Financial Stability and Macroeconomic Policy



Foreword
THOMAS M. HOENIG
President, Federal Reserve Bank of Kansas City




Opening Remarks  BEN S. BERNANKE
Chairman, Board of Governors of the Federal Reserve System

The Origins and Nature of Financial Crises
Author: RICARDO J. CABALLERO
Professor, Massachusetts Institute of Technology
 
Paper: The "Surprising" Origin and Nature of Financial Crises: A Macroeconomic Policy Proposal
 
Discussant: KENNETH S. ROGOFF
Professor, Harvard University
   
General Discusssion

Financial Crises and Economic Activity
Authors: STEPHEN G. CECCHETTI
Economic Adviser and Head of the Monetary and Economic Department, Bank for International Settlements
 
  CHRISTIAN UPPER
Head of Financial Markets, Bank for International Settlements
 
Paper: Financial Crises and Economic Activity
 
Discussant: MARK GERTLER
Professor, New York University
   
General Discussion

Policies to Stabilize Financial Markets
Panelists: CHARLES GOODHART
Professor, London School of Economics
   
  BRIAN F. MADIGAN
Director, Division of Monetary Affairs, Board of Governors of the Federal Reserve System
   
  JEAN-CHARLES ROCHET
Professor, University of Toulouse
   
General Discussion

Luncheon Address STANLEY FISCHER
Governor, Bank of Israel
   
General Discussion

Monetary Policy to Stabilize Economic Activity
Author: CARL E. WALSH
Professor, University of California, Santa Cruz
   
Paper: Using Monetary Policy to Stabilize Economic Activity 
   
Discussant: MARK J. CARNEY
Governor, Bank of Canada
   
General Discussion

Fiscal Policy to Stabilize Economic Activity
Authors: ALAN J. AUERBACH
Professor, University of California, Berkeley
   
  WILLIAM G. GALE
Vice President and Director, Economic Studies, The Brookings Institution
 
Paper Activist Fiscal Policy to Stabilize Economic Activity
 
Discussants: R. GLENN HUBBARD 
Dean, Columbia Business School, Columbia University
 
  KLAUS SCHMIDT-HEBBEL
Professor, Catholic University of Chile
   
General Discusson

The International Policy Response to Financial Crises 
Panelists: JAIME CARUANA
General Manager, Bank for International Settlements
   
  MASAAKI SHIRAKAWA
Governor, Bank of Japan
   
  JEAN-CLAUDE TRICHET
President, European Central Bank
   
General Discussion

Roster of Attendees