University of Toronto and the CMSG

Growth and Development

November 7-8, 2003

Emmanuel College, University of Toronto, 75 Queen's Park

Funding provided by the Department of Economics at the University of Toronto and the Research Department of the Bank of Canada is gratefully acknowledged.



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.

Locations: All regular sessions will be held in room 001 at Emmanuel College (building EM on the map), 75 Queen’s Park. Lunches will be served at Alumni Hall, Victoria College (building VC on the map), 91 Charles Street West.


Friday, November 7

Session 1: Growth and Development I -- Creative Destruction (9:00am – 10:30 am)

Chair: Gregory Gagnon (Toronto)

Gadi Barlevy* (Federal Reserve Bank of Chicago), "On the Timing of Innovation in Schumpeterian Growth Models"

Discussant: Joanne Roberts (Toronto)

Patrick Francois* (UBC) and Huw Lloyd-Ellis (Queen’s), "Investment Cycles"

Discussant: Jack Leach (McMaster)

Coffee Break (10:30am – 10:45am)

Session 2: Growth and Development II -- Property Rights (10:45am – 12:15pm)

Chair: Diego Restuccia (Toronto)

Rui Castro* (Montreal), Gian Luca Clementi (NYU), and Glenn MacDonald (Washington U.) "Investor Protection, Optimal Incentives, and Economic Growth"

Discussant: Jim MacGee (UWO)

Francisco Gonzalez* (UBC), "Effective Property Rights, Conflict and Growth"

Discussant: Ed Nosal (Federal Reserve Bank of Cleveland)


CMSG Luncheon (12:15pm – 2:15pm) Alumni Hall, Victoria College

A special lunch-time lecture will be given by Peter Howitt (Brown U.) on "The Great Divergence." The talk will be based on two papers: The Effect of Financial Development on Convergence: Theory and Evidence and R&D, Implementation and Stagnation: A Schumpterian Theory of Convergence Clubs


Session 3: Open Economy Macroeconomics (2:15pm – 4:30pm)

Chair: B. Ravikumar (U. Iowa)

Craig Burnside (Virginia), Martin Eichenbaum* (Northwestern), and Sergio Rebelo (Northwestern): "Government Finance in the Wake of Currency Crises"

Discussant: Mario Crucini (Vanderbilt)

Amartya Lahiri* (UCLA), Rajesh Singh (Iowa State U.) and Carlos Vegh (UCLA), "Segmented Asset Markets and Optimal Exchange Rate Regimes"

Discussant: Michael Devereux (UBC)

Allen Head* (Queen’s), Alok Kumar (U. Victoria) and Beverly Lapham (Queen’s), "Price Adjustment, Dispersion and Inflation"

Discussant: Martin Boileau (U. Colorado – Boulder)

Coffee Break (4:30pm – 4:45pm)

Session 4: Growth and Development III -- World Income (4:45pm – 6:15pm)

Chair: Martin Gervais (UWO)

Paul Klein* (UWO) and Gustavo Ventura (Pennsylvania State) "Do Migration Restrictions Matter?"

Discussant: Nils-Petter Lagerloef (York U.)

Paul Beaudry* (UBC), Fabrice Collard (U. Toulouse I) and David Green (UBC), "Changes in the World Distribution of Output-per-worker 1960-98: How a standard decomposition tells an unorthodox story"

Discussant: Anastasios Adamopoulos (U. Toronto)


Saturday, November 8

Session 5: Business Cycles and Wages (9:15am – 10:45am)

Chair: Scott Hendry (Bank of Canada)

Jonas Fisher* (Federal Reserve Bank of Chicago), "Technology Shocks Matter"

Discussant: Marc-Andre Letendre (McMaster)

Stephane Pallage* (UQAM), "The State vs. the States: On the Welfare Cost of Business Cycles in US"

Discussant: Ahmet Akyol (York)

Coffee Break (10:45am – 11:00am)


Session 6: Bank of Canada Session on Monetary Policy (11:00am – 12:30am)

Chair: Pierre Duguay (Deputy Governor, Bank of Canada)

H. Bouakez (Montreal), Emanuela Cardia* (Montreal), and Francisco Ruge-Murcia (Montreal) "Habit Formation and the Persistence of the Monetary Shocks"

Discussant: Beverley Lapham (Queen’s)

Michael Devereux (UBC) and Henry Siu* (UBC), "State Dependent Pricing and Business Cycle Asymmetries"

Discussant: Kevin Moran (Bank of Canada)


Lunch Break (12:30pm – 2:15pm) Alumni Hall, Victoria College

Session 7: Monetary Theory (2:15pm – 3:45pm)

Chair: David Laidler (UWO)

Guillaume Rocheteau (Australia National U.) and Randall Wright* (Pennsylvania), "Money in Search Equilibrium, in Competitive Equilibrium, and in Competitive Search Equilibrium"

Discussant: Ruilin Zhou (Federal Reserve Bank of Chicago)

Alok Kumar* (U. Victoria), "Inflation and the Dispersion of Real Wages"

Discussant: Miguel Molico (UWO)

Coffee Break (3:45pm – 4:00pm)


Session 8: Labour Theory and Measurements (4:00pm – 5:30pm)

Chair: Peter Rupert (UWO)

Michael Pries (Maryland) and Richard Rogerson* (Arizona State), "Search Frictions and Labor Market Participation"

Discussant: David Andolfatto (Simon Fraser)

Gueorgui Kambourov* (U. Toronto) and Iourii Manovskii (Pennsylvania), "Occupational Specificity of Human Capital"

Discussant: Aloysius Siow (U. Toronto)

*: Presenter.

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