7th Workshop on Macroeconomic Dynamics

27-28 September, 2012
New Law School Lecture Theatre 026

24 September version
WMD Program 24 September




08:55 - 09:00

Opening Remarks by Colm Harmon, Head of the School of Economics, University of Sydney

09:00 - 10:30

Session 1

Chair: James Morley (UNSW)

Some Unpleasant Properties of Log-Linearized Solutions when the Nominal Rate is Zero
R. Anton Braun (Atlanta Fed), Lena Mareen Korber (LSE), and Yuichiro Waki (UQ)

Discussant: Denny Lie (Sydney)

Estimation and Solution of Models with Expectations and Structural Changes
Mariano Kulish
(RBA) and Adrian Pagan (Sydney)

Discussant: James Morley (UNSW)

10:30 - 10:45


10:45 - 12:15

Session 2

Chair: James Hansen (RBA)

Equilibrium Unemployment with Incomplete Markets
Lawrence Uren

Discussant: Mei Dong (UTS)

Matching Efficiency and Business Cycle Fluctuations
Francesco Furlanetto (Norges Bank) and Nicolas Groshenny (RBNZ)

Discussant: James Hansen (RBA)

12:15 - 13:15


13:15  - 14:30

Plenary talk

Chair: Yunjong Eo (Sydney)

Title: Life-cycle Uncertainty and Portfolio Choice Puzzles
Yongsung Chang
(University of Rochester)

14:30 - 16:00

Session 3

Chair: Ian King (Melbourne)

Monetary Exit Strategy and Fiscal Spillovers
Jan Libich
(La Trobe), Dat Thanh Nguyen (La Trobe), and Petr Stehlik (U. West Bohemia)

Discussant: Abhijit Sengupta (Sydney)

Equilibrium Liquidity Constraints and Nominal Exchange Rate (In)Determinacy
Pedro Gomis-Porqueras
(Monash), Timothy Kam (ANU), and Christopher Waller (St. Louis Fed)

Discussant: Ian King (Melbourne)

16:00 - 16:15


16:15 - 17:45

Session 4

Chair: Jarkko Jaaskela (RBA)

Housing and Financial Frictions in a Small Open Economy
Tim Robinson
(RBA) and Michael Robson (RBA)

Discussant: Mardi Dungey (U. Tasmania)

An Estimated Small Open Economy Model with Labour Market Frictions
Jeffrey Sheen (Macquarie) and Ben Wang (Macquarie)

Discussant: Jarkko Jaaskela (RBA)

18:30 -       

Workshop Dinner: Soffritto, 367 King Street




08:30 - 09:00

Coffee, Tea

09:00 - 11:15

Session 5

Chair: Stanley Cho (UNSW)

The Role of Establishment Heterogeneity in Sudden Stops
Horag Choi

Discussant: Glenn Otto (UNSW)

Social Optimality and Fiscal Policy with Increasing Returns in Production and Decreasing Returns in Education
Jinli Zeng (NUS) and Jie Zhang (NUS)

Discussant: Pedro Gomis-Porqueras (Monash)

Trade-Offs in Means Tested Pension Design
Chung Tran
(ANU) and Alan Woodland (UNSW)

Discussant: Stanley Cho (UNSW)

11:15 - 11:30


11:30  - 12:45

Plenary talk

Chair: Denny Lie (Sydney)

Title: Optimal Policy with a Skeptical Private Sector
Robert G. King
(Boston University)

12:45 - 13:45


13:45 - 15:15

Session 6

Chair: Alexandre Dimitriev (UNSW)

Expectations-Driven Cycles in the Housing Market: Evidence from Survey Data
Luisa Lambertini, Caterina Mendicino (Banco de Portugal), and Maria Teresa Punzi (Nottingham)

Discussant: Don Harding (La Trobe)

News about Aggregate Demand and the Business Cycle
Jang-Ting Guo (UC Riverside), Anca-loana Sirbu (UC Riverside) and Mark Weder (Adelaide)

Discussant: Alexandre Dimitriev (UNSW)

15:15 - 15:30


15:30 - 17:00

Session 7

Chair: Scott French (UNSW)

The Effect of Capital Taxation on Capital Accumulation and Welfare
Begona Dominguez (UQ) and Zhigang Feng (U. Zurich)

Discussant: Solmaz Moslehi (Monash)

Financial Development and Aggregate Saving Rates: A Hump-Shaped Relationship
Pengfei Wang (HKUST), Lifang Xu (HKUST), and Zhiwei Xu (HKUST)

Discussant: Scott French (UNSW)

17:00 - 17:05

Closing remarks

17:05 -       

Drinks at the Royal Hotel.