NATIONAL BUREAU OF ECONOMIC RESEARCH, INC.
Conference on
G7 Current Account Imbalances:
Sustainability and Adjustment
Richard Clarida, Organizer
June 1-2, 2005
Hotel Viking
One Bellevue Avenue
Newport, Rhode Island
PROGRAM
TUESDAY, MAY 31:
6:30 p.m. Reception and
Dinner
Hotel Viking
WEDNESDAY, JUNE 1:
7:30 a.m. Continental Breakfast
8:00 a.m. RICHARD CLARIDA, Columbia University
and NBER
MANUELA GORETTI and MARK TAYLOR, University of
Warwick
Are There Thresholds of Current Account
Adjustment in the G7?
Discussant: ROBERT CUMBY, Georgetown University
and NBER
8:45 a.m. PIERRE-OLIVIER GOURINCHAS, UC,
Berkeley and NBER
HELENE REY, Princeton University and NBER
From World Banker to World Venture Capitalist:
The US External Adjustment and the Exorbitant Privilege
Discussant: JOSE DE GREGORIO, Central Bank of
Chile
9:30 a.m. Break
10:00 a.m. PHILIP LANE, Trinity College Dublin
GIAN MARIA MILESI-FERRETTI, International
Monetary Fund
A Global Perspective on
External Positions
Discussant: RICHARD PORTES, London Business
School and NBER
10:45 a.m. HAMID FARUQEE and DOUGLAS LAXTON,
International Monetary Fund
DIRK MUIR, Norges Bank
PAOLO PESENTI, Federal Reserve Bank of New York
and NBER
Current Accounts and Global Rebalancing in a
Multi-Country Simulation Model
Discussant: LARS SVENSSON, Princeton University
and NBER
11:30 a.m. AART KRAAY, World Bank
JAUME VENTURA, CREI, Universitat Pompeu Fabra
and NBER
The Emergence and Transformation of the US Current
Account Deficit
Discussant: JOSEPH GAGNON, Federal Reserve Board
12:15 p.m. Lunch
1:30 p.m. MICHAEL DOOLEY, UC, Santa Cruz and
NBER
DAVID FOLKERTS-LANDAU, Deutsche Bank
PETER GARBER, Brown University and NBER
Direct Investment,
Rising Real Wages and the Absorption of Excess Labor in
the Periphery
Discussant: SHANG-JIN WEI, IMF and NBER
2:15 p.m. MENZIE CHINN, University of Wisconsin
and NBER
JEFFREY FRANKEL, Harvard University and NBER
Will the Euro
Eventually Surpass the Dollar as Leading International
Reserve Currency?
Discussant: EDWIN TRUMAN, Institute for
International Economics
3:00 p.m. Adjourn
5:15 p.m. Meet in hotel lobby for transportation
to Schooner Aurora for Sunset Sail
5:30 p.m. Sunset Sail on the Schooner Aurora
7:30 p.m. Dinner at Newport Regatta Club Gazebo
THURSDAY, JUNE 2:
7:30 a.m. Continental Breakfast
8:00 a.m. MAURICE OBSTFELD, UC, Berkeley and
NBER
KENNETH ROGOFF, Harvard University and NBER
The Unsustainable US
Current Account Position Revisited
Discussant: KRISTIN FORBES, MIT and NBER
8:45 a.m. MUGE ADALET, Victoria University,
Wellington
BARRY EICHENGREEN, UC, Berkeley and NBER
Current Account
Reversals: Always a Problem?
Discussant: FREDERIC MISHKIN, Columbia
University and NBER
9:30 a.m. Break
10:00 a.m. CATHERINE MANN and KATHARINA PLUECK,
Institute for International Economics
The US Trade Deficit: A
Disaggregated Perspective
Discussant: PETER KENEN, Princeton University
10:45 a.m. CAROLINE FREUND, World Bank
FRANK WARNOCK, University of Virginia
Current Account
Deficits in Industrial Countries: The Bigger They Are, The Harder They Fall?
Discussant: ASSAF RAZIN, Tel Aviv University and
NBER
11:30 a.m. Lunch and Adjourn
5/25/05