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The challenges of globalisation for small open economies with independent currencies

 

 

 

 Central Bank of Iceland – International Monetary Fund

 

The Challenges of Globalisation for Small Open Economies with Independent Currencies

 

In Reykjavík, Iceland  May 31 and June 1 2007

 

Venue: Radisson SAS (Hótel Saga)

 

 

 

Day 1. Thursday 31 May

 

Introduction

 

08:30-08:50     Registration and coffee

 

08:50-09:05     Welcome address: Davíđ Oddsson, Chairman of the Board of Governors, Central Bank of Iceland

 

 

Session 1.       Challenges of globalisation to monetary policy in small open economies

 

                        Chair: Ingimundur Friđriksson

 

09:05-9:20       Arnór Sighvatsson:    Paddling in an ocean of global money: The problems of running independent monetary policy at times of large demand shock and ample global liquidity  Other Documents

 

09:25-9:40       Mark A. Wynne:  How have small open economies responded to the challenge of globalization?      Other Documents 

 

09:45-10:00     Audun Grönn:  Optimal monetary policy in a small open economy 

 

10:05-10:20     Alex Bowen: Globalisation, import prices and inflation targeting

 

10:25- 10:45    Coffee break

 

 

Session 2.       Monetary policy regime, economic structure and performance

 

Chair: John Driffill

 

10:45-11:00     Anders Möller Christiansen:  Monetary policy regime and macroeconomic performance

 

11:05-11:20     Klaus Schmidt-Hebbel:  Does inflation targeting make a difference? 

 

11:25-11:40     Thórarinn G. Pétursson:  Is inflation control more difficult in very small open economies?       Other Documents

 

11:45-12:00     Stephen G. Cecchetti: Housing Booms, Inflation Measurement, and Monetary Policy   Other Documents

 

12:05-12:20     Ásgeir Jónsson: Basel II and monetary policy in small open economies 

 

12:30-14:00     Lunch break

 

 

Session 3.       Economic policy and globalisation

 

                        Chair: Harri Hasko

 

14:00-14:30     Ben Hunt: Will globalization speed the Icelandic rollercoaster or will the right policy frameworks smooth the ride?

 

14:35-14:50     Thorsteinn Thorgeirsson:  Fiscal policy in Iceland and the challenges of globalisation

 

14:55-15:10     Torben Andersen: Fiscal policy and globalization

 

15:15-15:30     Gylfi Arnbjörnsson: Flexibility in the wage formation in Iceland and its impact on monetary policy regime

 

15:35-15:55     Coffee break

 

Session 4.       External imbalances and carry trade

 

                        Chair: Li Lian Ong

 

16:00-16:15     Vilhjálmur Egilsson: Rich or bankrupt?   Rich or bankrupt? Is the current account deficit in Iceland overstated?

 

16:20-16:35     Beat Siegenthaler: Abundant Global Liquidity and the Chase for High-Yielding Currencies

 

16:40-16:55     Thorvardur Tjörvi Ólafsson: Carry trade and monetary policy in a very small open economy: The Icelandic Saga             

 

 

 

 

 


 

Day 2. Friday 1 June

 

09:00-09:15     Coffee

 

Session 5.       Summary Session

 

09:15-10:45     Li Lian Ong: Summary of the main findings 

 

10:45-11:00     General Discussion

 

11:00-11:15     Coffee Break

 

Session 6.       Roundtable discussion

 

11:15-12:45     The challenges of globalisation for small open economies with independent currencies

 

Moderator:       Tony Annett    

 

Participants:      Alex Bowen, Anders Möller Christensen, Arnór Sighvatsson, Ásgeir Jónsson, Audun Grønn, Beat Siegenthaler, Ben Hunt, Gylfi Arnbjörnsson, Harri Hasko, Wynne, John Driffill, Klaus Schmith-Hebbel, Sephen G. Cecchetti, Torben Andersen, Thórarinn G. Pétursson, Thorvardur Tjörvi Ólafsson, Thorsteinn Thorgeirsson, Vilhjálmur Egilsson

 

12:45-             Lunch

                                                 

                       

 

 

 

Social Programme

 

Thursday May 31     

 

 

17:00-18:00     Cocktail by the invitation of the International Monetary Fund

 

19:30-              Dinner (by invitation only)

 

 

Friday June 1

 

 

15:00-              Excursion

 

 

 

 



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