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The CDMA Conference 2011

Wednesday 31st August - Friday 2nd September 2011

Expectations in Dynamic Macroeconomic Models

At the School of Economics and Finance, Castlecliffe, The Scores, St Andrews.
Note: All sessions take place in School I, United College.
Lunch, however, is at Castlecliffe, School of Economics and Finance.

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[ Photos |Programme | Contacts | Travel & Maps | Local info ]


Wednesday 31st August 2011

09:20-09:30 Welcome in School I
Morning session: 09:30-1:00
09:30-10:15 Patrick Pintus (Aix-Marseille University & GREQAM-IDEP) with Jacek Suda (Banque de France and PSE)

Paper "Learning Collateral Price"

10:15-11:00 Martin Ellison (University of Oxford) with Alina Barnett (Bank of England)

Paper "Learning By Disinflating"

11:00-11:30Coffee Break
11:30-12:15 Liam Graham (University College London)

Paper "Learning, information and heterogeneity"

12:15-1:00 Gaetano Gabalo (European University Institute)

Paper "Expectational Signal and Rational Exuberance"

Lunch at Castlecliffe 1:00-2:15
Afternoon session: 2:15-6:15
2:15-3:00 William Branch (University of California, Irvine) with George Evans (University of Oregon and University of St. Andrews)

Paper "Unstable inflation Targets"

3:00-3:45 Agnieszka Markiewicz (Erasmus University Rotterdam) with Kevin Lansing (Federal Reserve Bank of San Francisco)

Paper "Technology diffusion, expectations and increasing income inequality"

3:45-4:30 Yang Lu (Hong Kong University of Science and Technology) and Micheal Siemer (Boston University)

Paper "Asset Pricing with Learning about Disaster Risk"

4:30-5:00 Break
5:00-6:15 Keynote Speech 1

Jim Bullard (Federal Reserve Bank of St. Louis)

"Is U.S. Monetary Policy 'Punishing Saving'?"

Thursday 1 September 2011

Morning session: 09:00-1:00
9:00-9:45 Bennett McCallum (Carnegie Mellon University)

Paper "A Continuity Refinement for Rational Expectations Solutions"

9:45-10:30 Bruce McGough (Oregon State University) with George Evans (University of Oregon and University of St. Andrews) and Roger Guesnerie (Paris School of Economics and Collège de France)

Paper "Eductive Stability in Real Business Cycle Models"

10:30-11:15 Fabio Milani (University of California, Irvine)

Paper "Animal Spirits and the U.S. Business Cycle"

11:15-11:45Coffee Break
11:45-1:00 Keynote Speech 2

Michael Woodford (Columbia University)

"Robustness of Policy Analysis to Departures from Model-Consistent Expectations"

Lunch at Castlecliffe 1:00-2:15
Afternoon Session 2:15-6:15
2:15-3:00 Bruce Preston (Columbia University) with Stefano Eusepi (Federal Reserve Bank of New York)

Paper "The Maturity Structure of Debt, Monetary Policy and Expectations Stabilization"

3:00-3:45 Argia Sbordone (Federal Reserve Bank of New York) with Timothy Cogley (New York University) and Christian Matthes (UPF and Barcelona GSE)

Paper "Optimal Disinflation Under Learning

3:45-4:30 Break
4:30-5:45 Keynote speech 3

Albert Marcet (The London School of Economics and Political Science) with Klaus Adam (Mannheim University and CEPR) and Pei Kuang (University of Frankfurt)

"House Price Booms and the Current Account"

7:30 Dinner at the St Andrews Links Clubhouse


Friday 2 September 2011

Morning session: 09:00-1:15
9:00-10:15 Keynote Speech 4

Roger Guesnerie (Paris School of Economics and Collège de France)

"Expectational Coordination, the "eductive stability" viewpoint"

10:15-11:00 Paul Levine (University of Surrey) with Joseph Pearlman (London Metropolitan University) and Bo Yang (University of Surrey) Paper "Imperfect Information, Optimal Monetary Policy and the Informational Consistency Principle"
11:00-11:45 Gabriel Desgranges (THEMA, Universite Cergy-Pontoise) with Stèphane Gauthier Paper "Privileged information exacerbates market volatility"
11:45-12:30 Michele Berardi (The University of Manchester) Paper "Strategic Interactions and Learning"
Lunch at Castlecliffe 12:30-1:45


Kaushik Mitra
For accommodation, travel and expenses enquiries:
Angela Hodge
Tel: +44 (0)1334 462443


[ Photos |Programme | Contacts | Travel & Maps | Local Info ]

The conference is to be held in School 1, United Colleges, with lunch served at Castlecliffe, School of Economics and Finance, and accommodation is in New Hall, a University residence. Please refer to the pdf map or the Google map below.

Guests that have booked accommodation can check-in at New Hall after 2pm on the 30th August and check-out is 10am on the day of departure. Breakfast will be served at New Hall. We will arrange for transportation from New Hall to School 1 in the event of inclement weather, but it is a beautiful (10 minute) walk from New Hall to School 1 on a sunny day. There will be someone in the New Hall lobby ready to show guests the way to School 1 at around 9:00am.

Please get in touch with the organisers if you have specific queries.

Getting to St Andrews -- University of St Andrews guidance
Traveline Scotland -- automatic journey planner for all public transport

Trains: The nearest train station is at Leuchars, which is ten minutes from St Andrews by taxi.

Local Taxis: Taxi companies wait outside the station (across the footbridge), but otherwise two local companies are HM Taxis (01334 474700) and Williamsons Taxis (01334 839279).

Airports: Dundee (15 miles from St Andrews), Edinburgh (50 miles) and Glasgow (90 miles). Public transport from Dundee can take 30 minutes (or a 15 minute taxi); from Edinburgh about 2 hours and from Glasgow about 3 hours.

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[ Photos |Programme | Contacts | Travel & Maps | Local Info ]

There will be no dinner provided at New Hall but there are a number of good, reasonably priced local restaurants along South Street, Market Street and St Mary’s Place, including:

  • Doll's House (Scottish), 3 Church Square.
  • Pizza Express (Italian), 3-4 Logies Lane.
  • Zizzi (Italian), 87-89 South Street.
  • The Glasshouse Restaurant (Italian), 80 North Street.
  • Nahm-Jim (Thai-Japanese), 60-62 Market Street.
  • Byre Theatre, Abbey Street.
  • Zizzi's (Italian) South Street

You can see information about other eateries here. Some information about St Andrews and the region is available from:

There is a Tourist Information site at 70 Market Street.