WELCOME
The 16th Australasian Macroeconomics Workshop will be held on the picturesque Hobart waterfront, on Thursday 28 April to Friday 29 April 2011.  The Workshop is organised by the School of Economics and Finance, Faculty of Business.

SCOPE
Papers are invited from the areas of macroeconomics, both theoretical and empirical.

KEYNOTE SPEAKERS
Professor George Kapetanios, Queen Mary College, University of London. George works in macroeconometrics, and has published on both empirical techniques and applications to macroeconomic problems.

Professor Ben Heijdra, University of Groningen. Ben's recent work is in the area of ageing, longevity risk, retirement incomes and growth.

SPECIAL SESSIONS
If you would like to organise a special session (3 papers on a related topic), please contact Mardi Dungey or Graeme Wells.

Special sessions already confirmed are:

Expectations Formation and Learning (Gordon Menzies, UTS)

Monetary Policy Rules
(Richard Dennis, ANU)

Macroeconomic Pricing Rules
(Tim Robinson, RBA)

Macroeconomics and Finance
(Leo Krippner, RBNZ)

ORGANISATION
The Workshop will  ensure maximal interaction between the participants – therefore, spaces are limited.  The limitation will be achieved by refereeing the abstracts.

DISCUSSION
The emphasis is on the participants presenting their work for the purposes of feedback – plenty of time is left for the discussant and the floor.  We envisage strictly no more than 15 minutes for presentation of the paper and 7 minutes for the discussant and 8 minutes for questions from the floor. For those who would like to be a discussant, please indicate this by 17 December 2010.  As is now traditional, prizes are awarded for the best paper and the best discussant

TIMETABLE
The dates for submission of papers are as follows:

17 Dec 2010:
Abstracts due and willingness to be a discussant.

21 Jan 2011:
Authors of accepted papers notified.

18 Mar 2011:
Full version of paper due.

18 Mar 2011:
Registration deadline.

 
SUBMISSION OF PAPERS
Abstracts (and later papers) should be submitted to:

macro.workshop@utas.edu.au

Copies of abstracts and papers, together with the names of discussants, will be posted on the program page when available.

WORKSHOP DINNER
A Workshop dinner will be held on Thursday 28 April.  Details of the venue will be forthcoming

VENUE
The Hobart Function and Conference Centre, 1 Elizabeth St Pier, Hobart

ACCOMMODATION
Hobart is a popular tourist destination, and participants are advised to make early travel and accommodation arrangements.  For recommended hotels close to the Workshop venue - see the ‘Accommodation’

SPONSORS
We are pleased to acknowledge sponorship already received. Other sponsors will be acknolwedged on the website as they are confirmed.

FURTHER INFORMATION
For further information please contact:

Prof Mardi Dungey
Mardi.Dungey@utas.edu.au

Assoc Prof Graeme Wells
Graeme.Wells@utas.edu.au

Coffee and Welcome

8:30 – 8:45

Workshop Opening: Marina Room Graeme Wells, University of Tasmania

8:45 – 9:45

Plenary Session: Sovereign Room

George Kapetanios, Queen Mary College, 'A Nonlinear Panel Data Model of Cross-Sectional Dependence'

Don Harding, La Trobe University

Marina Room

Sovereign Room

Session M1

Monetary Policy I

Chair: Chris Edmond, Uni of Melbourne

Chair: Mariano Kulish, RBA

9:50 – 10:20

Emmanuel de Veirman, RBNZ, ‘Estimating the Effects of Permanent Oil Shocks Consistent with Optimal Factor Allocation’

Alfred Guender, Canterbury University, New Zealand, ‘CPI Inflation Targeting and the UIP Puzzle: An Appraisal of Instrument and Target Rules’

Discussant: Oscar Parkyn, NZ Treasury

Discussant: Leo Krippner, RBNZ

10:20 – 10:50

Robyn Swift, Griffith University, ‘Health and Economic Growth in Australia’

Graham Voss, University of Victoria, Canada, ‘Flexible Inflation Forecast Targeting: Evidence from Canada’

Discussant: Sinchan Mitra, Uni of Queensland

Discussant: Graham White, University of Sydney

10:50 – 11:20

Morning Tea

Session M2

Session S2

Chair: Shaun Vahey, CAMA, ANU

Chair: Graham White, University of Sydney

11:20 – 11:50

Jan Libich, LaTrobe University, ‘Monetary Exit Strategy and Fiscal Spillovers’

Oscar Pavlov, University of Adelaide, 'Variety Matters'

Discussant: Gordon Menzies, University of Technology, Sydney

Discussant: Firmin Tchatoka, University of Tasmania

11:50 – 12:20

Lawrence Uren, University of Melbourne, ‘Monetary Policy and the Great Depression in a Small Open Economy’

Oscar Parkyn, New Zealand Treasury, ‘Sovereign at risk? Uncertainty, Market Volatility and Fiscal Space’

