Monetary Policy and Commodity Prices Workshop
Co-organised by the European Central Bank and Norges Bank
Location: Eurotower, CII
| 9 a.m. | Registration |
| 9.15 a.m. | Welcome Peter Praet, Member of the Executive Board, ECB |
| Session I Chair: Marcel Fratzscher (ECB) |
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| 9.30 a.m. | The US dollar exchange rate and the demand for oil
download Selien De Schryder (Ghent University) Gert Peersman (Ghent University) presentation Discussant: Marco Lombardi (BIS) presentation |
| 10.30 a.m. | Can oil prices forecast exchange rates?
download Domenico Ferraro (Duke University) Kenneth S. Rogoff (Harvard University) Barbara Rossi (ICREA-UPF and BGSE) Discussant: Patrizio Pagano (Banca d’Italia) presentation |
| 11.30 a.m. | Coffee break |
| 12 p.m. | Commodity price movements in a general equilibrium model of storage David Arseneau (Board of Governors of the Federal Reserve System) Sylvain Leduc (Federal Reserve Board of San Francisco) Discussant: Martin Seneca (Norges Bank) presentation |
| 1 p.m. | Buffet lunch |
| Session II Chair: Ragna Alstadheim (Norges Bank) |
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| 2.30 p.m. | Commodity price shocks and imperfectly credible macroeconomic policies
download Juan Pablo Medina (IMF) Claudio Soto (Banco Central de Chile) presentation Discussant: Ester Faia (Goethe University Frankfurt) |
| 3.30 p.m. | Monetary policy, terms of trade and exchange rate responses: a Markov-Switching structural investigation Ragna Alstadheim (Norges Bank) Hilde Bjørnland (Norges Bank) presentation Junior Maih (Norges Bank) Discussant: Sandra Eickmeier (Deutsche Bundesbank) presentation |
| 4.30 p.m. | Coffee break |
| 5 p.m. to 6 p.m. | Oil prices, exchange rates and asset prices Marcel Fratzscher (ECB) Daniel Schneider (ECB) Ine Van Robays (ECB) presentation Discussant: Deepa Datta (Board of Governors of the Federal Reserve System) presentation |
| 7 p.m. | Dinner (by invitation only) Dinner speech: Venue: Restaurant Emma Metzler, Schaumainkai 17 |
Location: Eurotower, CII
| Session III Chair: Frank Moss (ECB) |
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| 9 a.m. | Speculation in the oil market
download Luciana Juvenal (Federal Reserve Bank of St. Louis) Ivan Petrella (Birkbeck College) presentation Discussant: Boris Hofmann (BIS) presentation |
| 10 a.m. | Assessing the financialisation hypothesis Lavan Mahadeva (Oxford Institute for Energy Studies) Bassam Fattouh (Oxford Institute for Energy Studies) Discussant: Galo Nuño (ECB/Banco de España) presentation |
| 11 a.m. | Coffee break |
| 11.30 a.m. | Keynote lecture: Interaction between monetary policy and commodity prices presentation Lutz Kilian (University of Michigan) |
| 12.30 p.m. | Buffet lunch |
| Session IV Chair: Anne Berit Christiansen (Norges Bank) |
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| 1.30 p.m. | Monetary policy announcements effects on commodity prices in high-frequency data Reuven Glick (Federal Reserve Board of San Francisco) Sylvain Leduc (Federal Reserve Board of San Francisco) Discussant: Simon Price (Bank of England) presentation |
| 2.30 p.m. to 3.30 p.m. | The crude oil futures curve, the U.S. term structure and global macroeconomic shocks Ron Alquist (Bank of Canada) presentation Gregory Bauer (Bank of Canada) Antonio Diez de los Rios (Bank of Canada) Discussant: Cristiana Manescu (ECB) |
| Conference venue | European Central Bank Kaiserstraße 29 60311 Frankfurt am Main Tel.: +49 (0) 69 1344 0 Fax: +49 (0) 69 1344 6000 E-mail: info@ecb.europa.eu |
| Dinner venue | Restaurant Emma Metzler Schaumainkai 17 60594 Frankfurt am Main |
| Hotel accommodation | Steigenberger Frankfurter Hof ***** Am Kaiserplatz 60311 Frankfurt am Main Tel.: +49 (0) 69 215 02 Fax: +49 (0) 69 215 900 E-mail: frankfurter-hof@steigenberger.de www.steigenberger.com Rate: €215 incl. breakfast Code: European Central Bank + Meeting + 32820 Expiry date: 11 November 2012 Adina Apartment Hotel**** |
| Conference language | English |
| Organisers | European Central Bank International Policy Analysis Division Marcel Fratzscher, Roland Straub, Cristiana Manescu, Galo Nuño, Ine Van Robays Tel.: +49 (0) 69 1344 6069 E-mail: international.secretariat@ecb.europa.eu Norges Bank |
| Contact persons | Alessandra De Magistris (logistical arrangements) European Central Bank Publishing, Events and Protocol Division Tel.: +49 (0) 69 1344 8671 E-mail: evp-events@ecb.europa.eu Simone Suckfüll |
| Programme | The organisers reserve the right to change the conference programme without prior notice. |