International Seminar on Macroeconomics


Jeffrey Frankel and Francesco Giavazzi, ISOM Chairs

Richard Clarida and Francesco Giavazzi, Program Organizers


Hyatt Regency Istanbul Hotel

Istanbul, Turkey


June 15-16, 2007







9:00 am

Registration and Welcome



9:30 am

Opening Remarks:


Durmuş Yilmaz, Governor, Central Bank of Turkey 



9:45 am

Interest-Setting and Central Bank Transparency


Charles Wyplosz, University of Geneva


(with Pierre Gosselin and Aileen Lotz)




Discussants: Charlie Bean, Bank of England
               Michael Woodford, Columbia University and NBER



11:00 am

Coffee Break



11:15 am

Expectations, Monetary Policy, and the Misalignment of Traded Goods Prices


Charles Engel, University of Wisconsin and NBER


(with Michael Devereux)




Discussants: Gianluca Benigno, London School of Economics
               Argia Sbordone, Federal Reserve Bank of New York



12:30 pm

Lunch at Agora Restaurant, Hyatt Regency Hotel



1:30 pm

Public Investment and the Golden Rule:  Another (Different) Look


Roberto Perotti, Bocconi University and NBER




Discussants: Erdem Başςi, Central Bank of Turkey
               Kenneth West, University of Wisconsin and NBER



2:45 pm

Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust


Şebnem Kalemli-Özcan, University of Houston and NBER


(with Bent Sorensen and Mehmet Fatih Ekinci)




Discussants: Philip Lane, Trinity College Dublin
               Enrique Mendoza, University of Maryland and NBER



4:00 pm

Coffee Break



4:15 pm

International Portfolios with Supply, Demand and Redistributive Shocks


Robert Kollmann, ECARES, Universite Libre de Bruxelles


(with Nicolas Coeurdacier and Philippe Martin) 




Discussants: Fabio Ghironi, Boston College and NBER
               Refet Gürkaynak, Bilkent University



5:30 pm

Session on Turkish Economy



6:15 pm




6:45 pm

Departure from Hotel



7:00 pm

Boat Tour through the Bosphorus



 8:00 pm

Dinner at Le Pécheur Restaurant






9:00 am

The Simple Geometry of Transmission and Stabilization in Closed and Open Economies


Paolo Pesenti, Federal Reserve Bank of New York and NBER


(with Giancarlo Corsetti)




Discussants: Richard Clarida, Columbia University and NBER
               Jeffrey Frankel, Harvard University and NBER



10:15 am

Coffee Break



10:30 am

Capital Flows and Asset Prices


Kosuke Aoki, Gianluca Benigno, and Nobuhiro Kiyotaki, London School of Economics




Discussants: Andrew Haldane, Bank of England
               Şebnem Kalemli-Özcan, University of Houston and NBER



11:45 am

On the Welfare Implications of Financial Globalization without Financial Development


Enrique Mendoza, University of Maryland and NBER


(with Vincenzo Quadrini and Jose-Victor Rios-Rull) 




Discussants: Giancarlo Corsetti, European University Institute
               Mehmet Yörükoğlu, Central Bank of Turkey



1:00 pm

Adjourn and Lunch at Agora Restaurant, Hyatt Regency Hotel



2:30 pm 

Departure from Hotel



3:00 pm

Visit to Topkapi Palace and Harem; Sultan Ahmed Mosque (The Blue Mosque);


Hagia Sophia and Covered Bazaar



7:30 pm

Dinner at Zinhan Restaurant