Queen's University and the CMSG

Quantitative Economic Dynamics

November 8-9, 2002

Four Points by Sheraton, Kingston, Ontario

We are grateful to the following organizations for their generous financial support:



Note: Speakers will have about 25 minutes, discussants 10 minutes, followed by questions from the floor and response by the speaker of about 10 minutes.

Friday November 8

Continental Breakfast 8:30 a.m. 8.45 a.m.

Welcome to the Sixteenth annual CMSG Meetings: Allen Head (Queen's)

Session 1: Growth and Distribution 8:45 a.m. 10:15 a.m.

Chair: Simon Van Norden (HEC)
Rui Castro* (Montreal), "Economic Development under Alternative Trade Regimes"
Discussant: Stephen Kosempel (Guelph)

Coffee Break 10:15 a.m. 10:30 a.m.

Session 2: Bankruptcy 10:30 a.m. 12:00 p.m.

Chair: Patrick Francois (UBC)
Makoto Nakajima and Jose-Victor Rios-Rull* (Pennsylvania) "Default and Aggregate Fluctuations in Storage Economies"
Discussant: Hiroyuki Kasahara (Queen's)

Igor Livshits* (Western), James MacGee (Western) and Michele Tertilt (Minnesota) "Consumer Bankruptcy: A Fresh Start"
Discussant: Michelle Alexopoulos (Toronto)

Lunch Break 12:00 p.m. 1:30 p.m.

Session 3: Labour Market Dynamics 1:30 p.m. 3:45 p.m.

Chair: Martin Gervais (Western)

Gustavo Ventura* (Penn State), Mark Huggett (Georgetown) and Amir Yaron (Wharton) "Human Capital and Earnings Distribution Dynamics"
Discussant: Ahmet Akyol (York)

Yoram Halevy and James Nason* (UBC) "Shiftwork and the Business Cycle"
Discussant: James MacGee (UWO)

John Kennes (Auckland), Ian King* (Auckland) and Benoit Julien (Miami) "Residual Wage Disparity in Directed Search Equilibrium"
Discussant: Stephane Pallage (UQAM)


Coffee Break 3:45 p.m. 4:00 p.m.

Session 4: Heterogeneity 4:00 p.m. 5:30 p.m.

Chair: Patrick Coe (Calgary)
Burhan Kuruscu* (Texas), Per Krusell (Rochester) and Tony Smith (CMU) "Temptation and Taxation"
Discussant: Steve Ambler (UQAM)

Miquel Faig* (Toronto) and Belen Jerez "A Theory of Commerce: Competitive Search and Private Information"
Discussant: Alok Kumar (Queen's)


Saturday November 9

Continental Breakfast 8:30 a.m. 9.00 a.m.

Bank of Canada Morning Sessions on Monetary Policy

Session 5: Monetary and Fiscal Policy 9:00 a.m. 10:30 a.m.

Chair: Beverly Lapham (Queen's)
David Cook (Hong Kong UST) and Michael Devereux* (UBC) "The Dangers of Hard Pegs: Monetary and Fiscal Policy Interaction in Emerging Markets"
Discussant: Cesaire Meh (Bank of Canada)
Henry Siu* (UBC) "Optimal Fiscal and Monetary Policy with Sticky Prices"
Discussant: Emanuela Cardia (Montreal)


Coffee Break 10:30 a.m.-10:45 a.m.

Session 6: The Monetary Transmission Mechanism 10:45 a.m. 12:15 p.m.

Chair: Tiff Macklem (Bank of Canada)
Peter Ireland* (Boston College) "The Real Balance Effect"
Discussant: Kevin Moran (Bank of Canada)


CMSG Luncheon 12:15 a.m. 2:15 p.m.

A special lunch-time lecture will be given by Jeremy Greenwood (Rochester) on
Chair: Gregor Smith (Queen's)

Session 7: The Bruce D. Smith Session on Money and Banking 2.15 p.m. 3:45 p.m.

Chair: Merwan Engineer (Victoria)
David Andolfatto*(SFU) and Ed Nosal (Cleveland Fed) "Money and Banking with Costly State Verification"
Discussant: Nurlan Turdaliev (McGill)

Stephen Williamson* (Iowa) "Limited Participation, Private Money, and Credit in a Spatial Model of Money."
Discussant: Shouyong Shi (Toronto)

Coffee Break 3:45 p.m. 4:00 p.m.

Session 8:  Real Exchange Rates 4:00 p.m. 5:30 p.m.

Chair: Wai-Ming Ho (York)
Gabriele Camera (Purdue) "International Monetary Exchange and the Law of One Price"
Discussant: Martin Boileau (Boulder)

Giancarlo Corsetti, Luca Dedola and Sylvain Leduc* (Philadelphia Fed) "Consumption and Real Exchange Rates with Goods and Asset Market Segmentation"
Discussant: Michael Devereux (UBC)

* presenter