" The primary objective of the MNB shall be to achieve and maintain price stability. Without prejudice to its primary objective, the MNB shall support the maintenance of the stability of the financial intermediary system, the enhancement of its resilience, its sustainable contribution to economic growth; furthermore, the MNB shall support the economic policy of the government using the instruments at its disposal. "
ResearchAcademic ConferencesPrevious Conferences8th Macroeconomic Policy Research Workshop on DSGE Models: A Closer Look at the Workhorse of Macroeconomics

8th Macroeconomic Policy Research Workshop on DSGE Models: A Closer Look at the Workhorse of Macroeconomics

September 3-4, 2009: 8th Macroeconomic Policy Research Workshop on DSGE Models: A Closer Look at the Workhorse of Macroeconomics

8th Macroeconomic Policy Research Workshop on DSGE Models: A Closer Look at the Workhorse of Macroeconomics


September  3-4, 2009

Budapest, Hungary

 Magyar Nemzeti Bank

Centre for Economic Policy Research



Final Program                    

General information

Registration form



Final Program



September 3, Thursday


08:30 – 08:45 Registration

  (Magyar Nemzeti Bank, Address: Szabadság tér 8-9.)

08:45 – 09:00 Welcome address

András Simor (Governor, Magyar Nemzeti Bank)


Session 1

Chair: László Halpern (Institute of Economics, Hungarian Academy of Sciences)

09:00 – 09:50

Frank Schorfheide (University of Pennsylvania and CEPR), Sticky Prices Versus Monetary Frictions: An Estimation of Policy Trade-offs (joint with Boragan Aruoba, University of Maryland)

Discussant: Federico Signoretti (Banca d’Italia)

09:50 – 10:40

Cosmin L. Ilut (Northwestern University and Duke University), Ambiguity Aversion: Implications for the Uncovered Interest Rate Parity Puzzle

Discussant: Péter Kondor (Central European University)

 10:40 – 11:00 Coffee break

 11:00 – 11:50

Andrés Fernández (Rutgers University and Universidad de Los Andes), On the Sources of Aggregate Fluctuations in Emerging Economies (joint with Roberto Chang, NBER and Rutgers University)

Discussant: Péter Benczúr (Magyar Nemzeti Bank and Central European University)

11:50 – 12:40

Ulf Söderström (Sveriges Riksbank and CEPR), Estimating Potential Output in a Modern Business Cycle Model (joint with Luca Sala, IGIER and Bocconi University; and Antonella Trigari, IGIER and Bocconi University)

Discussant: Simona Delle-Chiaie (Österreichishe Nationalbank)

 12:40 – 13:40 Lunch

 13:40 – 14:30

Keynote Speech

Lawrence J. Christiano (Northwestern University), Financial Factors in Business Cycles


Session 2

Chair: Gábor Oblath (Hungarian Fiscal Council)

14:30 – 15:20

Anton Nakov (Banco de Espana), Dynamics of the Price Distribution in a General Model of State-Dependent Pricing (joint with James Costain, Banco de Espana)

Discussant: Ádám Reiff (Magyar Nemzeti Bank)

15:20 – 16:10

Bernardo Guimarăes (London School of Economics and CEPR), Sales and Monetary Policy

Discussant: Attila Rátfai (Central European University)

 16:10 – 16:30 Coffee break

 16:30 – 17:20

Carlos Thomas (Banco de Espana), Banking competition, collateral constraints and optimal monetary policy (joint with Javier Andrés and Óscar Arce)

Discussant: Yuliya Rychalovska (CERGE-EI)

17:20 – 18:10

Katalin Szilágyi (Magyar Nemzeti Bank), Optimal Monetary Policy in an Estimated DSGE Model for Hungary  (joint with Zoltán M. Jakab and Balázs Világi, Magyar Nemzeti Bank)

Discussant: Ulf Söderström (Sveriges Riksbank and CEPR)


20:00   Danube cruise with dinner


 September 4, Friday


Session 3

Chair: Julius Horvath (Central European University)

9:00 – 9:50

Rafael Wouters (National Bank of Belgium), 

Estimating a medium–scale DSGE model with expectations based on small forecasting models  (joint with Sergey Slobodyan, CERGE-EI)

Discussant: Krisztina Molnár (Norwegian School of Economics and Business Administration)

9:50 – 10:40

Arturo Ormeno (Universitat Pompeu Fabra), Disciplining expectations: adding survey expectations in learning models

Discussant: Klaus Adam (University of Mannheim and CEPR)

 10:40 – 11:00 Coffee break


Session 4

Chair: Péter Pete (Eötvös Loránd University)

11:00 – 11:50

Giovanni Lombardo (European Central Bank), Solving for Optimal Portfolio Dynamic Choices with Multiple Agents and Multiple Assets: An asymptotic approach with some open economy application (joint with Luca Dedola, European Central Bank and CEPR)

Discussant: Sergey Slobodyan (CERGE-EI)

11:50 – 12:40

Nikolay Iskrev (Banco de Portugal), Evaluating the strength of identification in DSGE models. An a priori approach

Discussant: Frank Schorfheide (University of Pennsylvania)

12:40 – 13:40 Lunch

13:40 – 14:30

Keynote Speech

Mark Gertler (New York University), Unconventional Monetary Policy


Session 5

Chair: Ágnes Csermely (Magyar Nemzeti Bank)

14:30 – 15:20

Ebrahim Rahbari (London Business School), International Portfolios with Nominal Rigidities and Capital Accumulation

Discussant: Gianluca Benigno (London School of Economics and CEPR)

15:20 – 16:10

Robert Kollman (ECARES, Université Libre de Bruxelles and CEPR), International Portfolios, Capital Accumulation and Foreign Assets Dynamics (joint with Nicolas Coeurdacier, London Business School and CEPR; and Philippe Martin, Sciences Po (Paris) and CEPR)

Discussant: Sumru Altug (Koc University and CEPR)

16:10 – 17:00

Katrin Rabitsch (Magyar Nemzeti Bank and Central European University), The Role of Financial Market Structure and the Trade Elasticity for Monetary Policy in Open Economies

Discussant: Robert Kollman (ECARES, Université Paris XII and CEPR)


17:30   Wine tasting





Last update: September 2, 2009

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