Venue: Taj President Hotel, Mumbai

                       (Presidential Ball Room)

               Date : March 19-20, 2007, Mumbai

Organized Jointly by


Centre for Economics & Development, Northwestern University


Indira Gandhi Institute of Development Research



March 19, 2007 (Monday)


9.30 am -9.45 am

9.45 am-10.30 am



Inaugural Session

9.45 am-10.00 am

Welcome Address: (i) Dr. R. Radhakrishna, Director, IGIDR

 Opening Remarks :

(i)                Dr. Rakesh Mohan, Deputy Governor, RBI   

(ii)             Dr. Martin Eichenbaum, Northwestern University                          


10.00 am-10.30 am

Inaugural Address: Dr. Y.V.Reddy, Governor, RBI


10.30 am-10.45 am

Tea Break


10.45 am-11.45 am


" Core Money, Exchange Rate and Inflation: An open Economy Model for India” by D. M. Nachane (IGIDR), Mridul Saggar (RBI) and Partha Ray (RBI)

Discussant-1: Lawrence Christiano (Northwestern University)

Discussant-2: Pami Dua (DSE)


11.45 am-12.45 pm

“An Equilibrium Model of ‘Global Imbalances’ and Low Interest Rates,” by Ricardo J., Ricardo Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas (University of California at Berkeley)

Discussant-1: V.V. Chari (University of Minnesota)

Discussant-2: Rajendra Vaidya (IGIDR)


12.45 pm -2.00 pm

Lunch Break




2.00 pm - 3.00 pm




“Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis”

By Hamid Faruqee, Douglas Laxton, Dirk Muir and Paolo Pesenti (Federal Reserve Bank of New York)

Discussant-1: Bruce Preston (Columbia University)

Discussant-2: Pushpa Trivedi (IIT, Powai, Mumbai)


3.00 pm - 4.00 pm

“A GEM Open Economy Model for Emerging Markets: Monetary Policy with Dualistic Labour Markets” by Ashima Goyal(IGIDR)

Discussant-1: Pedro Teles (Bank of Portugal)

Discussant-2: Romar Correa (Mumbai University)


4.00 pm - 4.15 pm

Tea Break


4.15 pm - 5.15 pm


“Monetary Policy and Stockmarket Boom-Bust cycles,”

by Lawrence Christiano (Northwestern University), Massimo Rostagno (European Central Bank) and Roberto Motto (European Central Bank)

Discussant-1: John Leahy (New York University)

Discussant-2:  Naveen Srinivasan(IGIDR)


March 20,2007 (Tuesday)


9.30 am - 10.30 am


“Firm Dynamics, Innovation and International Trade”

by Andrew Atkeson (UCLA) and Ariel Burstein (UCLA)

Discussant -1: Craig Burnside (Duke University)

Discussant -2: C. Veeramani (IGIDR)


10.30 am -10.45 am

Tea Break


10.45 am -11.45 am


Understanding the Forward Premium Puzzle: A Microstructure Approach”

by Craig Burnside (Duke University ), Martin Eichenbaum (Northwestern University), and Sergio Rebelo (Northwestern University)

Discussant-1: Roberto Rigobon (MIT)

Discussant-2: Susan Thomas (IGIDR)


11.45 am -12.45 pm   

"The Rise of the Service Economy,”

by Francisco J. Buera (Northwestern University) and Joseph  Kaboski

Discussant-1: Veronica Guerrieri (University of Chicago)

Discussant-2: Errol D' Souza (IIM, Ahmedabad)


12.45 pm - 2.00 pm

Lunch Break


2.00 pm - 3.00 pm


"Endogenous Productivity and Development Accounting,”

by Roc Armenter (Federal Reserve Bank of New York) and Amartya Lahiri (University of British Columbia)

Discussant-1: Linda Tesar (University of Michigan)

Discussant-2: K.V. Ramaswamy (IGIDR)


3.00 pm – 4.50 pm

Panel Discussion:

Topic: Monetary Policy and Financial Markets


(i)                Rakesh Mohan, Deputy Governor, RBI, Chair

(ii)             V.V. Chari, University of Minnesota

(iii)           Ratna Sahay, International Monetary Fund

(iv)           Dilip Nachane, IGIDR

(v)              Vikas Chitre (ISPE)

(vi)           B.B.Bhattacharya (JNU)



4.50 pm-5.00 pm

Vote of Thanks: Ashima Goyal (IGIDR)

5.00 pm - 5.30 pm

 High Tea