ELEVENTH ANNUAL MEETINGS OF THE
CANADIAN MACROECONOMICS STUDY GROUP/
GROUPE D'ÉTUDE CANADIEN EN MACROÉCONOMIE



UNIVERSITY OF TORONTO
The Fields Institute, 222 College Street



7-8 NOVEMBER 1997
PRELIMINARY PROGRAM
With joint authors, an * denotes presenting author.
Underlined (linked) paper titles can be downloaded.


THURSDAY, NOVEMBER 6


RECEPTION: Sponsored by the Institute for Policy Analysis 8:00 pm - 10:00 pm


FRIDAY, NOVEMBER 7


Coffee, Tea, Muffins, Donuts 8:15 - 8:45


Session I: INTERNATIONAL MONEY 8:45 - 11:00


Chair/président: ANGELO MELINO University of Toronto


``International Relative Prices in the Presence of Deviations from the Laws of One Price''

BEVERLY LAPHAM Queen's University and
MARIANNE VIGNEAULT* Bishops University


``Hot Money''

V.V. CHARI University of Minnesota and
PATRICK KEHOE* University of Pennsylvania


``International Interest Rate Differentials: The Interaction with Fiscal and Monetary Policies, and the Business Cycle''

PAUL FENTON Bank of Canada and
ALAIN PAQUET* Université du Québec à Montréal



Discussants/commentateurs:       EMANUELLA CARDIA Université de Montréal

                                                 ALLEN HEAD Queen's University

                                                 FRANCISCO RUGE-MURCIA Université de Montréal



Coffee 11:00 - 11:30


Session II: STRUCTURAL CHANGE 11:30 - 12:15




Chair/président: ALLAN HYNES University of Toronto


``The Medium Run''

OLIVIER J. BLANCHARD Massachusetts Institute of Technology



Discussants/commentateurs:     PIERRE FORTIN Université du Québec à Montréal



Lunch at the Faculty Club 12:15 - 2:15


Guest Speaker: CHUCK FREEDMAN Bank of Canada

``The influence (or absence thereof) of academic research on policy design in recent years''



Session III: BUSINESS CYCLES 2:15 - 3:45




Chair/président: KAM HON CHU Memorial University

``Plant Level Irreversible Investment and Equilibrium Business Cycles''

MARCELLO VERACIERTO Cornell University


``Learning by Doing and Business Cycle Persistence''

RUSSELL COOPER Boston University and
ALOK JOHRI* McMaster University



Discussants/commentateurs:     MIQUEL FAIG University of Toronto

                                                   ANDRES EROSA University of Western Ontario

                                                   



Coffee, Tea, Cookies 3:45 - 4:15


Session IV: HETEROGENEITY 4:15 - 5:45




Chair/président: FRANCISCO GONZALEZ University of British Columbia


``Moral Hazard and Optimal Unemployment Insurance in an Economy with Heterogeneous Skills''

STÉPHANE PALLAGE* Université du Québec à Montréal and
CHRISTIAN ZIMMERMAN Université du Québec à Montréal


``On the State of the Union''

RAO AIYAGARI University of Rochester,
JEREMY GREENWOOD University of Rochester, and
NEZIH GUNER University of Rochester



Discussants/commentateurs:     PAUL GOMME Federal Reserve Bank of Cleveland

                                                  ALOYSIUS SIOW University of Toronto



SATURDAY, NOVEMBER 8


Coffee, Tea, Muffins, Donuts 8:30 - 8:45


Session V: MONETARY POLICY 8:45 - 10:30




Chair/président: WILLIAM SCARTH, McMaster University


``Understanding a Monetary Conditions Index''

NEIL ERICSSON Federal Reserve Board


``Policy Analysis in Search Based Models of Money''

YITING LI National Tsing Hua University and
RANDALL WRIGHT* University of Pennsylvania



Discussants/commentateurs:   SIMON VAN NORDEN Hautes Études Commerciales

                                       JOHN CROW Lawrence and Company

                                                 MERWAN ENGINEER University of Victoria



Coffee 10:30 - 10:45


Session VI: INCOMPLETE MARKETS 10:45 - 12:15




Chair/président: JEANNINE FARAZLI University of Calgary

``DP by GMM: Precautionary Saving and Portfolio Allocation''

MARC-ANDRÉ LETENDRE Queen's University and
GREGOR SMITH* Queen's University


``Estimation of the Benefits of Financial Innovation Using Micro Level Data''

PAUL WILLEN Princeton University



Discussants/commentateurs:     PASCAL ST. AMOUR Université Laval

                                                  CHRIS TELMER Carnegie Mellon University



Lunch 12:15 - 2:00




Session VII: MONEY, CREDIT AND BANKING 2:00 - 3:30




Chair/président: GRAHAM VOSS University of New South Wales

``Repeated Insurance Relationships in a CSV Model: With an Application to Deposit Insurance''

BRUCE SMITH* University of Texas at Austin
CHENG WANG Carnegie Mellon University


``Money and Dynamic Credit Arrangements with Private Information''

RAO AIYAGARI University of Rochester
STEVE WILLIAMSON* University of Iowa



Discussants/commentateurs:     WAI MING HO University of Waterloo

                                                   PAUL BEAUDRY University of British Columbia



Coffee, Tea, Cookies 3:30 - 4:00


Session VIII: COMPLEMENTARITIES AND CYCLES 4:00 - 5:30




Chair/président: PAULINE SHUM York University

``Innovation, Imitation, Market Structure and Cycles''

PATRICK FRANCOIS Queen's University and
SHOUYONG SHI* Queen's University




``Human Capital Vintages, Coordination and Economic Progess''

PETER W. KENNEDY University of Victoria and
IAN P. KING* University of Victoria



Discussants/commentateurs:     DAVID ANDOLFATTO University of Waterloo

                                                   JOHN KNOWLES University of Rochester

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