This event has passed. See below for links to recordings.
February 22-24, 2023, Federal Reserve Bank of New York and Columbia University
We would like to invite you to participate at the conference on Credibility of Government Policies, which will honor the career of Guillermo Calvo. It will take place on February 22 to 24 at Columbia University (Feb 23 and 24) and at the Federal Reserve Bank of New York(Feb 22 afternoon).
The conference is open to the public subject to space capacity and will be accessible through streaming.
In 1978 Guillermo Calvo published the paper “On the Time Consistency of Optimal Policy in a Monetary Economy”. This paper shows how a conflict between the interests of the current government with those of a future government, both of which share the same objective of maximizing social welfare, gives rise to a credibility problem. This seminal paper kickstarted a broad research agenda, which includes, for example, the problem of inflation stabilization, the unintended consequences of non-credible policies, balance of payments crises, sovereign debt crises, and the design of sustainable public debt management strategies. This conference will celebrate the “time consistency” paper´s 45th anniversary by gathering state-of-the-art research on the topic and bringing together academic researchers and policymakers who have to make decisions in environments without commitment.
Organizers. Andy Neumeyer (Universidad Torcuato Di Tella) and Martín Uribe (Columbia University)
Scientific Committee. Mauricio Cárdenas (Columbia University), María Victoria Murillo (Columbia University), Andy Neumeyer (Universidad Torcuato Di Tella), Paolo Pesenti (Federal Reserve Bank of New York), Martín Uribe (Columbia University), and Stephanie Schmitt-Grohé (Columbia University)
This conference is sponsored by the Program for Economic Research (PER) at Columbia University, the Inter-American Development Bank (IADB), the Institute for Social and Economic Research (ISERP) at Columbia University, the School of International and Public Affairs (SIPA) at Columbia University, the Applied Macroeconomics and Econometrics Center (AMEC) at the Federal Reserve Bank of New York, the Institute of Latin American Studies (ILAS) at Columbia University, the International Monetary Fund (IMF), the Bank for International Settlements (BIS), and Universidad Torcuato di Tella (UTDT).