International Workshop
"Past and forward challenges confronting monetary policy "
April-17th-18th 2014
University of St Etienne - GATE L-SE (UMR 5824)
Aims and goals
In the aftermath of the 'Great Financial Crisis' , macroeconomists and policymakers made encouraging progress to face the issues and challenges inherited from the current financial crisis. Among them, some challenges are inherited from the past such as the everlasting internal vs external stability dilemma, the necessity of transparency or the research on the 'best' way to implement monetary policy for policymakers.
By focusing on monetary policy, this workshop aims at gathering researchers from different fields in order to take part of the rebuilding of macroeconomic policymaking. Following Paul Krugman's (2011) advices, it seems that Macroeconomics has a lot to learn from the works of the historian of economic thoughts -or past policies- while considering the recent theoretical works (even if those issues are still on track). While the macro agenda put the stress on the research on monetary policymaking in case of zero lower bound framework, other major points deserve to be discussed: sterilization process, link between political and monetary powers, judgment values embedded in monetary policy, investment-saving imbalances, debate on the 'natural' rate of interest, historical habits (or routine ) in central banking, debates on the everlasting Monetarism precepts ... and so on.
Thanks to the time that will be given to each paper (45 minutes), the main goal of this workshop is to present some of the more relevant issues that featured monetary policy nowadays while feeding fruitful debates among invited participants.
Invited researchers
David Cobham, Invited Professor, Heriot-Watt University of Edinburgh, Scotland Camille Cornand, CNRS Researcher, GATE L-SE, University of Lyon
Ronny Mazzocchi, Assistant Professor in Economics, University of Trento Sylvie Rivot, Associate Professor in Economics, University of Strasbourg Dominique Torre, Professor in Economics, University of Nice
Muriel Dal-Pont, Professor in Economics, University of Lille 1
Dirk Ehnts, Professor in Economics, Free University of Berlin
Gilles Jacoud, Professor in Economics, University of St Etienne
Michel Bellet, Professor in Economics, University of St Etienne
SCHEDULE
Thursday, April 17th 12:30- 14:00 : Lunch, GATE L-SE
Session 1- Chairman: Muriel Dal-Pont (Meeting Room 9-GATE L-SE) 14:00-14:45 opening lecture by Professor David Cobham, "Multiple Objectives in Monetary Policy"
14:45-15:30 Gilles Jacoud, "The Bank of France and Monetary policy in the 19th Century"
---15:30- 16:00: Coffee break---
Session 2- Chairman: Ronny Mazzocchi (Meeting Room 9-GATE L-SE) 16:00-16:45 Camille Cornand (with Frank Heinemann), "Experiments on Monetary Policy and Central Banking"
16:45-17:30 Michel Bellet and Nicolas Barbaroux, "Gunnar Myrdal and the Value Judgment Embedded in Monetary Policymaking: the Failure of Myrdal's Project"
19:00 Dinner at the restaurant "La Platine", Cité du Design.
Friday, April 18th
Session 3- Chairman: Camille Cornand (Meeting Room 9-GATE L-SE) 8:30-9:15 Sylvie Rivot, "Information, expectations and monetary policy: Keynes’ and Friedman’s complementary lessons for today"
9:15-10:00 Ronny Mazzocchi, "Intertemporal Coordination Failure and Monetary Policy"
--- 10:00- 10:30: Coffee break---
Session 4- Chairman: Gilles Jacoud (Meeting Room 9-GATE L-SE) 10:30- 11:45 Dominique Torre and Muriel Dal-Pont, "Pierre Quesnay (1897-1937) from the League of Nations to the Franc Poincare: financial discipline and monetary pragmatism."
11:45- 12:30 Dirk Ehnts, "Economic growth, redistribution and private sector de-leveraging: a macroeconomic policy trilemma?
13:00: Lunch at the restaurant "Mon jardin secret"
How to reach the GATE L-SE building?
The workshop will take place at the GATE L-SE building. The main entrance to the building is to go through "Maison de l'Université " (see on the map) which is located on number Tréfilerie street N° 10 ("Rue Tréfilerie"). Then, ask the desk to go to the "GATE L-SE" building. The best way to reach it is to take the tram, line T1 (Solaure) or T3 (Bellevue) from downtown. At the exit of the tramYou should stop at "Campus Tréfilerie", and then go up to this street (along the building of the university) and turn on the first left (Rue Richard) and the first on the right (Rue Tréfilerie). In case you need it, ask to people or student on the campus, they all know "Maison de l'Université".
Main Entrance
