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September 24-25, 2004: The CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West

September 24-25, 2004:The CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West

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September 24-25, 2004:The CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West

The CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West

Hosted by the Magyar Nemzeti Bank, Budapest

24/25 September 2004

Program

Friday afternoon, September 24, 2004

1052 Budapest, Vadász utca  16.  Room II/201

Participants

12.00 – 13.40 Lunch (Magyar Nemzeti Bank V building, Vadász utca 16)

13.40 – 13.50 Welcome Address

Kees Koedijk (Erasmus Universiteit Rotterdam and CEPR)

13.50  - 14.20 Keynote Address: The Next Step: The Road to Euro and Its Challanges

György Szapáry (Deputy Governor, Magyar Nemzeti Bank)

Central Bank Research Papers

Chair: Sylvester Eijffinger (CentER, Tilburg University and CEPR)

14.20 – 15.20 Monetary Union with Voluntary Participation

William Fuchs

*Francesco Lippi (Banca d’Italia and CEPR)

Paper

15.20 – 15.50 Coffee

15.50 – 16.50 The Stock-Flow Approach to the Real Exchange Rate of CEE Transition Economies: Net Foreign Assets, Relative Prices, Out-Of-Sample Estimates and Other Concinnities

* Balázs Égert (Oesterreichische Nationalbank)

Paper

Amina Lahreche-Révil (CEPII)

Kirsten Lommatzsch (DIW Berlin)

16.50 – 17.50 Are European Business Cycles Close Enough to Be Just One?

Maximo Camacho (Universidad de Murcia)
*Gabriel Pérez-Quirós (Banco de Espana and CEPR)

Paper

Lorena Saiz (Banco de Espana Spain)

17:50 – Prize-giving of the CEPR/ESI Prize 2004 for the Best Central Bank Research Paper

Dinner: Magyar Nemzeti Bank main building (Szabadság tér 8-9)

19:15 Transfer from the K+K Opera Hotel to the Magyar Nemzeti Bank main building

19:30 Welcome drink followed by dinner

            After dinner transfer back to K+K Opera Hotel

Saturday, September 25, 2004

9:00-9:15 Welcome speech

Zsigmond Járai (Governor, Magyar Nemzeti Bank)

9:15-10:00 Keynote speech

Lucas D. Papademos (Vice-President, European Central Bank)

Paper

Session 1.

Chair: György Szapáry (Deputy Governor, Magyar Nemzeti Bank)

10:00-11:00 En Attendant Godot? Financial Instability Risks for Countries Targeting Eurozone Membership

Willem Buiter (European Bank for Reconstruction and Development and CEPR)

Paper

Discussant: Bob Rasche (Federal Reserve Bank of St. Louis)

11:00-12:00 The Enlargement of the Euro area and Optimum Currency Areas

Paul De Grauwe: (Katholieke Universiteit Leuven)

Paper

Discussant:Anne Sibert (Birkbeck College and CEPR)

12:00-13:30 Lunch (Magyar Nemzeti Bank V building, Vadász utca 16)

Session 2.

Chair: Eduard Hochreiter (Österreichische National Bank)

13:30-14:30 The Fiscal Criteria and the New Member Countries?

Daniel Gros (Centre for European Policy Studies)

Paper

Discussant: Lex Hoogduin (De Nederlandsche Bank)

14:30-15:30 The UK and the Eurozone

Michael J Artis (European University Institute and CEPR)

Paper

Discussant: Pierre L Siklós (Wilfrid Laurier University)

15:30-17:00 Panel Session

Chair: Richard Portes (CEPR and London Business School)

Central Bankers:

Zdeněk Tůma (Governor, Czech National Bank)

Zsigmond Járai (Governor, Magyar Nemzeti Bank)

Lucas Papademos (Vice-President, European Central Bank)

Academics:

Michael Artis (European University Institute and CEPR)

Willem Buiter (European Bank for Reconstruction and Development and CEPR)

Paul de Grauwe (Catholic University of Leuven)

Daniel Gros (Centre for European Policy Studies)

17:00  Closing Address

Sylvester Eijffinger (CentER, Tilburg University and CEPR)

19.00  Dinner:                      

Informal Danube cruise with buffet dinner (Pier No 8)

After dinner transfer back to K+K Opera Hotel

The organizers

Zsolt Darvas (Magyar Nemzeti Bank , darvaszs@mnb.hu)

Sylvester Eijffinger (CentER, Tilburg University and CEPR, s.c.w.eijffinger@uvt.nl)

