Fifth Annual International Banking Conference

Dinner

Welcoming and Opening Remarks

Michael H. Moskow, President, Federal Reserve Bank of Chicago

Cesare Calari, Vice President, World Bank Group

Moderator

Michael H. Moskow, President, Federal Reserve Bank of Chicago

Keynote

Randall S. Kroszner, Member, Council of Economic Advisers

Breakfast

Moderator

Manuel Conthe, World Bank Group

Keynote

The Honorable Jean-Claude Trichet, Governor, Bank of France

Session 1: Recent Experience with Asset Price Bubbles

Moderator

Uri Dadush, World Bank Group

United States - U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy

Frederic S. Mishkin, Columbia University

Eugene N. White, Rutgers University

Japan - Asset Price Bubbles, Price Stability and Monetary Policy: Japan's Experience

Kunio Okina, Bank of Japan

Shigenori Shiratsuka, Bank of Japan

East Asia - Lending Booms, Real Estate Bubbles and the Asian Crisis

Charles Collyns, International Monetary Fund

Abdelhak Senhadji, International Monetary Fund

Latin America - Tropical Bubbles: Asset Prices in Latin America, 1980—2001

Santiago Herrera, World Bank Group

Guillermo Perry, World Bank Group

Discussants

Takeo Hoshi, University of California, San Diego

Ignazio Visco, Organization for Economic Cooperation and Development

Session 2: Theory and History of Asset Price Bubbles

Moderator

Manuel Conthe, World Bank Group

Stocks as Money: Convenience Yield and the Tech–Stock Rollercoaster

John H. Cochrane, University of Chicago

Bubble Psychology

Werner De Bondt, University of Wisconsin, Madison

Bubbles in Real Estate Markets

Richard Herring, The Wharton School, University of Pennsylvania

Susan Wachter, The Wharton School, University of Pennsylvania

Discussants

Robert S. Chirinko, Emory University

Bertrand Renaud, Formerly World Bank Group

Lunch

Introduction

W. James Farrell, Chief Executive Officer, Illinois Tool Works, Inc.

Keynote - Rational and Irrational Bubbles

Allan Meltzer, Carnegie Mellon University

Session 3: Empirical Dimensions of Asset Price Bubbles

Moderator

Ravi Jagannathan, Northwestern University

Asset Prices, Financial and Monetary Stability: Exploring the Nexus

Claudio Borio, Bank for International Settlements

Philip Lowe, Bank for International Settlements

The Stock Market Crash of 1929: Irving Fisher Was Right

Ellen R. McGratten, Federal Reserve Bank of Minneapolis

Edward C. Prescott, University of Minnesota and Federal Reserve Bank of Minneapolis

A Stochastic Index of the Cost of Life: An Application to Recent and Historical Asset Price Fluctuations

Michael F. Bryan, Federal Reserve Bank of Cleveland

Stephen G. Cecchetti, Ohio State University

Róisín O'Sullivan, Ohio State University

Discussants

Andrew J. Filardo, Council of Economic Advisers and Federal Reserve Bank of Kansas City

Bruce Lehmann, University of California, San Diego

Session 4: International Transmission of Financial Shocks

Moderator

Cesare Calari, World Bank Group

Globalization and Changing Patterns in the Transmission of Shocks in Financial Markets

Michael D. Bordo, Rutgers University and National Bureau of Economic Research

Antu Panini Murshid, University of Wisconsin, Milwaukee

Asset Price Bubbles and Stock Market Interlinkages

Franklin Allen, The Wharton School, University of Pennsylvania

Douglas Gale, New York University

Banking Policy and Macroeconomic Stability: An Exploration

Gerald Caprio, Jr., World Bank Group

Patrick Honohan, World Bank Group

A Global Perspective on Extreme Currency Linkages

Phillipp Hartmann, European Central Bank and Center for Economic Policy Research

Stefan Straetmans, University Maastricht

Casper de Vries, Erasmus University Rotterdam

Discussants

Ashoka Mody, International Monetary Fund

Anna J. Schwartz, National Bureau of Economic Research

Dinner

Introduction

Jack B. Evans, Chief Executive Officer, The Hall-Perrine Foundation

Keynote

Robert J. Shiller, Yale University

Session 5: Technology, the New Economy and Asset Price Bubbles

Moderator

Robert J. Darnall, Chairman, Board of Directors of the Federal Reserve Bank of Chicago

Valuation and New Economy Firms

Steven N. Kaplan, University of Chicago

Transactions Costs and Home Bias: Can They Explain Euro Depreciation?

Catherine L. Mann, Institute for International Economics

Ellen E. Meade, London School of Economics

Discussant

Lawrence Slifman, Board of Governors of the Federal Reserve System

Session 6: Implications of Bubbles for Monetary Policy

Moderator

Robert Flood, International Monetary Fund

Asset Prices in a Flexible Inflation Targeting Framework

Stephen Cecchetti, Ohio State University

Hans Genberg, Graduate Institute of International Studies, Geneva

Sushil Wadhwani, Bank of England

Interest Rate Policy Should Not React Directly to Asset Prices

Marvin Goodfriend, Federal Reserve Bank of Richmond

Discussant

Benjamin M. Friedman, Harvard University

Lunch

Introduction

Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago

Keynote

Michael Mussa, Institute for International Economics

Session 7: Implications of Bubbles for Prudential Regulatory Policy

Moderator

James Nelson, Federal Reserve Bank of Chicago

The Historical Pattern of Economic Cycles and Their Interaction with Asset Prices and Financial Regulation

Charles Goodhart, London School of Economics

Asset Price Bubbles and Prudential Regulation

Jeffrey Carmichael, Australian Prudential Regulation Authority

Neil Esho, Australian Prudential Regulation Authority

The Morning after: Restructuring in the Aftermath of an Asset Bubble

Michael Pomerleano, World Bank Group

Discussants

Joaquim Vieira Levy, Ministry of Finance, Brazil

Ramon Moreno, Federal Reserve Bank of San Francisco

Eric Rosengren, Federal Reserve Bank of Boston

Session 8: Looking Forward: Plans for Action to Protect against Bubbles

Moderator

Robert Z. Aliber, University of Chicago

Panelists - Banking Provisions and Asset Price Bubbles

The Honorable Jaime Caruana, Governor, Bank of Spain

Looking Forward: Plans for Action to Protect against Bubbles

Anthony Neoh, China Securities Regulatory Commission

Takatoshi Ito, Hitotosubashi University

Planning to Protect against Asset Bubbles

Vincent R. Reinhart, Board of Governors of the Federal Reserve System