), L Rachel Ngai (London School of Economics and Political Science)

"Structural Change in a Multi-Sector Model of Growth"

Session 7: Topics in Market Imperfections

Chair: Samuel Danthine (UQAM)

Mark WRIGHT (Stanford University), Esteban ROSSI-HANSBERT (Stanford University)
"Firm Size Dynamics in the Aggregate Economy"
Discussant: Antonio FALATO (HEC Montréal)

Pierre CAHUC (Université de Paris 1), Yann ALGAN (Université de Paris 1)
"Job Protection: the Macho Hypothesis"
Discussant: Jose-Victor RIOS-RULL (University of Pennsylvania)

Coffee Break (14h45-15h00)

Session 8: Informational Frictions and Expectations
Chair: Pierre Cahuc (Univerisité de Paris-I))

James BULLARD (Federal Reserve Bank of St. Louis), George EVANS (University of Oregon), Seppo HONKAPOHJA (University of Helsinki)
"Near-Rational Exuberance"
Discussant: Francisco RUGE-MURCIA (Université de Montréal)

(University of Minnesota and Bank of Canada)
"Information Flows and Aggregate Persistence"
Discussant: Hashmat KHAN (Bank of England)

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