2nd INFER Workshop on International Economics: Current Account Determination and Policy Implications: what have we learned?
From: 2004-10-15 to: 2004-10-15
Place: Frankfurt am Main, Germany
The size of the US current account deficit has been a matter of concern for the world economy for a while. But recently, it seems that it had become a matter for the dollar exchange rate too. Hence, for the future, many questions remain to answer about the size of the correction needed, the way in which the deficit is financed (private or not, bonds or shares), the speed of adjustment (hard or soft landing), and the implications for the euro exchange rate and the Euro Area economy. Most of these questions would have appeared rather standard in the middle of the eighties, but since then, the new open macroeconomy has changed the way in which we answer them. So what have we learned since the middle of the eighties?
The INFER workshop "Current Account Determination and Policy Implications: what have we learned?" aims at discussing these issues in a broad sense. Theoretical, empirical and simulation papers will be considered. The papers should be focused on the current account in industrialised countries in different ways: through the exchange rate, through domestic demand and saving, through the determination of the financial account, through the implications for the rest of the world.
The workshop will be held at Sal. Oppenheim jr. & cie., Untermainanlage 1, 60329 Frankfurt am Main, Germany.
The workshop is addressed to experienced researchers, recently graduated students and professionals from business, government or non-governmental institutions.
Accepted papers will be presented on October 15, 2004. The preliminary timetable is as follows.
9.00 - 9.45 Registration
9.45 -10.00 Weclome address
10.00 - 11.00 Sustainability of the US Current Account Deficit
Torge Middendorf and Torsten Schmidt, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Essen, Germany
Discussant: Carmen Marin, University of Murcia, Spain
11.00 - 12.00 The Return to Soft Dollar Pegging in East Asia: Mitigating Conflicted Virtue
Ronald McKinnon, Stanford University, USA and Gunther Schnabl, Tübingen University, Germany
Discussant: Torsten Schmidt, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Essen, Germany
12.00 - 14.00 Lunch
14.00 - 15.00 Exchange Rates, Current Account and the Transfer Effect, Carmen Marin, University of Murcia, Spain
Discussant: Paolo Paesani, University La Sapienza, Rome, and EUI, Florence, Italy (tbc)
15.00 - 16.00 Net Foreign Assets in the Euro Area: A Conintegration Analysis
Alessandro Giardi, University La Sapienza, Rome, Italy and Paolo Paesani, University La Sapienza, Rome, and EUI, Florence, Italy
Discussant: Gunther Schnabl, Tübingen University, Germany
Publication of papers
The papers presented at the workshop will be published in a conference volume in winter 2004/05. Registration fee for speakers includes a free copy of the conference volume.
The registration fee will be:
- students (aged 25 or younger) and INFER private members: 20 EUR,
- institutional INFER members: 40 EUR,
- non-members: 80 EUR.
Please note: the annual membership fee for INFER members is 25 EUR only (institutions 200 EUR). You are invited to become a member!
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