Bank of England/Cornell University Workshop on New Developments in Monetary Policy in Emerging Economies -
17 and 18 July 2007

Programme

Day 1 - 17 July
Day 2 - 18 July

Monday 17 July

9.00 - 9.30	Introduction and Welcome Dr Mario I. Blejer , Director, CCBS, Bank of England, Prof Ravi Kanbur, T.H. Lee Professor of World Affairs , International Professor of Applied Economics and Management and Professor of Economics, Cornell University

	Session 1 Monetary and Fiscal Policy Chair: Mr Charlie Bean, Chief Economist, Bank of England

9.30 - 9.55	The right mix of fiscal and monetary policy for minimizing potential macroeconomic problems stemming from large, volatile aid flows (21k) Prof Edward Buffie, Professor of Economics, Indiana University Paper (373k) Table (71k)

9.55 - 10.20	Fiscal / monetary policy mix in the inflation targeting context: The South African experience (132k) Prof Brian Kahn, South African Reserve Bank

10.20 - 10.50	Round table discussion

	Session 2 Monetary policy issues in Asia Chair: Prof Eswar Prasad, Professor of the Department of Applied Economics and Management, Cornell University

11.20 - 11.45	Monetary policy and financial stability (89k) Dr Bandid Nijathaworn, Deputy Governor, Bank of Thailand Paper (186k)

11.45 - 12.10	Monetary policy and financial stability; the experience of selected Asian countries (656k) Dr Sukhdave Singh , Central Bank of Malaysia

12.10 - 12.40	Round table discussion

	Session 3 Inflation targeting in emerging economies Chair: MS Gill Hammond, Deputy Director, CCBS

14.00 - 14.25	Defining inflation targets, the policy horizon and the output - inflation trade-off (263k) Mr Jose De Gregorio, Central Bank of Chile Paper (422k)

14.25 - 14.50	Inflation targeting in the Czech Republic (248k) Dr Ludek Niedermayer, Deputy Governor, Czech National Bank

14.50 - 15.15	Inflation targeting in Brazil (929k) Mrs Daniela Silva Pires, Central Bank of Brazil

15.15 - 15.40	Transparency, credibility and predictability of monetary policy under inflation targeting in South Africa (154k) Dr Janine Aron , Researcher, Department of Economics, University of Oxford

15.40 - 16.10	Round table discussion

	Session 4 Exchange rate policy issues Chair: Prof. Tim Besley, External MPC Member Bank of England

16.40 - 17.05	Fear of floating in reverse: Exchange rate and monetary policies in the 2000s (404k) Prof Eduardo Levy Yeyati, Financial Sector Advisor, Latin American and the Caribbean Region, The World Bank and Di Tella University, Buenos Aires Paper (618k)

17.05 - 17.30	Exchange rate policy issues in East Asia (57k) Prof Marvin Goodfriend, Professor of Economics, Tepper School of Business , Carnegie Mellon University

17.30 - 18.00	Round table discussion

Wednesday 18 July

	Session 5 Monetary policy in emerging economies Chair: Dr Ibrahim Stevens, Adviser CCBS

9.00 - 9.25	The monetary and fiscal policy mix in Serbia (539k) Mrs Diana Dragutinovic, Vice Governor, Monetary Policy/Statistics/Research departments, National Bank of Serbia

9.25 - 9.50	Policy rules for emerging markets Dr Gianluca Benigno, London School of Economics

9.50 - 10.20	Round table discussion

	Session 6 Transmission mechanism of monetary policy Chair: Peter Westaway, Head of Monetary Instruments and Markets, Bank of England

10.50 - 11.15	The role of monetary aggregates in policy making (529k) Prof Charles Goodhart, Financial Markets Group, London School of Economics Paper (143k)

11.15 - 11.40	Measuring asymmetries in monetary transmission (130k) Prof David Fielding, Head of Economics, University of Otago Paper (197k)

11.40 - 12.05	Monetary transmission mechanism in transition economies (231k) Mr Gyorgy Szapary, Former Deputy Governor of the National Bank of Hungary

12.05 - 12.35	Round table discussion


	Session 7 Monetary policy in Africa Chair: Prof Ravi Kanbur, T.H. Lee Professor of World Affairs, International Professor of Applied Economics and Management, Professor of Economics, Cornell University

14.00 - 14.25	Robust monetary policy rules for African economies (115k) Dr Christopher Adam, Reader in Development Economics, University of Oxford Paper (265k)

14.25 - 14.50	Inflation management in Ghana - The output factor (153k) Dr Nii Sowa, MPC Member, Bank of Ghana

15.20 - 15.45	Monetary policy in Zambia: Experience and challenges (148k) Dr Denny H Kalyalya, Deputy Governor - Operations, Bank of Zambia Table(30k)

15.45 - 16.15	Round table discussion

16.15 - 16.45	Closing remarks