2nd INFER-Workshop on Financial Markets

Challenges for monetary policy in a global financial market environment

May 11, 2001 in Frankfurt / Main

We would like to thank our sponsors:




Description

The rise of global financial markets is one of the most important economic trends of the last decade. The international mobility of capital has rapidly increased. Global financial and monetary transactions nowadays by far surpass international commodity movements. Furthermore the introduction of the single currency in Europe has established a new international monetary order. In the future all monetary policy decision will be centred around the new Dollar-Yen-Euro triad. In addition to solving the traditional issues, monetary policy especially needs to meet the challenges brought up by these significant institutional changes in international financial markets. The workshop organised by INFER attempted to cover fundamental theoretical problems resulting from the remarkable globalisation of financial markets, and also examined current issues and problems of monetary policy in the three dominating global currency areas. An additional objective of the workshop was to discuss the present and future relevance of theoretical models for the making, the analysis and the interpretation of monetary policy. During the workshop economists from various academic, commercial and government institutions had the chance to bring up their current research projects, problems and questions. In addition to the presentations held by these monetary policy experts there was sufficient occasion to elaborate on the topic and to discuss several aspects with other participants of the workshop.

Programme

9:00 – 9:20

 Introduction
 Dr. Michael H. Stierle, INFER and Oppenheim Research, Köln,
and Marc S. Resinek, Deutsche Bundesbank*, Frankfurt

9:20 – 10:20

 Monetary targeting in the euro area: Antiquated strategy or solid stabilizer?
Dr. Thorsten Polleit, Barclays Bank, Frankfurt and PD Dr. Martin Leschke, Universität Münster

10:20 – 11:20

 Is a two-pillar monetary policy strategy a satisfying response to the new challenges facing European monetary policy?
Stefan Schneider and Dr. Christoph Harff, Deutsche Bank Research, Frankfurt

11:20 – 11:40

Coffee break

11:40 – 12:40

 Exchange rate targeting: A compromise between flexible and absolutely fixed exchange rates?
Prof. Dr. Peter Bofinger, Universität Würzburg

12:40 – 14:00

 Lunch

14:00 – 15:00

 Cause or cure? Exchange rate anchors and financial crises in emerging market economies
Dr. Rainer Schweickert, Institut für Weltwirtschaft, Kiel

15:00 – 15:20

 Coffee break

15:20 – 16:20

 The future role of the euro on international financial markets
Dr. Ulrich Grosch, Deutsche Bundesbank, Frankfurt

16:20 – 17:00

 Final discussion

*: Marc Resinek did not attend as an official representative of the Deutsche Bundesbank.

Publication

All papers presented at the workshop have been published as INFER Studies Vol. 4 by the Verlag für Wissenschaft und Forschung. Click here for information about the conference volume.

Press report
For an articel about the workshop released in the Börsen-Zeitung please click here.