Kees Koedijk (Erasmus University Rotterdam and CEPR, c.koedijk@fac.fbk.eur.nl )

Co-Ordinator

Janet Seabrook (CEPR, jseabrook@cepr.org)

Rachel Bedford RBedford@cepr.org

More information about the conference

The eighth CEPR/European Summer Institute Annual Conference will take place on 24/25 September 2004 in Budapest and will be hosted by the Magyar Nemzeti Bank. The CEPR/ESI Annual Conferences are also sponsored by the Banco de Portugal, Bank of Finland, Deutsche Bundesbank, European Central Bank, National Bank of Belgium, the Nederlandsche Bank and the Oesterreichische Nationalbank. Former conferences were held on 'Fiscal Policy Imbalances, the Monetary Transmission Mechanism and Prudential Supervision' in Lisbon (1999), 'Vivent les Différences?: Heterogeneous Europe' in Amsterdam (2000), a 'Old Age, New Economy and Central Banking' in Helsinki (2001) , 'Regulatory Changes for European Financial Markets' in Vienna (2002) and The Euro Area as an Economic Entity' in Eltville (Frankfurt am Main) (2003).

The topic of the 2004 CEPR/ESI Annual Conference will be 'EMU Enlargement to the East and the West' and will cover the following sub-areas: Monetary and exchange rate policy, fiscal policy, economic and financial integration, and financial stability. There will be two policy lectures or papers by senior central bankers on these areas. Furthermore, there will be four survey papers on the above topics by reputed academics. Finally, the conference closes with a panel session of senior central bankers as questioners and reputed academics as respondents.

One part of the conference will be reserved for central bank researchers of member countries of the European Union and of the EU candidate countries. Therefore, the organizers of the 2004 CEPR/ESI Annual Conference ask the Research Departments of the EU and candidate central banks to submit their best paper related to one of the specified sub-areas above. The deadline of submiting a first version of the paper is 1 May 2004. The organizers will then select the three best papers for presentation at the CEPR/ESI Annual Conference in a special session of central bank research papers. Moreover, the organizers will award the best of these three papers with the CEPR/ESI Prize 2004 for the Best Central Bank Research Paper.

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Pictures of the 4th Macroeconomic Policy Research Workshop
9th Macroeconomic Policy Research Workshop on 'Understanding Financial Frictions' September 30-October 1, 2010
September 29-30 2005, 4th Macroeconomic Policy Research Workshop
October 3, 2002: Conference on Nominal and Real Convergence of Accession Countries
October 4-5, 2002: 1st Workshop on Macroeconomic Policy Research
January 19, 2007 Conference on Inflation Targeting
September 24-25, 2004: The CEPR/ESI Eighth Annual Conference: EMU Enlargement to the East and the West
October 26-27, 2006: 5th Macroeconomic Policy Research Workshop on Micro Behavior and Monetary Policy
7th Macroeconomic Policy Research Workshop on Productivity, Trade and Development - October 30-31, 2008
October 2-3, 2003: 2nd Workshop on Macroeconomic Policy Research
October 29-30 2004, 3rd Macroeconomic Policy Research Workshop
11th Macroeconomic Policy Research Workshop on: 'Microeconomic behavior and its macro- economic implications during the financial crisis' - September 6-7, 2012
12th EABCN Workshop: 'International Business Cycle – Linkages, Differences and Implications' June 28-29, 2010
February 27-28, 2003: Monetary Strategies for Accession Countries
European Winter Meeting of the Econometric Society, 12-13 November, 2009, Budapest
May 10-12 2007, Frontiers In Central Banking Conference
November 29-30, 2007: 6th Macroeconomic Policy Research Workshop on Labor markets, wage behavior and inflation dynamics
August 27, 2007: 2nd Japanese-European Bayesian Econometrics and Statistics Meeting
October 2, 2008: Conference on financial awareness
SUERF/MNB Conference: "The Future of Banking in CESEE after the Financial Crisis" June 23, 2010 (and SUERF Annual Lecture on: "The role of domestic financial markets in an integrated Europe")
8th Macroeconomic Policy Research Workshop on DSGE Models: A Closer Look at the Workhorse of Macroeconomics
Pictures of the 7th Macroeconomic Policy Research Workshop
12th Macroeconomic Policy Research Workshop on Growth, Rebalancing, and Macroeconomic Adjustment after Large Shocks - September 19-20, 2013
Pictures of the 8th Macroeconomic Policy Research Workshop