| 12:00 |
|
Lunch |
| |
| 1:15 p.m. |
|
Welcome Remarks: |
| |
|
|
Janet Yellen, Federal Reserve Bank of San Francisco |
| |
| 1:30 p.m. |
|
Introduction: |
| |
|
|
Michael Dooley, UC Santa Cruz
Peter Garber, Deutsche Bank |
| Papers: |
•
|
The Revived Bretton Woods System: Alive and Well |
| • |
Dollars and Deficits: Where Do We Go From Here? |
| • |
The Cosmic Risk: An Essay on Global Imbalances and Treasuries |
| • |
Asian Reserve Diversification: Does It Threaten the Pegs? |
| • |
The US Current Account Deficit: Collateral for a Total Return Swap |
| • |
Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery |
| • |
An Essay on the Revived Bretton Woods System |
| |
| 2:00 p.m. |
|
Panel 1 |
| |
|
|
History:
Barry Eichengreen, UC Berkeley |
| Paper: |
• |
Global Imbalances and the Lessons of Bretton Woods |
Current Account Sustainability:
Maurice Obstfeld, UC Berkeley |
| Paper: |
• |
The Unsustainable US Current Account Position Revisited |
| Powerpoint: |
• |
Sustainability and the US Current Account: Dark Musings (.ppt file) |
Reserve Currencies, Center/Anchor Countries:
Nouriel Roubini, New York University |
| Paper: |
• |
Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006 |
| |
| 3:30 p.m. |
|
Coffee Break |
| |
| 4:00 p.m. |
|
Panel 2 |
| |
|
|
China:
Nicholas Lardy, Institute for International Economics
Asia ex-China:
Steven Kamin, Board of Governors |
| Paper: |
• |
The Revived Bretton Woods System: Does It Explain Developments in Non-China Developing Asia? |
Exchange Rates:
Ronald McKinnon, Stanford University |
| Paper: |
•
|
Exchange Rates, Wages, and International Adjustment: Japan and China versus the United States |
US, Europe:
Edwin Truman, Institute for International Economics |
| Paper: |
•
|
Budget and External Deficits: Not Twins but the Same Family |
| • |
Speech: The U.S. Current Account Deficit and the Euro Area (off-site) |
| |
| 5:45 p.m. |
|
Reception |