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Expectations in Dynamic Macroeconomic Models

August 2-4, 2012 at the Federal Reserve Bank of St Louis
Organizers: Bruce McGough and Bruce Preston

Please note that attendance is by invitation only.

For information about conference logistics, please contact Julie Fletcher (

Program Information
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August 2
Opening Remarks

Christopher Waller, Federal Reserve Bank of St. Louis

Optimal Monetary Policy with Informational Frictions

George-Marios Angeletos, MIT
Jennifer La'O, Chicago Booth School of Business

Efficiency with Endogenous Information Choice

Luis Gonzalo Llosa, UCLA
Venky Venkateswaran, Pennsylvania State University

Information Equilibria in Dynamic Economies with Dispersed Information

Giacomo Rondina, University of California, San Diego
Todd Walker, Indiana University

Dormant Shocks and Fiscal Virtue

Francesco Bianchi, Duke University
Leonardo Melosi, London Business School

Rational Inattention, Communication Policy and the Blissful Ignorance

Gaetano Gaballo, Banque de France

Perceptual Distortions, Valuation and Choice

Michael Woodford, Columbia University

August 3
Some Methodological Issues in Adaptive Learning in Macroeconomics

George Evans, University of Oregon

Do People Understand Monetary Policy?

Carlos Carvalho, PUC-Rio
Fernanda Nechio, Federal Reserve Bank of San Francisco

Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates

Eric Swanson, Federal Reserve Bank of San Francisco
John Williams, Federal Reserve Bank of San Francisco

Adaptive Learning and Monetary Exchange

Ryan Baranowski, University of California, Irvine

Liquidity, Bubbles and Adaptive Learning

Bill Branch, University of California, Irvine

Excessive Optimism, Leverage, and Boom and Bust Cycles

John Williams, Federal Reserve Bank of San Francisco

August 4
Liquidity Traps, Expectations Dynamics and Policy Stimulus

Jess Benhabib, New York University
George W. Evans, University of Oregon
Seppo Honkapohja, Bank of Finland

Learning and the Yield Curve

Arunima Sinha, Santa Clara University

Behavioral Learning Equilibria

Cars Hommes, University of Amsterdam
Mei Zhu, University of Amsterdam

The Sub-optimality of Commitment Equilibrium when Agents are Learning

Antonio Mele, University of Oxford
Krisztina Molnár, Norwegian School of Economics
Sergio Santoro, Bank of Italy