Discussant: Gunes Kamber , RBNZ

Discussant: Yong Jortzik-Yan, Australian Treasury

12:20 – 12:50

Tim Robinson, Reserve Bank of Australia, ‘Priors for BVARS of Small Open Economies from DSGE Models’

Discussant: Olan Henry, University of Melbourne

12:50 – 14:15

Lunch    Customs House Hotel
                1 Murray Street, Hobart

Business Cycles

Monetary Policy II

Chair: Glenn Otto, University of NSW

Chair: Richard Dennis, ANU

14.15 – 14.45

Sinchan Mitra, University of Queensland, ‘Macroeconomic Fluctuations in Emerging Economies: An Unobserved Components Approach’

Aarti Singh, University of Sydney, ‘Asset Prices, Monetary Policy and Determinacy’

Discussant: Glenn Otto, University of NSW

Discussant: David Kim, University of Sydney

14:45 – 15:15

Natalie Labuschagne, New Zealand Treasury, ‘Why are Real Interest Rates in New Zealand so High? Evidence and Drivers’

Yi Jin, Monash University, ‘Collateral Chains, Asset Prices, and Optimal Monetary Policy with Credit Constraints’

Discussant: Maria Yanotti, University of Tasmania

Discussant: Chris Edmond, University of Melbourne

15:15 – 15:45

Don Harding, La Trobe University, ‘Detecting and Predicting Recessions’

Timothy Kam, Australian National University, ‘Incomplete Markets, Small Open Economy Monetary Policy and Equilibrium Determinacy’

Discussant: James Morley, UNSW

Discussant: Hugh Sibly, University of Tasmania

15:45 – 16:15

Afternoon Tea

Empirical Evidence

Interest rates, Term Premia and Monetary Policy

Chair: James Morley, UNSW

Chair: Olan Henry

16:15 – 16:45

Shaun Vahey, CAMA, ‘Real Time Inflation Forecast Densities from Ensemble Phillips Curves’

Gunes Kamber, RBNZ, ‘Financial Intermediation and the International Business Cycle’

Discussant: Graham Voss, Victoria University

Discussant: Kartik Anand, Technical University of Berlin

16:45 – 17:15

David Kim, University of Sydney, 'Shocks - What do SVAR Models Tell Us about the US Business Cycle?'

Mariano Kulish, Reserve Bank of Australia, ‘Long Term Interest Rates, Risk Premia and Unconventional Monetary Policy’

Discussant: Lance Fisher, Macquarie University

Discussant: Yi Jin, Monash University

17:15 – 17:45

Rodney Strachan, Australian National University, ‘Bayesian Inference in a Time-Varying Cointegration Model’

Leo Krippner, RBNZ, ‘Nelson and Siegel Class of Yield Curve Models’

Discussant: George Kapetanios, Queen Mary College

Discussant: Mardi Dungey, University of Tasmania

19:30

Conference Dinner
                Suwan Thai Restaurant
                Level 2 – 33 Salamanca Place

Coffee

Sovereign Room

Learning

Chair: Graham Voss, University of Victoria

9:00 – 9:30

Gordon Menzies, University of Technology Sydney, ‘Tails of the Unexpected’

Discussant: Shaun Vahey, CAMA, ANU

9:30 – 10:00

James Morley, UNSW, ‘Inventory Mistakes and the Great Moderation’

Discussant: Rodney Strachan, ANU

10:00 – 10:30

Graham White, University of Sydney, ‘Demand-led Growth in a Multi-Commodity Model with Learning’

Discussant: Richard Dennis, ANU

10:30 – 11:00

Morning Tea

Pricing

Chair: Tim Robinson, Reserve Bank of Australia

11:00-11:30

Carlos Carvalho, Federal Reserve Bank of New York, ‘Sectoral Price Facts in a Sticky-Price Model’

Discussant: Emmanuel de Veirman, RBNZ

11:30-12:00

Denny Lie, University of Sydney, ‘Estimation of Forward-Looking Relationships in Closed Form: An Application to the New Keynesian Phillips Curve’

Discussant: Lawrence Uren, University of Melourne

Plenary Session

Chair: Mardi Dungey, University of Tasmania

12:00 – 13:00

Ben Heijdra, University of Groningen, ‘Ageing, Retirement Incomes and Growth’

Discussant: Graeme Wells, University of Tasmania

13:00 – 14:30

Lunch

Financial Crises

Chair: Lawrence Uren, University of Melbourne

14:30 – 15:00

Kartik Anand, ‘Technical University of Berlin, Financial Crises and the Evaporation of Trust’

Discussant: Aarti Singh, University of Sydney

15:00 – 15:30

Zhixiong Zeng, Monash University, ‘A Theory of the Non-Neutrality of Money with Banking Frictions and Bank Recapitalisation’

Discussant: Graeme Wells, University of Tasmania

15:30-16:00

Michael Robson, Reserve Bank of Australia, ‘Asset Prices, Credit Growth, Monetary and Other Policies’

Discussant: Alfred Guender, University of Canterbury

16:00 – 16:20

Closing

16:20 – 16:50

Afternoon Tea